Duke Energy Corp Stock Price, News & Analysis

On April 2, 2023, Duke Energy announced the restoration of power to over 61,000 customers in Indiana after severe storms disrupted services. Approximately 70,000 customers experienced outages, with around 9,200 still without power as of Sunday morning. Duke Energy's workforce has been supplemented by contractors to expedite the restoration process, focusing on critical areas first. The company aims to restore nearly all services by midnight that day, though some areas may face extended outages due to severe damage. Customers can receive updates through text alerts by texting REG to 57801.

April is recognized as Safe Digging Month, highlighting the importance of contacting 811 to mark underground utility lines before any excavation. Duke Energy and Piedmont Natural Gas urge customers to call 811 at least three business days prior to digging to prevent accidents. In 2022, there were over 10,000 incidents of damage to underground utilities across their service areas, with approximately 3,600 affecting natural gas lines. The 811 service is vital for ensuring the safety of customers and utility infrastructure.

On March 30, 2023, Duke Energy Florida recognized its lineworkers for their efforts during Hurricane Ian at the Tampa Bay Rays opening day. Nearly 100 workers were honored for restoring power to 1 million customers post-storm. For every Rays victory this season, Duke Energy pledges to donate $1,000 to its Share the Light Fund, which assists Floridians with utility bills. The fund is matched dollar-for-dollar by the Duke Energy Foundation, up to $500,000. Duke Energy Florida operates 10,500 megawatts of energy capacity across Florida, serving 1.9 million customers.

Piedmont Natural Gas has announced a reduction in customer billing rates following a decrease in the market cost of natural gas, effective April 2023. This reduction will lead to an average savings of $3 per month or $36 annually for Tennessee residential customers, contributing to a total annual savings of $421 when combined with previous reductions in January and March 2023. The company aims to alleviate costs for its customers as they navigate the colder months. Piedmont maintains that it does not markup natural gas costs, passing savings directly to customers and continues to offer assistance programs for those in need.

Duke Energy Indiana's request for a 16% reduction in electric bills due to lower fuel and power costs has been approved by the Indiana Utility Regulatory Commission. Effective from April to June, this reduction translates to an average saving of $26 per month for residential customers using 1,000 kilowatt-hours. This follows a 5% decrease implemented in January. Increased fuel prices in 2022 were driven by global market volatility and labor shortages. Duke Energy aims to stabilize costs through diverse procurement strategies and long-term contracts.

Duke Energy has commenced operations of North Carolina's largest battery system, an 11-MW project located in Onslow County, alongside a 13-MW solar facility at Marine Corps Base Camp Lejeune. This project aims to enhance energy reliability and maximize the use of renewable resources. The lithium iron phosphate battery will operate both in conjunction with and independently from the solar facility. Duke Energy plans to expand its battery storage capacity to over 1,600 MW by 2029, currently having about 90 MW in three states. The initiative supports the company's strategy for a clean energy transition and energy resilience.

Duke Energy has contributed over $2 million since last year to aid Florida households facing rising electricity costs and other economic hardships. The funds support local agencies providing essential assistance such as housing and food. Notable grants include $75,000 to Rebuilding Together and $100,000 to Feeding Florida. In total, Duke Energy allocated $732,000 to state-based programs and distributed over $1 million in energy bill assistance through the Share the Light Fund in 2022. This initiative aims to help customers cope with financial struggles exacerbated by inflation and the pandemic.

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 is significant as it features three long-term virtual power purchase agreements (VPPAs) with companies including Charles River Laboratories and Meijer, securing over 90% of the facility's output for the next 15 years. The plant is expected to enhance Duke Energy's presence in renewable energy, providing substantial economic benefits to the local community, including tax revenues for the Corsicana Independent School District and job creation during construction.

Duke Energy Indiana is offering over $300,000 in financial assistance to help low-income customers pay their energy bills. Through the Share the Light Fund, eligible customers can receive up to $300 annually on their accounts. Over the past five years, the company has assisted over 12,000 households, distributing more than $3 million. Duke Energy will also reduce security deposits for customers eligible for the Low Income Home Energy Assistance Program (LIHEAP). The initiative is part of a broader commitment to support customers facing financial challenges, especially since the COVID-19 pandemic.