Duke Energy Corp Stock Price, News & Analysis

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.

Duke Energy announced significant support for customers facing rising energy costs, distributing over $191 million to nearly 190,000 residential customers in 2022. The initiative, part of a collaboration with 1,500 agencies, helps customers access funds from the Low Income Home Energy Assistance Program (LIHEAP). In North Carolina, more than $75 million was allocated to assist approximately 77,000 customers. Duke Energy emphasizes the importance of community collaboration to reach those in need and offers various programs like Budget Billing and Installment Payment Plans to further support customers facing energy challenges.

Duke Energy Florida is launching the Neighborhood Energy Saver program in DeLand, aimed at providing more than 1,400 income-eligible customers with free energy-efficient home upgrades. Phase 1 starts in March 2023, with additional enhancements planned for Phase 2. Eligible homes could receive over 17 energy-saving improvements, including AC maintenance, insulation, and energy-efficient lighting. The initiative has already benefited 47,000 customers since its inception in 2006, saving nearly $1.25 billion through energy programs. The program emphasizes energy education to help residents lower their monthly bills.

Duke Energy has launched the Blue River Solar Facility in Shelbyville, Indiana, marking the first project of its pilot solar program. This facility spans 8 acres and will provide up to 900 kilowatts of solar energy, primarily for the local business, Toray Resin Co., which aims to reduce its carbon emissions significantly by 2030. Through a lease program, local businesses can access solar energy without upfront costs, receiving credits for the energy produced. The construction faced delays due to supply chain issues during the pandemic, but the project was successfully completed in August 2022.

Duke Energy Florida has announced the construction of two new solar projects in Bay and Madison counties, set to begin in March 2023. These facilities, each with a capacity of 74.9 megawatts, are expected to generate enough carbon-free electricity to power approximately 23,000 homes at peak output. The projects are part of the Clean Energy Connection program and are projected to create 200-300 temporary jobs during construction. Additionally, due to changes in federal tax credits, the solar power plants are anticipated to save customers over $30 million in 2022. Duke Energy aims to enhance energy diversity and contribute to cleaner energy solutions for Florida residents.

Duke Energy Carolinas is proposing a 16.6% increase in residential electricity rates due to a sharp rise in fuel costs, with rates potentially rising by 0.4% in January. The total monthly impact would raise bills for customers using 1,000 kWh from $115.01 to $134.11. Fuel costs have tripled in the past year, leading to an under-collection of $1 billion. If approved, the new rates will still be below the national average of $161.81. The company emphasizes it does not profit from these costs and has implemented savings measures worth $374 million to mitigate the impact on customers. Additionally, Duke Energy is actively providing assistance and energy-saving programs to support customers facing financial pressures.

Piedmont Natural Gas has received approval to lower customer billing rates due to a decrease in natural gas market costs. This reduction will take effect from March 2023, resulting in savings of approximately $2.33 per month for North Carolina residents and $2.42 for South Carolina residents. Customers may see a larger decrease, up to $4 monthly during winter. Piedmont previously adjusted rates in February 2023. The company ensures that the cost of natural gas is passed on without markup, reflecting market prices. Programs such as the Equal Payment Plan are available to help manage energy expenses.