FERC clears Duke purchase of generating assets

11 December 2014

The Federal Energy Regulatory Commission (FERC) has approved Duke Energy's plans to purchase the generating assets of the North Carolina Eastern Municipal Power Agency.

As part of the $1.2-billion deal, which was announced in July, Duke will acquire NCEMPA's 18.3% (341 MW) stake in the two-unit Brunswick nuclear plant and its 16.2% (146 MW) stake in the single-unit Shearon Harris plant. Duke will also buy NCEMPA's shares in two coal-fired plants in Person County.

Upon completion of the transaction Duke will assume full ownership of the nuclear and coal plants, giving it around 700 MW of additional generating capacity.The purchase also includes NCEMPA's interests in fuel inventories and spare parts inventories.

"We are pleased to receive these approvals toward our goal of completing this purchase and providing positive benefits for both Duke Energy Progress customers and NCEMPA members," said Paul Newton, Duke Energy president - North Carolina. "We will now turn our attention to securing the state approvals necessary to close the transaction."

In addition to state permissions, approval is also required from the US Nuclear Regulatory Commission.

Under the terms of the agreement, approvals must be received and the transaction completed by the end of 2016. Duke says the aim is to close the deal by the end of 2015.

Photo: Brunswick nuclear plant (Credit: Duke Energy)

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