Duke Energy To Sell Commercial Marketing, Trading Business
Posted June 27, 2006 2:32 a.m. EDT
CHARLOTTE, N.C. — Duke Energy is selling off its commercial marketing and trading business for some $210 million, the Charlotte-based company said Tuesday.
Buying the business is Fortis, an international financial services provider.
The Duke business units sold operate under the names Cinergy Marketing and Trading and Cinergy Canada.
The deal is subject to regulatory approval by the U.S. and Canadian governments.
"The decision to exit the commercial marketing and trading business is another step in our ongoing effort to restructure the risk profile of Duke Energy and to focus our attention on businesses that can be expected to contribute steady, stable earnings and dividend growth," said James Rogers, president and chief executive officer of Duke Energy, in a statement. "We are pleased to have reached an agreement with Fortis that is a real win-win for both companies."