CHARLOTTE, N.C., April 4, 2024 /PRNewswire/ -- Duke Energy (NYSE:
DUK) today announced it has reached an agreement to sell its 50%
ownership interest in Pioneer Transmission LLC (Pioneer) to John
Laing Group (John Laing), an
international investor and active manager of core infrastructure
assets.
Pioneer, a joint venture with American Electric Power (AEP), is
a 42.5-mile, 765-kilovolt transmission line with its associated
substation assets. The line was placed in service in 2018 and
extends from Greentown Station to Reynolds Station – west of
Lafayette, Ind. Pioneer is
independent of Duke Energy Indiana.
Duke Energy will use the proceeds from the sale to invest in its
clean energy transition in its state-regulated utilities.
The transaction is expected to close by year-end 2024 and is
subject to customary closing conditions, including approvals from
the Federal Energy Regulatory Commission and Indiana Utility
Regulatory Commission.
BMO Capital Markets is serving as financial advisor to Duke
Energy for this transaction. Holland & Hart LLP is serving as legal
counsel to Duke Energy.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Charlotte, N.C., is one of
America's largest energy holding companies. The company's electric
utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio
and Kentucky, and collectively own
54,800 megawatts of energy capacity. Its natural gas unit serves
1.7 million customers in North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious clean energy transition,
keeping reliability, affordability and accessibility at the
forefront as the company works toward net-zero methane emissions
from its natural gas business by 2030 and net-zero carbon emissions
from electricity generation by 2050. The company is investing in
major electric grid upgrades and cleaner generation, including
expanded energy storage, renewables, natural gas and advanced
nuclear.
More information is available at duke-energy.com and the
Duke Energy News Center. Follow Duke Energy
on Twitter, LinkedIn, Instagram and Facebook,
and visit illumination for stories about the people and
innovations powering our energy transition.
Forward-Looking Information
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements are based on management's beliefs and assumptions. These
forward-looking statements are identified by terms and phrases such
as "anticipate," "believe," "intend," "estimate," "expect,"
"continue," "should," "could," "may," "plan," "project," "predict,"
"will," "potential," "forecast," "target," "outlook," "guidance,"
and similar expressions. Various factors may cause actual results
to be materially different than the suggested outcomes within
forward-looking statements; accordingly, there is no assurance that
such results will be realized. These risks and uncertainties
are identified and discussed in Duke Energy's Form 10-K for the
year ended December 31, 2023, and
subsequent quarterly reports filed with the Securities and Exchange
Commission ("SEC") and available at the SEC's website at
www.sec.gov. In light of these risks, uncertainties and
assumptions, the events described in the forward-looking statements
might not occur or might occur to a different extent or at a
different time than Duke Energy has described. Duke Energy
expressly disclaims an obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Media contact; Gillian Moore
24-hour media line: 800.559.3853
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SOURCE Duke Energy