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Fourth Quarter
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Maritimes & Northeast Pipeline continued to receive regulatory approvals, keeping the project
on track. The project has received all Canadian regulatory approvals. In the U.S., the
FERC authorized construction of a 66-mile section of the pipeline and issued preliminary
approval for the remainder of the facilities. Maritimes & Northeast is scheduled to begin
transporting gas in 1999 from Sable Island reserves, off Nova Scotia, to markets in the
Canadian Maritimes and the northeast U.S.
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Conservationists applauded. Duke Energy and Crescent Resources
announced a sale and one-time gift of 32,000 acres to the State of South Carolina,
culminating what has been called one of the nation’s most significant conservation efforts.
The spectacular section of the Blue Ridge Escarpment provides some of the most dramatic
scenery and ecologically significant lands in the region.
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Duke Power completed its final planned steam generator
replacement project on Dec. 18. The nuclear generation department returned McGuire unit
2 to service after a world record outage of only 77 days. The outage team replaced the
unit’s four massive steam generators, installed a state-of-the-art computer to aid plant
operators, and performed extensive turbine and maintenance work. Earlier in 1997 the team
replaced the Unit 1 steam generators in 94 days, $18 million under budget.
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Power Services and United American Energy Corp. purchased 50
percent ownership interest in American Ref-Fuel Company. The $237 million purchase strengthens
Duke’s power generation portfolio and merchant power strategy in the Northeast. American
Ref-Fuel is the top-ranked waste-to-energy firm in New York and New Jersey, and third largest
in the U.S.
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Texas Eastern Transmission Corporation begins new service for
Columbia Gas Transmission and CNG Transmission. Completed facilities and new long-term
capacity leases have combined to provide the two companies new capacity in Pennsylvania
as the most cost effective way for them to meet incremental needs of their natural gas
customers.
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Power Services announced its winning bid to purchase three
power plants from PG&E Corporation for $501 million. Totaling 2,645 MW, the output from Morro
Bay, Moss Landing and Oakland power plants can be coupled with Trading and Marketing’s skills
to serve California’s newly competitive markets.
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Duke Power customers and foundation ‘shared the warmth.’ More
than 40,000 Duke Power customers contributed to the Share the Warmth program, which provides
heating assistance through local social service agencies and organizations. The Duke Energy
Foundation matches individual gifts, up to $50, up to a total of $500,000. For 1997, the
Foundation and Duke customers combined to give $1.2 million.
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U.S. Department of Energy awarded five-year, $2 billion contract to consortium that includes
DE&S. Along with the Battelle Memorial Research Institute and the Research Foundation of the
State University of New York, DE&S will manage and operate Brookhaven National Laboratory.
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DukeNet Communications continued to extend its reach.
Carolinas FiberNet L.L.C., a fiber optic network of which DukeNet is a partner, extended
the network to northern Virginia and interconnections with Washington, D.C. BellSouth
Mobility DCS, in which DukeNet owns a 20 percent interest, ended the year with 121,000
subscribed customers.
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Duke/Fluor Daniel moved forward on Texas and European projects.
Duke/Fluor Daniel began turnkey engineering, procurement and construction for the 440-MW
Oxychem/Ingleside Cogeneration Plant in Texas. Also, Duke/Fluor Daniel and Conoco Global
Power moved forward in developing an alliance in the development, engineering, procurement
and construction of cogeneration and central heating plants in Europe.
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Nature Conservancy of Texas honored Duke Energy with its 1997
Conservation Leadership Award. The award recognized a range of work, including educational
activities, volunteer involvement and the company’s environmental standards.
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DE&S completed its purchase of Yankee Atomic Electric Company’s
Nuclear Services Division. The expansion will complement DE&S’ strong capabilities in
decontamination, decommissioning and fuel management.
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Mobile Bay Processing Partners announced a 300,000 Dth/d
expansion of its Mobile Bay processing plant, under construction in Alabama. The expansion
results from agreements with Coastal Oil & Gas Corporation and CNG Producing Company,
which committed production from several blocks in the Gulf of Mexico.
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Consortium purchased Irian Jaya generating plant. A consortium
led by Duke Energy International purchased the three-unit 195-MW generating facilities being
constructed by Duke/Fluor Daniel International in Indonesia to serve PT Freeport Indonesia
Company’s mining and milling operations. Duke Energy International owns 42.86 percent of PT
Puncakjaya Power, the Indonesian company established by the consortium to own and operate the
power generating facilities.
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Duke Power’s Bulk Power Marketing Group completed first full
year of sales. FERC granted authority in 1996 for Duke to market up to 2,500 MW of its
temporarily surplus capacity and associated energy at market rates in the wholesale bulk
power market. In 1997 the group sold 1.9 million MWh, and has sold a total of 3 million MWh
since April 1996.
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| First Quarter Milestones | Second Quarter Milestones | Third Quarter Milestones |
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