Duke Energy Corp Stock Price, News & Analysis

Duke Energy is investing $653,000 in educational grants in Florida. The funds will support 23 grants aimed at enhancing STEM education and promoting diversity and inclusion among students. Notable recipients include the Pinellas Education Foundation, awarded $180,000 for its STEM Academy Program, which aids underrepresented students. The Duke Energy Foundation, funded by shareholder dollars, contributes over $30 million annually to community initiatives.

Wells Fargo has partnered with Duke Energy to secure over 58 MW from the Blackburn Solar project in North Carolina, which is expected to offset about 50% of its energy use in the state. This initiative, under Duke's Green Source Advantage program, aligns with Wells Fargo's sustainability goals and aims to boost local job creation and tax revenues. The project, subject to approvals, is set to come online by 2022. Duke Energy's GSA program has made significant solar capacity available for large customers, supporting North Carolina's renewable energy expansion.

Duke Energy has allocated $90,000 to support 18 Indiana economic development groups through its 2021 Marketing Partnership Program, with each group receiving $5,000. This initiative aims to enhance local economic growth by funding marketing and strategic efforts that foster new jobs and investments. Eligible applicants must propose plans that directly impact community economic development. The funding is not available for travel or entertainment expenses. Duke Energy Indiana serves approximately 840,000 customers and is the largest electric utility in the state.

Duke Energy Foundation has announced $500,000 in funding to support small businesses in North Carolina through the Hometown Revitalization Grant Program. Each of the 20 selected communities will receive $25,000, with microgrants ranging from $500 to $2,500 for local businesses. The grant application is open until May 31, and decisions will be announced in August. This initiative aims to help businesses recover from pandemic challenges and is part of Duke Energy's commitment to community support, contributing over $30 million annually to charitable causes.

Duke Energy emphasizes the importance of calling 811 before any digging activities to prevent damage to underground utilities. This initiative reflects the company's commitment to safety and community awareness during National Safe Digging Month. In 2019, there were 532,000 excavation-related damage events in the U.S., leading to losses of approximately $30 billion. Duke Energy recorded about 2,800 such incidents in its service area. The company, headquartered in Charlotte, N.C., serves 7.7 million electric customers and distributes natural gas to over 1.6 million customers across six states.

Piedmont Natural Gas, a subsidiary of Duke Energy, reports an 8% decrease in damages to underground utility lines in the Carolinas and Tennessee, attributing this success to new damage prevention initiatives. In 2020, there were 200 fewer damages, totaling 2,322 incidents. The company emphasizes adherence to the Gold Shovel Standard, promoting safe digging practices among contractors. Additionally, Piedmont is testing geofencing technology for contractor reminders regarding safe digging.

Duke Energy has responded to the North Carolina Utilities Commission's (NCUC) order regarding the 2019 rate adjustment request for Duke Energy Carolinas. The NCUC's decision includes approved settlements that mitigate coal ash management costs and explore future grid improvements. Duke Energy has pledged $6 million to assist with energy-saving measures and $5 million for low-income customer billing assistance over two years. The company aims to keep customer rates below the national average and continues to enhance clean energy initiatives while providing substantial support during the pandemic.

Duke Energy announced $375,000 in grants to South Carolina organizations aimed at funding tutoring and reading programs in underserved communities affected by the pandemic. The initiative focuses on addressing learning gaps and supporting environmental education in Title 1 schools. The grants benefit 46 organizations and aim to enhance racial equity in education by offering professional development for teachers. This funding is part of Duke Energy's broader commitment to community support, with the foundation contributing over $30 million annually.