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 declared a quarterly cash dividend of $0.965 per share, up $0.02, payable on Sept. 16, 2020, to shareholders of record by Aug. 14, 2020. Additionally, the Series A preferred stock dividend is set at $359.375 per share, also payable on Sept. 16, 2020. The Series B preferred stock dividend is $24.375 per share, due on the same date. Duke Energy has maintained dividend payments on its common stock for 94 consecutive years.
Duke Energy (NYSE: DUK) announced its commitment to pursue clean energy goals following the discontinuation of the Atlantic Coast Pipeline. The company will invest $56 billion in renewables, energy efficiency, and grid enhancements, promoting economic recovery and job creation. Duke Energy has reduced carbon emissions by 39% since 2005 and aims for a 50% reduction by 2030, with a long-term goal of net-zero emissions by 2050. An analyst call is scheduled for early August 2020 to discuss financial results.
Piedmont Natural Gas has filed a request to increase its base rates by 15% with the Tennessee Public Utility Commission, marking the first adjustment since 2012. The company has invested about $600 million in infrastructure to meet the needs of a growing population in the Nashville area, which has increased by 11.2% since 2010. If approved, the average residential customer's monthly bill would rise by $11, effective January 1, 2021, yet bills would remain 10% lower than in July 2018.
Duke Energy Progress announced a decrease in monthly bills for its South Carolina customers starting July 1, 2020. A typical residential customer using 1,000 kWh will see a reduction from $124.98 to $120.87, which is a 3.3% drop. Commercial and industrial customers will also experience reduced bills, averaging 1.6% and 2.9%, respectively. The primary driver for these decreases is the falling price of natural gas. Duke Energy aims to manage fuel costs effectively, ensuring customer savings.
Bank of America has partnered with Duke Energy to enhance its renewable energy commitment by utilizing solar power for its Charlotte operations. Through a unique 10-year renewable energy sleeved-power purchase agreement (PPA), the bank will procure a 25-MW solar project's output, covering 45% of its electricity load in North Carolina. This initiative aligns with Bank of America's goal to achieve carbon neutrality and utilize 100% renewable electricity globally. The project, located in North Carolina's Piedmont region, is expected to support local jobs and the economy.
Duke Energy has announced a grant of $903,828 to support apprenticeship programs at eight community colleges in North Carolina. This initiative fulfills the company's $5 million commitment made in 2017. Since 2004, Duke Energy has contributed a total of $45 million to community colleges in the state. The funding connects over 2,800 students with job opportunities, emphasizing the importance of community colleges in training the future workforce. The grants represent the final round of funding in the apprenticeship program, which was administered by local foundations.
Duke Energy announced its Renewable Advantage program, enabling North Carolina customers to enhance their energy sustainability for just $3 extra per month. This fee supports the generation of 250 kWh blocks of renewable energy, primarily solar. The initiative, expected to generate 95% solar and 5% biomass energy, allows customers to customize their energy mix while contributing 50 cents from each block purchased to the NC GreenPower's Solar+ Schools program, benefiting local schools and promoting renewable energy education.
Piedmont Natural Gas, a subsidiary of Duke Energy, announced additional measures to support customers facing financial challenges due to COVID-19. This includes suspending disconnections and late fees, as well as offering online tools for payment arrangements. The company donated $6 million for COVID-19 relief across several states, including Florida and North Carolina. As recovery begins, Piedmont will resume billing practices and provide assistance options to help customers manage their energy costs effectively.
Duke Energy and Piedmont Natural Gas announced enhanced assistance for customers facing financial difficulties due to COVID-19. They are extending support measures, including suspending disconnections and fees while contributing $6 million to relief efforts across several states. Customers will receive online tools for payment arrangements and guidance for small businesses. Standard billing practices will resume based on local guidance, with prior notifications given to customers. The companies aim to offer consistent care as the economy reopens, emphasizing support for those in need.
Piedmont Natural Gas emphasizes safety tips for customers amid severe weather flooding natural gas meters and appliances. Key advice includes:
- Do not work on natural gas meters or appliances
- Call Piedmont for professional assessment
If a gas leak is suspected, evacuate immediately and call 911. Piedmont, a subsidiary of Duke Energy, serves over 1 million customers across North Carolina, South Carolina, and Tennessee, focusing on natural gas distribution and safety.
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