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.
The Public Service Commission of South Carolina (PSCSC) has approved new customer rates for Duke Energy Carolinas, effective August 1, 2024. Residential customers can expect an 8.7% increase ($12.06/month), with further 4.3% hike ($6.42/month) in August 2026. Commercial and industrial rates will also rise by 4.6% and 4.4%, respectively. The rate changes reflect investments in system reliability and diversity, and the return of tax benefits due to the Federal Tax Cuts and Jobs Act of 2017. The settlement, agreed upon with various consumer and environmental groups, includes a $2 million shareholder-funded study to explore low-income customer support programs. The PSCSC approved recovery of investments in natural gas, nuclear, solar, and hydroelectric units. The agreement sets the return on equity at 9.94% and an equity component of 51.21%. The only unapproved provision was for environmental compliance costs.
Duke Energy's Chief Diversity Officer is celebrating Pride Month by recognizing the company's five LGBTQ+ employee resource groups (ERGs) for their contributions to creating an inclusive workplace. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 150 company and one of America's largest energy holding companies, serving 8.2 million electric and 1.6 million natural gas customers across multiple states. The company is committed to a clean energy transition, aiming for net-zero methane emissions by 2030 and net-zero carbon emissions by 2050, with significant interim targets. Duke Energy is also investing in grid enhancements, energy storage, and zero-emission technologies. The company has been recognized on Fortune's 2023 'World's Most Admired Companies' and Forbes' 'World's Best Employers' lists.
Duke Energy has been honored with the Edison Electric Institute (EEI) Emergency Response Award for its effective response during Hurricane Idalia. This recognition follows a rigorous international nomination process and was awarded at EEI's annual meeting in June. Hurricane Idalia, a Category 3 storm, significantly impacted Florida on August 30, 2023, causing severe flooding and power outages to nearly 200,000 Duke Energy customers. Duke Energy successfully restored power to over 90% of those affected within 24 hours. The company's strategic placement of over 4,000 lineworkers and professionals played a important role in the quick recovery. EEI President Dan Brouillette praised Duke Energy's commitment to safety and efficiency in power restoration.
As South Carolina faces warmer-than-average temperatures this summer, Duke Energy is offering various programs and tools to help customers manage and reduce their energy use. Customers can take advantage of Usage Alerts to better predict electricity costs, use the website or app to monitor energy usage, and participate in savings programs such as Power Manager, Flex Savings Option, and Smart $aver. Additionally, Duke Energy provides a Home Energy House Call for free home energy assessments and a Weatherization Program for income-qualified customers. Payment assistance is also available through installment plans and partnerships with local and state agencies. Low- to no-cost tips for reducing energy use include inspecting HVAC systems, sealing air leaks, using smart thermostats, and operating ceiling fans counterclockwise during summer.
Duke Energy is actively investing in community college programs to develop a new generation of skilled lineworkers, addressing the increasing demand for these roles. Harrison Cochran, a former Navy welder, transitioned to a stable career at Duke Energy through Cape Fear Community College's (CFCC) electrical lineworker training program. The program, partially funded by a $200,000 grant from Duke Energy Foundation in 2018, has graduated nearly 900 students to date, contributing to 41% of Duke Energy's entry-level apprentice lineworker hires in 2023. This initiative supports the company's need for highly skilled workers as the existing workforce approaches retirement. Industry experts highlight the program's success due to the quality training provided and Duke Energy's reputation, attracting motivated students like Cochran.
Duke Energy is swiftly progressing in restoring power after recent storms, with 91,886 of the 113,327 affected customers now back in service. Significant efforts are focused on Bloomington and Terre Haute, with an estimated majority of Terre Haute customers expected to have power by 6 p.m. Thursday, and Bloomington by midnight. The restoration workforce includes 1,170 personnel, with support from Ohio and Kentucky. Duke Energy prioritizes restoring large power lines and essential services, such as hospitals and water facilities. Duke Energy Indiana services approximately 900,000 customers and provides around 6,300 megawatts of electric capacity.
Duke Energy has restored power to over 43,000 customers in Indiana affected by a supercell storm, which initially caused outages for more than 95,000 customers. Around 52,000 customers remain without power as of 11 a.m. on June 26, 2024. High winds, especially in Bloomington and Terre Haute, caused significant damage. Duke Energy has mobilized over 730 additional workers to assist in the restoration efforts, prioritizing essential services and large power lines to restore power to the maximum number of customers quickly and safely. Customers can report outages via Duke Energy's website, mobile app, text, or phone.
Safety tips include avoiding downed power lines and remaining in vehicles if a power line falls on them unless immediate evacuation is necessary. More storm safety information is available on Duke Energy's website.
Duke Energy is advancing its renewable energy efforts through its Distributed Generation (DG) team, established in 2018. This team focuses on connecting new renewable energy projects to the grid, mitigating logistics challenges and enhancing grid reliability. The DG team has streamlined the interconnection process by studying projects in clusters, significantly reducing wait times. This initiative supports Duke Energy's goal of transitioning to cleaner energy sources and retiring coal-fired facilities. Their work includes implementing advanced microgrids and battery storage solutions, aiming for net-zero carbon emissions by 2050.
The Duke Energy Foundation, funded by Duke Energy shareholders, has awarded $180,000 in emergency preparedness and resiliency grants to 13 organizations in Florida. This initiative aims to equip Floridians and first responders with necessary information and supplies for storm season. Allocations include $25,000 each to the Area Agency on Aging of Pasco-Pinellas, Florida Housing Coalition, and Florida Professional Firefighters Association, among others. Duke Energy emphasizes the importance of year-round community preparedness and has supported Florida's disaster readiness with over $1.7 million since 2019. The Foundation encourages personal preparedness through resources like the Red Cross Emergency app.
On June 24, 2024, Coastal Conservation Association Florida (CCA Florida), alongside Duke Energy, Florida Fish and Wildlife Conservation Commission (FWC), and the University of Florida (UF) Whitney Lab, advanced the Indian River Lagoon (IRL) Billion Clam Initiative by deploying 2 million clams using patented drone technology. This innovative method aims to restore the IRL's ecosystem by planting clams at specific locations and densities, accelerating their maturation and overcoming predation pressures.
Since 2017, the initiative has planted 40 million clams, and in October 2023, CCA Florida and Duke Energy donated $100,000 to support the project. The effort is expected to improve water quality and clarity by utilizing clams' natural filtering abilities, which in turn supports the growth of essential seagrasses. Duke Energy's Crystal River Mariculture Center has also contributed significantly, releasing nearly 5 million fish and crustaceans and donating $200,000 worth of aquatic vegetation for various habitat restoration projects across Florida.
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