Following historic power restoration effort in mountain region, Duke Energy announces more than $2.2 million committed to date for disaster relief, rebuilding and readiness in North Carolina

Rhea-AI Summary

Duke Energy and its Foundation have committed over $2.2 million in aid for disaster relief, rebuilding, and readiness efforts in North Carolina following Hurricane Helene. The funding includes over $1 million in Foundation grants for immediate relief in western North Carolina, $500,000 in flexible grants for community relief, $200,000 for economic development organizations, and $500,000 for disaster readiness in central and eastern North Carolina. The announcement follows the company's historic power restoration effort that addressed over 1.4 million outages across the state, particularly in the mountain region.

Positive

• Successfully completed power restoration for 1.4 million customers affected by Hurricane Helene
• Committed $2.2 million in disaster relief and rebuilding efforts
• Demonstrated operational resilience through strategic resource deployment and innovative solutions

Negative

• Faced one of the most impactful storms in company history, affecting infrastructure and operations
• Incurred significant costs for emergency response and restoration efforts

Insights

Financial Analyst

Duke Energy's $2.2 million disaster relief commitment represents a strategic investment in infrastructure resilience and community support. While this amount is relatively small compared to Duke's $88.9 billion market cap, the initiative carries significant operational implications. The restoration effort following Hurricane Helene, which affected 1.4 million customers, demonstrates the company's robust emergency response capabilities and infrastructure management.

The strategic allocation of funds across multiple channels - including $1 million in immediate relief, $500,000 in flexible grants and $200,000 for economic development - showcases a comprehensive approach to disaster management. This investment strengthens Duke's position as a reliable utility provider and helps mitigate future operational risks in vulnerable regions. The company's track record of $3.2 million in disaster preparedness grants since 2020 indicates a consistent commitment to grid resilience.

Infrastructure Development Expert

The extensive power restoration effort following Hurricane Helene showcases Duke Energy's advanced operational capabilities, including strategic resource staging, drone operations and mobile substation deployments. These technological implementations are important for maintaining service reliability in challenging terrain like western North Carolina's mountain region. The company's ability to restore power faster than expected indicates improved operational efficiency and disaster response protocols.

The $200,000 commitment to industrial site improvements and infrastructure development is particularly significant, as it addresses long-term resilience needs. This proactive approach to infrastructure enhancement, combined with the company's clean energy transition goals, positions Duke Energy favorably for future grid modernization challenges and regulatory compliance.

• Funding will benefit nonprofits, local emergency management agencies and economic development organizations 
• Initiatives will support long-term recovery in western North Carolina to aid with ongoing challenges that extend far beyond power delivery

CHARLOTTE, N.C., Nov. 25, 2024 /PRNewswire/ -- Duke Energy and its Foundation today announced it has supported local communities across North Carolina with over $2.2 million in aid for disaster relief, rebuilding and readiness efforts since Hurricane Helene's impact. The announcement comes on the heels of the company's historic power restoration effort in the state's western mountain region.

"Duke Energy is committed to supporting disaster relief and readiness in the communities we serve," said Kendal Bowman, Duke Energy North Carolina state president. "We are proud to partner with nonprofit organizations and local emergency management agencies that are making a real impact in these efforts."

Supporting Communities

Over $1 million in Duke Energy Foundation grants have been distributed for immediate relief and long-term recovery in western North Carolina.

Additional aid provided to local communities for disaster relief, rebuilding and readiness from the company and its Foundation includes the following:

• Flexibility was given for $500,000 of previous Duke Energy Foundation grants to be used for community relief and recovery through western North Carolina organizations.
  
  
• More than $200,000 has been committed to economic development organizations to support the repair, improvement and advancement of industrial sites, buildings and infrastructure in western North Carolina.
  
  
• New grants totaling $500,000 from the Duke Energy Foundation will support disaster readiness in central and eastern North Carolina.

WNC Communities serves over 20 counties in the western mountain region of North Carolina and has provided immediate relief for farmers whose agricultural operations were impacted by the storm.

"Duke Energy's support for our disaster relief program will make a big difference in assisting the agricultural community in our region in their recovery efforts," said Jennifer Ferre, executive director of WNC Communities. "This support demonstrates Duke Energy's commitment to making sure western North Carolina remains strong in the face of this crisis." 

MANNA FoodBank, located in Asheville, has played a critical role in distributing food, water and supplies to western North Carolina communities impacted by Hurricane Helene.

"In the critical early days following the storm, Duke Energy was among the first to reach out, offering their assistance and partnership," said Claire Neal, CEO of MANNA FoodBank. "Their prompt and generous response has been instrumental in our disaster relief efforts, enabling us to provide much-needed food and resources to those affected by the devastation. Together, we are making a significant difference in the lives of our community members during this challenging time."

The Duke Energy Foundation has provided over $3.2 million in disaster preparedness and response grants in North Carolina since 2020.

Western North Carolina Grant Recipients

The Duke Energy Foundation awarded grants to the following organizations to support their disaster relief and recovery efforts in western North Carolina:

• American Red Cross North Carolina
• Asheville Area Chamber of Commerce's Community Betterment Foundation Mountain Strong Fund
• Baptists on Mission
• Beloved Asheville
• Caldwell County Emergency Services
• Caldwell County United Way
• Camp Grier
• Community Foundation of Henderson County
• Community Housing Coalition of Madison County
• Eastern Band of Cherokee Indians
• Eblen Charities
• Feeding Avery Families
• Interfaith Assistance Ministries
• Land of Sky Regional Council
• MANNA Food Bank
• McDowell County
• McDowell County Chamber of Commerce Foundation
• Mitchell County Development Foundation
• Mitchell County Emergency Management
• North Carolina Disaster Relief Fund at the United Way of North Carolina
• Samaritan's Purse
• Second Harvest Food Bank
• Swain County
• Transylvania County
• United Way of Haywood
• WNC Communities

A list of Duke Energy Foundation disaster readiness grant recipients in central and eastern North Carolina can be found here.

Historic Power Restoration Effort

Hurricane Helene was one of the most impactful storms in the company's history and required an unprecedented response to ensure swift power restoration for over 1.4 million outages in North Carolina.

Strategic resource staging, helicopter and drone operations, mobile substation deployments, advanced mapping techniques and close coordination with local, state and federal partners were critical to the success of the company's historic restoration operation in the mountain region.

Duke Energy crews were able to restore power to the hardest-hit areas of western North Carolina faster than expected by implementing innovative solutions in the field, and restoration is complete for customers able to receive service. Assistance and resources have been extended to those affected by Helene, and the company stands ready to assist customers with account questions and reconnections as damaged structures are repaired.

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

Contact: Garrett Poorman
X (Twitter): @DE_GarrettP
24-Hour: 800.559.3853

 

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SOURCE Duke Energy

FAQ

How much did Duke Energy (DUK) commit for disaster relief in North Carolina?

Duke Energy committed over $2.2 million for disaster relief, rebuilding, and readiness efforts in North Carolina following Hurricane Helene.

How many power outages did Duke Energy (DUK) restore after Hurricane Helene?

Duke Energy restored power to over 1.4 million outages in North Carolina following Hurricane Helene.

What areas received Duke Energy's (DUK) disaster relief funding in 2024?

The funding was distributed across North Carolina, with over $1 million in grants for western North Carolina, and $500,000 for disaster readiness in central and eastern regions.