Duke draws $1 billion under its Master Credit Agreement
"In light of the uncertain market environment, we made this proactive financial decision to increase our liquidity and cash position and to bridge our access to the debt capital markets," said David Hauser, group executive and chief financial officer. "This improves our flexibility as we continue to execute our business plans."
With this draw, the company expects to have approximately $2 billion of cash and cash equivalents.
Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers in its regulated jurisdictions. The company has approximately 35,000 megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky.
In addition, Duke Energy has more than 4,000 megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.
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Maritime Electric team works on cleanup in Turks and Caicos
TORONTO - Maritime Electric has sent a crew to help in the clean up and power restoration of Turks and Caicos after the Caribbean island was hit by Hurricane Irma.
They arrived earlier this week and are working on removing debris and equipment so when supplies arrive, power can be brought back online.
Fortis Inc., the parent company for Maritime Electric operates a utility in Turks and Caicos.
Kim Griffin, spokesperson for Maritime Electric, said there are over 1000 poles that were brought down by the storm.
"It's really an intense storm recovery," she said. 'Good spirits'
The crew is working with less heavy equipment…
