DUKE ENERGY ANNOUNCES SALE OF VECTOR PIPELINE OWNERSHIP INTEREST
CHARLOTTE, N.C. – Duke Energy announced today that it has reached an agreement to sell its 30-percent interest in Vector Pipeline to Enbridge Inc. and DTE Energy Company for US$145 million.
Enbridge and DTE currently own 70 percent of the Vector pipeline. Each will pay $72.5 million for a 15-percent share of Duke Energy’s ownership stake. Upon completion of the sale, expected in early October, Enbridge will own 60 percent of Vector with DTE owning the remaining 40 percent.
The 348-mile Vector Pipeline transports Western Canadian natural gas from the Chicago-area market hub in
Duke Energy acquired ownership interest in the pipeline through its 2002 acquisition of Westcoast Energy.
"The sale of our non-operating, minority interest in Vector Pipeline strengthens Duke Energy’s financial position and is consistent with our overall North American portfolio management strategy," said Richard B. Priory, chairman and chief executive officer of Duke Energy.
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