Duke Energy Corp - DUK STOCK NEWS

Duke Energy (NYSE: DUK) has launched eTransEnergy, a new subsidiary aimed at aiding large businesses and municipalities in transitioning to electric vehicle (EV) fleets. This initiative offers a comprehensive package that includes planning, financing, and deployment services to aid in reducing emissions and operating costs. Duke Energy is committed to converting 100% of its light-duty vehicles to electric and half of its medium to heavy-duty vehicles by 2030. The company is also expanding its EV charging infrastructure with pilot programs across Florida, North Carolina, South Carolina, and Ohio.

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.