Duke Energy Corp Stock Price, News & Analysis

Duke Energy (DUK) has significantly increased incentives and eligibility for residential and business energy efficiency programs in North Carolina, effective January 1, 2025. The North Carolina Utilities Commission-approved updates include doubled and tripled incentives for various programs.

Key residential program enhancements include: Home Energy House Call offering free energy assessments and products, Smart $aver® home improvement rebates increasing from $350 to $500 for HVAC and other upgrades, pool pump incentives tripling to $900, and Power Manager®/EnergyWise Home® offering up to $150 upfront plus annual credits.

Business programs saw increases of 20-25% on average, with PowerShare® capacity credits rising from $3.50 to $5 per kW. The company also expanded assistance programs for income-qualified customers, including increased weatherization incentives up to $8,000 for HVAC replacement and $1,500 for refrigerator replacement.

Duke Energy Carolinas announced a 6.2% decrease in electric rates effective January 1, driven primarily by falling fuel prices. A typical residential customer using 1,000 kWh monthly will see bills drop by $8.96, from $144.31 to $135.35, which is 22% below the national average. Commercial customers will benefit from an 11.5% decrease, while industrial customers will see a decrease of less than 1%.

The rate reduction includes an 8.8% decrease due to falling fuel prices, a 0.6% decrease from nuclear production tax credits (IRA), and minor adjustments to existing riders. These reductions more than offset a previously approved 2.9% base rate increase. The company serves about 2.2 million households and businesses in central and western North Carolina.

Duke Energy Florida has filed a plan with the Florida Public Service Commission to recover $1.1 billion in costs from the 2024 hurricane season response. The company mobilized over 27,000 workers to restore power to approximately 2 million customers affected by hurricanes Debby (Category 1), Helene (Category 4), and Milton (Category 3).

Starting March 2025, residential customers will see an increase of approximately $21 per 1,000 kilowatt-hours on monthly bills, though the actual storm charge is $31, offset by a seasonal $10 decrease. The storm costs will remain on bills through February 2026. The company's self-healing technology helped automatically restore over 379,740 outages and saved 325.5 million minutes of outage time across all three storms.

Duke Energy (DUK) has disclosed a significant data breach affecting approximately 370,000 individuals. The security incident, discovered in May 2024, involved unauthorized third-party access to DEC's IT Network, compromising sensitive customer information.

The breached data potentially includes utility account numbers, names, email addresses, mailing addresses, dates of birth, phone numbers, and partial Social Security numbers for residential customers, as well as partial federal tax IDs for businesses. Law firm Levi & Korsinsky is investigating the breach and exploring potential compensation for affected individuals who received breach notification letters.

The firm, operating on a contingency basis, is examining whether affected customers are entitled to compensation due to the company's potential failure to secure personal data, which could lead to identity theft and financial fraud risks.

Duke Energy (DEC) has disclosed a significant data breach affecting approximately 370,000 individuals. The security incident, discovered in May 2024, involved unauthorized third-party access to DEC's IT Network, compromising sensitive customer information.

The compromised data potentially includes utility account numbers, names, email addresses, mailing addresses, dates of birth, phone numbers, last four digits of Social Security numbers for residential customers, and federal tax IDs for businesses. Law firm Levi & Korsinsky, LLP is investigating the breach and exploring potential compensation for affected individuals who received breach notification letters.

The firm, operating on a contingency basis, has assembled a team of over 70 attorneys and professionals to advocate for affected customers' rights and pursue possible compensation claims.

Duke Energy Indiana has allocated nearly $300,000 in financial assistance through its Share the Light Fund to help customers pay their energy bills this winter season. The fund, supported by Duke Energy shareholders, customers, and employees, allows qualifying customers to receive up to a $300 annual account credit.

Over the past year, the company has provided more than $650,000 in energy bill assistance to over 2,000 Indiana households. The program, managed in partnership with the Indiana Community Action Association, determines eligibility based on income, family size, and resource availability.

Additionally, Duke Energy offers various tools for customers to manage energy usage, including Usage Alerts, free Home Energy House Calls, and installment payment plans.

Duke Energy has concluded its monthlong initiative by announcing over $300,000 in surprise microgrants to support food security programs across South Carolina. This is part of a larger $500,000 campaign that includes support for organizations like Mill Village Farms, Second Harvest Food Bank of Metrolina, and FoodShare South Carolina.

The initiative, announced on Giving Tuesday, provides 'surcee' (unexpected gifts) to more than 70 feeding programs, focusing on senior mobile food programs, weekend backpack efforts, and food pantries. Duke Energy employees also volunteered their time packing and distributing food boxes throughout the month.

The campaign addresses growing food insecurity concerns as grocery prices continue to rise, with organizations reporting that 22.7% of children in Florence County face food insecurity. Recipients can find local food assistance through SC211.org or by texting 'FOOD' to 211211.

Duke Energy (DUK) announces initiatives to help South Carolina customers manage energy costs during winter. The company offers a free home energy assessment through the Home Energy House Call program, providing customers with efficiency kits, usage reports, and expert recommendations. The Smart $aver® home improvement rebate programs support insulation and sealing improvements. Additional offerings include the Flex Savings Option, a time-of-use rate program, and Usage Alerts for better bill prediction.

The company provides several energy-saving tips including thermostat management, regular maintenance, utilizing natural sunlight, proper sealing, LED lighting, optimal ceiling fan usage, and water heater settings. Duke Energy serves 8.4 million electric customers across six states and is working toward net-zero carbon emissions from electricity generation by 2050.

Piedmont Natural Gas, a Duke Energy (NYSE: DUK) subsidiary, announces that mayors across the Carolinas and Tennessee have proclaimed December 12, 2024, as 'Share the Warmth Day'. The initiative supports Piedmont's long-running program providing emergency funding for energy bill assistance to neighbors in need, regardless of energy source.

Through the Round Up program, customers can contribute by having their monthly bills rounded up to the nearest dollar, with 100% of the difference going to Share the Warmth. The program, running since 2003, ensures all collected funds help neighbors in the contributing communities through local nonprofit partners.

Piedmont Natural Gas currently serves over 1.2 million customers across three states and recently earned the No. 1 spot in customer satisfaction with residential natural gas service in the South among large utilities.