U.S. Department of Energy Announces First Awards under Advanced Reactor Demonstration Program

LCG, October 16, 2020--The U.S. Department of Energy (DOE) this week announced it has selected two U.S.-based teams to receive $160 million in initial funding under the new Advanced Reactor Demonstration Program (ARDP).

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PSEG Files Application to Extend Zero Emission Certificates (ZECs) for New Jersey's Carbon-Free Nuclear Power Facilities

LCG, October 2, 2020--PSEG yesterday filed applications to extend Zero Emission Certificates (ZECs) for the Salem and Hope Creek nuclear power plants in Salem County in order to preserve New Jersey's largest carbon-free source of electricity and to help New Jersey achieve its clean energy goal of 100 percent carbon-free energy supply by 2050.

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Industry News

Duke Announces Plans to Sell More Power Plants

LCG, September 14, 2005--Duke Energy announced yesterday that its board of directors approved a plan to pursue the sale of substantially all of Duke Energy North America's (DENA) physical and commercial assets outside the Midwest. The portfolio includes approximately 6,200 MW of electric generating facilities located primarily in the West and Northeast, plus effectively all of DENA's trading book. The assets will be sold or otherwise divested within the next twelve months.

In announcing the plan, Duke Energy also stated that it will take a non-cash, pre-tax charge of approximately $1.3 billion, or approximately $0.88 per basic share,which will be reported in third quarter 2005 earnings.

Duke Energy stated that it will remain active in the merchant power sector. Following the proposed merger with Cinergy that is anticipated to be completed next year, Duke Energy expects to combine its existing, 3,600 MW of generating assets in the Midwest with Cinergy's commercial operations, providing a sustainable merchant business model in the region.

Duke Energy sold over 6,500 MW of its electric generating assets in 2004. In August of last year, Duke Energy completed the sale of its Southeast merchant plants, including eight, natural gas-fired plants with a combined capacity of 5,325 MW, to KGen Partners for $475 million. Last October, Duke completed the sale of its partially completed, 1,200-MW, combined cycle Moapa Power Plant in Nevada for $182 million.

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