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AUSTIN, Texas, Nov. 20 /PRNewswire-FirstCall/ Duke Energy (NYSE: DUK) has
entered into an agreement with Wal-Mart, the largest retailer in the world, to
provide electricity for its growing Texas market.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040414/DUKEENERGYLOGO )
This partnership will be the first substantial purchase of wind energy in
the U.S. by Wal-Mart. The deal also represents one of the first sales of power
directly from a specific wind project to a major retailer.
Beginning in April 2009, Wal-Mart will purchase electricity directly from
Duke's Notrees Windpower Project, located in Ector and Winkler counties,
Texas. The project will provide clean, renewable energy to up to 15 percent of
360 Wal-Mart stores and other facilities in Texas.
"We're proud to partner with Wal-Mart on this innovative initiative," said
David Marks, Duke Energy Generations Services senior vice president of wind
energy. "Our customers want energy products and services that keep them
competitive, yet respond to environmental concerns."
The first phase of the Notrees facility will enter commercial operation in
December.
This generation capacity is part of the 500 megawatts of wind power Duke
Energy will have on line by the end of this year. Duke's Ocotillo Windpower
Project, located in Howard County, Texas, began operations in September. When
completed in 2009, the Notrees project will provide 150 megawatts of
electricity.
Duke Energy Generation Services (DEGS) develops, owns and operates
electric generation for large energy consumers, municipalities, utilities and
industrial facilities. DEGS specializes in developing innovative and
environmentally sound generation solutions using a variety of fuels, including
wind and other renewable energy sources.
Duke Energy, one of the largest electric power companies in the United
States, supplies and delivers electricity to approximately 4 million U.S.
customers and natural gas service to approximately 520,000 customers in its
regulated jurisdictions. The company has approximately 35,000 net megawatts of
electric generating capacity in the Midwest and the Carolinas, and natural gas
distribution services in Ohio and Kentucky. In addition, Duke Energy has more
than 4,000 net megawatts of electric generation in Latin America, and is a
joint-venture partner in a U.S. real estate company.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company
traded on the New York Stock Exchange under the symbol DUK. More information
about the company is available on the Internet at: www.duke-energy.com.
Forward-looking statement
This release 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,"
"target," "expect," "continue," "should," "could," "may," "plan," "project,"
"predict," "will," "potential," "forecast," and similar expressions. Forward-
looking statements involve risks and uncertainties that may cause actual
results to be materially different from the results predicted. Factors that
could cause actual results to differ materially from those indicated in any
forward-looking statement include, but are not limited to: State, federal and
foreign legislative and regulatory initiatives, including costs of compliance
with existing and future environmental requirements; state, federal and
foreign legislation and regulatory initiatives that affect cost and investment
recovery, or have an impact on rate structures; costs and effects of legal and
administrative proceedings, settlements, investigations and claims;
industrial, commercial and residential growth in Duke Energy Corporation's
(Duke Energy) service territories; additional competition in electric markets
and continued industry consolidation; political and regulatory uncertainty in
other countries in which Duke Energy conducts business; the influence of
weather and other natural phenomena on Duke Energy operations, including the
economic, operational and other effects of hurricanes, droughts, ice storms
and tornadoes; the timing and extent of changes in commodity prices, interest
rates and foreign currency exchange rates; unscheduled generation outages,
unusual maintenance or repairs and electric transmission system constraints;
the results of financing efforts, including Duke Energy's ability to obtain
financing on favorable terms, which can be affected by various factors,
including Duke Energy's credit ratings and general economic conditions;
declines in the market prices of equity securities and resultant cash funding
requirements for Duke Energy's defined benefit pension plans; the level of
credit worthiness of counterparties to Duke Energy's transactions; employee
workforce factors, including the potential inability to attract and retain key
personnel; growth in opportunities for Duke Energy's business units, including
the timing and success of efforts to develop domestic and international power
and other projects; the performance of electric generation and of projects
undertaken by Duke Energy's non-regulated businesses; construction and
development risks associated with the completion of Duke Energy's capital
investment projects in existing and new generation facilities, including risks
related to financing, obtaining and complying with terms of permits, meeting
construction budgets and schedules, and satisfying operating and environmental
performance standards, as well as the ability to recover costs from customers
in a timely manner; the effect of accounting pronouncements issued
periodically by accounting standard-setting bodies; and the ability to
successfully complete merger, acquisition or divestiture plans. 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
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
CONTACT: Rick Rhodes
Phone: 704-382-3747
24-Hour: 704-382-8333
SOURCE Duke Energy
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