Duke Energy Corp Stock Price, News & Analysis

Duke Energy has launched a cutting-edge green microgrid in Hot Springs, North Carolina, equipped with a 2-megawatt solar facility and a 4.4-megawatt lithium-based battery storage system. This microgrid serves as a reliable energy source for the town during outages, capable of powering the entire community independently. It enhances grid reliability through services like voltage regulation and capacity support. The technology partner for this project is Wärtsilä, which provided the energy management system. Duke Energy aims to expand similar initiatives across its regulated areas, contributing to its clean energy transition goals.

Piedmont Natural Gas announced a rate reduction approved by the North Carolina Utilities Commission and the Public Service Commission of South Carolina, effective from February 2023. This decision allows the average residential customer in North Carolina to save approximately $14 monthly, totaling $170 annually, and in South Carolina, to save around $10 monthly, or $116 yearly. Winter bills may see even larger reductions, with North Carolina customers potentially saving up to $27 monthly. The company emphasizes its commitment to keeping costs low amidst fluctuating natural gas prices.

Duke Energy has actively participated in the annual United Nations Climate Change Conference (COP) for two years, emphasizing its commitment to achieving net-zero emissions. At COP27, Duke Energy highlighted the importance of the private sector in meeting climate goals and shared insights on how the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA) will support its initiatives. The company plans to invest $145 billion over the next decade to enhance energy infrastructure, which will foster economic development and job creation in its service areas. Duke Energy is committed to balancing affordability and reliability while transitioning to cleaner energy.

Duke Energy (NYSE: DUK) has announced an expansion of its Green Source Advantage (GSA) program, enhancing customer access to 100% renewable energy and energy storage solutions. The revised program will enable customers to contract for up to 4,000 megawatts, more than tenfold the current capacity, allowing for continuous clean energy use. Customers can now secure renewable energy to meet their sustainability goals and work directly with Duke Energy or independent developers. Additionally, the Clean Energy Impact program will offer month-to-month contracts for residential customers, supporting local renewable initiatives without long-term commitments.

Duke Energy Florida is launching the Neighborhood Energy Saver program in Volusia County, providing energy-efficient upgrades to over 1,700 income-eligible customers from February to April 2023. The program aims to help single-family homeowners save up to $315 annually, while apartment residents can save around $150. Customers will receive complimentary energy improvements, including insulation and AC maintenance, to lower their energy costs. Since 2006, the program has benefited more than 43,000 customers in Florida, yielding nearly $1.25 billion in savings. An event will be held on January 30 to inform eligible residents.

Duke Energy announced its response to the North Carolina Utilities Commission's (NCUC) recent order on its carbon plan, required by state law. The NCUC's decision mandates Duke Energy to refresh its modeling and submit a new proposal by September 1, 2023, factoring in the Inflation Reduction Act and other legislative changes. The company aims to promote a clean energy transition, having already retired two-thirds of its coal plants and achieved a 40% reduction in emissions since 2005. The updated carbon plan will be integrated into their resource planning for South Carolina in August 2023.

Duke Energy Sustainable Solutions has commenced operations at the Jackpot Solar project in Twin Falls County, Idaho, marking its first utility-scale renewable project in the state.

The 120-megawatt solar facility, the largest in Idaho, will support Idaho Power's 20-year power purchase agreement and provide enough electricity for approximately 24,000 homes. This project aligns with Idaho Power's goal of achieving 100% clean energy by 2045 and is expected to bolster the local economy through job creation and tax revenues for the Filer Consolidated School District.

Additionally, Duke Energy has granted $15,000 to the Shoshone Basin Rangeland Fire Protection Association to enhance rural safety.

Duke Energy Florida has proposed adjustments to fuel and capacity rates, seeking recovery of approximately $795 million in fuel costs and $442.1 million for storm restoration, primarily due to Hurricanes Ian and Nicole. The proposal comes amid rising natural gas prices and aims to insulate customers from volatility. If approved by the Florida Public Service Commission, residential bills will increase by about $33.49, resulting in a 20% uptick starting April 2023. Despite these increases, Duke Energy emphasizes customer support through assistance programs and tax savings from solar investments. The company aims for increased solar power generation, targeting a total of 1,500 megawatts by 2024.

Duke Energy Florida has selected four locations in Franklin, Highlands, and Marion counties for its 2022 Site Readiness Program. This initiative aims to enhance industrial site opportunities to attract economic development investments. Since its inception in 2013, the program has facilitated the creation of 680 jobs and secured $183 million in capital investments in Florida. The identified sites include Airport Industrial Park in Franklin County, Avon Park Airport & Industrial Park and Lake Placid Business & Industrial Park in Highlands County, and Baseline Commerce Park in Marion County, all strategically positioned to support various industries.