Duke Energy Corp Stock Price, News & Analysis

Duke Energy (NYSE: DUK) released its third-quarter 2020 financial results, showing robust operational performance. The company serves 7.8 million retail electric customers across six states and operates a substantial electric generating capacity of 51,000 megawatts. Customers also benefit from the Duke Energy Renewables unit, which focuses on clean energy. Duke Energy is committed to modernizing its energy grid and expanding natural gas infrastructure, enhancing customer experience. For detailed results, please refer to the investor section on their website.

Duke Energy announced that as of 5 p.m. ET on October 31, 2020, it restored power to nearly 90% of over 500,000 customers affected by Tropical Storm Zeta in North and South Carolina. The company aims to restore power to the remaining 61,000 customers by 11 p.m. ET on Monday, with many being restored sooner. Nearly 6,500 workers are engaged in the restoration effort, which involves challenging repairs. Customers can report outages via multiple channels, including a mobile app and text messaging.

Duke Energy has restored power to nearly 70% of the over 500,000 customers affected by Tropical Storm Zeta in North and South Carolina. As of 4:30 p.m. ET, 165,000 customers remain without electricity, with a significant number of workers engaged in restoration activities. Damage assessments are ongoing, with challenges faced due to unexpected storm intensity. The restoration process prioritizes public safety facilities and maximizes customer restoration. Customers can access storm updates and report outages through Duke Energy's website and mobile app.

Duke Energy is prepared for power restoration efforts following the remnants of Hurricane Zeta, with over 2,600 workers mobilized, primarily in South Carolina and North Carolina. Additionally, 300 workers from the Midwest and Florida are on standby to assist. The company emphasizes adherence to CDC guidelines for COVID-19 safety during restoration. Customers are encouraged to prepare by signing up for outage alerts and creating emergency supply kits. Duke Energy is actively monitoring lake levels to mitigate potential flooding from increased water flow.

Duke Energy declared a quarterly cash dividend of $0.965 per common share, payable on December 16, 2020, to shareholders on record by November 13, 2020. Additionally, a quarterly dividend of $359.375 per Series A preferred share will also be paid on the same date to shareholders of record by the same date. This marks the company's 94th consecutive year of cash dividend payments, reflecting its commitment to shareholder returns and stable financial performance.

Duke Energy Foundation has allocated nearly $260,000 in grants to support Florida communities, focusing on accessibility to the arts, diversity, inclusion, and COVID-19 challenges. The funding will benefit 19 nonprofits, including Prospera, which assists Hispanic entrepreneurs. Grants include $50,000 to help enhance disaster preparedness for Hispanic-owned businesses and smaller amounts for various educational and community programs across Florida. Duke Energy contributes over $30 million annually in charitable gifts, funded by shareholder dollars.

On Oct. 8, 2020, Duke Energy announced three Florida properties selected for its Site Readiness Program: Tropicana Field in Pinellas County, 472 Properties in Volusia County, and Frostproof Business Park in Polk County. This initiative has generated $165 million in investments and created 615 jobs over seven years. The program aims to enhance the sites' infrastructure for future commercial and industrial developments, supporting economic growth in local communities. Duke Energy's efforts have led to an impressive $8.3 billion in capital investments across its service areas.