Duke Energy Corp Stock Price, News & Analysis

Duke Energy Progress announced a proposed increase in fuel costs for South Carolina customers, citing rising demand and escalating fuel prices. If approved, residential bills would rise 8.3%, from $122.86 to $133.01 starting July 1, 2022. Commercial and industrial clients would see increases of approximately 9.5% and 12.1%, respectively. The increase aims to recover a $32 million under-recovery due to prior year fuel costs and reflects a true-up adjustment mandated by the Public Service Commission of South Carolina.

Duke Energy is launching its Clean Energy Connection program in Florida, inviting customers to subscribe starting April 20. Participants can access solar energy without needing their own equipment, benefiting from bill credits based on solar production. The program allocates 26 megawatts for low-income customers, ensuring guaranteed savings. Monthly fees are set at $8.35 per kW, with bill credits expected to surpass subscription costs within three to five years. Duke Energy is investing over $2 billion in solar infrastructure, aiming for 1,500 MW of emission-free generation by 2024.

Duke Energy has launched a new 16-megawatt natural gas-powered Combined Heat and Power Plant at Purdue University in Indiana. This facility not only produces cleaner energy for customers but also generates steam for the university's heating needs. It is expected to reduce carbon dioxide emissions by 50,000 metric tons, equivalent to removing 10,000 cars from the road. Additionally, the plant enhances operational flexibility for Purdue and improves grid reliability in the Lafayette area. Duke Energy aims for a reduction in carbon emissions by 50% by 2030 and net-zero emissions by 2050.

Duke Energy will release its first-quarter financial results on May 9, 2022, at 7 a.m. ET, accessible via its investor website. A conference call for analysts will follow at 10 a.m. ET to discuss the results and provide further updates. The call will be hosted by Lynn Good and Steve Young, and can be accessed by phone or online. Duke Energy serves 8.2 million customers and aims for net-zero carbon emissions by 2050, with significant investments in renewable energy and grid enhancements. Further details can be found on their official website.

The Duke Energy Foundation has awarded over $641,000 in grants to support K-12 energy and engineering education initiatives in Florida. This funding, benefiting 22 organizations, aims to enhance educational experiences for underrepresented and low-income students and close opportunity gaps exacerbated by the pandemic. Grant recipients include local education foundations and community organizations focused on STEM programs. The foundation prioritizes building capacity for local education foundations and fostering a future workforce skilled in energy and engineering careers.

Piedmont Natural Gas has filed a request with the South Carolina Public Service Commission to raise residential customer bills by nearly $4 monthly, or $46 annually. This rate adjustment aims to recover costs from recent capital investments and operating expenses to ensure safe and reliable natural gas service. If approved, the new rates will take effect by October 1. The overall revenue increase for Piedmont's customer groups will be 3.4%. The last rate case in South Carolina occurred in 2002, with incremental adjustments made since 2005.

Piedmont Natural Gas and Duke Energy remind customers to call 811 before digging during National Safe Digging Month. This initiative aims to prevent injuries, outages, and costly repairs associated with damaging underground utility lines. In 2021, there were nearly 9,800 hits to underground lines, a 68% increase from the previous year. The 811 service helps identify utility locations to avoid accidents. Calling 811 at least three days prior to excavation is encouraged to maintain safety and prevent service disruptions.