July 25, 2016 11:48 PM ET

Electric Utilities

Company Overview of Duke Energy Ohio, Inc.

Company Overview

Duke Energy Ohio, Inc., a regulated public utility, transmits and distributes electricity in Ohio and Kentucky. The company also generates and sells electricity in Kentucky; and transports and sells natural gas in Ohio and Kentucky. It supplies electric services to approximately 840,000 residential, commercial, and industrial customers covering an area of approximately 3,000 square miles; and provides transmission and distribution services of natural gas to approximately 525,000 customers. The company, formerly known as Cincinnati Gas & Electric Company, was founded in 1837 and is based in Cincinnati, Ohio. Duke Energy Ohio, Inc. operates as a subsidiary of Cinergy Corp.

139 East Fourth Street

Cincinnati, OH 45202

United States

Founded in 1837



Key Executives for Duke Energy Ohio, Inc.

Chairman, Chief Executive Officer and President
Age: 56
Chief Financial Officer and Executive Vice President
Age: 57
Executive Vice President, President of Regulated Generation & Transmission and Director
Age: 60
Executive Vice President of Market Solutions, President of Carolinas Region and Director
Age: 55
Executive Vice President of Market Solutions, President of Midwest & Florida Regions and Director
Age: 58
Compensation as of Fiscal Year 2016.

Duke Energy Ohio, Inc. Key Developments

Duke Energy Ohio Receives Approval for New Electric Security Plan from Public Utilities Commission of Ohio

Families, businesses and communities served by Duke Energy Ohio will continue to benefit from affordable and reliable electric service. This is a result of the company's new Electric Security Plan (ESP), which was recently modified and approved by the Public Utilities Commission of Ohio (PUCO). In Ohio, an ESP is an electric utility's plan for the supply and pricing of electric generation service for customers who do not choose a competitive retail electric service (CRES) provider. The PUCO's ruling, which was issued on April 2, 2015, directs Duke Energy Ohio to move forward with implementing its new ESP for three years, beginning on June 1, 2015. The company's current ESP went into effect on Jan. 1, 2012, and is set to expire on May 31, 2015. In addition to setting guidelines for the company's electricity procurement, the new ESP creates two new riders, which are line items added to utility bills for dedicated purposes. The Distribution Capital Investment Rider gives Duke Energy Ohio the ability to proactively replace aging infrastructure in order to improve the reliability, safety and efficiency of its electric distribution system, which is the backbone for how the company delivers electricity to customers. Duke Energy Ohio also received approval for the Distribution Storm Rider, which will track ongoing, annual expenses for restoring power following large-scale storms and natural disasters. In its original application, Duke Energy Ohio proposed the Price Stabilization Rider (PSR) as a way to provide wholesale market rate stabilization to customers as additional power plants in the region are retired in the coming years a trend that experts project is likely to increase electricity costs. The company recommended using its 9% entitlement to the power plants owned by the Ohio Valley Electric Corporation (OVEC) as a hedge against volatile wholesale market prices. OVEC is a joint venture initially formed to supply power to a federal government-owned uranium enrichment plant in Portsmouth, Ohio. After the contract with the federal government ended, the generating capacity and output from OVEC's two power plants has been made available to its sponsoring companies. Among other details, Duke Energy Ohio proposed in its original application to pass on to customers all of the net revenues from the company's entitlement in OVEC's generation. The PUCO, in its approval of the modified ESP, recognized that uncertainty is expected in the wholesale electricity markets due to future market reform and pending litigation and environmental regulations. The PUCO also agreed with Duke Energy Ohio that a properly structured PSR could mitigate wholesale market price volatility. In its order, the PUCO denied the company's specific OVEC proposal, but created a placeholder for the PSR that allows Duke Energy Ohio to submit additional information in an effort to request recovery in the future. Duke Energy Ohio will begin planning for a May auction to acquire electricity for its customers. The company will also continue to evaluate the PUCO decision in order to gain a clearer understanding of the commissioners' opinions, the potential impact on customers and plan the company's next steps. Duke Energy Ohio and other interested parties retain the right to file applications for rehearing, if they so choose, until early May.

Duke Energy Corporation, Duke Energy Carolinas, LLC, Duke Energy Florida, Inc., Duke Energy Indiana, Inc., Duke Energy Kentucky, Inc., Duke Energy Ohio, Inc., and Duke Energy Progress, Inc., Enter into Amendment to the Credit Agreement

On January 30, 2015, Duke Energy Corporation and its wholly-owned subsidiaries, Duke Energy Carolinas, LLC, Duke Energy Florida, Inc., Duke Energy Indiana, Inc., Duke Energy Kentucky, Inc., Duke Energy Ohio, Inc., and Duke Energy Progress, Inc., entered into an amendment to the $6,000,000,000 Credit Agreement, dated as of November 18, 2011 and as amended on December 18, 2013, among the Corporation and each of such subsidiaries, as Borrowers, the lenders listed therein, Wells Fargo Bank, National Association, as Administrative Agent and Swingline Lender. The credit facility was originally described and filed in the Corporation's Form 8-K dated November 25, 2011. The amendment was entered into primarily to increase the maximum aggregate borrowing amount available to the Borrowers to $7,500,000,000, and to extend the termination date of the facility from December 2018 to January 30, 2020.

Duke Energy Ohio Reports Unaudited Sales Results for the Second Quarter and Six Months Ended June 30, 2014

Duke Energy Ohio reported unaudited sales results for the second quarter and six months ended June 30, 2014. For the quarter, sales were 5,824 GWh against 5,800 GWh last year. For the six months, sales were 12,303 GWh against 11,978 GWh last year.

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