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 (NYSE: DUK) is offering over $4.6 million in energy bill assistance to help low-income North Carolina families through its Share the Light Fund®. The company has supported more than 11,000 North Carolina households with this amount 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, supplying free fans to vulnerable older adults and adults with disabilities. The company also offers various energy-saving programs and assistance tools, including Usage Alerts, free Home Energy House Calls, Budget Billing, and installment payment plans.

Positive

• Duke Energy is providing $4.6 million in energy bill assistance to low-income North Carolina families
• The company has supported over 11,000 North Carolina households with bill assistance in the past year
• Duke Energy offers various energy-saving programs and assistance tools to help customers manage their bills

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. With annual revenues exceeding $28 billion, this assistance represents less than 0.02% of Duke's top line. However, it may contribute to positive brand perception and customer loyalty in North Carolina, potentially supporting long-term customer retention.

The company's broader $19.7 million five-year commitment to bill assistance demonstrates a consistent approach to community support. While this could enhance Duke's ESG profile, investors should focus more on the company's ambitious clean energy transition plans, which include significant investments in grid upgrades and cleaner generation. These strategic initiatives are more likely to drive long-term value and affect the stock's performance.

Energy Policy Expert

Duke Energy's assistance program aligns with growing regulatory and public pressure on utilities to address energy affordability. This proactive approach may help the company navigate potential regulatory challenges and maintain a positive relationship with state regulators. The initiative's focus on vulnerable populations, including the elderly through Operation Fan Heat Relief, demonstrates awareness of demographic-specific energy needs.

The company's emphasis on energy efficiency programs, such as Usage Alerts and Home Energy House Calls, reflects a broader industry trend towards demand-side management. These initiatives can help reduce peak load demands, potentially deferring costly infrastructure investments. Investors should monitor how effectively Duke balances customer assistance with its ambitious clean energy transition, as this balance will be important for maintaining affordability while meeting environmental goals.

• 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, N.C., Aug. 13, 2024 /PRNewswire/ -- 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.

24-Hour: 800.559.3853 

View original content to download multimedia:https://www.prnewswire.com/news-releases/duke-energy-offers-more-than-4-6-million-in-energy-bill-assistance-to-help-north-carolina-families-facing-financial-hardship-302221182.html

SOURCE Duke Energy

FAQ

How much energy bill assistance is Duke Energy (DUK) offering to North Carolina families in 2024?

Duke Energy is offering more than $4.6 million in energy bill assistance to help North Carolina families facing financial hardship in 2024 through its Share the Light Fund®.

How many North Carolina households has Duke Energy (DUK) supported with bill assistance over 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 Operation Fan Heat Relief and how much does Duke Energy (DUK) contribute to it annually?

Operation Fan Heat Relief is a program that provides free fans to qualifying vulnerable older adults and adults with disabilities in North Carolina. Duke Energy contributes $80,000 annually to this program as part of its Share the Light Fund.

What energy-saving programs does Duke Energy (DUK) offer to help customers manage their bills?

Duke Energy offers several programs including Usage Alerts, free Home Energy House Calls, Budget Billing, and installment payment plans to help customers manage their energy bills and improve efficiency.