Duke Energy Seeks Midwest Power Plant Sale After Rate Rejection
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Duke Energy Corp., the largest U.S. utility owner, is seeking to sell its interest in 13 power plants in the nation’s Midwest after Ohio regulators denied its request to raise rates.
Citigroup Inc. and Morgan Stanley are advising Duke on the sale of stakes in the coal, oil and natural gas facilities in Ohio, Illinois and Pennsylvania that together have a capacity of 6,600 megawatts, Duke said in a statement today. The company will record a pretax charge of $1 billion to $2 billion in the first quarter from the sale, which it expects will take 12 to 18 months.