Welcome to our dedicated page for Duke Energy news (Ticker: DUK), a resource for investors and traders seeking the latest updates and insights on Duke Energy stock.
Duke Energy Corporation reports developments tied to one of the largest regulated utility platforms in the United States. The company operates electric utilities serving customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and natural gas utilities in North Carolina, South Carolina, Ohio and Kentucky.
Recurring news themes include quarterly financial results, common and preferred stock dividends, electric grid modernization, generation investments, customer cost initiatives, and regulatory approvals affecting power plants and utility service. Company updates also cover nuclear generation, natural gas and other resource additions, federal and state regulatory matters, and Duke Energy Foundation community programs in the utility territories it serves.
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.
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Duke Energy has committed $300,000 over three years to support internships for college students of color, aiming to enhance career opportunities in energy, law, and politics. The funds will be allocated to four organizations that will distribute scholarships: the Congressional Black Caucus Foundation, the Congressional Hispanic Caucus Institute, North Carolina Central University School of Law, and the South Carolina Washington Semester Program. This initiative reflects Duke Energy's commitment to diversity and equity within the workforce, benefiting both students and the communities they serve.
Duke Energy's subsidiary, Progress Energy, announced a final payment of approximately $1.03 per Contingent Value Obligation (CVO) to its holders, marking the end of payments related to CVOs. The payment will be distributed by the trustee on April 19, 2021, to holders of record as of March 29, 2021. Furthermore, about 70.04% of this payment is classified as interest income, prompting CVO holders to consult tax advisors regarding potential tax implications. For more details, refer to Duke's Form 8-K filed with the SEC on the same day.
Piedmont Natural Gas has filed a request with the North Carolina Utilities Commission to recover approximately $1.7 billion for expansion, infrastructure improvements, and federally mandated safety upgrades, leading to a 10.4% revenue increase. If approved, starting November 2021, average residential bills may rise by $8/month. Piedmont has added over 42,000 customers since January 2018. Capital investments include new natural gas storage facilities to mitigate price volatility during high demand periods.