Duke Energy continues rebuild of power infrastructure following Hurricane Helene

Rhea-AI Summary

Duke Energy (NYSE: DUK) continues to rebuild power infrastructure following Hurricane Helene. As of October 4, 2024, more than 2.16 million customers have been restored in the Carolinas, with approximately 85,000 restored since 4 p.m. the previous day. However, 334,000 customers remain without service in Upstate South Carolina and the mountains of North Carolina.

The company is using drones and helicopters to inspect for additional damage and locate equipment in hard-to-reach communities. Some customers may be unable to receive power due to loss or destruction of their homes or businesses. Duke Energy is prioritizing restoration of schools, medical facilities, and water and sewer facilities, as well as customers with special medical needs.

In North Carolina, the focus is on rebuilding the backbone of electrical infrastructure damaged by high winds and flooding. The company expects to restore nearly all customers in upstate South Carolina by Sunday, but restoration may be extended in areas with catastrophic damage.

Positive

• 2.16 million customers restored in the Carolinas
• 85,000 customer outages restored since previous day
• Use of advanced technology (drones and helicopters) for damage assessment
• Prioritization of critical infrastructure restoration
• Expected restoration of nearly all customers in upstate South Carolina by Sunday

Negative

• 334,000 customers still without power in Carolinas
• Extensive damage to electrical infrastructure requiring rebuilding
• Potential extended restoration times in catastrophically damaged areas
• Some customers unable to receive power due to property destruction

Insights

Utility Infrastructure Expert

The aftermath of Hurricane Helene presents significant challenges for Duke Energy's power infrastructure. With over 2.16 million customers restored and 334,000 still without power, the scale of the damage is extensive. The company's use of drones and helicopters for damage assessment demonstrates a modern approach to disaster recovery.

The focus on restoring critical infrastructure like schools, medical facilities and water treatment plants is important for community resilience. However, the extended restoration timeline, particularly in North Carolina's mountainous regions, indicates severe damage to the electrical backbone. This could have long-term implications for Duke Energy's capital expenditure and potentially impact future rate cases.

The distinction between customers who can and cannot receive power due to property damage is important. It suggests that full restoration numbers may be delayed not just by utility repairs, but also by customer-side issues. This complexity could affect Duke Energy's reported restoration metrics and customer satisfaction scores in the coming quarters.

Financial Analyst

While the immediate financial impact of Hurricane Helene on Duke Energy is negative, the long-term effects are more nuanced. The company will likely face significant repair and restoration costs, which could pressure short-term earnings. However, utilities often have regulatory mechanisms to recover storm-related expenses, potentially mitigating the long-term financial impact.

Investors should watch for:

• Any guidance updates on storm-related costs and their impact on 2024 earnings
• Potential regulatory filings for cost recovery
• Changes in capital expenditure plans to reinforce infrastructure against future storms

Duke Energy's ambitious clean energy transition, including net-zero targets for 2030 and 2050, remains a key long-term value driver. The storm's aftermath might accelerate grid modernization efforts, potentially creating opportunities for investment in more resilient and efficient infrastructure. This could align with the company's broader strategic goals and appeal to ESG-focused investors.

• More than 2.16 million customers restored in the Carolinas – approximately 85,000 since 4 p.m. yesterday.
• 334,000 customers are still without service in Upstate South Carolina and mountains of North Carolina.
• Some left without power may be unable to receive power due to loss or destruction of their homes or businesses.
• Company is using drones and helicopters to inspect for additional damage, locate equipment in hard-to-reach communities.

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

CHARLOTTE, N.C., Oct. 4, 2024 /PRNewswire/ -- More than 2.16 million customers have been restored in the Carolinas as of 2:30 p.m. About 167,000 in Upstate South Carolina are still without service while about 167,000 in the mountains of North Carolina remain without power.  

Since 4 p.m. ET Thursday, approximately 85,000 customer outages have been restored in the Carolinas. The company continues to make progress restoring customers who can receive power and will provide individual times of restoration to those customers without power as soon as they are available. Some customers may be unable to receive power due to loss or destruction of their homes or businesses.

The company is using helicopters to move power poles into the hardest-hit areas so that needed equipment is in place to restore power as soon as it is safe to do so. The company is also flying drones and helicopters and dispersing damage assessment crews across the system in search of any additional threats, like leaning trees and washed-out equipment, which could further damage the system or inhibit ongoing repairs and restorations.

"In the face of the extraordinary damage and destruction caused by Hurricane Helene, our communities have shown exceptional resiliency," said Jason Hollifield, Duke Energy's storm director for the Carolinas. "Duke Energy will be with the communities we serve every step of the way as they recover."

South Carolina 
In upstate South Carolina, the company is prioritizing restoration of schools, medical facilities, water and sewer facilities as well as customers who have special medical needs. The company is still on track to restore nearly all customers in upstate South Carolina by Sunday.

North Carolina
In Avery, Buncombe, Haywood, Henderson, Madison, northern McDowell, Mitchell and Rutherford counties in North Carolina, Duke Energy is focused on rebuilding the backbone of its electrical infrastructure that was damaged by high winds and significant flooding from Hurricane Helene. This work includes installing new transformers, main power lines and the infrastructure needed to provide power to customers when they are ready for service.

Restoration of service may be extended in particular areas where catastrophic damage has occurred to electrical infrastructure, roads/bridges or both. We will continue to work alongside government agencies to coordinate access and restoration efforts in these areas.

Damage to Customer Property

• If your home or business is flooded or damaged, an electrician will need to make necessary repairs and obtain verification from your local building inspection authority before power can be restored.
• If the meter box is pulled away from your house or mobile home service pole and you have no power, the homeowner is responsible for contacting an electrician to reattach the meter box and/or provide a permanent fix.

We'll continue to communicate with customers via email, text and outbound call as their site-specific details become available. Customers can also visit dukeenergyupdates.com for the latest updates on their outage.

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 customers has Duke Energy (DUK) restored power to after Hurricane Helene?

Duke Energy has restored power to more than 2.16 million customers in the Carolinas as of October 4, 2024.

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

As of October 4, 2024, approximately 334,000 customers are still without power in Upstate South Carolina and the mountains of North Carolina.

What methods is Duke Energy (DUK) using to assess damage from Hurricane Helene?

Duke Energy is using drones and helicopters to inspect for additional damage and locate equipment in hard-to-reach communities affected by Hurricane Helene.

When does Duke Energy (DUK) expect to restore power to most customers in upstate South Carolina?

Duke Energy expects to restore power to nearly all customers in upstate South Carolina by Sunday following Hurricane Helene.

What is Duke Energy's (DUK) focus in North Carolina after Hurricane Helene?

In North Carolina, Duke Energy is focusing on rebuilding the backbone of its electrical infrastructure that was damaged by high winds and significant flooding from Hurricane Helene.