Duke Energy Corporation reports developments tied to one of the largest regulated utility platforms in the United States. The company operates electric utilities serving customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and natural gas utilities in North Carolina, South Carolina, Ohio and Kentucky.
Recurring news themes include quarterly financial results, common and preferred stock dividends, electric grid modernization, generation investments, customer cost initiatives, and regulatory approvals affecting power plants and utility service. Company updates also cover nuclear generation, natural gas and other resource additions, federal and state regulatory matters, and Duke Energy Foundation community programs in the utility territories it serves.
Duke Energy Sustainable Solutions has acquired Pike Solar, a new solar power plant near Colorado Springs, Colorado. This facility, featuring over 414,000 solar panels on approximately 1,310 acres, will generate 175 megawatts of electricity, enough to power about 46,300 homes. Under a 17-year agreement, Colorado Springs Utilities will purchase the electricity produced. The project is expected to provide substantial local economic benefits, including jobs and tax revenues for public schools. With this acquisition, DESS now has three solar projects in Colorado totaling 248 megawatts, reinforcing its commitment to sustainable energy solutions.
The Southeast Hydrogen Hub coalition received encouragement from the U.S. Department of Energy (DOE) to submit a funding application for regional clean hydrogen hubs under the $8 billion Infrastructure Investment and Jobs Act.
This coalition includes major utilities like Duke Energy and aims to enhance hydrogen production and utilization, which is pivotal for decarbonization efforts. They were one of 33 groups selected out of 79 proposals.
A decision on funding is expected in fall 2023, with significant economic and job growth anticipated in the Southeastern U.S.
The Public Service Commission of South Carolina has approved a comprehensive settlement agreement for Duke Energy Progress, impacting customer rates from April 1, 2023. Residential customers using 1,000 kWh monthly will see an increase of about $10.95, or 8.2%. Commercial and industrial customers will experience average hikes of 3.7% and 2.2%. The total increase amounts to approximately $52 million, significantly lower than the $89 million initially requested. The agreement also includes provisions for coal ash basin closure costs, grid modernization investments, and a return on equity set at 9.6% within a capital structure of 52.43% equity.
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Duke Energy (NYSE: DUK) reported its fourth-quarter and full-year 2022 financial results on February 9, 2023. The comprehensive results are accessible on Duke's investor relations website. During an investor presentation held at 10 a.m. ET on the same day, executives, including CEO Lynn Good and CFO Brian Savoy, discussed the financial updates. Duke Energy serves 8.2 million electric customers across several states and is pursuing a net-zero carbon emissions commitment by 2050, alongside significant investments in clean energy technology and grid enhancements. The company was also recognized in Fortune's and Forbes' lists of admired companies.
Duke Energy Sustainable Solutions has launched the 120 MW Jackpot Solar project in Idaho, marking its first utility-scale renewable project in the state. This facility, the largest solar site in Idaho, will supply energy to Idaho Power under a 20-year purchase agreement, generating enough electricity for approximately 24,000 homes. The project aids Idaho Power's goal of achieving 100% clean energy by 2045. Additionally, Duke Energy awarded a $15,000 grant to the Shoshone Basin Rangeland Fire Protection Association to enhance safety in rural areas. The project supports local economic growth through job creation and tax revenues.
Duke Energy announced the installation of three public art pieces at its new headquarters in Charlotte, North Carolina. This project, aimed at reflecting the company's clean energy mission and the city's vibrant history, will begin this month. Featured artists include Ivan Toth Depeña, who will create illuminated sculptures at the plaza's entrance, and Olalekan Jeyifous, whose mural will honor the history of the former Brooklyn neighborhood. An immersive installation by Luftwerk will be showcased in the Experience Hall. The installations seek to foster community connection and celebrate cultural identity.
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Duke Energy celebrates the graduation of its first class from the lineworker program at Denmark Technical College, aimed at enhancing diversity in the utility workforce. This initiative aligns with the company's mission to recruit more diverse talent, addressing the industry's significant demographic disparities, where 84% of utility workers are white and 77% are male. The program, supported by a grant from the Duke Energy Foundation, equips students with essential skills for utility careers. Founder James Bowden emphasizes the importance of mentorship and opportunities for people of color in the energy sector.
Duke Energy has launched a cutting-edge green microgrid in Hot Springs, North Carolina, equipped with a 2-megawatt solar facility and a 4.4-megawatt lithium-based battery storage system. This microgrid serves as a reliable energy source for the town during outages, capable of powering the entire community independently. It enhances grid reliability through services like voltage regulation and capacity support. The technology partner for this project is Wärtsilä, which provided the energy management system. Duke Energy aims to expand similar initiatives across its regulated areas, contributing to its clean energy transition goals.