Duke Energy Corp Stock Price, News & Analysis

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.

Duke Energy and Pasco-Hernando State College (PHSC) are collaborating during National Engineers Week (Feb 19-25) to promote engineering careers.

A recent $40,000 grant from the Duke Energy Foundation will assist 20 students in engineering and drafting programs, focusing on underrepresented communities.

This funding supports scholarships, industry certifications, and initiatives like a Cybersecurity Hackathon. Since 2017, Duke Energy has contributed over $190,000 to PHSC. The company aims for a cleaner energy future, with interim carbon emission targets and significant investments in energy technologies.

Duke Energy has assisted nearly 190,000 residential customers in 2022, distributing approximately $200 million to help them pay their energy bills during challenging economic times. Its proactive approach, initiated during the COVID-19 pandemic, involved collaboration with over 1,500 agencies, enabling the distribution of over $191 million to aid customers. In North Carolina alone, over $75 million was allocated to nearly 77,000 customers. Through ongoing outreach, Duke Energy aims to raise awareness of available assistance programs, reinforcing its commitment to community support and energy efficiency.

Duke Energy Sustainable Solutions has acquired Pike Solar, a new solar power plant near Colorado Springs, Colorado. This facility, featuring over 414,000 solar panels on approximately 1,310 acres, will generate 175 megawatts of electricity, enough to power about 46,300 homes. Under a 17-year agreement, Colorado Springs Utilities will purchase the electricity produced. The project is expected to provide substantial local economic benefits, including jobs and tax revenues for public schools. With this acquisition, DESS now has three solar projects in Colorado totaling 248 megawatts, reinforcing its commitment to sustainable energy solutions.