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4/9/2015 Duke Energy makes $1.2B deal for municipal shares in power plants - Charlotte Business Journal <br />From the Charlotte Business Journal <br />:http://www.bizjournals.com/charlotte/blog/energy/2014/07/duke-energy- <br />makes-1-2b-deal-for-municipal-shares.html <br />Duke Energy makes $1.2B deal for <br />municipal shares in power plants <br />Jul 28, 2014, 12:12pm EDT Updated: Jul 29, 2014, 7:23am EDT <br />John Downey <br />Senior Staff Writer- Charlotte Business Journal <br />Email 1 Twitter 1 Google+ <br />Duke Energy (NYSE:DUK) has agreed to pay the N.C. Eastern Municipal Power Agency $1.2 <br />billion to purchase shares in several power plants owned by the agency in the eastern part of <br />the state. <br />Duke will purchase about 700 megawatts worth of capacity owned by the 32 municipal power <br />companies that belong to the agency. <br />Duke Energy Progress will sign a 30 -year contract to sell the power produced by that capacity <br />to the agency for distribution to its municipal power company members. <br />Rebecca A ner, spokeswoman for ElectriCities of North Carolina, which operates NCEMPA, <br />says once that agreement is made, Charlotte -based Duke will provide essentially all of the <br />power used by its eastern N.C. members. <br />Regulatory approvals <br />The agency purchases a small amount of solar energy from an independent producer. <br />The deal is expected to close by the end of 2016. But both sides hope it can be completed <br />earlier. <br />The uncertainty of that timeline involves the length of necessary federal and state approval <br />proceedings. The most important of those will be proceedings before the Federal Energy <br />Regulatory Commission. <br />Cost savings <br />The power capacity Duke is purchasing consists of a 16.2 percent share in the Harris Plant; an <br />httpJ/www.bizjournals.com/charlotte/blog/energy/2014/07/duke-energy-makes-1-2b-deal-for-municipal-shares.htm I?s= print <br />(oC-113 <br />