UPDATE 2-Duke Energy targets deal for overseas assets by year-end

Thu Aug 4, 2016 9:54am EDT
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(Adds CEO comments, details)

By Amrutha Gayathri

Aug 4 (Reuters) - Duke Energy Corp reported a higher-than-expected quarterly profit, helped by strength in its regulated power business, and said it was working with selected bidders to sell its international assets.

The company said it plans to focus on its regulated power markets business in the United States to drive more stable earnings and cash flow growth.

The biggest U.S. power company by generation capacity said in February it was looking to sell its international assets - which are all in Latin America - a year after it decided to keep it.

"We have moved into the more detailed due diligence with a select number of bidders and the process is progressing," Chief Executive Lynn Good told Reuters in an interview on Thursday.

Good said the company was targeting an announcement on the sale by the end of the year.

Duke's international business has been impacted by a weak Brazilian currency and economy, as well as drought conditions that affected the company's power generation capacity in the country.

The international business - spanning Argentina, Brazil, Chile, Ecuador, El Salvador, Guatemala and Peru - accounted for about 5 percent of the company's total operating revenue in the second quarter.   Continued...