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 Carolinas announced a reduction in electric rates for its South Carolina customers, effective October 1. A typical residential user consuming 1,000 kWh monthly will see a decrease of $6.81 (5.6%). Commercial customers will also experience similar reductions, averaging 5.6%, while industrial customers will see a notable 9.8% decrease.
The adjustments are part of the company's annual fuel cost recovery filing with the Public Service Commission of South Carolina, ensuring that no profits are made from the fuel rate. Duke Energy manages fuel contracts to minimize costs for its over 600,000 customers in the region.
Duke Energy has secured a $36 million contract to develop the largest floating solar plant in the Southeast at Fort Bragg, North Carolina. The 1.1-MW system will enhance energy resilience and security through infrastructure upgrades. Construction begins in November, with a 2-MW battery energy storage system integrated for backup during outages. This innovative project reflects Duke Energy's leadership in solar energy and aligns with federal energy infrastructure goals, promising significant cost savings and efficient energy use.
Duke Energy Foundation announced grants totaling $522,400 for environmental projects in North Carolina, aimed at enhancing access to nature and protecting local ecosystems. This funding aligns with Duke Energy's commitment to environmental stewardship, supporting initiatives like Asheville GreenWorks' 'Everybody's Environment' program, which promotes racial equity in environmental efforts. The Foundation contributes over $30 million annually, funded by shareholder dollars, demonstrating Duke Energy's dedication to community development and natural resource preservation.
The Duke Energy Foundation has awarded over $350,000 in grants to South Carolina organizations for environmental projects, wildlife conservation, and education. This funding supports 22 nonprofits and governments, with individual grants of up to $10,000 for various initiatives, such as trail maintenance and park beautification. The Foundation allocates more than $2 million annually for charitable causes in South Carolina, reflecting Duke Energy’s commitment to community support and environmental stewardship.
Piedmont Natural Gas announced the availability of renewable natural gas (RNG) at its compressed natural gas (CNG) fueling station in Nashville, Tennessee. This pipeline-quality biomethane reduces emissions footprint and supports sustainability for CNG vehicle fleets. With 43% of Piedmont's fleet running on CNG, the initiative aims to enhance environmental benefits, especially as RNG sourced from landfills is used. Piedmont operates 11 CNG fueling stations and plans to expand RNG availability, contributing to cleaner energy goals.
Duke Energy Foundation has awarded $355,000 to 10 nonprofits in Florida focused on ecosystem protection and restoration. The grants aim to support wildlife conservation, habitat rehabilitation, and environmental education amid challenges posed by the COVID-19 pandemic. Notable recipients include Clearwater Marine Aquarium, receiving $100,000 for its Animal Care Fund. These initiatives reflect Duke Energy's commitment to sustainability and community support, helping organizations continue vital environmental work during these difficult times.
Duke Energy announced a partnership with solar installers, environmental groups, and renewable energy advocates to stabilize the residential solar market in South Carolina. The proposed Solar Choice Net Metering plan aims to modernize net energy metering, providing credits to customers with solar panels. If approved, a transitional tariff will start on June 1, 2021, leading to full implementation by January 1, 2022. This initiative supports the goals of the South Carolina Energy Freedom Act and focuses on enhancing energy efficiency during peak demand periods.
Duke University has signed a renewable power agreement under Duke Energy's Green Source Advantage program, marking it as the first academic institution to do so in North Carolina. The agreement involves purchasing approximately 101 megawatts (MW) of solar capacity from three facilities, contributing to the university's goal of carbon neutrality by 2024. The GSA program supports sustainability efforts and is part of broader initiatives to boost renewable energy in the state, which has 600 MW of capacity available. Duke Energy maintains about 3,500 MW of solar power in North Carolina.
Duke Energy has reached significant milestones to enhance solar energy capacity in the Carolinas. Collaborating with major solar developers, they have agreed on a timeline for substantial solar generation interconnections, targeting several hundred megawatts for completion by 2022. Additionally, a new 'queue reform' process has been introduced, streamlining interconnection studies and addressing previous delays. With over 3,500 MW of solar capacity already connected, Duke Energy is a leader in the solar sector, serving over 600,000 customers.
Duke Energy has announced a significant initiative to reduce carbon emissions by pledging to convert its fleet of 10,000 vehicles to electric or zero-carbon alternatives within 10 years. The plan includes converting 100% of its nearly 4,000 light-duty vehicles and 50% of its medium-duty, heavy-duty, and off-road vehicles. This effort aims to reduce CO2 emissions by 60,000 metric tons annually and petroleum usage by 10 million gallons. Duke Energy's ongoing projects in Florida and proposed initiatives in the Carolinas and Ohio will enhance its EV infrastructure.
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