Duke Energy Corp Stock Price, News & Analysis

Duke Energy announced a new $500,000 microgrant program aimed at enhancing emergency preparedness and storm resiliency in South Carolina. The initiative targets communities affected by severe weather events, providing grants up to $20,000 for training, equipment, and planning. Applications open on March 7 and close on April 29, with decisions expected by May 20. This program aligns with Duke Energy's commitment to community support and disaster preparedness, emphasizing the importance of resource availability for local agencies.

Meijer, a Midwestern retailer, has partnered with Duke Energy Sustainable Solutions to initiate a utility-scale solar project in Navarro County, Texas. This renewable energy power purchase agreement (VPPA) will enable Meijer to buy a portion of the energy produced for the next 15 years, supporting its goal of reducing carbon emissions by 50% by 2025. The project is expected to generate around 200,000 megawatt hours annually, equating to a reduction of over 103,000 metric tons of CO2e. The initiative underscores Meijer's commitment to sustainability and community impact.

Duke Energy Carolinas has filed for an increase in monthly fuel costs effective September 1, 2022, with residential bills projected to rise by 6.6%, commercial by 9.3%, and industrial by 9.0%. The rise is attributed to heightened energy demand post-COVID-19 and escalating fuel prices, leading to a $245 million under-recovery from the previous year. Additionally, the adjustment for energy efficiency programs will result in a slight decrease in residential rates by January 1, 2023. Duke Energy serves around 2 million customers in North Carolina.

Duke Energy announced the appointment of Derrick Burks as a new board member, effective March 1, 2022. Burks, a former managing partner at EY, brings extensive experience in assurance, tax, and advisory services. He has previously served on the board of Vectren Corporation and is currently involved with Equity LifeStyle Properties and Kite Realty Group Trust. His expertise in audits, risk assessment, and capital markets is expected to aid Duke's strategy amidst industry changes. Burks joins under a 2021 cooperation agreement with Elliott Investment Management, emphasizing the company's focus on regional expertise.

Duke Energy (NYSE: DUK) reported its fourth-quarter and year-end 2021 financial results on February 10, 2022. The company serves 8.2 million electric customers across multiple states and aims for significant clean energy advancements, targeting a 50% carbon reduction by 2030 and net-zero emissions by 2050. Duke Energy is also committed to expanding its renewable energy capacity to 16,000 megawatts by 2025. The company has been recognized by Fortune and Forbes for its business excellence and employer reputation.

Duke Energy is advancing its climate change strategy with key commitments. By 2030, coal is expected to comprise less than 5% of its total energy generation, with a complete exit from coal by 2035, representing the largest planned coal fleet retirement in the industry. The company aims for net-zero emissions by 2050, expanding its goals to include Scope 2 and select Scope 3 emissions. Since 2010, Duke has retired 56 coal units, accounting for around 7,500 megawatts. The company emphasizes measurements of its emissions and plans to disclose more in its upcoming ESG Investor Day.

Viatec, Inc. has announced the successful closure of its Series B funding round, led by Terex Corporation and Duke Energy. This partnership highlights the collaboration between Viatec and Duke Energy since 2018, focusing on electrification solutions for the utility sector. Viatec's SmartPTO product is pivotal for Duke Energy's fleet electrification goals. The investment will enable Viatec to scale production and expand its offerings. Founded in 2015, Viatec specializes in electric power take-off systems, aiming to set new industry standards in the vocational vehicle sector.