Duke Energy Corp Stock Price, News & Analysis

Duke University has signed a renewable power agreement under Duke Energy's Green Source Advantage program, marking it as the first academic institution to do so in North Carolina. The agreement involves purchasing approximately 101 megawatts (MW) of solar capacity from three facilities, contributing to the university's goal of carbon neutrality by 2024. The GSA program supports sustainability efforts and is part of broader initiatives to boost renewable energy in the state, which has 600 MW of capacity available. Duke Energy maintains about 3,500 MW of solar power in North Carolina.

Duke Energy has reached significant milestones to enhance solar energy capacity in the Carolinas. Collaborating with major solar developers, they have agreed on a timeline for substantial solar generation interconnections, targeting several hundred megawatts for completion by 2022. Additionally, a new 'queue reform' process has been introduced, streamlining interconnection studies and addressing previous delays. With over 3,500 MW of solar capacity already connected, Duke Energy is a leader in the solar sector, serving over 600,000 customers.

Duke Energy has announced a significant initiative to reduce carbon emissions by pledging to convert its fleet of 10,000 vehicles to electric or zero-carbon alternatives within 10 years. The plan includes converting 100% of its nearly 4,000 light-duty vehicles and 50% of its medium-duty, heavy-duty, and off-road vehicles. This effort aims to reduce CO₂ emissions by 60,000 metric tons annually and petroleum usage by 10 million gallons. Duke Energy's ongoing projects in Florida and proposed initiatives in the Carolinas and Ohio will enhance its EV infrastructure.

Duke Energy Florida (DUK) announced a 2.8% decrease in residential electric rates for 2021, potentially lowering typical bills by $3.63 monthly. This reduction is attributed to lower storm recovery and fuel charges, alongside ongoing investments in grid reliability. While residential customers will benefit, commercial and industrial clients may experience mixed impacts, with some seeing increases. The company is also enhancing customer support, offering payment plans and assistance for those facing financial hardships due to the pandemic.

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.