Duke Energy to shed Midwest generation business

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Associated Press

Posted on February 17, 2014 at 4:01 PM

Updated Monday, Feb 17 at 4:01 PM

CHARLOTTE, N.C. (AP) — Duke Energy says it's starting to get out of the power-generation business in the Midwest.

The company said Monday that its Midwest power plants have produced volatile financial results in a competitive market, and that's not a good fit. The business includes ownership interests in 11 power plants in Ohio and one each in Illinois and Pennsylvania.

The company says it will take 12 to 18 months to finish exiting the power plant businesses. The company says it will take a noncash accounting charge of between $1 billion and $2 billion in the first quarter of 2014 tied to the move.

Duke says it will keep its regulated utility operations in Ohio and Kentucky, which serve 1.3 million customers.

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