The embattled company will still press ahead with a possible float, effectively pushing the IPO as a bidder in the trade sale. Bids will be due in the first quarter of next year.
Duke wants to reduce its high debt by $US5.5 billion ($7.79 billion) within two years, starting with its Australian portfolio of 450 megawatts of power generation and gas transmission pipes totalling more than 2300km.
Since coming into the Australian market Duke has spent $1.8 billion buying and building the assets but is likely to receive a sale price of close to $1.5 billion.
Duke's key pipelines are the 795km Eastern Gas Pipeline and the Tasmanian Gas Pipeline connected to the significant Bass Strait gas reserves.
The eastern pipeline connects the Gippsland gas reserves in western Victoria with Sydney and has developed as a major competitor to APT's Moomba pipeline.
