Duke Energy Corp Stock Price, News & Analysis

Piedmont Natural Gas, a subsidiary of Duke Energy, reports an 8% decrease in damages to underground utility lines in the Carolinas and Tennessee, attributing this success to new damage prevention initiatives. In 2020, there were 200 fewer damages, totaling 2,322 incidents. The company emphasizes adherence to the Gold Shovel Standard, promoting safe digging practices among contractors. Additionally, Piedmont is testing geofencing technology for contractor reminders regarding safe digging.

Duke Energy has responded to the North Carolina Utilities Commission's (NCUC) order regarding the 2019 rate adjustment request for Duke Energy Carolinas. The NCUC's decision includes approved settlements that mitigate coal ash management costs and explore future grid improvements. Duke Energy has pledged $6 million to assist with energy-saving measures and $5 million for low-income customer billing assistance over two years. The company aims to keep customer rates below the national average and continues to enhance clean energy initiatives while providing substantial support during the pandemic.

Duke Energy announced $375,000 in grants to South Carolina organizations aimed at funding tutoring and reading programs in underserved communities affected by the pandemic. The initiative focuses on addressing learning gaps and supporting environmental education in Title 1 schools. The grants benefit 46 organizations and aim to enhance racial equity in education by offering professional development for teachers. This funding is part of Duke Energy's broader commitment to community support, with the foundation contributing over $30 million annually.

Duke Energy has committed $300,000 over three years to support internships for college students of color, aiming to enhance career opportunities in energy, law, and politics. The funds will be allocated to four organizations that will distribute scholarships: the Congressional Black Caucus Foundation, the Congressional Hispanic Caucus Institute, North Carolina Central University School of Law, and the South Carolina Washington Semester Program. This initiative reflects Duke Energy's commitment to diversity and equity within the workforce, benefiting both students and the communities they serve.

Duke Energy's subsidiary, Progress Energy, announced a final payment of approximately $1.03 per Contingent Value Obligation (CVO) to its holders, marking the end of payments related to CVOs. The payment will be distributed by the trustee on April 19, 2021, to holders of record as of March 29, 2021. Furthermore, about 70.04% of this payment is classified as interest income, prompting CVO holders to consult tax advisors regarding potential tax implications. For more details, refer to Duke's Form 8-K filed with the SEC on the same day.

Piedmont Natural Gas has filed a request with the North Carolina Utilities Commission to recover approximately $1.7 billion for expansion, infrastructure improvements, and federally mandated safety upgrades, leading to a 10.4% revenue increase. If approved, starting November 2021, average residential bills may rise by $8/month. Piedmont has added over 42,000 customers since January 2018. Capital investments include new natural gas storage facilities to mitigate price volatility during high demand periods.

The Public Service Commission of South Carolina (PSCSC) will hold a virtual public hearing on April 21, 2021, regarding Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP)'s proposed Solar Choice net metering riders. This plan aims to provide stability for the residential solar industry in South Carolina and credits customers for excess electricity generated. The initiative supports the South Carolina Energy Freedom Act, promoting solar energy development in the state. Interested parties must notify the PSCSC to testify by April 20, 2021.

Duke Energy Foundation has awarded $311,246 in grants to support 22 K-12 education programs across 15 counties in Indiana for 2021. The funding aims to enhance literacy, energy, engineering, and environmental education, particularly for under-represented and low-income students. This initiative is part of the company's Powerful Communities program, established to bolster community vitality through charitable contributions. The Foundation contributes over $2 million annually, funded by Duke Energy shareholder dollars.