Latest news with #DukeEnergyCorp
Yahoo
2 days ago
- Business
- Yahoo
Duke Energy seeks to merge Carolina utilities, projecting more than $1B in customer savings
CHARLOTTE, N.C. (AP) — Duke Energy Corp. says its move to combine electric utility subsidiaries in North and South Carolina into one entity could save customers more than $1 billion over a decade. The Charlotte-based utility said it formally asked federal and state regulators on Thursday for permission to join together Duke Energy Carolinas and Duke Energy Progress, which have several million customers. The savings would come in part from streamlining operations and spreading out infrastructure expenses. The two entities have operated separately since the 2012 merger of Duke Energy and Raleigh-based Progress Energy. Duke Energy, which likens the request to moving two company divisions into one, said in a news release that it wants the change to be effective Jan. 1, 2027. The two entities combined own 34,600 megawatts of energy capacity, producing electricity for 4.7 million residential, commercial and industrial customers in service areas covering 52,000 square miles (134,680 square kilometers). Duke Energy is the dominant electric utility in North Carolina. Under the current setup, Duke Energy must maintain four different retail-rate structures — two for each subsidiary in each state — and produce four annual filings for state regulators who approve rates — creating confusion for the public. If the combination is approved, the company said, rates would blend gradually between the sets of customers. The company says a combination means fewer resources would be needed to meet electric demands compared to if the two entities remained separate. They could run fewer energy production units, using less fuel and spending less on maintenance, the release said. The two entities already work together on managing electricity demand and other efficiencies. 'Combining our two utilities reduces customer costs, simplifies operations, supports economic growth and promotes regulatory efficiencies, all of which will create value for customers in both states,' said Kodwo Ghartey-Tagoe, executive vice president and CEO at Duke Energy Carolinas. 'There will be no immediate changes to retail customer rates or services.' Duke Energy, one of the nation's largest electric holding companies, said it projects retail customer savings from the combination to reach more than $1 billion through 2038. That's after any expenses, with additional savings expected after that. Duke Energy Carolinas' coverage area spans much of central and western North and South Carolina, including Charlotte and Durham in North Carolina, and Greenville and Spartanburg in South Carolina. Duke Energy Progress generally covers eastern and central North and South Carolina -- including Raleigh, Fayetteville and Wilmington in North Carolina and Florence and Sumter in South Carolina. But its coverage area also includes Asheville, North Carolina, in the west. The combination needs approval from North Carolina Utilities Commission, the Public Service Commission of South Carolina and the Federal Energy Regulatory Commission. They would all continue to regulate the combined utility. The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
2 days ago
- Business
- Associated Press
Duke Energy seeks to merge Carolina utilities, projecting more than $1B in customer savings
CHARLOTTE, N.C. (AP) — Duke Energy Corp. says its move to combine electric utility subsidiaries in North and South Carolina into one entity could save customers more than $1 billion over a decade. The Charlotte-based utility said it formally asked federal and state regulators on Thursday for permission to join together Duke Energy Carolinas and Duke Energy Progress, which have several million customers. The savings would come in part from streamlining operations and spreading out infrastructure expenses. The two entities have operated separately since the 2012 merger of Duke Energy and Raleigh-based Progress Energy. Duke Energy, which likens the request to moving two company divisions into one, said in a news release that it wants the change to be effective Jan. 1, 2027. The two entities combined own 34,600 megawatts of energy capacity, producing electricity for 4.7 million residential, commercial and industrial customers in service areas covering 52,000 square miles (134,680 square kilometers). Duke Energy is the dominant electric utility in North Carolina. Under the current setup, Duke Energy must maintain four different retail-rate structures — two for each subsidiary in each state — and produce four annual filings for state regulators who approve rates — creating confusion for the public. If the combination is approved, the company said, rates would blend gradually between the sets of customers. The company says a combination means fewer resources would be needed to meet electric demands compared to if the two entities remained separate. They could run fewer energy production units, using less fuel and spending less on maintenance, the release said. The two entities already work together on managing electricity demand and other efficiencies. 'Combining our two utilities reduces customer costs, simplifies operations, supports economic growth and promotes regulatory efficiencies, all of which will create value for customers in both states,' said Kodwo Ghartey-Tagoe, executive vice president and CEO at Duke Energy Carolinas. 'There will be no immediate changes to retail customer rates or services.' Duke Energy, one of the nation's largest electric holding companies, said it projects retail customer savings from the combination to reach more than $1 billion through 2038. That's after any expenses, with additional savings expected after that. Duke Energy Carolinas' coverage area spans much of central and western North and South Carolina, including Charlotte and Durham in North Carolina, and Greenville and Spartanburg in South Carolina. Duke Energy Progress generally covers eastern and central North and South Carolina -- including Raleigh, Fayetteville and Wilmington in North Carolina and Florence and Sumter in South Carolina. But its coverage area also includes Asheville, North Carolina, in the west. The combination needs approval from North Carolina Utilities Commission, the Public Service Commission of South Carolina and the Federal Energy Regulatory Commission. They would all continue to regulate the combined utility.
