Duke Energy committed to ongoing rebuild in western N.C., thanks Carolinas customers for patience and support following Helene

Rhea-AI Summary

Duke Energy (NYSE: DUK) is committed to rebuilding the power grid in western North Carolina following Hurricane Helene. As of noon, approximately 83,800 customers in North Carolina and 6,500 in South Carolina remain without power. The company has restored 2.6 million customer outages in the Carolinas since Helene hit on Sept. 27.

Duke Energy is establishing a western N.C. command center to lead longer-term recovery efforts. The company has created a dedicated webpage, duke-energy.com/HeleneRecovery, to provide information and resources for impacted customers. Duke Energy is also warning customers about potential scams in the aftermath of the storm.

The company has restored over 3.1 million customer outages across six states since Helene made landfall in Florida on Sept. 26. Duke Energy continues to work with local, state, and federal agencies to coordinate rebuilding efforts, especially in the mountain region.

Positive

• Duke Energy has restored 2.6 million customer outages in the Carolinas since Hurricane Helene
• The company has established a western N.C. command center to lead longer-term recovery efforts
• A dedicated webpage has been created to provide information and resources for impacted customers

Negative

• Approximately 90,300 customers in North and South Carolina remain without power
• Extensive damage to homes, businesses, and critical power grid equipment in some areas
• Some locations are still inaccessible due to road and infrastructure destruction

Insights

Utility Infrastructure Specialist

The aftermath of Hurricane Helene has dealt a severe blow to Duke Energy's infrastructure in western North Carolina. With 84,000 customers still without power, the scale of destruction is unprecedented in the region. The company's shift to a targeted approach and establishment of a dedicated command center in western N.C. indicates the complexity and long-term nature of the rebuilding effort.

This event will likely have significant financial implications for Duke Energy:

• Increased capital expenditure for grid reconstruction
• Potential revenue loss from extended outages
• Higher operational costs for emergency response and overtime labor

However, the company's proactive communication and coordination with stakeholders may help mitigate regulatory and public relations risks. The creation of a dedicated webpage for recovery information demonstrates a commitment to transparency, which could be viewed positively by investors and regulators alike.

Financial Analyst

The extensive damage caused by Hurricane Helene will likely have a material impact on Duke Energy's financial performance in the short to medium term. Key considerations include:

• Potential for significant storm-related costs, which may impact earnings
• Possible need for additional debt or equity financing to fund rebuilding efforts
• Regulatory implications, including the possibility of cost recovery through rate adjustments

While the company's $85 billion market cap provides a substantial financial cushion, investors should monitor the ongoing costs of reconstruction and any regulatory decisions regarding cost recovery. The company's ability to maintain its dividend and capital expenditure plans in light of these unexpected costs will be important factors to watch.

Long-term, this event may accelerate Duke Energy's grid modernization efforts, potentially leading to a more resilient infrastructure that could benefit the company in future extreme weather events.

• Lineworkers and other storm responders continue rebuilding grid in hardest-hit areas of N.C. mountains where 84,000 customers remain without power
• Western N.C. grid reconstruction efforts to be aligned with stakeholders and deployed out of local command center
• Duke Energy workers restored more than 3.1 million customer outages in the Carolinas, Florida and Midwest since Helene hit on Sept. 26

Editor's note: Visit the Duke Energy News Center for downloadable B-roll and high-resolution images.

CHARLOTTE, N.C., Oct. 8, 2024 /PRNewswire/ -- Duke Energy crews have been all-hands-on-deck since the moment Helene exited the Carolinas. The company has successfully restored electric service to most customers in the upstate of South Carolina and the majority of those who can receive power in western North Carolina. While Duke Energy workers have made substantial progress overall, extremely difficult and targeted work lies ahead before the company can restore additional customers in the hardest-hit communities.

"Sadly, Helene's devastation is unlike anything we've ever experienced in the western parts of the Carolinas," said Jason Hollifield, Duke Energy's storm director for the Carolinas. "While we continue our vital work to help restore power and work with stakeholders to rebuild communities, I want to pause to thank our customers.

"We greatly appreciate the patience, support and kindness you've shown – and continue to show – toward the men and women who are still working around the clock to rebuild the grid and restore power."

Restoration updates
As of noon, Duke Energy remains focused on restoring service to approximately 6,500 customers in South Carolina and 83,800 in North Carolina without power due to Helene. The company will continue to communicate with impacted customers via email, text and outbound call as their site-specific details become available.

Many North Carolina customers who remain without power are unable to receive service due to major damage to their homes and businesses and substantial infrastructure damage in their communities. In some cases, homes, businesses and critical power grid equipment no longer physically exist. Also, in some places, Duke Energy remains unable to access and assess areas due to road and infrastructure destruction and the critical need to coordinate with major ongoing disaster response efforts.

"We've shifted to a targeted approach for our operations and efforts across western North Carolina," said Hollifield. "And we continue to work with local, state and federal agencies to coordinate and support rebuilding communities, especially in the mountain region."

Duke Energy has restored 2.6 million customer outages – including 1.2 million in South Carolina and 1.4 million in North Carolina – since Helene impacted the region on Sept. 27.

The storm, which made landfall in Florida on Sept. 26, resulted in more than 3.1 million Duke Energy customer outages across the six states it operates electric utilities, from Florida through the Carolinas up to the Midwest.

Duke Energy to lead longer-term recovery efforts from western N.C. command center
A western N.C., facility will serve as the company's base of operations while workers continue rebuilding the infrastructure needed to restore the remaining North Carolina customers impacted by Helene.

"Our engineers, designers, project managers and others will be in one place as they work, plan and make strategic decisions that aid in an efficient reconstruction of the power grid in the hardest-hit areas," said Hollifield. "It also allows us to collaborate with national, state and local government stakeholders from a central location to help ensure we continue to be coordinated in our efforts."

Duke Energy also established a dedicated webpage, duke-energy.com/HeleneRecovery, to provide the latest information and resources for impacted customers in western North Carolina. The page currently includes a map of the repair and rebuild zones, common questions and answers and more.

Scam reminders
The company is also reminding customers to be vigilant, stay informed and guard their personal information, as scams and fraud are rampant after storms.

Duke Energy will never threaten immediate disconnection, demand payment information over the phone or ask customers to get a "Green Dot" or prepaid credit card. For more information and helpful tips, visit duke-energy.com/scam.

Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability, and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

24-Hour: 800.559.3853

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SOURCE Duke Energy

FAQ

How many Duke Energy (DUK) customers are still without power after Hurricane Helene?

As of noon on October 8, 2024, approximately 83,800 customers in North Carolina and 6,500 in South Carolina remain without power due to Hurricane Helene.

How many customer outages has Duke Energy (DUK) restored since Hurricane Helene hit?

Duke Energy has restored 2.6 million customer outages in the Carolinas since Hurricane Helene impacted the region on September 27, 2024.

What is Duke Energy (DUK) doing to support long-term recovery efforts in western North Carolina?

Duke Energy is establishing a western N.C. command center to lead longer-term recovery efforts and coordinate with national, state, and local government stakeholders for efficient grid reconstruction.

Where can Duke Energy (DUK) customers find information about Hurricane Helene recovery efforts?

Duke Energy has created a dedicated webpage, duke-energy.com/HeleneRecovery, to provide the latest information and resources for impacted customers in western North Carolina.