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 quickly responded to power outages caused by Tropical Storm Elsa impacting Florida on July 7, 2021, with 7,345 outages reported at peak. Crews restored over 28,000 outages, leveraging a team of about 3,000 members from various states. The company emphasized its preparedness and commitment to assisting affected customers. Further, Duke Energy is investing in grid modernization, with smart technology expected to serve over 80% of Florida customers by 2027. The firm also aims for a 50% carbon reduction by 2030 and net-zero emissions by 2050.
Duke Energy is taking proactive measures as Tropical Storm Elsa approaches Florida's west coast, urging customers to prepare for potential power outages. The company has activated its storm center and mobilized about 3,000 crews and specialists for swift response. Duke Energy emphasizes safety and encourages customers to update emergency kits and stay informed through local news and weather advisories. The company operates in several states, leveraging resources from unaffected areas to ensure effective service restoration post-storm.
Duke Energy Florida has proposed new measures to assist low-income customers amid ongoing economic challenges. The proposal, submitted to the Florida Public Service Commission, includes a 5% increase in the Neighborhood Energy Savers program and temporary changes to the Florida Energy Efficiency and Conservation Act (FEECA). Eligible customers will receive a $30 assistance incentive and access to 20,000 energy efficiency kits. This initiative, developed with customer representatives, aims to address the financial struggles many families face due to high energy bills and the impacts of COVID-19.
Duke Energy has commenced construction on the 22.6-MW Stony Knoll Solar power plant in Surry County, North Carolina, marking it as the largest solar facility in the area. The project, owned by Duke Energy Sustainable Solutions, will utilize 76,600 bifacial solar modules and is expected to power around 5,000 homes upon completion, targeting operational status by the end of 2021. This project is part of Duke Energy's broader strategy to enhance renewable energy, aiming for 16 GW of renewable capacity by 2025, while significantly reducing carbon emissions.
Duke Energy has filed an application with the U.S. Nuclear Regulatory Commission to renew the operating licenses for its Oconee Nuclear Station for an additional 20 years. This renewal, if approved, will extend the licenses to 2053 and 2054. Oconee, Duke's largest nuclear facility, contributes over 2,500 megawatts of carbon-free electricity and plays a crucial role in the company's carbon reduction goals. The nuclear fleet prevented nearly 50 million tons of CO2 emissions in 2020, underscoring its importance for a cleaner energy mix.
Duke Energy, based in Charlotte, N.C., is offering customers low- to no-cost energy efficiency tips to help manage higher energy bills during the summer. With energy use expected to rise, the company suggests practical steps like changing air filters, adjusting thermostats, and using ceiling fans. Additionally, customers can utilize smart meters to track daily energy usage and receive alerts about their bills. Duke Energy aims for significant carbon reductions by 2030 and net-zero emissions by 2050, reinforcing its commitment to a sustainable energy future.
Duke Energy Foundation has awarded over $113,000 in grants to enhance broadband access in 15 Indiana counties. A grant of $100,000 will support the Purdue Center for Regional Development in creating "digital inclusion plans" for these areas. Additionally, a $13,000 grant will fund software for the Indiana Rural Broadband Strategic Partnership, promoting broadband speed testing to assess internet accessibility. This initiative is crucial for addressing the digital divide highlighted during the pandemic and aims to ensure Indiana remains competitive in an increasingly digital economy.
Duke Energy Sustainable Solutions announces the construction of the 250 MW Pisgah Ridge Solar project in Navarro County, Texas, set to become their largest utility-scale solar facility. The project has attracted virtual power purchase agreements (VPPAs) from Charles River Laboratories for 102 MW, aiming for 100% renewable electricity by 2023. Expected to generate enough power for 63,000 homes, the facility will create 200-300 construction jobs and provide tax revenue for local schools. Duke plans to double its renewable portfolio to 16 GW by 2025.
Duke Energy urges customers to prepare for the 2021 Atlantic hurricane season, predicting 20 storms and 9 hurricanes. The company has invested in grid improvements to enhance reliability and resilience against severe weather. Self-healing technology prevented nearly 600,000 outages last year in North Carolina, South Carolina, and Florida. Additionally, Duke Energy's new 'Ping-it' technology allows for faster verification of service restoration. Customers are encouraged to create emergency plans and update contact information for outage alerts.
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