Duke Energy continues rebuilding power grid in South Carolina upstate and North Carolina mountains, service restored to nearly 1.6 million customers impacted by Helene

Rhea-AI Summary

Duke Energy (NYSE: DUK) is continuing its round-the-clock power restoration efforts following the historic damage caused by Helene in the Carolinas. As of 4 p.m., the company has restored power to nearly 1.6 million customers, with 566,000 outages resolved in South Carolina and 1 million in North Carolina. However, 648,000 customers remain without power, including 363,000 in South Carolina's upstate and 284,000 in North Carolina's mountain region.

Duke Energy expects to restore power to the majority of remaining outages by Friday night, though some areas may experience longer delays due to inaccessibility or destroyed infrastructure. The company is working closely with local and state government partners to access hard-hit areas and rebuild the electricity infrastructure necessary for the region's recovery.

Positive

• Restored power to nearly 1.6 million customers in the Carolinas
• Expects to restore power to the majority of remaining outages by Friday night
• Collaborating with local and state government partners for efficient recovery efforts

Negative

• 648,000 customers still without power in the Carolinas
• Significant repair or complete rebuild of electricity infrastructure required in some areas
• Power restoration delays expected in inaccessible or severely damaged areas

Insights

Utility Infrastructure Specialist

The impact of Hurricane Helene on Duke Energy's operations is significant. The company has restored power to nearly 1.6 million customers, but 648,000 customers remain without power. This massive outage event will likely have both short-term and long-term financial implications for Duke Energy:

• Increased operational costs due to extensive repair and rebuilding efforts
• Potential revenue loss from prolonged outages
• Possible regulatory scrutiny regarding grid resilience
• Accelerated investment in grid hardening and modernization

The company's ability to restore power to the majority of affected customers by Friday night demonstrates operational efficiency, which may be viewed positively by investors. However, the scale of destruction suggests that Duke Energy may need to allocate substantial capital for infrastructure upgrades in the coming years to mitigate future storm impacts.

Financial Analyst

While natural disasters like Hurricane Helene can have significant short-term impacts on utility companies, Duke Energy's response and restoration efforts are important for investor perception. The company's ability to restore power to 1.6 million customers quickly is commendable, but the remaining 648,000 outages represent ongoing challenges.

Investors should consider:

• Potential impact on Q4 2024 earnings due to restoration costs and lost revenue
• Insurance coverage and potential rate case filings to recover storm-related expenses
• Long-term capital expenditure increases for grid resilience, which could impact future rate base growth
• Reputational effects and customer satisfaction metrics, which influence regulatory relationships

Duke Energy's ambitious clean energy transition and grid upgrade plans may see accelerated implementation, potentially creating long-term value despite short-term financial pressures.

CHARLOTTE, N.C., Oct. 1, 2024 /PRNewswire/ -- Duke Energy's round-the-clock power restoration efforts continue following the historic damage caused by Helene in the Carolinas. Lineworkers – with the support of tree trimmers, state department of transportation workers and countless others – continue to restore power to hundreds of thousands of customers each day.

"We've never seen such widespread devastation and destruction as we're seeing in this region," said Jason Hollifield, Duke Energy storm director for the Carolinas. "We appreciate our local and state government partners continued help in getting us access to the hard-hit areas so we can make repairs where possible.

"A large amount of our work entails a significant repair or complete rebuild of the electricity infrastructure that powers this region and will support its recovery."

Here's an update as of 4 p.m.:

• In South Carolina:
  • Duke Energy restored 566,000 customer outages; 363,000 customers in the upstate remain without power.
• In North Carolina:
  • Duke Energy restored 1 million customer outages; 284,000 customers in the mountain region remain without power.
• Overall, Duke Energy restored nearly 1.6 million customer outages in the Carolinas following Helene.
• Duke Energy expects to restore the majority of the remaining 648,000 customer outages by Friday night.
  • Power restoration may take longer in areas that continue to be inaccessible, dependent on infrastructure that has been destroyed or are unable to receive service.
• Links and resources:
  • Outage Map: duke-energy.com/outages
  • Outage Alerts: duke-energy.com/outages/alerts
  • Generator safety: duke-energy.com/outages/generators
  • Power restoration process: duke-energy.com/outages/restoring-your-power

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 nearly 1.6 million customers in the Carolinas following Hurricane Helene, with 566,000 outages resolved in South Carolina and 1 million in North Carolina.

When does Duke Energy (DUK) expect to restore power to remaining customers affected by Helene?

Duke Energy expects to restore power to the majority of the remaining 648,000 customer outages by Friday night, although some areas may experience longer delays due to accessibility issues or destroyed infrastructure.

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

As of the latest update, 648,000 Duke Energy customers remain without power, including 363,000 in South Carolina's upstate and 284,000 in North Carolina's mountain region.

What challenges is Duke Energy (DUK) facing in restoring power after Hurricane Helene?

Duke Energy is facing challenges such as widespread devastation, inaccessible areas, and the need for significant repair or complete rebuild of electricity infrastructure in some regions affected by Hurricane Helene.