Nine of the power plants that were sold are in Ohio, including a peaking plant in Monroe that burns natural gas.
The 1.3 million customers of Duke Energy in Ohio and Kentucky are unaffected by the sale, officials said.
Some plants are jointly owned by Dayton Power and Light Co. and American Electric Power, according to Duke. However, DP&L and AEP were not part of the sale with Dynergy.
About 500 employees work at the 11 power plants and in supporting positions, officials said.
“We are proud of the employees who have operated these plants for many years, and we appreciate the long and important role these operations have had for Duke Energy and our customers in the Midwest,” said Marc Manly, Duke Energy Commercial Portfolio president.
Duke Energy announced plans to sell its Midwest power plants in February 2014. The move makes the Charlotte, N.C.-based company a distribution-only business for electric and natural gas.
Officials said the transaction allows Duke Energy to sharpen its focus to better meet customer needs, while creating additional long-term value for investors.
About $1.5 billion will be used to repurchase shares of the company’s common stock through an accelerated share repurchase program. The remainder will be used to pay down holding company debt and fund 2015 capital investments.
The Duke Energy Ohio and Kentucky, and Duke Energy Indiana regulated utilities are not a part of the transaction, officials said.
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