Mint
24-06-2025
- Climate
- Mint
US declares ‘power emergency' as ‘dangerous heat waves' strain grids. Details here
The Trump administration has declared a 'power emergency' in the US Southeast as a severe heat wave strained power grids across the country. The emergency order by the Energy Department has allowed Duke Energy Corp. to exceed certain air pollution limits, along with taking other necessary steps to increase power generation as demand soars in North and South Carolina. Temperatures are expected to top 100F (38C) in certain parts of the Carolinas, making people run air conditioners on high and using more electricity, reported Bloomberg. US power grids are stressed as the country is under a 'dangerous heat wave' this week, stretching from the Midwest to the East Coast, with much of North Carolina and other eastern states under an extreme heat warning, according to the National Weather Service. On Monday, there were several blackouts in parts of New York City as the local utility issued a warning to save electricity. Power use Tuesday on PJM Interconnection's 13-state system is expected to test a 14-year high, the news agency said. Duke Energy, the power company that serves most of North and South Carolina, told the Department of Energy on Monday that it might run out of electricity in order to meet the rising demand, subsequently warning those areas of power cuts. Duke confirmed on Tuesday that the company requested an order from the DOE that would allow maximum generation in its territory in North and South Carolina. The order authorises the utility to operate certain plants at their maximum. It is in effect from Tuesday through Wednesday, the news agency reported. 'As electricity demand reaches its peak, Americans should not be forced to wonder if their power grid can support their homes and businesses,' US Energy Secretary Chris Wright said in a statement.
San Francisco Chronicle
06-05-2025
- Business
- San Francisco Chronicle
Duke Energy: Q1 Earnings Snapshot
CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Duke Energy Corp. (DUK) on Tuesday reported first-quarter profit of $1.38 billion. On a per-share basis, the Charlotte, North Carolina-based company said it had net income of $1.76. The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share. The electric utility posted revenue of $8.25 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $8.06 billion.
Yahoo
04-04-2025
- Business
- Yahoo
This Analyst Is Recommending Duke Energy (DUK) Amid Latest Tariff Volatility – Here's Why
We recently published a list of . In this article, we are going to take a look at where Duke Energy Corp (NYSE:DUK) stands against other stocks everyone is talking about after Trump's new tariffs. Countries are beginning to react to President Donald Trump's new reciprocal tariffs and analysts believe things might not go according to the White House's expectations, with American workers and consumers likely to see the impact of new duties. Fred Kempe from Atlantic Council said in a latest program on CNBC that many countries can impose strong retaliatory tariffs against the US. 'I think we have to recognize what's going to be implemented is going to be the highest effective tariff rate since the 1930s. What also happened in the 1930s is you had new trading blocks, you had new trading partners finding their way to each other, and you could find that that happens as well. And let's not forget what also happened in the 1930s afterwards. We hope that's not going to happen now, but, um, you know, a trade war just really never serves, in the end, global stability, global peace.' Kempe said investors failed to realize that Trump does not 'care' about falling stock prices as he is looking to change the global trade system. READ ALSO: 7 Best Stocks to Buy For Long-Term and 8 Cheap Jim Cramer Stocks to Invest In For this article, we picked 10 stocks Wall Street analysts are talking about. With each stock, we have mentioned the number of hedge fund investors. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). Aerial view of a power plant near a lake lit up at night, showing off the company's expansive electricity generation capabilities. Number of Hedge Fund Investors: 46 Jessica Inskip from StockBrokers said in a latest program on Schwab Network that she recommends Duke Energy Corp (NYSE:DUK) as a dividend play to offset volatility. 'Longer term upside potential, but what's great when we find these neutral-type securities is a dividend play. We're in this more for not necessarily capital appreciation, but adding some income, smoothing out that volatility, getting some cash on the sidelines. When we find a bottom, we can deploy,' she said. Overall, DUK ranks 9th on our list of best mid cap growth stocks. While we acknowledge the potential of DUK, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than DUK but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
