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's Green Source Advantage program has gained three significant customers: the City of Durham, Durham County Government, and Durham Public Schools, collectively purchasing nearly 35 MW from a new solar facility. Developed by Pine Gate Renewables, the project aims to power operations with 80% renewable energy by 2030 and 100% by 2050. The facility will offset approximately 50% of the city's and 75% of the county's electricity consumption with clean solar power, avoiding greenhouse gas emissions equivalent to over 61,500 acres of U.S. forests annually. Operational by late 2025, this collaboration signifies a milestone in renewable energy progress for Durham.
Duke Energy Progress has reached a partial settlement regarding customer rate increases with the North Carolina Public Staff, which aims to reduce overall requested revenue requirements and support grid improvement and clean energy initiatives. This settlement addresses several operational items, along with cost recovery of historical capital investments and depreciation for coal plant retirements. The settlement was filed with the North Carolina Utilities Commission (NCUC) before an upcoming hearing starting on May 1, where unresolved matters such as return on equity and capital structure will be discussed. Duke Energy Progress continues to actively engage with stakeholders to resolve outstanding issues in its rate request.
Duke Energy has launched North Carolina's largest battery system, an 11-MW project located at Camp Lejeune, in conjunction with a 13-MW solar facility. This dual operation not only enhances energy reliability but also optimizes the utilization of renewable resources, contributing to the company’s clean energy transition goals. Duke Energy aims for over 1,600 MW of battery storage by 2029, currently operating around 90 MW of such projects across three states. The battery technology, using lithium iron phosphate chemistry, supports the company’s target of achieving net-zero carbon emissions by 2050. This initiative exemplifies strategic partnerships with military installations for energy security, aligning with broader clean energy investments throughout the company.
Duke Energy (NYSE: DUK) released its 17th annual Impact Report focused on sustainability, emphasizing affordability and reliability for customers. Investments made last year reduced fuel costs, assisting nearly 189,000 customers with over $192 million in energy aid. The company plans to invest $145 billion over the next decade, creating over 20,000 jobs and generating $250 billion in economic output. Duke aims for a 44% reduction in carbon emissions since 2005 and has set interim targets for 50% by 2030 and 80% by 2040. The company's natural gas unit is also focused on reducing emissions. Duke Energy is committed to engaging communities in the energy transition and has made strides in human capital development and environmental justice.
Duke Energy announced the appointment of Oscar Suris as Senior Vice President and Chief Communications Officer, effective mid-May. Suris succeeds Selim Bingol, who retired in March. He will report to Louis Renjel and lead the company's communications strategies to support its clean energy transition.
Suris brings over 20 years of corporate communications experience, including roles at Edelman and Wells Fargo. He has a strong background in media relations, crisis management, and strategic counsel for Fortune 100 companies. Suris, a graduate of the University of Florida, has been recognized in PRWeek's 'Power List' multiple times.
Duke Energy aims for net-zero methane emissions by 2030 and net-zero carbon emissions by 2050, with interim targets for significant reductions by 2030, 2035, and 2040.
Duke Energy (NYSE: DUK) will host its annual shareholders meeting online on May 4, 2023, at 1 p.m. ET. CEO Lynn Good will share an overview of the company's 2022 performance and future strategies. Shareholders can participate, vote on proposals, and submit questions, with responses provided during or after the meeting. Access information is available in the proxy statement. Duke Energy serves 8.2 million electric customers across several states, operates 50,000 megawatts of energy capacity, and aims for net-zero carbon emissions by 2050. The company has received recognition on Fortune's and Forbes' 2023 lists of admired companies and best employers.
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