Duke Energy Signs Wholesale Contract With North Carolina Cooperatives
CHARLOTTE, N.C. -- Duke Energy has signed agreements with Piedmont Electric Membership Corporation, Rutherford Electric Membership Corporation and Blue Ridge Electric Membership Corporation to provide wholesale electricity and related power scheduling services from Sept. 1, 2006, through Dec. 31, 2021.
Under the agreements, which include options for the parties to extend for an additional term beyond 15 years, Duke Energy will provide up to an estimated 600 megawatts of power to serve the cooperatives' electricity needs in the Duke Energy control area.
“Both providers and consumers of energy today are looking for ways to reduce price volatility, and our wholesale power customers are no different,” said Duke Energy Carolinas’ President Ellen Ruff. “We are very excited that we are able to meet the coops’ needs using our diverse generation portfolio consisting largely of efficient nuclear and coal plants. We look forward to nurturing a long-term and mutually beneficial relationship over the next 15 years.”
The contracts require the approval of the Federal Energy Regulatory Commission and the Rural Utility Service, a division of the United States Department of Agriculture.
The financial terms of the transaction are not disclosed.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Duke Energy’s Carolinas operations deliver safe, reliable and competitively priced electricity to more than 2.2 million electric customers in a 22,000 square mile service area of North Carolina and South Carolina. A diverse fuel mix of nuclear, coal-fired, hydroelectric and combustion-turbine generation provides approximately 28,000 megawatts of regulated generating capacity. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com.