Progress Energy Carolinas to retire two coal-fired power plants Oct. 1
As announced in July, Progress Energy Carolinas, a subsidiary of Duke Energy (NYSE: DUK), on Oct. 1 will officially retire two coal-fired power plants, including the utility's first coal-fueled facility built in 1923.
The utility will close the Cape Fear power plant, near Moncure, N.C., and the H.B. Robinson Unit 1 power plant, near Hartsville, S.C., as part of its ongoing fleet-modernization program.
Closing older, less-efficient coal plants and replacing them with state-of-the-art natural gas-fueled power plants helps ensure continued grid reliability, reduces air emissions and water usage, and offers new economic development opportunities.
"For decades, these two power plants have helped us provide the region with safe, reliable and affordable electricity," said Jeff Lyash, Duke Energy's executive vice president of energy supply. "This legacy reflects the exceptional dedication of hundreds of current and former employees."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.