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Duke reaches second Chinese deal

| 09/23/09 01:53 PM | AP

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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.

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 U.S.

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

ENN, founded 20 years ago, has more than 100 subsidiaries that supply power in 80 cities across China.

Charlotte, N.C.-based Duke has 4 million customers in five states: North and South Carolina, Ohio, Indiana and Kentucky.

Shares of Duke rose 13 cents to $15.84 in afternoon trading.

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