Welcome to our dedicated page for Duke Energy Corporation news (Ticker: DUK), a resource for investors and traders seeking the latest updates and insights on Duke Energy Corporation stock.
Duke Energy Corporation (NYSE: DUK) is one of the largest energy holding companies in the United States, headquartered in Charlotte, N.C. The company operates across three main business segments: electric utilities and infrastructure, gas utilities and infrastructure, and commercial renewables. With electric utilities serving approximately 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, Duke Energy owns a diverse energy portfolio with a capacity of 54,800 megawatts. The gas utilities division provides natural gas to around 1.7 million customers in the Carolinas, Ohio, Kentucky, and Tennessee.
Duke Energy is at the forefront of the transition to clean energy. The company has committed to achieving net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. This goal is supported by ongoing investments in electric grid upgrades, energy storage, renewable energy sources, natural gas, and advanced nuclear technologies.
The company's commercial renewables segment develops and operates renewable energy projects across the United States, contributing to a growing portfolio that supports a sustainable energy future. Duke Energy’s initiatives include the implementation of innovative programs like PowerPair, which incentivizes residential customers in North Carolina to install home solar and battery systems, enhancing the reliability and affordability of clean energy solutions.
Recent milestones for Duke Energy include the approval of the PowerPairSM incentive-based pilot program, expansion of demand response programs in North Carolina, and strategic divestitures such as selling its 50% stake in Pioneer Transmission LLC. These actions reflect the company's strategy to optimize its asset portfolio and reinvest in its clean energy objectives.
Duke Energy also fosters strategic partnerships to enhance its clean energy transition. Collaborations with major companies like Amazon, Google, Microsoft, and Nucor aim to explore new approaches for carbon-free energy generation and innovative financing structures through programs like the Accelerating Clean Energy (ACE) tariffs. These partnerships are designed to support large businesses in achieving their sustainability goals while contributing to overall grid decarbonization.
Beyond its business operations, Duke Energy is a key economic contributor to the communities it serves. The company's commitment includes substantial tax contributions, local investments, and support for charitable causes through the Duke Energy Foundation. Employees are actively engaged in community service, further reinforcing the company’s integral role in local development and social responsibility.
With a strong dedication to innovation, sustainability, and community engagement, Duke Energy continues to lead the energy sector towards a cleaner, more reliable, and sustainable future.
Duke Energy is actively responding to Tropical Storm Debby in the Carolinas, with 7,500 workers deployed for power restoration. As of noon, about 190,000 of the 300,000 affected customers have had their power restored. The company serves over 4.5 million customers in North and South Carolina.
Duke Energy emphasizes safety, urging the public to avoid downed power lines and standing water. The restoration process prioritizes public safety, critical infrastructure, and then aims to restore power to the largest number of customers as quickly as possible. Customers are encouraged to sign up for Outage Alerts and report outages via text, online, or phone.
The company is also reminding customers in flood-prone areas to monitor water levels and turn off power if flooding threatens their homes or businesses. Duke Energy cannot reconnect power to flooded buildings until a licensed electrician inspects and repairs the electrical system.
The Duke Energy Foundation, established in 1984, has been a significant force for positive change in communities across seven states for 40 years. Over this period, it has awarded over $500 million to more than 20,000 nonprofits, focusing on climate resiliency, justice, equity, inclusion, and creating strong economies. The Foundation is funded through shareholder dollars and supports various initiatives, including environmental sustainability, workforce development, and education.
Duke Energy employees contribute thousands of volunteer hours annually, donating nearly $4 million worth of volunteer time. The Foundation is committed to aligning with Duke Energy's clean energy transition and decarbonization efforts. Looking ahead, it has a five-year commitment to invest $150 million in line with the company's net-zero business strategy and efforts toward A Just Transition.
Duke Energy Florida (NYSE: DUK) has rapidly restored power to over 90% of customers within 24 hours after Hurricane Debby's landfall. The company credits its swift response to year-round preparations, grid hardening, and innovative technology. A workforce of 3,000 restored power to more than 330,000 customers since Sunday morning. Duke Energy's self-healing technology saved over 4 million minutes of outage time and automatically restored about 23,000 customer outages. The company's infrastructure improvements have shown significant progress compared to Hurricane Hermine in 2016, which left customers without power for about five days. Duke Energy Florida serves 2 million customers across a 13,000-square-mile area and owns 12,300 megawatts of energy capacity.
Duke Energy (NYSE: DUK) is preparing for Tropical Storm Debby's arrival in the Carolinas by mobilizing 7,500 workers, including 300 from the Midwest, to support storm restoration efforts. The company emphasizes safety and encourages customers to prepare for potential power outages. Duke Energy Foundation has donated $50,000 to the American Red Cross for disaster response and relief efforts, adding to their $2.8 million contribution over the past five years.
