Duke Energy Corporation - DUK STOCK NEWS

Duke Energy Foundation has allocated $100,000 in grants to support 23 mobile feeding programs across South Carolina, aiding over 10,000 seniors daily. This funding addresses the financial strain on organizations recovering from the pandemic and rising costs. The grants will enable local nonprofits to either purchase gas cards or fund paid drivers, ensuring continued meal delivery. These efforts are recognized as essential during a time of increased food insecurity and operational challenges faced by these programs.

Duke Energy announces a significant investment of over $40 million aimed at aiding communities facing financial struggles due to rising living costs. The funding will focus on grants for nonprofits, bill pay assistance through the Share the Light Fund, and energy efficiency programs. Key allocations include $600,000 for new grants, $8.2 million for nonprofit operational flexibility, $8.8 million for customer bill assistance, and $22.6 million for energy efficiency initiatives.

Duke Energy (NYSE: DUK) has declared a quarterly cash dividend of $1.005 per share, marking an increase of $0.02. This dividend is payable on Sept. 16, 2022, to shareholders of record as of Aug. 12, 2022. Additionally, dividends for Series A and Series B preferred stocks were declared at $359.375 and $24.375 per share, respectively. Duke Energy has maintained a cash dividend payout for 96 consecutive years, showcasing its commitment to shareholder returns.

Duke Energy will announce its second-quarter financial results on Aug. 4 at 7 a.m. ET on its website. A conference call for analysts will follow at 10 a.m. ET to discuss these results. The call features Lynn Good, CEO, and Steve Young, CFO. Investors can access the call via phone or on the company's investors' section online. A recording will be made available on Aug. 5. Duke Energy, serving 8.2 million customers across several states, is focused on clean energy goals, including reducing carbon emissions significantly by 2030 and achieving net-zero carbon emissions by 2050.

Duke Energy Florida's self-healing technology has significantly reduced power outages, avoiding nearly 250,000 extended outages in 2021, saving about 17 million minutes of customer downtime. Currently, 53% of customers benefit from this technology, with a goal of reaching 80% in less than a decade. The company has also achieved a 20% reduction in average outage duration over the past five years. Investments in infrastructure and clean energy transitions are ongoing, aiming for net-zero carbon emissions by 2050.

The Duke Energy Foundation has awarded $96,000 to Joules Accelerator to create a program enabling college students to assist clean-tech startups in the Carolinas. This initiative, named Joules Camp, aims to enhance community resilience and sustainability through student involvement in decarbonization efforts. Emphasizing diversity and inclusion, at least half of the interns will come from underrepresented backgrounds. Duke Energy is committed to achieving net-zero emissions by 2050, highlighting its ongoing clean energy transition.

Newly enacted Senate Bill 1077 in South Carolina empowers the Public Service Commission to approve plans for securitizing storm-related costs, potentially saving electric customers millions. The law, supported by bipartisan cooperation and quickly signed by Governor Henry McMaster, addresses the financial impact of recent severe weather events on utility companies like Duke Energy. Similar legislation has already been passed in coastal states including Texas and Florida. This approach allows for lower interest rates on bonds issued to cover storm recovery costs, ensuring more cost-effective service restoration for customers.

Duke Energy Progress has filed for an annual adjustment of fuel and renewable energy costs with the North Carolina Utilities Commission, seeking to recover increased fuel expenses due to rising demand and commodity prices. If approved, customer bills will increase starting December 1, 2022, with typical residential bills rising by 8.4%, or approximately $10.58. The proposed adjustments factor in a $210 million under-recovery from the previous year. Duke Energy continues to seek ways to minimize fuel costs and has initiated energy-saving programs to benefit customers.