NEW YORK (Thomson Financial) - Duke Energy Corp. said Tuesday the Indiana Utility Regulatory Commission has granted the company permission to construct a 630-megawatt clean coal power plant in Edwardsport, Ind.
An air permit is still necessary from the Indiana Department of Environmental Management. If that permit is approved, Duke Energy could begin construction early next year and start producing power from the site by early 2012. the Charlotte, N.C.-based electric power company said.
The plant will cost about $2 billion to construct and will result in an average electric rate increase of about 16% phased in from 2008 through 2012, the company said.
Duke Energy's Indiana operations provide about 7,300 megawatts of electricity to more than 770,000 electric customers, the company said.
Nov. 2 (Bloomberg) -- Duke Energy Corp., owner of electric utilities in the Carolinas and U.S. Midwest, said third-quarter profit fell 20 percent, less than analysts estimated, after its January spinoff of Spectra Energy Corp., the second-largest U.S. pipeline company.