Duke Energy Corp Stock Price, News & Analysis

Piedmont Natural Gas has announced a reduction in customer billing rates following a decrease in the market cost of natural gas, effective April 2023. This reduction will lead to an average savings of $3 per month or $36 annually for Tennessee residential customers, contributing to a total annual savings of $421 when combined with previous reductions in January and March 2023. The company aims to alleviate costs for its customers as they navigate the colder months. Piedmont maintains that it does not markup natural gas costs, passing savings directly to customers and continues to offer assistance programs for those in need.

Duke Energy Indiana's request for a 16% reduction in electric bills due to lower fuel and power costs has been approved by the Indiana Utility Regulatory Commission. Effective from April to June, this reduction translates to an average saving of $26 per month for residential customers using 1,000 kilowatt-hours. This follows a 5% decrease implemented in January. Increased fuel prices in 2022 were driven by global market volatility and labor shortages. Duke Energy aims to stabilize costs through diverse procurement strategies and long-term contracts.

Duke Energy has commenced operations of North Carolina's largest battery system, an 11-MW project located in Onslow County, alongside a 13-MW solar facility at Marine Corps Base Camp Lejeune. This project aims to enhance energy reliability and maximize the use of renewable resources. The lithium iron phosphate battery will operate both in conjunction with and independently from the solar facility. Duke Energy plans to expand its battery storage capacity to over 1,600 MW by 2029, currently having about 90 MW in three states. The initiative supports the company's strategy for a clean energy transition and energy resilience.

Duke Energy has contributed over $2 million since last year to aid Florida households facing rising electricity costs and other economic hardships. The funds support local agencies providing essential assistance such as housing and food. Notable grants include $75,000 to Rebuilding Together and $100,000 to Feeding Florida. In total, Duke Energy allocated $732,000 to state-based programs and distributed over $1 million in energy bill assistance through the Share the Light Fund in 2022. This initiative aims to help customers cope with financial struggles exacerbated by inflation and the pandemic.

Duke Energy Sustainable Solutions (DESS) has launched its largest solar power plant, the 250-MW Pisgah Ridge Solar project in Navarro County, Texas. This project is significant as it features three long-term virtual power purchase agreements (VPPAs) with companies including Charles River Laboratories and Meijer, securing over 90% of the facility's output for the next 15 years. The plant is expected to enhance Duke Energy's presence in renewable energy, providing substantial economic benefits to the local community, including tax revenues for the Corsicana Independent School District and job creation during construction.

Duke Energy Indiana is offering over $300,000 in financial assistance to help low-income customers pay their energy bills. Through the Share the Light Fund, eligible customers can receive up to $300 annually on their accounts. Over the past five years, the company has assisted over 12,000 households, distributing more than $3 million. Duke Energy will also reduce security deposits for customers eligible for the Low Income Home Energy Assistance Program (LIHEAP). The initiative is part of a broader commitment to support customers facing financial challenges, especially since the COVID-19 pandemic.

Duke Energy is focusing on enhancing its renewable energy initiatives by investing in battery storage systems across its six states. By 2035, the company aims to achieve 30 gigawatts of renewable energy and support its goal of net-zero carbon emissions by 2050. Notable projects include a 2-megawatt solar installation paired with a 4.4-megawatt battery in Hot Springs, NC, providing backup power to a small town. The company is committed to exploring advanced battery technologies that can store energy for longer durations while maintaining grid reliability. Duke Energy encourages careers in energy, particularly for women, as it transforms the energy landscape.

Duke Energy Florida initiates construction on its first floating solar pilot project in Polk County, set to enhance clean energy production. Featuring over 1,800 floating solar modules and covering approximately 2 acres, the project will generate nearly 1 megawatt of power. Scheduled for completion within five to six months, it is part of the Vision Florida program aimed at innovative energy solutions. Duke Energy aims for significant carbon emission reductions, targeting net-zero emissions in electricity generation by 2050.

Duke Energy Florida is set to begin construction on two new solar projects in Bay and Madison counties, enhancing its renewable generation portfolio. The Mule Creek Renewable Energy Center and Winquepin Renewable Energy Center will each have a capacity of 74.9 MW and produce enough energy to power approximately 23,000 homes. The projects, part of the Clean Energy Connection program, are expected to create 200 to 300 temporary jobs during the nine to twelve months of construction. The solar facilities will significantly reduce the use of natural gas, fuel oil, and coal, saving customers over $30 million due to tax credits from the Inflation Reduction Act.