This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

This state-of-the-art facility, along with the five dual-fueled combustion turbines at the existing Wayne County Energy Complex, will be called the H.F. Lee Energy Complex when the project is completed. Total generation capacity of the site will approach 1,800 MW.

"This new facility is an important investment in the future of our customers and communities," said Lyash. "I am proud of our continued commitment to Wayne County and to spurring economic growth in the communities we serve."

The utility has been working to minimize employee impacts from its fleet-modernization efforts. Of the normal complement of 79 employees at Lee, 65 were selected for positions within the new Lee Plant or have been placed in similar positions within the company and 14 are retiring with the company's severance programs associated with the merger with Duke Energy.

PEC retired its coal-fired W.H. Weatherspoon power plant near Lumberton, N.C., Oct. 1, 2011, the first retirement under the utility's fleet-modernization plan.

Other plants slated for retirement include the Cape Fear Plant near Moncure, N.C. ( Oct. 1, 2012), the Robinson coal-fired unit near Hartsville, S.C. ( Oct. 1, 2012) and the L.V. Sutton Plant near Wilmington, N.C. (late 2013). Once the retirements are complete, the utility will have retired all of its coal-fired units that do not have advanced environmental controls.

The utility's coal-fired unit retirements represent more than 1,600 MW, or approximately one-third of its coal-generating fleet.

The utility will replace the retiring coal-fueled generating capacity with combined-cycle plants fueled by natural gas.

In addition to the new Lee facility, the utility is building a 625-MW facility at its Sutton site. Commercial operation, including a corresponding natural gas pipeline extension, is expected at the end of 2013.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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