Duke Energy Offers More Than $4.6 Million in Energy Bill Assistance To Help North Carolina Families Facing Financial Hardship

Rhea-AI Summary

Duke Energy is offering over $4.6 million in energy bill assistance to help North Carolina families facing financial hardship. The company's Share the Light Fund® has supported more than 11,000 North Carolina households over the last year. Duke Energy works with over 100 agencies across North Carolina to distribute funds to qualifying customers for energy bills, deposits, and reconnection charges.

Additionally, Duke Energy provides $80,000 annually for North Carolina's Operation Fan Heat Relief, offering free fans to vulnerable older adults and adults with disabilities. The company also offers various energy-saving programs and tools, including Usage Alerts, free Home Energy House Calls, Budget Billing, and installment payment plans.

Positive

• Providing $4.6 million in energy bill assistance to low-income families
• Supported over 11,000 North Carolina households in the past year
• Collaborating with 100+ agencies to distribute funds
• Offering $80,000 annually for Operation Fan Heat Relief program
• Implementing various energy-saving programs and tools for customers

Negative

• None.

Insights

Financial Analyst

Duke Energy's $4.6 million energy bill assistance initiative, while commendable from a corporate social responsibility standpoint, is unlikely to significantly impact the company's financial performance or stock price. The amount represents a minimal fraction of Duke Energy's annual revenue, which exceeded $28 billion in 2022. However, this program may contribute to positive public relations and customer retention in North Carolina, potentially supporting long-term stability in the company's core market.

Investors should note that such initiatives are common in the utility sector and often mandated by regulators. The real focus should be on Duke Energy's broader financial health, its $54 billion capital plan through 2027 and its progress towards clean energy goals, which are more likely to influence future earnings and stock performance.

Energy Policy Expert

Duke Energy's assistance program aligns with the growing trend of energy affordability initiatives in the utility sector. This move reflects the increasing pressure on utilities to address energy poverty and maintain social license to operate. While the immediate financial impact is minimal, such programs can influence regulatory relationships, potentially affecting future rate case outcomes and operational flexibility.

The company's focus on energy efficiency tools and budget billing options demonstrates a proactive approach to demand-side management, which could help mitigate future infrastructure costs. However, investors should monitor how effectively Duke Energy balances these social initiatives with its ambitious clean energy transition plans, as the costs of both could impact future rate structures and profitability.

Over the last year, Duke Energy has supported more than 11,000 North Carolina households with more than $4.6 million in energy bill assistance

CHARLOTTE, NC / ACCESSWIRE / August 22, 2024 / To help lower energy costs for low-income families this summer, Duke Energy is making more than $4.6 million in financial aid available to eligible customers through the company's Share the Light Fund^®.

"As temperatures climb throughout the summer, these funds will help reduce energy expenses for those who need it most," said Kendal Bowman, president of Duke Energy North Carolina. We're proud of the support Share the Light Fund has provided to our community over the past 40 years."

Duke Energy works with over 100 agencies across North Carolina to distribute funds to qualifying customers to help pay energy bills, deposits and reconnection/connection charges. Individuals should contact their local agencies to see if they are eligible. Click here to find a listing of service providers by county.

Over the last five years, Duke Energy shareholders, employees, customers and the Duke Energy Foundation have provided more than $19.7 million in bill assistance through Share the Light Fund, which has helped support more than 66,000 North Carolina households.

Operation Fan Heat Relief

As part of Share the Light Fund, Duke Energy provides $80,000 each year for North Carolina's Operation Fan Heat Relief. The program provides free fans to qualifying vulnerable older adults and adults with disabilities who are at risk for heat-related illnesses. The North Carolina Division of Aging and Adult Services distributes the funds to Agencies on Aging and local providers that distribute fans May 1-Oct. 31.

Savings programs and assistance

Duke Energy has more than a dozen energy assistance and bill-lowering tools, including:

• Usage Alerts that send customers a notification of how much electricity they are using and its cost so they can make adjustments before their billing period ends.

• Free Home Energy House Calls, where energy professionals assess a home for efficiency and provide homeowners with a toolkit of energy-saving devices.

• Budget Billing, which helps ease the impact of higher seasonal bills by leveling out monthly payments.

• Installment payment plans for customers needing flexibility.

To learn more about these programs, visit duke-energy.com/HereToHelp.

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.

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SOURCE: Duke Energy

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FAQ

How much energy bill assistance is Duke Energy (DUK) offering in North Carolina?

Duke Energy is offering more than $4.6 million in energy bill assistance to help North Carolina families facing financial hardship.

How many North Carolina households has Duke Energy (DUK) supported with bill assistance in the last year?

Over the last year, Duke Energy has supported more than 11,000 North Carolina households with more than $4.6 million in energy bill assistance.

What is Duke Energy's (DUK) Share the Light Fund?

The Share the Light Fund is Duke Energy's program that provides financial aid to eligible customers to help pay energy bills, deposits, and reconnection/connection charges.

How much does Duke Energy (DUK) contribute to Operation Fan Heat Relief annually?

Duke Energy provides $80,000 each year for North Carolina's Operation Fan Heat Relief program, which offers free fans to qualifying vulnerable older adults and adults with disabilities.