Duke Energy Corp Stock Price, News & Analysis

The Duke Energy Foundation has announced $700,000 in new funding for North Carolina small businesses through its grant program. Partnering with 20 community organizations, grants ranging from $1,000 to $5,000 will be distributed to support retail shops, restaurants, and other small businesses looking to expand, upgrade technology, and improve downtown storefronts. Now in its fourth year, the program has provided over $2 million in funding since its inception during the COVID-19 pandemic. The initiative aims to revitalize Main Streets across the state and support economic development efforts. Small businesses interested in applying for funding are encouraged to inquire with their local nonprofit administering the program.

The Duke Energy Foundation is marking its 40th anniversary by awarding $40,000 in grants to four nonprofit organizations serving Florida. Each organization will receive a $10,000 grant to support their work in strengthening communities across the state. The recipients are:

• Feeding Florida
• Florida State Park Foundation
• American Red Cross
• Prospera (Hispanic Business Initiative Fund)

These grants aim to support initiatives ranging from ensuring a hunger-free Florida to assisting Hispanic entrepreneurs. The Duke Energy Foundation provides over $30 million annually in philanthropic support to meet community needs where Duke Energy customers live and work.

Duke Energy (NYSE: DUK) is offering over $4.6 million in energy bill assistance to help low-income North Carolina families through its Share the Light Fund®. The company has supported more than 11,000 North Carolina households with this amount over the last year. Duke Energy works with over 100 agencies across North Carolina to distribute funds to qualifying customers for energy bills, deposits, and reconnection charges.

Additionally, Duke Energy provides $80,000 annually for North Carolina's Operation Fan Heat Relief, supplying free fans to vulnerable older adults and adults with disabilities. The company also offers various energy-saving programs and assistance tools, including Usage Alerts, free Home Energy House Calls, Budget Billing, and installment payment plans.

Duke Energy Carolinas has proposed a 13.8% reduction in annual fuel cost adjustment for South Carolina customers. If approved by the Public Service Commission of South Carolina (PSCSC), the average monthly residential bill would decrease by $19.60, from $142.23 to $122.63 for a 1,000 kWh usage. Commercial customers would see a 13.8% decrease, while industrial customers would benefit from a 16.2% decrease.

The reduction is primarily due to decreased natural gas costs and a reduced true-up component. If approved, the new rates would take effect in November, significantly offsetting a previously announced base rate increase. Duke Energy Carolinas serves about 660,000 households and businesses in South Carolina's Upstate region.

Duke Energy (NYSE: DUK) has successfully restored power to over 510,000 customers in the Carolinas affected by Tropical Storm Debby, representing more than 95% of impacted customers within 24 hours. As of noon, fewer than 10,000 customers remain without power, with full restoration expected by tonight. The company deployed 7,500 workers for the storm response, emphasizing quick and safe restoration efforts.

Jason Hollifield, Duke Energy's storm director in the Carolinas, expressed gratitude for customer patience and community support. The company provides estimated restoration times for remaining customers on its outage map. Duke Energy, a Fortune 150 company, serves 8.4 million electric customers across six states and 1.7 million natural gas customers across five states. The company is committed to an ambitious clean energy transition, aiming for net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.

Piedmont Natural Gas, a subsidiary of Duke Energy (NYSE: DUK), is actively monitoring areas affected by Tropical Storm Debby in the Carolinas. The company is taking steps to ensure customer safety by inspecting natural gas meters for flood damage. Adam Long, Piedmont's chief operations officer, emphasized that flooded equipment can pose hazards and safety is their top priority.

Key points:

• Crews will inspect and potentially remove submerged meters
• Affected customers will need licensed contractor inspections before service restoration
• Piedmont offers comprehensive safety tips for flood-affected residents
• Customers are advised not to attempt repairs on their own
• The company provides a 24-hour hotline (800.752.7504) for emergencies

Duke Energy is actively responding to Tropical Storm Debby in the Carolinas, with 7,500 workers deployed for power restoration. As of noon, about 190,000 of the 300,000 affected customers have had their power restored. The company serves over 4.5 million customers in North and South Carolina.

Duke Energy emphasizes safety, urging the public to avoid downed power lines and standing water. The restoration process prioritizes public safety, critical infrastructure, and then aims to restore power to the largest number of customers as quickly as possible. Customers are encouraged to sign up for Outage Alerts and report outages via text, online, or phone.

The company is also reminding customers in flood-prone areas to monitor water levels and turn off power if flooding threatens their homes or businesses. Duke Energy cannot reconnect power to flooded buildings until a licensed electrician inspects and repairs the electrical system.

The Duke Energy Foundation, established in 1984, has been a significant force for positive change in communities across seven states for 40 years. Over this period, it has awarded over $500 million to more than 20,000 nonprofits, focusing on climate resiliency, justice, equity, inclusion, and creating strong economies. The Foundation is funded through shareholder dollars and supports various initiatives, including environmental sustainability, workforce development, and education.

Duke Energy employees contribute thousands of volunteer hours annually, donating nearly $4 million worth of volunteer time. The Foundation is committed to aligning with Duke Energy's clean energy transition and decarbonization efforts. Looking ahead, it has a five-year commitment to invest $150 million in line with the company's net-zero business strategy and efforts toward A Just Transition.

Duke Energy Florida (NYSE: DUK) has rapidly restored power to over 90% of customers within 24 hours after Hurricane Debby's landfall. The company credits its swift response to year-round preparations, grid hardening, and innovative technology. A workforce of 3,000 restored power to more than 330,000 customers since Sunday morning. Duke Energy's self-healing technology saved over 4 million minutes of outage time and automatically restored about 23,000 customer outages. The company's infrastructure improvements have shown significant progress compared to Hurricane Hermine in 2016, which left customers without power for about five days. Duke Energy Florida serves 2 million customers across a 13,000-square-mile area and owns 12,300 megawatts of energy capacity.