Duke Energy Corp Stock Price, News & Analysis

The U.S. Department of Energy has awarded Duke Energy (NYSE:DUK) $57 million in cost-share funding 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 improve reliability for an estimated 14,000 customers, enhance grid resilience against extreme weather, and facilitate the connection of more clean energy sources.

Key benefits include:

• Reduced outages and improved power system resilience
• Creation of approximately 550 new jobs
• Partnerships with HBCUs and community colleges for workforce development
• Support for Duke Energy's clean energy transition goals

The funding is part of the Grid Resilience and Innovation Partnerships (GRIP) program, funded through the Bipartisan Infrastructure Law.

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.

Duke Energy Florida's multiyear rate agreement has been approved by the Florida Public Service Commission. Key points include:

• Estimated 5% savings on typical residential electric bills in 2025
• Average annual 2% bill increase over three years
• Continued investments in outage reduction, response times, and clean energy
• Expiration of 2022 fuel under-recovery, storm restoration costs, and legacy contracts by end of 2024

The agreement allows Duke Energy Florida to advance its clean energy vision while passing savings to customers. The company serves 2 million customers in Florida and owns 12,300 megawatts of energy capacity.

Duke Energy (NYSE: DUK) has expanded its Home Energy House Call program in North Carolina, introducing new virtual, phone, and web assessment options. This initiative aims to help customers identify ways to save energy and money through improved home efficiency. The program now includes renters of single-family homes and owners/renters of condos, townhomes, and manufactured homes.

Customers receive a free energy efficiency kit, customized usage report, and expert recommendations. The assessments analyze total home energy usage and appliance efficiency. Duke Energy serves 8.4 million electric customers across six states and is committed to a clean energy transition, targeting net-zero methane emissions by 2030 and net-zero carbon emissions by 2050.

Duke Energy Florida (NYSE: DUK) has broken ground on its new Wildwood Training Center in Sumter County, Florida. This state-of-the-art facility will support the training of transmission craft and technical workers responsible for maintaining and upgrading critical power grid infrastructure. The center, set to be completed in 2025, will feature indoor classrooms, equipment training spaces, and an outdoor training area with a substation.

The facility aims to enhance the skills of workers who play a vital role in modernizing and strengthening Duke Energy's system, improving storm protection, grid reliability, and integrating renewable energy. This investment aligns with Duke Energy's ambitious clean energy transition goals, including achieving net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.

The Duke Energy Foundation has announced $700,000 in new funding for North Carolina small businesses through its grant program. Partnering with 20 community organizations, grants ranging from $1,000 to $5,000 will be distributed to support retail shops, restaurants, and other small businesses looking to expand, upgrade technology, and improve downtown storefronts. Now in its fourth year, the program has provided over $2 million in funding since its inception during the COVID-19 pandemic. The initiative aims to revitalize Main Streets across the state and support economic development efforts. Small businesses interested in applying for funding are encouraged to inquire with their local nonprofit administering the program.

The Duke Energy Foundation is marking its 40th anniversary by awarding $40,000 in grants to four nonprofit organizations serving Florida. Each organization will receive a $10,000 grant to support their work in strengthening communities across the state. The recipients are:

• Feeding Florida
• Florida State Park Foundation
• American Red Cross
• Prospera (Hispanic Business Initiative Fund)

These grants aim to support initiatives ranging from ensuring a hunger-free Florida to assisting Hispanic entrepreneurs. The Duke Energy Foundation provides over $30 million annually in philanthropic support to meet community needs where Duke Energy customers live and work.

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.

Duke Energy Carolinas has proposed a 13.8% reduction in annual fuel cost adjustment for South Carolina customers. If approved by the Public Service Commission of South Carolina (PSCSC), the average monthly residential bill would decrease by $19.60, from $142.23 to $122.63 for a 1,000 kWh usage. Commercial customers would see a 13.8% decrease, while industrial customers would benefit from a 16.2% decrease.

The reduction is primarily due to decreased natural gas costs and a reduced true-up component. If approved, the new rates would take effect in November, significantly offsetting a previously announced base rate increase. Duke Energy Carolinas serves about 660,000 households and businesses in South Carolina's Upstate region.