The company provides safety guidelines for customers, including creating emergency supply kits, monitoring weather forecasts, and following electrical safety protocols during floods. Duke Energy urges customers to sign up for Outage Alerts and familiarize themselves with outage reporting methods. The company is also executing an ambitious clean energy transition, aiming for net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.
Duke Energy (NYSE: DUK) is preparing for Tropical Storm Debby, expected to hit the Carolinas later this week. The company is mobilizing 6,900 skilled workers to respond to potential widespread outages caused by heavy rain and strong winds. Duke Energy's storm director, Jason Hollifield, emphasizes safety as the top priority and urges customers to plan ahead.
The company provides several safety tips, including:
- Creating an emergency supply kit
- Keeping a portable radio for weather updates
- Charging electronic devices in advance
- Planning for potential evacuations
- Signing up for Outage Alerts
Customers are advised to stay away from fallen power lines and be cautious of standing water. Duke Energy also recommends downloading the enhanced American Red Cross Emergency app for additional weather safety information.
Duke Energy Florida has rapidly restored power to 90% of customers within 24 hours after Hurricane Debby's landfall in the Big Bend. The company expects to restore 95% of customers in Citrus, Hernando, Lake, Levy, Marion, and Sumter counties by 11:59 p.m. Tuesday. For the hardest-hit areas, including Alachua, Columbia, Dixie, Gilchrist, Hamilton, Jefferson, Lafayette, Madison, Suwannee, Taylor, and Wakulla counties, the estimated restoration time is 11:59 p.m. Wednesday. Duke Energy is working with neighboring utilities to coordinate restoration efforts. Customers with flood damage or meter box issues may need to consult licensed electricians before power can be reconnected. The company emphasizes safety around downed power lines and proper generator use during outages.
The U.S. Department of Energy has awarded Duke Energy (NYSE: DUK) a $57 million cost-share grant for the North Carolina Innovative Transmission Rebuild project. This initiative aims to reconstruct the 230-kV Lee-Milburnie transmission line, spanning 40 miles across Wake, Johnston, and Wayne counties. The project will enhance grid reliability for an estimated 14,000 customers and support growing electricity demand in eastern North Carolina.
Key benefits include:
- Improved resilience against extreme weather
- Enhanced clean energy integration
- Creation of approximately 550 new jobs
- Partnerships with HBCUs and community colleges for workforce development
Piedmont Natural Gas, a subsidiary of Duke Energy (NYSE: DUK), is urging customers to prepare for potential flooding and severe weather as Tropical Storm Debby approaches North Carolina. The company emphasizes safety measures for customers whose natural gas equipment or appliances may be damaged or flooded. Key points include:
1. Piedmont crews will inspect meters in flooded areas and remove submerged ones.
2. Customers should not attempt to disconnect or work on gas meters or relight appliances.
3. The company provides a safety webpage at piedmontng.com/severe-weather with comprehensive information.
4. Customers are advised to call Piedmont at 800.752.7504 if they suspect damage or smell gas.
Piedmont Natural Gas serves over 1.2 million customers across North Carolina, South Carolina, and Tennessee, and recently ranked No. 1 in customer satisfaction for residential natural gas service in the South among large utilities.
Duke Energy Foundation has awarded $180,000 in microgrants to 13 organizations in Florida to support hurricane preparedness efforts. This includes $25,000 to the Area Agency on Aging of Pasco-Pinellas for distributing hurricane kits to older adults. The kits contain essential items like flashlights, batteries, and first-aid supplies.
Duke Energy's commitment to community resilience extends beyond Florida. The Foundation has distributed $500,000 in grants to South Carolina nonprofits and government agencies for disaster preparedness. Additionally, $700,000 in natural disaster preparedness grants is available in North Carolina, focusing on improving outcomes for low-income communities.
Since 2019, Duke Energy Foundation has awarded over $1.7 million to support Florida's disaster preparedness. The company encourages customers to prepare for the 2024 storm season using safety tips and the free Red Cross Emergency app.
Duke Energy (NYSE: DUK) has released its second-quarter 2024 financial results. The company will host an investor presentation on August 6, 2024, at 10 a.m. ET to discuss the results and provide business updates. Interested parties can access the call via Duke Energy's website or by dialing in. A recording will be available on August 7.
Duke Energy, a Fortune 150 company, serves 8.4 million electric customers and 1.7 million natural gas customers across multiple states. The company is pursuing an ambitious clean energy transition, aiming for net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. Duke Energy is investing in grid upgrades and cleaner generation technologies, including energy storage, renewables, natural gas, and nuclear.
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