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DUKE ENERGY CORP (DUK)
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Duke Energy : FERC Issues Letter Involving Duke Energy of Charlotte, North Carolina

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09/29/2017 | 02:31pm CET

WASHINGTON, Sept. 28 -- The U.S. Department of Energy'sFederal Energy Regulatory Commission issued the following letter involving Duke Energy, Charlotte, N.C.:

Ann L. Warren

Associate General Counsel

Duke Energy Corporation

550 South Tryon Street (DEC 45A)

Charlotte, NC 28202

Dear Ms. Warren:

This is in response to your letter dated August 15, 2017. You filed the letter on behalf of Duke Energy Florida, LLC (DEF) and requested approval of proposed journal entries to clear Account 102, Electric Plant Purchased or Sold, relating to the acquisition of certain transmission assets. The Commission authorized the transactions in Docket No. EC17-74-000.1

Based on DEF's representations, its proposed journal entries are approved. This accounting approval is not intended to influence the outcome of any rate treatment that may be established for this transaction.

DEF's proposed journal entries clear the purchases through Account 102 and record the original cost and related accumulated depreciation of the acquired assets on its books consistent with Electric Plant Instruction No. 5, Electric Plant Purchased or Sold.2 DEF represents that it recognized an acquisition adjustment of $379,400 in Account 114, Electric Plant Acquisition Adjustments, for the amount paid in excess of the depreciated original cost of assets acquired. DEF further represents that the amount of the acquisition adjustment will be amortized to Account 425, Miscellaneous Amortization, over the remaining life of the assets purchased.

The Commission delegated authority to act on this matter to the Director of the Office of Enforcement or his designee under 18 C.F.R. Section 375.311 (2017). The Director has designated this authority to the Chief Accountant. This letter order constitutes final agency action. Your company may file a request for rehearing with the Commission within 30 days of the date of this order under 18 C.F.R. Section 385.713 (2017).

Sincerely,

Bryan K. Craig Chief Accountant and Director Division of Audits and Accounting Office of Enforcement

Footnotes:

1. Duke Energy Florida, LLC, 160 FERC 62,084 (2017).

2. 18 C.F.R. Part 101 (2017).

Targeted News Service, source News Service

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Sales 2017 24 640 M
EBIT 2017 6 363 M
Net income 2017 3 135 M
Debt 2017 54 017 M
Yield 2017 3,99%
P/E ratio 2017 19,63
P/E ratio 2018 18,18
EV / Sales 2017 4,69x
EV / Sales 2018 4,72x
Capitalization 61 631 M
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Average target price 88,8 $
Spread / Average Target 0,80%
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Steven K. Young Chief Financial Officer & Executive Vice President
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Michael G. Browning Lead Independent Director
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