September 9, 2008
Duke Energy Expands Wind Business
CHARLOTTE, N.C., Sept. 9 /PRNewswire-FirstCall/ -- Duke Energy announced today a long-term agreement for the sale of 99 megawatts of electricity from its new Wyoming wind farm, as well as the purchase of 100 wind turbines from General Electric that will produce 150 megawatts of power at multiple U.S. sites.
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Both transactions accelerate Duke Energy's continued growth in renewable energy.
"Today's announcement strengthens our commitment to investing in wind energy beyond 2008," said Wouter van Kempen, president of Duke Energy Generation Services (DEGS), a business unit of Duke Energy that owns and develops renewable energy assets.
Duke Energy will begin building the Campbell Hill Windpower project near Casper, Wyo., early next year. The facility's 66 wind turbines will begin generating electricity by late 2009.
PacifiCorp, which operates as Rocky Mountain Power in Wyoming, has entered into a 20-year agreement to purchase all of the power generated by the Campbell Hill project. The output from the project will go into the utility's integrated electric system, serving customers in Wyoming, Utah, Idaho, Oregon, Washington and California.
Separately, Duke Energy executed an agreement to purchase the General Electric wind turbines for its 2010 wind power generation projects.
"Soaring interest in wind energy has translated into growing demand for turbines and a tightening supply," said David Marks, DEGS senior vice president for wind energy.
"Securing wind turbines in a very competitive environment provides Duke Energy with the resources it needs to fulfill our commitment to clean, renewable energy."
By the end of 2008, Duke Energy will have more than 500 megawatts of wind-powered generation projects in operation and an additional 5,000 megawatts in development.
"The execution of power purchase agreements and the acquisition of cutting-edge technology are two of the key ingredients needed to commercialize our portfolio of development projects," said Marks. "We're on the way to making that vision a reality."
Terms of the two contracts were not disclosed.
Duke Energy's previously announced acquisition of Catamount Energy is expected to close later this month. The Catamount acquisition includes 300 megawatts of renewable energy in operation, including an interest in the Sweetwater project in Nolan County, Texas - one of the largest wind projects in the world. Duke Energy will also gain approximately 1,750 megawatts of development interests in several U.S. states and the U.K. through that acquisition.
"We're excited as we prepare to close the Catamount acquisition and continue to develop a strong portfolio of wind energy assets," said van Kempen.
Duke Energy Generation Services (DEGS) develops, owns and operates electric generation for large energy consumers, municipalities, utilities and industrial facilities.
DEGS specializes in developing innovative and environmentally sound generation solutions using a variety of fuels, including wind and other renewable energy sources.
Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers in its regulated jurisdictions. The company has approximately 35,000 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: http://www.duke-energy.com/ .
CONTACT: Greg Efthimiou Phone: 704-382-1925 24-Hour: 704-382-8333
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CONTACT: Greg Efthimiou of Duke Energy, +1-704-382-1925, 24-Hour:+1-704-382-8333
Web site: http://www.duke-energy.com/
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