Duke Energy Corp Stock Price, News & Analysis

Duke Energy Florida has announced two new solar power plants, the Fort Green and Bay Trail facilities, each with a capacity of 74.9 MW. These developments are part of a strategy to enhance its renewable energy portfolio, which now exceeds 900 MW under construction or operation. The Fort Green plant will power over 20,000 homes, while the Bay Trail site will serve about 23,000 homes, using innovative solar technologies. The company aims to complete its three-millionth solar panel installation in Florida, highlighting its commitment to clean energy.

Six major utilities, including Duke Energy (DUK), have formed the Electric Highway Coalition to enhance electric vehicle (EV) charging access across the South, Midwest, Gulf, and Central Plains regions. This initiative aims to install a network of DC fast chargers to alleviate range anxiety for EV drivers, facilitating long-distance travel. Duke Energy is also launching internal programs to expand charging infrastructure, including a $25 million pilot in North Carolina for 200 charging stations and an expansion in Florida with over 570 stations already deployed.

Duke Energy Foundation has granted $40,000 in total to Feeding Texas and the American Red Cross of Central and South Texas. The funding aims to support Texans affected by recent polar vortex-induced rolling blackouts and drinking water advisories. The American Red Cross will provide essential resources like food and shelter, while Feeding Texas aims to distribute over 200,000 meals to those in need. Texas holds a significant portion of Duke Energy Renewables' assets, operating nearly 1,500 MW of wind and 500 MW of solar capacity.

Duke Energy has commenced construction of the 50-MW Broad River Solar power plant in Cleveland County, N.C., enhancing its clean-energy portfolio. This project, part of North Carolina's solar legislation, will utilize over 170,000 solar panels to power 12,500 homes and is expected to be operational by the end of 2021. The initiative aims to reduce carbon emissions and create approximately 120 jobs during peak construction. Duke Energy plans to double its renewable portfolio to 16 GW by 2025, supporting its net-zero carbon goal for 2050.

Duke Energy's Green Source Advantage program has been approved by the Public Service Commission of South Carolina, expanding renewable energy options for large customers. This program allows customers to negotiate price terms with renewable suppliers while retaining renewable energy certificates. The application window opens March 29, 2021, and is available until 200 megawatts are subscribed, with 35 megawatts reserved for local governments. Duke Energy aims to reduce carbon emissions by at least 50% by 2030, following a 40% reduction since 2005.

On February 18, 2021, Duke Energy reported fewer ice-related power outages than anticipated due to warmer temperatures during a winter storm in the Carolinas. As of 5:30 PM, 5,000 customers, primarily in North Carolina, were without power. Initially, nearly 1 million customers were projected to be affected. Duke Energy mobilized over 7,000 workers from various states to respond to the situation. The company cautioned that more outages may occur as a second wave of precipitation is expected. The incident response continues to prioritize customer safety and timely restoration of power.

Duke Energy anticipates nearly 1 million power outages in North Carolina and South Carolina due to an approaching winter storm, starting Thursday. The company has mobilized over 5,400 line technicians, including support from Midwest and Florida regions, for restoration efforts. Weather conditions may delay damage assessments and restoration times. Duke Energy assures sufficient electricity supply and has completed preliminary inspections of transmission lines. Customers are encouraged to prepare for potential outages and can report issues through various channels.

Duke Energy Florida is investing $1 billion to construct 700 megawatts of solar power facilities by 2022, enhancing clean energy solutions for Florida. The company has begun construction on two solar plants, the Duette and Charlie Creek, both expected to produce electricity for approximately 23,000 homes at peak production. By spring 2022, they will add more plants, including Sandy Creek. The initiative is set to create 200-300 temporary jobs per project, and will significantly increase Florida's renewable energy capacity, with almost 300 MW added this year.

Duke Energy (NYSE: DUK) reported its fourth-quarter and year-end 2020 financial results on Feb. 11, 2021. The company serves 7.8 million retail electric customers across six states and distributes natural gas to 1.6 million customers in five states. Duke Energy operates an electric generating capacity of 51,000 megawatts and 2,300 megawatts from its renewables unit. The company emphasizes transforming customer experience and modernizing energy infrastructure. Detailed results can be accessed via their investors' section.