Currently, NCEMPA owns partial interests in several Duke Energy Progress’ plants in North Carolina which represent approximately 700MW of generating capacity.
The plants include Brunswick nuclear plant Units 1 and 2 in Brunswick County, Mayo plant in Person County, Roxboro Plant Unit 4 in Person County and the Harris nuclear plant in Wake County.
NCEMPA’s ownership interest in the plants purchase price includes ownership interests in the plants, as well as fuel inventories and spare parts inventories.
Under the agreement, Duke Energy Progress will also sign a 30-year wholesale power supply agreement with NCEMPA to continue meeting the needs of NCEMPA customers currently served by the Power Agency’s interest in Duke Energy Progress’ plants.
Duke Energy North Carolina president Paul Newton said: "This agreement provides positive benefits to Duke Energy Progress customers including long-term fuel savings that help keep rates affordable."
ElectriCities chief executive officer Graham Edwards said: "We’ve been investigating options to lower our costs for several years while preserving the benefits of public power.
"Selling our generation assets is a significant way we can achieve that goal and strengthen NC Public Power’s future in eastern North Carolina."
The transaction is subject to approvals and will be completed by the end of 2016.
