Duke Energy Corp Stock Price, News & Analysis

Duke Energy announced the appointment of Derrick Burks as a new board member, effective March 1, 2022. Burks, a former managing partner at EY, brings extensive experience in assurance, tax, and advisory services. He has previously served on the board of Vectren Corporation and is currently involved with Equity LifeStyle Properties and Kite Realty Group Trust. His expertise in audits, risk assessment, and capital markets is expected to aid Duke's strategy amidst industry changes. Burks joins under a 2021 cooperation agreement with Elliott Investment Management, emphasizing the company's focus on regional expertise.

Duke Energy (NYSE: DUK) reported its fourth-quarter and year-end 2021 financial results on February 10, 2022. The company serves 8.2 million electric customers across multiple states and aims for significant clean energy advancements, targeting a 50% carbon reduction by 2030 and net-zero emissions by 2050. Duke Energy is also committed to expanding its renewable energy capacity to 16,000 megawatts by 2025. The company has been recognized by Fortune and Forbes for its business excellence and employer reputation.

Duke Energy is advancing its climate change strategy with key commitments. By 2030, coal is expected to comprise less than 5% of its total energy generation, with a complete exit from coal by 2035, representing the largest planned coal fleet retirement in the industry. The company aims for net-zero emissions by 2050, expanding its goals to include Scope 2 and select Scope 3 emissions. Since 2010, Duke has retired 56 coal units, accounting for around 7,500 megawatts. The company emphasizes measurements of its emissions and plans to disclose more in its upcoming ESG Investor Day.

Viatec, Inc. has announced the successful closure of its Series B funding round, led by Terex Corporation and Duke Energy. This partnership highlights the collaboration between Viatec and Duke Energy since 2018, focusing on electrification solutions for the utility sector. Viatec's SmartPTO product is pivotal for Duke Energy's fleet electrification goals. The investment will enable Viatec to scale production and expand its offerings. Founded in 2015, Viatec specializes in electric power take-off systems, aiming to set new industry standards in the vocational vehicle sector.

Duke Energy anticipates widespread power outages in Indiana due to a winter storm bringing heavy snow and freezing rain. In response, the company has positioned nearly 1,500 workers, including crews from North Carolina and South Carolina, to expedite power restoration. Although extra resources are mobilized, hazardous conditions may delay restoration efforts. Duke Energy serves around 860,000 customers in Indiana and has advised those with special needs to prepare alternative arrangements. The company committed to keeping customers informed through various communication channels during this multi-day power outage scenario.

Terex (NYSE: TEX) announced a Series B investment in South Carolina-based Viatec, Inc., a manufacturer of electronic power take-off systems for utility fleets. Terex is the lead investor, joined by Duke Energy. This partnership aims to scale Viatec's production and enhance the electrification solutions available to utility customers. The collaboration follows years of engagement, and a Terex representative will join Viatec's board. Terex's investment reflects confidence in Viatec’s potential, bolstered by Duke Energy's prior involvement as a customer.