Southern to sell stake in Duke project |
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Mon, 07 May 2007 23:04
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BIRMINGHAM, Ala. (AP) - Utility operator Southern Co. said Monday it plans to sell its stake in a proposed nuclear power plant to partner Duke Energy Corp.Southern holds an interest for 500 megawatts of the proposed plant in Cherokee County, South Carolina, which could come online by 2016 with total capacity of more than 2,200 megawatts.Atlanta-based Southern said it still believes in nuclear development -- it is considering building two nuclear units at a plant near Waynesboro, Ga. -- but in a statement, the company gave few details for why it will pull out of the Duke project.Charlotte, N.C.-based Duke said that Southern wants to focus on energy options within its own service territory.Duke said it plans to buy the interest from Southern, pending board approval, and continue with the project.Financial terms were not disclosed.Electric utilities have been looking more to nuclear power plants to help fill the rising need for electricity. Nuclear plants are more environmentally friendly than coal-fired plants, based on greenhouse gas emissions, but waste disposal is controversial.Southern shares added 17 cents to $37.78, while Duke shares rose 25 cents to $20.88.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Duke coal plant cost: $1.53 billion 