This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Progress Energy Carolinas To Retire Lee Coal-fired Power Plant Sept. 15

GOLDSBORO, N.C., Sept. 14, 2012 /PRNewswire/ -- Progress Energy Carolinas, a subsidiary of Duke Energy (NYSE: DUK), will officially close the coal-fired H.F. Lee power plant near Goldsboro, N.C., Sept. 15.

This is the second such retirement under the utility's fleet-modernization program, which will help ensure continued grid reliability, reduce the long-term price impact on customers, reduce air emissions and water usage, and offer new economic development opportunities.

The Lee Plant has been a vital part of meeting the needs of Progress Energy Carolinas' customers since it began commercial operation in 1951. Located on the Neuse River west of Goldsboro, the plant was one of the first major construction projects in the utility's post-World War II expansion.

A second coal-fired unit was added the following year and a third unit added in the 1960s brought the coal plant's total coal generating capacity to 382 megawatts (MW). The site's four oil-fueled combustion turbine units, with a total capacity of 75 MW, will be retired Oct. 1, 2012.

"For 61 years, the Lee Plant has served the region with safe, reliable and affordable electricity," said Jeff Lyash, executive vice president of energy supply for Duke Energy. "During these years, hundreds of current and former employees have been closely tied to Wayne County and the region, and the plant's long, productive life has been a testament to their outstanding dedication."

In addition to retiring older, small coal plants, the utility's fleet-modernization strategy also includes building new natural gas-fueled combined-cycle units on property between the Lee Plant and the Wayne County Energy Complex.

The new, 920-MW natural gas-fueled combined-cycle facility and corresponding natural gas pipeline extension is expected to begin commercial operation in early 2013.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs