Duke Energy Progress to Purchase NCEMPA Generation Assets

Duke Energy Progress (Duke) and the North Carolina Eastern Municipal Power Agency (NCEMPA) approved an agreement for Duke to purchase the Power Agency’s ownership in certain generating assets. NCEMPA currently maintains partial ownership interest in several Duke Energy Progress plants, totaling approximately 700 MW, including: Brunswick Nuclear Plant Units 1 and 2, Mayo Plant, Roxboro Plant Unit 4 and the Harris Nuclear Plant. The purchase price for NCEMPA’s ownership interest in the plants, fuel inventories, and spare parts inventory is $1.2 billion, subject to certain adjustments as set forth in the asset purchase agreement (APA). Under the agreement, Duke Energy Progress and NCEMPA will enter into a 30-year wholesale power supply agreement.