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 will announce its first-quarter 2021 financial results on May 10, 2021, at 7 a.m. ET. The news release will be available on the company’s website. An earnings conference call will be held from 10 to 11 a.m. ET the same day, hosted by CEO Lynn Good and CFO Steve Young. Investors can access the call via phone or the investor section of the website. A replay will be available until May 20, 2021. Duke Energy serves over 7.8 million customers across six states and has an electric generating capacity of 51,000 megawatts.
Duke Energy is investing $653,000 in educational grants in Florida. The funds will support 23 grants aimed at enhancing STEM education and promoting diversity and inclusion among students. Notable recipients include the Pinellas Education Foundation, awarded $180,000 for its STEM Academy Program, which aids underrepresented students. The Duke Energy Foundation, funded by shareholder dollars, contributes over $30 million annually to community initiatives.
Wells Fargo has partnered with Duke Energy to secure over 58 MW from the Blackburn Solar project in North Carolina, which is expected to offset about 50% of its energy use in the state. This initiative, under Duke's Green Source Advantage program, aligns with Wells Fargo's sustainability goals and aims to boost local job creation and tax revenues. The project, subject to approvals, is set to come online by 2022. Duke Energy's GSA program has made significant solar capacity available for large customers, supporting North Carolina's renewable energy expansion.
Duke Energy has allocated $90,000 to support 18 Indiana economic development groups through its 2021 Marketing Partnership Program, with each group receiving $5,000. This initiative aims to enhance local economic growth by funding marketing and strategic efforts that foster new jobs and investments. Eligible applicants must propose plans that directly impact community economic development. The funding is not available for travel or entertainment expenses. Duke Energy Indiana serves approximately 840,000 customers and is the largest electric utility in the state.
Duke Energy Foundation has announced $500,000 in funding to support small businesses in North Carolina through the Hometown Revitalization Grant Program. Each of the 20 selected communities will receive $25,000, with microgrants ranging from $500 to $2,500 for local businesses. The grant application is open until May 31, and decisions will be announced in August. This initiative aims to help businesses recover from pandemic challenges and is part of Duke Energy's commitment to community support, contributing over $30 million annually to charitable causes.
Duke Energy emphasizes the importance of calling 811 before any digging activities to prevent damage to underground utilities. This initiative reflects the company's commitment to safety and community awareness during National Safe Digging Month. In 2019, there were 532,000 excavation-related damage events in the U.S., leading to losses of approximately $30 billion. Duke Energy recorded about 2,800 such incidents in its service area. The company, headquartered in Charlotte, N.C., serves 7.7 million electric customers and distributes natural gas to over 1.6 million customers across six states.
Piedmont Natural Gas, a subsidiary of Duke Energy, reports an 8% decrease in damages to underground utility lines in the Carolinas and Tennessee, attributing this success to new damage prevention initiatives. In 2020, there were 200 fewer damages, totaling 2,322 incidents. The company emphasizes adherence to the Gold Shovel Standard, promoting safe digging practices among contractors. Additionally, Piedmont is testing geofencing technology for contractor reminders regarding safe digging.
Duke Energy has responded to the North Carolina Utilities Commission's (NCUC) order regarding the 2019 rate adjustment request for Duke Energy Carolinas. The NCUC's decision includes approved settlements that mitigate coal ash management costs and explore future grid improvements. Duke Energy has pledged $6 million to assist with energy-saving measures and $5 million for low-income customer billing assistance over two years. The company aims to keep customer rates below the national average and continues to enhance clean energy initiatives while providing substantial support during the pandemic.
Duke Energy announced $375,000 in grants to South Carolina organizations aimed at funding tutoring and reading programs in underserved communities affected by the pandemic. The initiative focuses on addressing learning gaps and supporting environmental education in Title 1 schools. The grants benefit 46 organizations and aim to enhance racial equity in education by offering professional development for teachers. This funding is part of Duke Energy's broader commitment to community support, with the foundation contributing over $30 million annually.
FAQ
What is the current stock price of Duke Energy Corporation (DUK)?
What is the market cap of Duke Energy Corporation (DUK)?
What services does Duke Energy provide?
What is Duke Energy's clean energy goal?
What is the PowerPairSM program?
What recent strategic initiatives has Duke Energy undertaken?
Where is Duke Energy headquartered?
How many customers does Duke Energy serve?
What is the company's approach to grid decarbonization?
What community initiatives does Duke Energy support?
What are the benefits of the Accelerating Clean Energy (ACE) tariffs?
How does Duke Energy contribute to local economic development?
