Duke Energy Corp Stock Price, News & Analysis

Duke Energy is focusing on enhancing its renewable energy initiatives by investing in battery storage systems across its six states. By 2035, the company aims to achieve 30 gigawatts of renewable energy and support its goal of net-zero carbon emissions by 2050. Notable projects include a 2-megawatt solar installation paired with a 4.4-megawatt battery in Hot Springs, NC, providing backup power to a small town. The company is committed to exploring advanced battery technologies that can store energy for longer durations while maintaining grid reliability. Duke Energy encourages careers in energy, particularly for women, as it transforms the energy landscape.

Duke Energy Florida initiates construction on its first floating solar pilot project in Polk County, set to enhance clean energy production. Featuring over 1,800 floating solar modules and covering approximately 2 acres, the project will generate nearly 1 megawatt of power. Scheduled for completion within five to six months, it is part of the Vision Florida program aimed at innovative energy solutions. Duke Energy aims for significant carbon emission reductions, targeting net-zero emissions in electricity generation by 2050.

Duke Energy Florida is set to begin construction on two new solar projects in Bay and Madison counties, enhancing its renewable generation portfolio. The Mule Creek Renewable Energy Center and Winquepin Renewable Energy Center will each have a capacity of 74.9 MW and produce enough energy to power approximately 23,000 homes. The projects, part of the Clean Energy Connection program, are expected to create 200 to 300 temporary jobs during the nine to twelve months of construction. The solar facilities will significantly reduce the use of natural gas, fuel oil, and coal, saving customers over $30 million due to tax credits from the Inflation Reduction Act.

Duke Energy's Great Falls enhancement project will open to the public on March 18, 2023, featuring new recreational opportunities. The project includes the Nitrolee Access Area, which will provide boater access, parking, and an interpretive center. Key improvements restore aquatic habitats and facilitate recreational flow releases for activities like canoeing and kayaking. Additional enhancements will follow, including new access areas and a planned state park on Dearborn Island. The project supports economic development in Great Falls and fulfills agreements from the Comprehensive Relicensing Agreement signed in 2006.

The Duke Energy Foundation has announced a new $500,000 microgrant program aimed at enhancing emergency preparedness in South Carolina. The program, now in its second year, is open for applications from nonprofits and government agencies until April 5. Grants of up to $20,000 can be requested to fund projects that improve resilience against severe weather. In 2022, 34 organizations received support for critical resources. Duke Energy continues its commitment to strengthening local communities and their capacity to respond effectively to disasters.

Duke Energy has announced the establishment of a pioneering performance center for zero-emission commercial electric vehicles (EV) at its Mount Holly Technology and Innovation Center. This initiative aims to accelerate the development and deployment of electric fleets, featuring microgrid integration for reliable charging. By the end of 2023, fleet operators will benefit from a commercial-grade depot supported by solar energy and energy storage solutions. Collaborating with Electrada and Daimler Trucks North America, the center is poised to enhance fleet electrification, promoting sustainability and cost-efficiency in North Carolina.

Duke Energy has announced a $100,000 grant from its foundation to support the Moon Shot for Equity initiative aimed at increasing college graduation rates among underserved students in Greater Cincinnati and Northern Kentucky. This initiative collaborates with four local higher education institutions, which will receive direct financial assistance and aid in creating an online resources portal. Key strategies focus on enhancing access to financial aid, improving transfer pathways, coordinating university services, and removing unnecessary registration holds. The grant reflects Duke Energy's commitment to bridging equity gaps in higher education.

Duke Energy Sustainable Solutions (DESS) has launched its largest solar power plant, the 250-MW Pisgah Ridge Solar project in Navarro County, Texas. This project features three long-term virtual power purchase agreements (VPPAs) with notable companies like Charles River Laboratories, which has committed to sourcing 100% of its North American electric power from renewable sources by 2023. The plant employs around 300 workers at peak construction and will significantly benefit the local community with increased tax revenues. The project aligns with DESS's goal to expand renewable energy resources while supporting sustainability efforts among commercial customers.

Duke Energy Florida's updated fuel and capacity rate request has been approved by the Florida Public Service Commission, leading to a residential bill of $171.83 for 1,000 kWh, reflecting a $6.28 increase, or just under 4%. The new rates, effective April 2023, incorporate a 21-month recovery period for under-recovered fuel costs, reducing the overall bill increase by $27.21 compared to prior estimates. Additionally, the company will pass on approximately $56 million in tax savings from the Inflation Reduction Act to customers, contributing to further relief amidst rising operational costs due to natural gas price fluctuations.