Duke Energy to leave Midwest power business

• 11 years ago (2014-02-20)
• Junior Isles

North America 1061

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Duke Energy is to exit the wholesale power generation business in the US Midwest due to volatile financial results.

The company currently owns a stake in 11 power plants in Ohio, one in Illinois and one further in Pennsylvania.

Duke said it would take an accounting charge of $1-2 billion on its first-quarter results to account for exiting the business.

The write-down will be categorised as a special item and therefore will not affect Duke’s adjusted earnings per share, the company said.

Only last week, Ohio regulators rejected Duke’s request for a $729 million rate increase.