And number 2 release
(COMTEX) B: DUKE ENERGY TRADING AND MARKETING PURCHASES NP ENERGY
B: DUKE ENERGY TRADING AND MARKETING PURCHASES NP ENERGY
HOUSTON, Dec. 21 /PRNewswire/ -- Duke Energy Trading and Marketing,
L.L.C., has reached an agreement to purchase NP Energy, an electric
trading and marketing company based in Louisville, Ky. The purchase
price was not disclosed.
Duke Energy Trading and Marketing will acquire NP Energy's risk
management and project development efforts. These projects include
marketing agreements with several power cooperatives, a planned
325-megawatt waste coal repowering project with Ohio National Energy
and a planned 650-megawatt merchant plant in Kingman, Ariz.
The acquisition of NP Energy provides Duke Energy Trading and Marketing
with attractive opportunities in several strategic regions for the
company. "Adding NP Energy's assets to our portfolio of marketing
agreements will help build our business position in the U.S. West and
Midwest because it increases our assets in these key areas," said Brad
Karp, Duke Energy Trading and Marketing president.
Closing of the sale is expected by the end of the first quarter 1999
pending approval by the Federal Energy Regulatory Commission and is
subject to the Hart-Scott-Rodino Act.
Within its first year of operation, NP Energy was ranked 16th among all
power marketers nationwide. The company was founded in early 1997.
Duke Energy Trading and Marketing, one of the nation's largest energy
marketers, is the wholesale energy trading and marketing arm of Duke
Energy and serves as the exclusive marketer for the North American
natural gas production of Mobil Corporation, which owns 40% interest in
Duke Energy Trading and Marketing. NP Energy officials said they were
attracted to Duke Energy's strength and reputation in agreeing to this
deal.
"Scale and considerable credit backing have become critically important
in the energy marketing industry, so Duke Energy's resources and their
track record for innovation make this a logical step for both parties,"
said Ed Casey, NP Energy co-founder and chief executive officer. "We
are very proud of the success of this venture and the performance of
our employees, but it was our view that it would take greater resources
and depth to achieve the growth necessary to remain a leader in the
business."
Duke Energy Corporation (NYSE: DUK) is a global energy company with
more than $26 billion in assets. Headquartered in Charlotte, North
Carolina, the company reaches into more than 50 countries producing
energy, transporting energy, marketing energy and providing energy
services. In the United States, Duke Energy provides electric service
to approximately 2 million customers in North Carolina and South
Carolina, operates interstate pipelines that deliver natural gas to
various regions of the country, and is a leading marketer of
electricity, natural gas and natural gas liquids. Additional
information about the company is available on the Internet at:
www.duke-energy.com.
SOURCE Duke Energy Corporation
-0- 12/21/98 /CONTACT: Liz Johnson, Media
Relations of Duke Energy Corporation, 713-627-5011/
/Web site: duke-energy.com (DUK)
CO: Duke Energy Corporation; Duke Energy Trading and Marketing,
L.L.C.; NP
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