Duke Energy Corp Stock Price, News & Analysis

Duke Energy Florida has reached a comprehensive agreement with consumer groups to increase reliability and advance clean energy in Florida. The agreement, subject to approval by the Florida Public Service Commission, includes base rate increases but is expected to result in an overall decrease in customer bills by January 2025. Key points include:

- Average annual 2% bill increase over three years
- Building 12 new solar plants (900 MW) between 2025-2027
- Grid modernization for improved reliability
- Support for vulnerable customers during extreme weather
- Projected 5% decrease in typical residential bills by January 2025

The agreement aims to balance investments in clean energy and grid improvements with customer affordability and support.

Duke Energy (NYSE: DUK) has declared a quarterly cash dividend of $1.045 per share on its common stock, representing a $0.02 increase. The dividend is payable on Sept. 16, 2024, to shareholders of record as of Aug. 16, 2024. The company also announced dividends for its Series A and Series B preferred stocks. Duke Energy has maintained a 98-year streak of consecutive dividend payments on its common stock.

As a Fortune 150 company, Duke Energy serves 8.4 million electric customers and 1.7 million natural gas customers across multiple states. The company is committed to a clean energy transition, aiming for net-zero methane emissions by 2030 and net-zero carbon emissions from electricity generation by 2050.

Duke Energy, in collaboration with Buncombe County, has announced the construction of a 5-megawatt (MW) solar facility on a closed landfill in Asheville, N.C. This project aligns with the county's goal to achieve 100% renewable energy by 2042. The innovative facility will repurpose 20-30 acres of unusable land and produce enough energy to power around 1,000 homes annually. The lease agreement compensates the county with renewable energy certificates (RECs) instead of cash. This initiative is a part of Duke Energy's Western Carolinas Modernization Plan, which aims to meet the region's power needs with clean energy. The project underscores creative solutions and community collaboration in advancing renewable energy goals.

Duke Energy has shared energy-saving tips and financial assistance options for customers in the Carolinas as high temperatures approach. To reduce energy use and costs, Duke Energy advises customers to set thermostats to the highest comfortable setting, change air filters regularly, close curtains during sunny days, and use ceiling fans. The company also offers various programs such as the Power Manager and Flex Savings Option, which provide incentives and bill credits for participating. Additionally, Duke Energy provides payment assistance plans and free home energy assessments to help lower energy usage. Customers can track their energy use through the Duke Energy app. For more information, visit duke-energy.com/SummerSavings.

The Florida State Parks Foundation has partnered with Duke Energy Florida and the Friends of Wakulla Springs State Park to unveil a new accessible playground at Edward Ball Wakulla Springs State Park. The playground, inspired by the park's iconic river tour boats, includes several accessible play elements and a wide path to accommodate mobility devices. The project, costing $72,204, was primarily funded by Duke Energy Florida with a $44,000 donation.

Additional contributions included $15,000 from the Friends of Wakulla Springs State Park and the remaining balance from the Foundation. This playground is part of a broader initiative by Duke Energy Florida, which has donated over $300,000 to state parks for various amenities. The new playground aims to provide inclusive recreational experiences for all visitors.

Duke Energy will release its second-quarter 2024 financial results on August 6 at 7 a.m. ET. An earnings conference call for analysts is set for 10 a.m. ET the same day, hosted by CEO Lynn Good, President Harry Sideris, and CFO Brian Savoy. The call can be accessed through Duke Energy's investor website or by phone. A recording of the webcast will be available the next day. Duke Energy, a Fortune 150 company, serves 8.4 million electric and 1.7 million natural gas customers across several states. The company aims for net-zero methane emissions by 2030 and net-zero carbon emissions by 2050, investing in grid upgrades and cleaner energy sources.

The Public Service Commission of South Carolina (PSCSC) has approved new customer rates for Duke Energy Carolinas, effective August 1, 2024. Residential customers can expect an 8.7% increase ($12.06/month), with further 4.3% hike ($6.42/month) in August 2026. Commercial and industrial rates will also rise by 4.6% and 4.4%, respectively. The rate changes reflect investments in system reliability and diversity, and the return of tax benefits due to the Federal Tax Cuts and Jobs Act of 2017. The settlement, agreed upon with various consumer and environmental groups, includes a $2 million shareholder-funded study to explore low-income customer support programs. The PSCSC approved recovery of investments in natural gas, nuclear, solar, and hydroelectric units. The agreement sets the return on equity at 9.94% and an equity component of 51.21%. The only unapproved provision was for environmental compliance costs.

Duke Energy's Chief Diversity Officer is celebrating Pride Month by recognizing the company's five LGBTQ+ employee resource groups (ERGs) for their contributions to creating an inclusive workplace. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 150 company and one of America's largest energy holding companies, serving 8.2 million electric and 1.6 million natural gas customers across multiple states. The company is committed to a clean energy transition, aiming for net-zero methane emissions by 2030 and net-zero carbon emissions by 2050, with significant interim targets. Duke Energy is also investing in grid enhancements, energy storage, and zero-emission technologies. The company has been recognized on Fortune's 2023 'World's Most Admired Companies' and Forbes' 'World's Best Employers' lists.

Duke Energy has been honored with the Edison Electric Institute (EEI) Emergency Response Award for its effective response during Hurricane Idalia. This recognition follows a rigorous international nomination process and was awarded at EEI's annual meeting in June. Hurricane Idalia, a Category 3 storm, significantly impacted Florida on August 30, 2023, causing severe flooding and power outages to nearly 200,000 Duke Energy customers. Duke Energy successfully restored power to over 90% of those affected within 24 hours. The company's strategic placement of over 4,000 lineworkers and professionals played a important role in the quick recovery. EEI President Dan Brouillette praised Duke Energy's commitment to safety and efficiency in power restoration.