Duke Energy to sell stake in Pioneer Transmission joint venture to John Laing
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CHARLOTTE, N.C., April 4, 2024 ~ Charlotte, N.C. - Duke Energy (NYSE: DUK) has announced today that it has reached an agreement to sell its 50% ownership interest in Pioneer Transmission LLC (Pioneer) to John Laing Group (John Laing), an international investor and active manager of core infrastructure assets.

Pioneer, a joint venture with American Electric Power (AEP), is a 42.5-mile, 765-kilovolt transmission line with its associated substation assets. The line was placed in service in 2018 and extends from Greentown Station to Reynolds Station – west of Lafayette, Ind. Pioneer is independent of Duke Energy Indiana.

The sale of Duke Energy's ownership interest in Pioneer will allow the company to focus on its clean energy transition in its state-regulated utilities. The proceeds from the sale will be reinvested into major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and advanced nuclear.

The transaction is expected to close by the end of 2024 and is subject to customary closing conditions, including approvals from the Federal Energy Regulatory Commission and Indiana Utility Regulatory Commission.

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BMO Capital Markets is serving as financial advisor to Duke Energy for this transaction while Holland & Hart LLP is serving as legal counsel.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. With electric utilities serving 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky and a natural gas unit serving 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky, Duke Energy collectively owns 54,800 megawatts of energy capacity.

As part of its commitment to a clean energy future, Duke Energy is working towards net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and advanced nuclear.

For more information about Duke Energy and its clean energy transition, visit duke-energy.com and the Duke Energy News Center. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

This document includes forward-looking information.

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