Duke Energy Florida continues with power restoration in areas impacted by Hurricane Milton; outages have decreased from over 1 million to approximately 580,000

Rhea-AI Summary

Duke Energy Florida is making progress in restoring power to areas affected by Hurricane Milton. Outages have decreased from over 1 million to approximately 580,000 as of 12 p.m. ET on Saturday, Oct. 12. The company has issued estimated restoration times for impacted customers:

- Most counties will be restored by 11:59 p.m. ET on Sunday, Oct. 13
- Pinellas and Pasco counties will be restored by 11:59 p.m. ET on Tuesday, Oct. 15

Customers with extensive damage or flooding may face extended outages. Duke Energy Florida is committed to restoring power to all customers and provides multiple ways to report outages, including their website, mobile app, text messaging, and phone line. The company serves 2 million customers across a 13,000-square-mile service area in Florida.

Positive

• Significant progress in power restoration, with outages reduced from over 1 million to approximately 580,000
• Clear restoration timeline provided for most affected areas
• Multiple channels available for customers to report outages and get updates

Negative

• Some customers may face extended outages due to extensive damage or flooding
• Two counties (Pinellas and Pasco) have a longer restoration timeline, potentially impacting more customers for a longer period

Insights

Utility Operations Expert

Duke Energy Florida's rapid response to Hurricane Milton demonstrates strong operational resilience. Reducing outages from over 1 million to 580,000 in a short period showcases effective disaster recovery capabilities. The company's commitment to restore power to most counties by Sunday and the remaining by Tuesday indicates a well-organized restoration plan.

The transparent communication of estimated restoration times and multiple reporting options for customers enhances stakeholder trust. However, the extended outages in Pinellas and Pasco counties until Tuesday may lead to short-term customer dissatisfaction and potential economic impacts in those areas.

Long-term, this event underscores the need for continued investment in grid resilience and may support Duke Energy's case for further infrastructure upgrades. While the immediate financial impact includes restoration costs, the company's efficient response could positively influence regulatory relationships and future rate case discussions.

Financial Analyst

The hurricane's impact on Duke Energy Florida, a subsidiary of Duke Energy (NYSE: DUK), is significant but appears manageable given the company's scale and experience. With 2 million customers affected and substantial infrastructure damage, short-term costs will increase, potentially impacting Q4 earnings. However, these events are typically treated as extraordinary items in financial reporting.

Duke Energy's 88 billion market cap and diversified operations across six states provide financial stability to absorb these costs. The company's ambitious clean energy transition, including grid upgrades and cleaner generation, aligns with long-term industry trends and may attract ESG-focused investors.

Investors should monitor the speed of power restoration and any regulatory discussions about cost recovery. Efficient handling of this crisis could strengthen Duke Energy's position in future rate case negotiations, potentially leading to favorable outcomes that could positively impact long-term shareholder value.

• Most counties to be restored by end-of-day Sunday; Pasco and Pinellas counties to be restored by end-of-day Tuesday

Editor's note: Visit the Duke Energy News Center for downloadable B-roll and high-resolution images.

ST. PETERSBURG, Fla., Oct. 12, 2024 /PRNewswire/ -- Duke Energy Florida is continuing with power restoration in areas impacted by Hurricane Milton. Outages have decreased from over 1 million immediately post-storm to approximately 580,000 as of 12 p.m. ET today, Saturday, Oct. 12.

The company recently issued estimated times of restoration for all storm-impacted customers who are able to receive power. Those in Brevard, Citrus, Hernando, Highlands, Lake, Marion, Orange, Osceola, Polk, Seminole, Sumter and Volusia counties will be restored by 11:59 p.m. ET on Sunday, Oct. 13, and customers in Pinellas and Pasco counties will be restored by 11:59 p.m. ET on Tuesday, Oct. 15.

"It's only been a few days since Hurricane Milton tore through the state, leaving behind unimaginable destruction and more than a million of our customers without power," said Todd Fountain, Duke Energy Florida storm director. "While we've already made significant restoration progress in that short time, we will not stop until we get the lights back on for all our customers."

It is important to note that customers who experienced extensive damage or flooding may require additional time for restoration and some should be prepared for extended outages. Updates will be communicated as soon as possible.

Customers who cannot receive power as a result of damage to the property's meter base, breaker panel or customer-owned electrical wiring should contact their local municipalities for guidance. Inspections may be required after repairs are complete.   

Power outages can be reported four different ways:

• Visit duke-energy.com on a desktop computer or mobile device.
• Use the Duke Energy mobile app (download from a smartphone via Apple Store or Google Play).
• Text OUT to 57801 (standard text and data charges may apply).
• Call the automated outage reporting system at 800.228.8485.

The most up-to-date information about power outages can be accessed on Duke Energy's Outage Map or by enrolling in Outage Alerts.

Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, owns 12,300 megawatts of energy capacity, supplying electricity to 2 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.  

Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. 

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.  

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. 

Contact: Ana Gibbs
24-Hour: 800.559.3853 

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SOURCE Duke Energy

FAQ

How many Duke Energy Florida customers are still without power after Hurricane Milton?

As of 12 p.m. ET on Saturday, Oct. 12, approximately 580,000 Duke Energy Florida customers were still without power, down from over 1 million immediately after Hurricane Milton.

When will power be restored to most areas affected by Hurricane Milton for Duke Energy Florida (DUK) customers?

Most counties will have power restored by 11:59 p.m. ET on Sunday, Oct. 13. However, Pinellas and Pasco counties are expected to be restored by 11:59 p.m. ET on Tuesday, Oct. 15.

How can Duke Energy Florida customers report power outages after Hurricane Milton?

Customers can report outages through the Duke Energy website, mobile app, by texting OUT to 57801, or by calling the automated outage reporting system at 800.228.8485.

What is the service area of Duke Energy Florida (DUK) affected by Hurricane Milton?

Duke Energy Florida serves 2 million customers across a 13,000-square-mile service area in Florida, which was impacted by Hurricane Milton.