Duke Energy kicks off monthlong campaign providing more than $500,000 to help fight hunger in South Carolina

Rhea-AI Summary

Duke Energy launches a monthlong campaign to combat hunger in South Carolina, pledging over $500,000 to support more than 50 feeding programs. The initiative begins with Yam Jam, where 170 volunteers packaged 50,000 pounds of sweet potatoes for Thanksgiving food boxes. The Duke Energy Foundation is contributing $100,000 to FoodShare South Carolina organizations, including $30,000 to Mill Village Farms. The campaign addresses critical needs in South Carolina, where nearly 700,000 people face food insecurity, including 1 in 8 residents and 1 in 6 children, particularly as communities recover from Hurricane Helene.

Positive

• Commitment of $500,000+ to support hunger relief programs
• $100,000 contribution to FoodShare South Carolina organizations
• Strategic community engagement through volunteer initiatives

Negative

• None.

Insights

Financial Analyst

This philanthropic initiative, while commendable, has minimal direct impact on Duke Energy's financial performance. The $500,000 commitment represents less than 0.001% of Duke Energy's market capitalization. However, it does demonstrate strong ESG practices and community engagement, which can positively influence long-term stakeholder relationships and regulatory goodwill in South Carolina, where Duke Energy serves a significant customer base.

The company's mention of customer assistance programs for energy bills shows proactive management of potential payment defaults, which is particularly relevant given high inflation and economic pressures on consumers. This strategic approach to community support and customer retention aligns with maintaining stable revenue streams in their regulated utility business.

• Funds will support more than 50 feeding programs as holidays approach and communities recover from Helene
• Efforts begin with Yam Jam, a volunteer event in Greenville that packages 50,000 pounds of sweet potatoes for the hungry this Thanksgiving

GREENVILLE, S.C., Nov. 8, 2024 /PRNewswire/ -- Every community in South Carolina is home to families who face hunger. The statistics are startling – nearly 700,000 of our friends and neighbors lack consistent access to high-quality meals. That's 1 in 8 people facing hunger in our state every day, and 1 in 6 of those are children.

As the holidays and colder weather approach, those families and more are also still reeling from a major natural disaster as communities work to restore, rebuild and renew after the historic impacts from Helene.

"Those statistics are the unfortunate baseline for many families in South Carolina," said Tim Pearson, Duke Energy's South Carolina state president. "That's why it's important for Duke Energy to support the organizations who do the great work to fight hunger across our state."

This week, Duke Energy and the Duke Energy Foundation kick off a monthlong campaign to support organizations in South Carolina that address food insecurities and inequities across the state. The monthlong initiative will provide over $500,000 to more than 50 feeding programs through Giving Tuesday and will support organizations including Mill Village Farms, Second Harvest Food Bank of Metrolina, FoodShare South Carolina, Harvest Hope Food Bank and AIM, among many others.

"Our hope is by shining a light on these organizations they will continue to receive the support they need to help reduce and hopefully one day eliminate hunger in our communities," Pearson said. "They are fighting the good fight every day in our communities, but they cannot do it alone." 

To celebrate the start of the monthlong campaign, Duke Energy joined Mill Village Farms, WYFF and Bon Secours Wellness Arena for this year's Yam Jam on Nov. 7 in Greenville. The community event brought together 170 volunteers from companies and organizations around Greenville. Participants bagged nearly 50,000 pounds of sweet potatoes for Thanksgiving food boxes to be distributed by FoodShare South Carolina hubs and other food programs across South Carolina. Additionally, the Duke Energy Foundation is contributing $100,000 to FoodShare South Carolina organizations across the company's service territory, including $30,000 to Mill Village Farms.

"As we enter the holiday season and navigate the ongoing effects of Hurricane Helene, Mill Village Ministries is doubling down on our commitment to food access for every resident in our community," said Dan Weidenbenner, executive director of Mill Village Farms and Mill Village Ministries. "Mill Village Farms' FoodShare program is central to this mission, bringing fresh produce to communities – no matter their location or income level. In these challenging times, we're grateful for the dedicated support from Duke Energy, allowing us to reach even more neighbors with the healthy food they deserve."

In addition to presenting Yam Jam, Duke Energy employees will also provide their time and talents volunteering with organizations throughout the month to assist in packing and distributing food boxes, preparing backpacks for weekend food programs for students and providing sweat equity to senior mobile food programs and other feeding initiatives in their neighborhoods.

"We also know customers struggling to put food on the table are making decisions about what bills to pay at home, including their electricity bill," Pearson said. "That's why it's important for us to also share information that can assist families to manage their energy bills when times are tough." To learn more about these programs, visit duke-energy.com/SeasonalSavings.

Duke Energy Foundation 
The Duke Energy Foundation provides more than $30 million annually in philanthropic support to meet the needs of communities where Duke Energy customers live and work. The Foundation is funded by Duke Energy shareholders.

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 Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Ryan Mosier
24-Hour: 800.559.3853

 

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SOURCE Duke Energy

FAQ

How much is Duke Energy (DUK) investing in South Carolina hunger relief programs in 2024?

Duke Energy is investing over $500,000 to support more than 50 feeding programs in South Carolina through their monthlong campaign.

What is Duke Energy's (DUK) Yam Jam 2024 initiative?

Yam Jam is a community event in Greenville where 170 volunteers packaged 50,000 pounds of sweet potatoes for Thanksgiving food boxes to be distributed across South Carolina.

How much is Duke Energy (DUK) contributing to FoodShare South Carolina?

The Duke Energy Foundation is contributing $100,000 to FoodShare South Carolina organizations, with $30,000 specifically allocated to Mill Village Farms.