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28 December 2006 -- Duke Energy Carolinas LLC and North Carolina Electric Membership Corporation (NCEMC) announced agreements to purchase Saluda River Electric Cooperative Inc.'s ownership interest in unit 1 of the Catawba Nuclear Station in York County, South Carolina, US.
Saluda River currently owns approximately 19 percent of unit 1, with NCEMC and Duke Energy owning the remaining 56 percent and 25 percent, respectively.
The agreements, which are worth $200 million, call for Duke Energy to pay $158 million for the purchase of approximately 72 percent of Saluda River's interest (approximately 154 MW) and the NCEMC to pay $42 million for the remaining 28 percent (approximately 60 MW).
Following the close of the transaction -- estimated for mid-2008 -- NCEMC and Duke Energy will own approximately 62 percent and 38 percent, respectively of unit 1.
"This transaction provides significant benefits to our customers in the Carolinas," said Duke Energy Carolinas President Ellen Ruff. "We're obtaining low-cost and emission-free generation from one of the top performing plants in the country at a price well below new build costs."
Duke Energy is a joint owner and the operator of the two-unit 2,258 MW Catawba Nuclear Station on the Catawba River in York County, S.C. Joint owners of Catawba unit 2 include the North Carolina Municipal Power Agency (75 percent) and Piedmont Municipal Power Agency (25 percent).
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