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 Renewables is launching an innovative wind turbine maintenance service, utilizing an all-in-one crane package, the GenHook LT™, to streamline operations. This service minimizes the complexity and risks associated with traditional maintenance methods by consolidating resources into one team and one truck. Benefits include easier transport, quick setup, enhanced safety, reduced risk, and zero greenhouse emissions. Duke Energy operates 3,000 megawatts of renewable energy capacity and aims to optimize wind resources, contributing to the growth of clean energy in the U.S.
Duke Energy has commenced construction on two significant solar projects in North Carolina, totaling 94 megawatts (MW). The Maiden Creek solar facility will produce 69 MW, while the Gaston solar facility will contribute 25 MW. These projects aim to deliver cost-effective solar energy, supporting Duke Energy's commitment to reducing carbon emissions and achieving its 2050 net-zero goal. With about 400,000 solar panels, they will collectively power around 20,000 homes and create approximately 380 construction jobs. The projects are expected to be operational by year-end, further solidifying North Carolina's status as a leading solar energy state.
Duke Energy Renewables has officially launched its 200-megawatt alternating current (MWac) Rambler Solar project in Tom Green County, Texas. This facility, which is the second 200-MWac solar project brought online this year, expands Duke's Texas solar portfolio to over 500 MWac. The energy produced will power the equivalent of 40,000 homes under a 15-year agreement. The project emphasizes economic benefits and job creation, employing around 400 workers during peak construction and contributing significantly to the local economy over its operational lifespan.
Duke Energy Progress has launched the Asheville Combined Cycle Station in Arden, N.C., providing 560 megawatts of cleaner energy, sufficient to power approximately 450,000 homes. The $817 million facility includes two power blocks and is 75% more efficient than the coal plant it replaced. The project significantly reduces emissions, with a 60% drop in carbon dioxide and 99% reduction in sulfur dioxide. Additionally, it created 1,300 jobs and contributed $1.7 million in property taxes to Buncombe County.
Duke Energy Indiana will extend its suspension of service disconnections for non-payment until September 15, 2020, assisting customers affected by the COVID-19 pandemic. Customers can arrange payment plans for up to six months and are encouraged to access additional assistance through the Low-Income Home Energy Assistance Program (LIHEAP). The company aims to resume standard billing practices by mid-August 2020. Duke Energy has also contributed over $950,000 to local non-profits during the pandemic to support food security and small business recovery.
Duke Energy Florida will resume standard billing practices in mid-August while continuing to support customers facing economic hardship due to COVID-19. Disconnections for non-payment will commence on September 1. The company has suspended fees for late payments and credit card transactions, and has donated $1 million to COVID-19 relief in Florida. Enhanced customer care options and payment arrangements will be available, alongside resources for financial assistance. Duke Energy emphasizes customer support as it transitions back to regular operations.
On July 8, 2020, Duke Energy reported a significant rise in scams targeting its customers during the COVID-19 pandemic, with over 15,000 attempts in 2020, nearing last year's total. June 2020 marked a record high with more than 4,000 reported scam attempts. New tactics include claiming to offer refunds for overpayments in exchange for personal information. Duke Energy emphasizes that it does not request personal data in this manner and has suspended disconnections for nonpayment. Customers are encouraged to verify their utility communications and report suspicious activity.
Duke Energy will announce its second-quarter financial results on Aug. 10, 2020, at 7 a.m. ET, with details available on its investors' section.
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. The call can be accessed via phone at 800-458-4121 (U.S.) or 323-794-2093 (international) using code 1877808.
Duke Energy, one of the largest energy companies in the U.S., serves 7.8 million electric customers across six states.
Duke Energy Renewables has launched its largest solar project, the 200-MWac Holstein Solar facility in Nolan County, Texas. This project began commercial operations and will generate enough power for 40,000 homes. It includes over 709,000 solar panels across 1,300 acres and employed 400 workers at peak construction. The energy generated will be sold through a 12-year hedge agreement with Goldman Sachs. With this addition, Duke Energy's total solar capacity in Texas reaches 514 MWac, supporting the state's growing renewable energy market.
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