Duke Energy Corp Stock Price, News & Analysis

Duke Energy Florida is launching the Neighborhood Energy Saver program in DeLand, aimed at providing more than 1,400 income-eligible customers with free energy-efficient home upgrades. Phase 1 starts in March 2023, with additional enhancements planned for Phase 2. Eligible homes could receive over 17 energy-saving improvements, including AC maintenance, insulation, and energy-efficient lighting. The initiative has already benefited 47,000 customers since its inception in 2006, saving nearly $1.25 billion through energy programs. The program emphasizes energy education to help residents lower their monthly bills.

Duke Energy has launched the Blue River Solar Facility in Shelbyville, Indiana, marking the first project of its pilot solar program. This facility spans 8 acres and will provide up to 900 kilowatts of solar energy, primarily for the local business, Toray Resin Co., which aims to reduce its carbon emissions significantly by 2030. Through a lease program, local businesses can access solar energy without upfront costs, receiving credits for the energy produced. The construction faced delays due to supply chain issues during the pandemic, but the project was successfully completed in August 2022.

Duke Energy Florida has announced the construction of two new solar projects in Bay and Madison counties, set to begin in March 2023. These facilities, each with a capacity of 74.9 megawatts, are expected to generate enough carbon-free electricity to power approximately 23,000 homes at peak output. The projects are part of the Clean Energy Connection program and are projected to create 200-300 temporary jobs during construction. Additionally, due to changes in federal tax credits, the solar power plants are anticipated to save customers over $30 million in 2022. Duke Energy aims to enhance energy diversity and contribute to cleaner energy solutions for Florida residents.

Duke Energy Carolinas is proposing a 16.6% increase in residential electricity rates due to a sharp rise in fuel costs, with rates potentially rising by 0.4% in January. The total monthly impact would raise bills for customers using 1,000 kWh from $115.01 to $134.11. Fuel costs have tripled in the past year, leading to an under-collection of $1 billion. If approved, the new rates will still be below the national average of $161.81. The company emphasizes it does not profit from these costs and has implemented savings measures worth $374 million to mitigate the impact on customers. Additionally, Duke Energy is actively providing assistance and energy-saving programs to support customers facing financial pressures.

Piedmont Natural Gas has received approval to lower customer billing rates due to a decrease in natural gas market costs. This reduction will take effect from March 2023, resulting in savings of approximately $2.33 per month for North Carolina residents and $2.42 for South Carolina residents. Customers may see a larger decrease, up to $4 monthly during winter. Piedmont previously adjusted rates in February 2023. The company ensures that the cost of natural gas is passed on without markup, reflecting market prices. Programs such as the Equal Payment Plan are available to help manage energy expenses.

Duke Energy Florida has announced an adjustment to its fuel and capacity rate request due to declining natural gas costs, resulting in a projected monthly savings of approximately $8.50 for residential customers. If approved, the new rate will take effect in April 2023, lowering the monthly bill for an average user of 1,000 kWh to $190.56. Additionally, commercial and industrial clients will benefit from reductions ranging from 5% to 9%. This initiative reflects the company's commitment to providing cost relief amidst financial pressures faced by many families.

Duke Energy will establish a pioneering performance center for zero-emission electric vehicle (EV) fleets at its Mount Holly Technology and Innovation Center in North Carolina. The center will facilitate the development, testing, and deployment of commercial-grade EVs, incorporating microgrid integration to support electric fleet owners. Expected by the end of 2023, the site will offer a reliable charging experience, powered by either the grid or carbon-free resources. This unique facility aims to accelerate the transition to electric fleets, presenting economic benefits for North Carolina and showcasing innovative charging technologies through collaboration with Electrada and Daimler Truck North America.

Duke Energy has announced an expansion of its Green Source Advantage (GSA) program, providing customers the option for 100% renewable energy along with energy storage solutions. The proposal, filed with the North Carolina Utilities Commission, includes an increase in available capacity to 4,000 megawatts, allowing customers to meet their sustainability goals more effectively. Notably, customers can now contract for up to 100% of their energy needs, a significant increase from the previous cap of 30%. Additionally, a new program called Clean Energy Impact is introduced for residential customers, featuring flexible month-to-month contracts and local renewable energy options.