Duke Energy Denies Allegations in Contract Lawsuit January 17, 2008
Duke Energy today issued the following statement in regard to a lawsuit filed in Federal District Court yesterday alleging that the company and certain affiliates conspired through various transactions to set inequitable utility prices to the detriment of the complaining customers:
After review of the litigation, Duke Energy believes the allegations are without merit and will vigorously defend itself. The contracts in question were the subject of extensive litigation before the Public Utilities Commission of Ohio, which affirmed Duke Energy Ohio’s rates after full disclosure and review of the transactions.
Duke Energy Corporation, Duke Energy Ohio, and Duke Energy Retail Sales stand by the agreements in question as legally binding. The PUCO properly determined that parts of the transactions should remain confidential and Duke Energy will not comment further upon those transactions or the pending litigation.
Duke Energy’s Ohio operations deliver safe, reliable and competitively priced electricity to more than 680,000 electric customers and natural gas service to approximately 420,000 customers.
Duke Energy, one of the largest electric power companies in the United States, supplies and delivers energy to approximately 4 million U.S. customers. The company has approximately 36,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.
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: www.duke-energy.com.