Duke Energy Corp Stock Price, News & Analysis

Duke Energy filed its 2020 Integrated Resource Plans (IRPs), proposing strategies for up to 70% carbon emissions reduction in the Carolinas. The plans incorporate customer and stakeholder feedback and suggest investments in renewable energy sources like solar and wind. Duke aims for at least a 50% reduction by 2030 and net-zero emissions by 2050. The IRPs outline six pathways for resource planning and emphasize grid improvements to support renewable integration. This comprehensive filing aligns with South Carolina's Energy Freedom Act.

Duke Energy has allocated $300,000 to support Indiana customers facing energy bill difficulties amid the pandemic. The funds aim to assist eligible customers and enable them to avoid disconnections by setting up payment plans, extendable up to 12 months. The company collaborated with the Indiana Community Action Association to distribute aid. This initiative comes as service disconnections for nonpayment were temporarily suspended until Sept. 15. Additionally, Duke Energy has contributed over $1.15 million in shareholder funds to local nonprofits since mid-March.

Duke Energy Carolinas customers in North Carolina will experience a decrease in electric rates starting Sept. 1, 2020. Residential rates will drop by 2.9%, commercial by 2.5%, and industrial by 2.1%. A typical residential bill, based on 1,000 kWh usage, will fall from $106.97 to $103.84, saving customers $3.13 monthly. This adjustment, approved by the North Carolina Utilities Commission, includes fuel cost adjustments and incorporates savings from the COVID-19 response. Duke Energy serves over 2 million customers across central and western North Carolina.

Duke Energy has selected three sites in South Carolina to participate in its 2020 Site Readiness Program, aimed at enhancing industrial development. The program has previously supported 15 major projects, contributing over 2,600 jobs and nearly $1 billion in capital investment since 2005. The selected locations include the Woodle Site in Dillon County, the Springs Grace Complex in Lancaster County, and the Newberry South Industrial Site in Newberry County. Each site is eligible for a $10,000 matching grant to further prepare for project attraction.

Duke Energy has chosen six sites in North Carolina for its 2020 Site Readiness Program, aimed at facilitating business development. Since its inception in 2005, the program has attracted 23 major projects, leading to over 5,650 jobs and nearly $6.4 billion in capital investment. The selected sites, including locations in Burke, Catawba, Edgecombe, Granville, Lee, and Nash Counties, will receive up to a $10,000 matching grant for preparation. Duke Energy's ongoing commitment to economic growth has earned recognition from Site Selection magazine.

Duke Energy has commenced operations at North Carolina's largest battery system, a 9-MW lithium-ion setup in Asheville, costing under $15 million. This initiative aims to enhance grid efficiency and support energy storage. The company plans to invest $600 million in energy storage to achieve a 50% reduction in carbon emissions by 2030 and net-zero by 2050. Additionally, Duke Energy has expanded its renewable projects, including solar facilities and microgrids, while maintaining a strong presence with an electric generating capacity of 51,000 MW.

Duke Energy Florida plans to enhance power reliability by adding three new battery energy storage sites totaling nearly 30 megawatts. Located at Lake Placid Solar Power Plant, John Hopkins Middle School, and Alachua County, these sites will improve grid efficiency and support public safety during outages. This initiative aligns with Duke Energy's commitment to integrate more renewable energy and increase energy security, with a goal of 50 megawatts of battery storage by 2022, supported by a $1 billion investment in solar power and energy storage.

Duke Energy Renewables has secured $109.4 million in preferred tax equity funding from Goldman Sachs' Alternative Energy Investing Group, aimed at supporting a portfolio of approximately 75 megawatts of solar and solar plus storage projects. This funding will be utilized over 18 months across several states, including Arizona, California, and Texas. The investment structure allows for the monetization of cash and tax attributes, enabling Duke Energy Renewables to invest further in its distributed generation portfolio, thereby reinforcing its commitment to delivering renewable energy.

Piedmont Natural Gas, a Duke Energy subsidiary, is resuming standard billing practices in North Carolina, South Carolina, and Tennessee, offering flexible payment plans for customers with past-due balances. Service disconnections for nonpayment are suspended until October 2020. Customers can enroll in payment arrangements, with options available starting in September for North Carolina. The company emphasizes the need for customers to contact them to avoid future financial issues. Piedmont has donated $6 million for COVID-19 relief since March, supporting affected customers and communities.