DUKE ENERGY IS SELLING THREE DAMS IN WESTERN NORTH CAROLINA
Duke Energy officials said the company is selling five hydroelectric plants, three of which are here in the mountains...including the one at Lake Summit in Tuxedo.
The plants are being sold to Arizona-based Northbrook Energy. Duke will purchase power from the dams under a five-year agreement with Northbrook once the deal closes, which is expected to happen early next year.
The dams in the Western North Carolina area are the one in Tuxedo, another in Whittier and one in Franklin.
"This sale will deliver long-term benefits for our customers and shareholders," Randy Herrin, Duke Energy vice president, Carolinas Regulated Renewables, said in a news release. "Over the past few years, the cost to operate these facilities has risen significantly. Through this transaction, the plants will continue to serve our customers with clean renewable energy, but at a lower cost."
"Northbrook is pleased with the opportunity to supplement its renewable hydroelectric portfolio in the Carolinas and leverage its local operating efficiencies," Northbrook Energy president Chuck Ahlrichs said in the release. "Nearly 22 years after our first purchase of hydropower assets from Duke Energy, we are excited to build on our success in the region by expanding employment opportunities and proffering hydropower's baseload capabilities in support of the region's demonstrated desire to deploy intermittent renewables such as wind and solar."
