The FERC filing marks a step ahead in the approximately $1.2bn transaction with the Power Agency.
Currently, NCEMPA owns stake in several Duke Energy Progress plants, including Brunswick Nuclear Plant Units 1 and 2 (Brunswick County), Mayo Plant (Person County), Roxboro Plant Unit 4 (Person County) and the Harris Nuclear Plant (Wake County).
The ownership interest of Power Agency in the power plants represents approximately 700MW of generating capacity.
Following approval from FERC for the asset purchase agreement (APA), Duke Energy Progress will acquire the Power Agency’s ownership interest in the utility’s plants, as well as associated fuel inventories and spare parts by the end of 2016.
Duke also needs to secure an additional FERC approval to sign a 30-year wholesale power supply agreement with NCEMPA to address the latter’s customers needs, which are currently met by the Power Agency’s interest in Duke Energy Progress’ plants.
