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US Duke reaches 2nd China energy deal

(Agencies)
Updated: 2009-09-24 08:59

COLUMBUS, Ohio: Power company Duke Energy Corp. said Wednesday that it has struck its second deal in just over a month with a large Chinese power company to develop sources of low-carbon energy.

Duke and ENN Group say ideas for potential development between the two include commercial solar projects, coal-based clean energy, biofuels, natural gas, smart grid, energy efficiency and carbon-capturing algae.

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"Between our two companies we're going to find ways to generate electricity and minimize our carbon footprint," Jim Rogers, Duke's chairman, president and CEO, said in an interview.

The two made the announcement in New York while at the annual meeting of President Bill Clinton's global initiative to address global problems.

The companies have signed agreements to share information and also are evaluating a partnership to pursue commercial development of utility-scale solar photovoltaic projects in the US.

Rogers said work will start immediately, with ENN executives visiting Duke facilities this week.

Duke signed a similar deal in August in Beijing with state-owned China Huaneng Group, China's largest electric utility.

Privately owned ENN, founded 20 years ago, has more than 100 subsidiaries that supply power in 80 cities across China. Charlotte, North Carolina-based Duke has 4 million customers in five states: North and South Carolina, Ohio, Indiana and Kentucky.

Shares of Duke rose a penny to close at $15.72.