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 has promoted Kelley Karn to vice president for regulatory affairs and policy in Indiana. Previously the lead regulatory attorney, Karn has been with the company since 2006 and will focus on stakeholder relationships with key state agencies. She will lead the development of comprehensive energy policy strategies for Duke Energy Indiana, which serves approximately 850,000 customers with 6,600 megawatts of electric capacity. Beth Heneghan has been named deputy general counsel, succeeding Karn.
Duke Energy (NYSE: DUK) has entered into a definitive agreement with GIC to sell a 19.9% interest in Duke Energy Indiana for $2.05 billion, a significant premium to market valuation. This transaction is expected to enhance Duke Energy's growth potential, raising its long-term adjusted EPS growth rate to 5-7% through 2025, up from the prior 4-6%. Proceeds will fund a $58-$60 billion capital plan aimed at accelerating the clean energy transition. The transaction will be executed in two phases, with the first expected in Q2 2021 and the second by January 2023.
Duke Energy, along with the North Carolina Attorney General and Sierra Club, has reached a significant settlement on coal ash management in North Carolina. This agreement details a cost allocation plan from 2015 to 2030, projected to save customers around $1.1 billion. The settlement aims to reduce coal ash costs in pending rate requests by 60%, thus offering immediate savings if approved. Duke Energy is committed to permanently closing coal ash basins, aligning with its strategy for cleaner energy and long-term financial goals.
In 2020, Duke Energy saw significant growth in solar power usage among its customers in North Carolina, driven by a $62 million solar rebate program. About 5,500 customers installed solar systems, raising the total to over 18,000. The company added almost 350 MW of solar capacity, enough to power around 60,000 homes. Duke Energy operates over 40 solar facilities and aims to connect more solar generation in the future. Its carbon-free generation has reached nearly 60%, supported by large customers engaging in solar projects, including a planned floating solar facility at Fort Bragg.
Duke Energy Florida (DUK) announced a significant agreement with consumer representatives and business groups on Jan. 14, 2021, aimed at advancing the state's clean energy initiatives. The agreement focuses on retiring coal plants faster, modernizing the electric grid, and improving reliability while introducing innovative customer programs. It includes planned base rate investments of approximately $5 billion over three years and anticipates a cumulative rate increase of $195.4 million by 2024, affecting residential and nonresidential customers. The agreement is pending approval from the Florida Public Service Commission.
Duke Energy (NYSE: DUK) has made a historic deposit of $5 million into Optus Bank, a Black-owned bank in South Carolina, aimed at supporting minority-owned businesses and underserved communities. This significant transaction, completed in 2020, will enable Optus Bank to offer financial services and capital loans to those facing funding barriers. Duke Energy's commitment reflects its ongoing efforts to promote diversity, equity, and inclusion, marking the largest deposit from the utility sector into a Black-owned bank in the U.S.
Duke Energy (NYSE: DUK) and Firestone Walker Brewing Company have completed a major solar project in Paso Robles, California. The facility includes a 2.1-megawatt solar array and a 281-kilowatt solar carport, generating 4,570 MWh of electricity annually. This initiative will supply energy for brewing 6 million cases of beer, offsetting 3,231 metric tons of carbon emissions. The project was financed through a 25-year power purchase agreement with Duke Energy Renewables. Planning began in late 2016, with groundbreaking in April 2020.
Duke Energy is set to release its fourth-quarter and year-end financial results on February 11, 2021, at 7 a.m. ET. The results will be available on the company's investors' webpage. An earnings call for analysts will follow from 10 to 11 a.m. ET on the same day, where the company will present its 2021 adjusted earnings per share guidance and other financial updates. Duke Energy serves 7.8 million electric customers across six states and has a generating capacity of 51,000 megawatts.
Duke Energy Renewables has acquired the 144-MWac Pflugerville Solar project from Recurrent Energy (a Canadian Solar subsidiary) as part of its expansion in Texas. The project, located in Travis County, is under construction and expected to commence operations by mid-2021. It includes a 15-year power purchase agreement with Austin Energy, contributing to the utility’s renewable energy goals. This acquisition marks the fifth project Duke has taken on from Recurrent Energy, enhancing its commitment to doubling renewable resources by 2025.
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