Duke Energy Corp Stock Price, News & Analysis

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.

Duke Energy Carolinas has proposed a rate review to the North Carolina Utilities Commission to enhance its electricity grid, focusing on reliability and cleaner energy sources. This $4.2 billion investment over three years will significantly improve grid infrastructure, with 75% allocated to upgrades resistant to severe weather. The plan includes gradual rate increases totaling 15.7% by 2026, starting with an estimated $12.54 increase for typical residential customers in 2024. Duke Energy aims to leverage federal funds to keep rates competitive while implementing energy efficiency programs and assistance for vulnerable customers.

Duke Energy Sustainable Solutions has commenced operations on the 207-megawatt Ledyard Windpower project in Iowa, powered by a 15-year virtual power purchase agreement with Verizon for 180 MW. This initiative could provide power to approximately 75,000 homes and created around 200 jobs during construction. The project will enhance local economies through tax revenues and payments to landowners. Additionally, Duke Energy awarded a $60,000 grant to support the Ledyard Fire Department. This marks Duke's inaugural venture in the Iowa wind market, contributing positively to their renewable energy portfolio.

Duke Energy Sustainable Solutions (DESS) has acquired the Pike Solar project in Colorado, aimed at providing 175 megawatts of renewable energy to Colorado Springs Utilities. Covering about 1,310 acres and featuring over 414,000 solar panels, this facility will generate enough electricity to power approximately 46,300 homes. Under a 17-year agreement, Colorado Springs Utilities will purchase the generated electricity. The project is anticipated to employ 350 workers at peak construction and is on track for commercial operation by late 2023. This acquisition underscores DESS's commitment to expanding its renewable energy portfolio.

Duke Energy's Outdoor Lighting team is innovating to protect sea turtle hatchlings by reducing artificial light distractions along Florida's beaches. Their solution, the Narrow Band Amber LED fixture, will guide turtles towards the ocean instead of hazardous areas. Installed in Treasure Island in 2021, this technology has garnered positive feedback from local officials and aims to enhance both driver safety and turtle conservation. As more fixtures are deployed throughout Florida and into the Carolinas, Duke Energy is improving relationships with environmental advocates while fostering better nesting habitats for turtles.

Duke Energy Progress has secured a comprehensive agreement with various parties in South Carolina regarding its rate review request. If approved, the agreement will result in a $10.95 monthly increase for the typical residential customer using 1,000 kWh, with a total increase of $52 million—41% less than the initially requested $89 million. This agreement also addresses coal ash basin closure costs and allows for a 9.6% return on equity. The decision supports the company’s efforts to enhance reliability and customer experience.

Duke Energy Sustainable Solutions (DESS) has commenced operations on the 207-megawatt Ledyard Windpower project in Kossuth County, Iowa, marking its entry into the Iowa market. The project, co-developed with Amshore Renewable Energy, will produce enough renewable energy to power 75,000 homes and created around 200 jobs during construction. Verizon Communications has entered a 15-year virtual power purchase agreement for 180 MW from this project, aligning with its net-zero emissions goal by 2035. Additionally, DESS supports the Ledyard Fire Department with a $60,000 grant.