Duke Energy Corp. (NYSE:DUK) announced yesterday that it has bought out Outland Energy Services, a wind turbine operator that employs around 125 workers.
Outland’s acquisition seems to fit well into Duke’s goal of lowering costs within its renewables portfolio, Nasdaq reports. The new acquisition will become part of the company's Energy Renewables business, operating and maintaining Duke’s existing and in-development equipment to lower the company’s overall costs appreciably.
Duke Energy is based in Charlotte, N.C., but 65% of its customers are located in New Jersey. The diversified energy company was recently hit hard by Hurricane Sandy as that state was one of the most severely affected by the major storm.
Duke has more than $100 billion in assets and serves 7.1 million customers across six states.
The company surpassed Exelon Corporation (NYSE:EXC) to become the biggest domestic utility by market capitalization back in June, when it purchased Progress Energy.