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Duke Energy Signs Used Fuel Contract for Proposed Lee Nuclear Station Nov. 10, 2008

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CHARLOTTE, N.C. -

Duke Energy has signed a contract with the U.S. Department of Energy (DOE) for the disposal of used nuclear fuel generated at its proposed William States Lee III Nuclear Station.

The contract provides for the DOE’s acceptance and permanent disposal of all fuel from the station. For this service, the company will pay a $1 per megawatt-hour fee for electricity generated and sold from Lee Nuclear. This is consistent with the existing used fuel disposal contract fee for Duke Energy’s operating nuclear fleet.

“The execution of this contract with the Department of Energy reinforces the federal government’s responsibilities under the Nuclear Waste Policy Act and is a vital step in supporting the timely licensing of Lee Nuclear Station,” said Dhiaa Jamil, Duke Energy chief nuclear officer.

The Nuclear Waste Policy Act of 1982 assigns responsibility to the DOE for permanent disposal of used fuel from nuclear power plants. It also specifies the U.S. Nuclear Regulatory Commission cannot issue a license for a new nuclear power plant unless the applicant enters into a used fuel disposal contract with the DOE or is in good faith negotiating a contract.

Duke Energy's Carolinas operations include nuclear, coal-fired, natural gas and hydroelectric generation. That diverse fuel mix provides nearly 19,000 net megawatts of electricity to approximately 2.4 million electric customers in a 22,000-square-mile service area of North Carolina and South Carolina.

Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers and natural gas service to approximately 520,000 customers in its regulated jurisdictions. The company has approximately 35,000 net 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 net 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.


Contact: Rita Sipe
Phone: 704-382-8609
24-Hour Phone: 800-559-3853 (DUKE)
e-mail:

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