The case involves Duke Energy's $166-million acquisition of the Osprey Energy Center – a natural gas-fired power plant in Auburndale, Fla., previously owned by Calpine Construction Finance Co.
Duke Energy completed the acquisition on Jan. 3, 2017.
The Federal Energy Regulatory Commission and the Florida Public Service Commission approved the acquisition – as did the Federal Trade Commission (FTC).
At issue in the government's now-settled lawsuit, filed by the U.S. Justice Department, was the date – Jan. 30, 2015 – that Duke Energy sought FTC antitrust approval for the acquisition.
The Justice Department said Duke Energy should have sought FTC approval four months earlier when Duke Energy signed a separate contract with the plant's then-owner, Calpine Construction, to buy electricity from the power plant during the period when Duke Energy would be awaiting federal approval of the acquisition.
Duke Energy maintains it sought FTC approval on the correct date, in compliance with the relevant federal statute as it was widely interpreted by most companies at the time.
"We're pleased we've been able to successfully resolve this case," said Harry Sideris, president of Duke Energy Florida. "The addition of the Osprey power plant to our fleet of other Florida electricity generating facilities will help meet future energy demand and encourage economic growth throughout central Florida."
The settlement is subject to approval by the U.S. District Court in Washington, D.C.
The monetary penalty will not be included in Duke Energy customers' rates.
Duke Energy Florida
Duke Energy Florida owns and operates a diverse generation mix, including renewables, providing about 9,000 megawatts of owned electric capacity to approximately 1.7 million customers in a 13,000-square-mile service area.
With its Florida regional headquarters located in St. Petersburg, Fla., Duke Energy is one of the largest electric power holding companies in the United States. It supplies and delivers electricity to approximately 7.4 million customers in the Southeast and Midwest, representing a population of approximately 24 million people. The company also distributes natural gas to more than 1.5 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its commercial business operates a growing renewable energy portfolio and transmission infrastructure across the United States.
Headquartered in Charlotte, N.C., Duke Energy is an S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.
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Contact: Dave Scanzoni
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/duke-energy-us-government-resolve-florida-power-plant-lawsuit-300392948.html
SOURCE Duke Energy