Duke Energy has entered into a $1.2 billion agreement with ElectriCities to buy back minority stakes in several North Carolina power plants.
The deal is expected to lower power bills of thousands of eastern North Carolina residents by reducing debt for the North Carolina Eastern Municipal Power Agency, which is managed by ElectriCities. Duke entered into the deal, which was announced over the summer, on Friday.
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Duke operates and owns majority stakes in the plants.
The agency has 270,000 retail customers in 32 communities. Duke agreed to a 30-year contract to provide wholesale power to the affected communities.
How much rates go down in each town will depend on each community's share of the outstanding debt and its electricity use.
State and federal regulators must sign off on the deal.