News Release
Aug. 15, 2002

DUKE POWER OFFERS NEW BILL CREDIT TO SPUR ECONOMIC DEVELOPMENT

CHARLOTTE, N.C. – Duke Power is offering a 50-percent billing credit for one year to qualifying customers who become tenants of currently vacant commercial and industrial buildings.    

 

The credit, “Rider ER,” is intended to spur economic redevelopment by generating interest in approximately 850 vacant buildings in North Carolina and South Carolina.  

 

“Many communities we serve are undergoing fundamental shifts in their local economies and this credit gives community leaders and developers a new incentive to attract tenants to their inventory of vacant buildings,” said Duke Power President Bill Coley. “Qualifying customers benefit because their power bill is cut in half for one year and the community benefits because new jobs are created.”

 

Those buildings targeted would already have the majority of the electric infrastructure needed to serve the new businesses. To qualify for the Rider ER, new tenants of the buildings must meet certain conditions regarding the number of people employed or the amount of electricity used. Those interested should contact Duke Power’s economic development department at 1-800/450-DUKE (3853) or e-mail:  ecdev@duke-energy.com.

 

“Duke Power’s Rider ER will go a long way in generating renewed interest in our existing buildings, many of which have been vacated by textile plants and other manufacturing industries,” said Jim Fain, North Carolina secretary of commerce. “We are eager to work with our local economic development partners to leverage this new incentive and put many of these buildings back to work.”

 

South Carolina’s industries will find Duke Power’s Rider ER a wonderful way to reduce start-up costs and increase interest in our inventory of existing buildings,” said Charles S. Way, Jr., South Carolina secretary of commerce. “With Rider ER, Duke Power continues its trend of providing innovative programs that will benefit businesses and industries today, while preparing our communities for tomorrow.”

 

Duke Power, a business unit of Duke Energy, is one of the nation’s largest electric utilities and provides safe, reliable, competitively priced electricity to approximately two million customers in North Carolina and South Carolina. Duke Power operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,300 megawatts. More information about Duke Power is available on the Internet at: www.dukepower.com.

 

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – meeting the energy needs of customers throughout North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.

 

Contact: Rosalind Bennett
Phone: 704/382-0475
24 Hour Phone: 704/382-8333
Email: rtbennet@duke-energy.com