Duke Energy Will Not Be Repaid $10 Million For DNC

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by AP

Story Created: Mar 1, 2013 at 5:11 PM EDT

Story Updated: Mar 1, 2013 at 5:38 PM EDT

CHARLOTTE, N.C.-- Duke Energy will not be repaid a $10 million line of credit it guaranteed the city of Charlotte to host the Democratic National Convention last year.

The Charlotte Observer reported that Duke confirmed Thursday it will not be repaid.

Duke had indicated in November it did not expect to be repaid.

The utility said it can claim the money as a business expense for tax purposes. Duke shareholders will pay $6 million of the cost.

Duke spokesman David Scanzoni says the $10 million took 1 penny off Duke's earnings for last year. The nation's largest utility earned $1.7 billion for 2012.

Duke's Jim Rogers says the company's support was good for the city. He said Duke would have made the same offer if the Republicans had met in Charlotte.

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