Duke Energy Corp Stock Price, News & Analysis

Duke Energy Florida plans to enhance power reliability by adding three new battery energy storage sites totaling nearly 30 megawatts. Located at Lake Placid Solar Power Plant, John Hopkins Middle School, and Alachua County, these sites will improve grid efficiency and support public safety during outages. This initiative aligns with Duke Energy's commitment to integrate more renewable energy and increase energy security, with a goal of 50 megawatts of battery storage by 2022, supported by a $1 billion investment in solar power and energy storage.

Duke Energy Renewables has secured $109.4 million in preferred tax equity funding from Goldman Sachs' Alternative Energy Investing Group, aimed at supporting a portfolio of approximately 75 megawatts of solar and solar plus storage projects. This funding will be utilized over 18 months across several states, including Arizona, California, and Texas. The investment structure allows for the monetization of cash and tax attributes, enabling Duke Energy Renewables to invest further in its distributed generation portfolio, thereby reinforcing its commitment to delivering renewable energy.

Piedmont Natural Gas, a Duke Energy subsidiary, is resuming standard billing practices in North Carolina, South Carolina, and Tennessee, offering flexible payment plans for customers with past-due balances. Service disconnections for nonpayment are suspended until October 2020. Customers can enroll in payment arrangements, with options available starting in September for North Carolina. The company emphasizes the need for customers to contact them to avoid future financial issues. Piedmont has donated $6 million for COVID-19 relief since March, supporting affected customers and communities.

Duke Energy will resume standard billing practices in South Carolina on October 1, 2020, keeping disconnections for nonpayment suspended until October 12. Customers facing financial hardship due to the COVID-19 pandemic can make payment arrangements until October. The company has been actively assisting customers with flexible payment plans and encouraging them to access funds from programs like LIHEAP. Duke Energy has donated over $500,000 to support community programs amid the pandemic. The company emphasizes its commitment to helping customers manage their energy bills during this challenging time.

Duke Energy will implement standard billing practices in North Carolina from October 2020, continuing to suspend service disconnections for nonpayment until then. Customers facing financial hardship due to COVID-19 can establish flexible payment plans and will not incur late fees during this period. The company has contributed over $2.1 million to support local organizations addressing food and educational needs. Duke Energy urges eligible customers to access financial support programs, as it resumes regular operations while prioritizing customer assistance.

Duke Energy (NYSE: DUK) reported its second-quarter 2020 financial results on August 10, 2020. The company, based in Charlotte, N.C., serves 7.8 million retail electric customers across six states and distributes natural gas to 1.6 million customers in five states. It generates 51,000 megawatts through regulated utilities and 2,300 megawatts through Duke Energy Renewables. An investor presentation led by CEO Lynn Good and CFO Steve Young highlighted key business updates, emphasizing the company's commitment to modernizing the energy grid and generating cleaner energy.

Duke Energy has partnered with the South Carolina Chamber of Commerce to assist small businesses affected by COVID-19. A $100,000 grant from the Duke Energy Foundation will support 56 businesses, particularly those owned by minorities and women. The program includes six months of mentoring and a $1,000 microgrant for pandemic-related expenses. Additionally, online classes will be offered to enhance skills in various business areas. This initiative emphasizes Duke Energy's commitment to community support during challenging times.

Duke Energy Florida is preparing for potential outages as Hurricane Isaias is projected to impact the Southeast coast of Florida on Saturday. The storm may bring strong winds and heavy rainfall, affecting power supply for customers in central and eastern Florida. Duke Energy emphasizes its commitment to providing safe and reliable power, especially during the pandemic when customers are home more than ever. The company is implementing COVID-19 safety measures for its crews while restoring power. Customers are encouraged to sign up for outage alerts and follow safety recommendations.

Duke Energy Carolinas plans to reduce monthly fuel costs for its South Carolina customers starting Oct. 1, 2020. A typical residential customer using 1,000 kWh will see a decrease of $6.81, approximately 5.6%. Commercial customers will also experience a 5.6% reduction, while industrial customers will save about 9.8%. This annual adjustment is based on actual fuel costs, with no profit margin for Duke Energy on these rates. The proposed decrease impacts over 600,000 customers across South Carolina.