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Duke Energy may buy NC city shares of power agency

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RALEIGH, N.C. (AP) - Duke Energy says it's negotiating to buy ownership in nuclear and coal-burning electric power plants that have saddled more than 30 eastern North Carolina municipalities with high electric bills to pay off construction costs.

Duke Energy said Monday that an operating subsidiary is negotiating with the North Carolina Eastern Municipal Power Agency about buying out its share of power plants owned by the former Progress Energy. Duke Energy bought Progress Energy in 2012.

Duke Energy said in a prepared statement that any deal would take months to negotiate and gain regulatory approval. Duke Energy last week dropped its bid to buy up to 10 percent of a South Carolina nuclear power plant from that state's publically owned utility after more than two years.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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