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 Carolinas achieved a new summer peak electricity usage record of 21,086 megawatt-hours on June 13, 2022, surpassing the previous record of 20,671 megawatt-hours from July 2016. Combined with Duke Energy Progress, a total peak usage of 34,079 megawatt-hours was recorded. The company emphasizes its preparedness for extreme temperatures through its diverse energy mix and robust planning. Duke Energy is also focused on enhancing grid resilience against severe weather and advancing its clean energy transition, aiming for net-zero carbon emissions by 2050.
Duke Energy has completed the largest floating solar facility in the Southeast at Fort Bragg, North Carolina. This 1.1-megawatt solar plant is part of a $36 million energy services contract aimed at enhancing energy resilience and modernization at the base. The project also features a 2-MW battery storage system to provide power during outages. Duke Energy's Chief Strategy Officer, Brian Savoy, emphasized the innovation and energy efficiency this project brings. This installation contributes to the Army's Climate Strategy by boosting clean energy and reducing greenhouse gas emissions.
Duke Energy has completed its first community solar site, the Fort Green Renewable Energy Center, in Hardee County, Florida. This site is the initial step in a larger project consisting of 10 solar installations totaling 750 MW. The Clean Energy Connection program allows customers to subscribe to solar power, offering monthly bill credits based on production. The program features a fixed fee of $8.35 per kW, with income-qualified customers benefiting from a higher credit of $9.03. This initiative aims to enhance solar energy accessibility and supports Duke Energy's commitment to cleaner energy.
Duke Energy is implementing various programs to assist customers in managing energy bills amid rising fuel costs that have surged over threefold since mid-2021. The company's initiatives include Flexible Payment Plans, Budget Billing Plans, and energy efficiency programs to aid customers in reducing energy usage. Duke Energy is focusing on a diverse fuel mix and long-term contracts to shield customers from fluctuating energy prices. The company aims to relieve customer financial burdens while pursuing a clean energy transition, targeting net-zero emissions by 2050.
Piedmont Natural Gas has launched the GreenEdge program, enabling customers in North Carolina to purchase environmental attribute blocks to offset natural gas usage, starting at $3 per month. Each block corresponds to 12.5 therms of natural gas and represents 25% of average household usage. Customers can buy an unlimited number of blocks and will receive annual reports on their contributions. This self-funding initiative was approved by the North Carolina Utilities Commission in March 2022, aligning with Piedmont's focus on clean energy transformation.
The Duke Energy Foundation has awarded over $330,000 in grants to 16 organizations in Indiana to enhance workforce development and educational programs statewide. Key recipients include The Arc of Indiana Foundation, which supports vocational training for individuals with disabilities, and several career centers that will boost skills training in logistics, welding, and technology. Duke Energy aims to address workforce needs and improve local economies, ultimately benefiting the communities they serve. This initiative reflects their commitment to creating a skilled workforce aligned with Indiana's labor market demands.
Duke Energy One and L3Harris Technologies have unveiled a new service providing customized 3D simulations for nuclear facilities. This service aims to address operational challenges while improving efficiency and reducing costs. The immersive simulations utilize ultramodern 3D laser scanning technology to create tailored models, enhancing safety and response preparedness. The comprehensive solution includes decision-making tools, aiding nuclear operators in planning and mitigating radiation risks. This collaboration highlights the importance of nuclear energy for a clean energy future.
Duke Energy Indiana announces over $225,000 in financial assistance for customers struggling with energy bills. Qualifying individuals can receive up to $300 annually. This initiative has already supported around 450 households with more than $100,000 in aid this year. As rising fuel costs affect electricity prices, Duke Energy aims to help mitigate financial burdens through its Share the Light Fund, in partnership with the Indiana Community Action Association. The company is committed to supporting customers amidst escalating living costs.
Duke Energy has announced over $500,000 in microgrants to support emergency preparedness and resiliency efforts in South Carolina as hurricane season begins. The grants, up to $20,000 each, will be distributed among 34 nonprofits and government agencies to fund training, essential equipment, and new technology. This initiative, introduced earlier this year, aims to enhance the ability of local organizations to manage severe weather impacts. Duke Energy's commitment emphasizes the importance of local-level preparedness in facing significant storms.
Piedmont Natural Gas has opened its 13th CNG fueling station in Wilmington, North Carolina, enhancing its network of publicly accessible CNG stations. The facility supports CNG-powered vehicles on key coastal highways, featuring four fast-fill fuel pumps and 24/7 accessibility. It aims to support fleet sustainability goals, providing a cost-effective and lower-emission fuel option. CNG, being 90% cleaner than gasoline and diesel, contributes to environmental goals while offering lower prices due to the domestic abundance of natural gas.
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