State News

Duke Energy, French firm to develop biomass power plants

Posted September 24, 2008 1:57 p.m. EDT
Updated September 24, 2008 2:42 p.m. EDT

— Duke Energy (NYSE: DUK) and French nuclear engineering giant Areva say they will develop biomass plants in the U.S. that use wood waste to produce electricity.

Areva SA and Charlotte, N.C.-based power generator Duke Energy Corp. have formed a joint venture called Adage for the biomass project.

Financial terms were not disclosed.

"This project comes at exactly the right time as Americans face soaring energy prices and look to meet rising electricity demand with green energy sources. The ADAGE biopower facilities will respond to our nation's need for new baseload energy alternatives," said Duke Energy CEO Jim Rogers in a statement.

Areva will design and build the plants, while a Duke unit will manage operations.

The venture will be headquartered in Chadds Ford, Pa.