Latest news with #DukeEnergyProgress
Yahoo
a day ago
- Business
- Yahoo
Duke Energy (DUK) Reports Nearly $1 Billion Profit, Eyes $87 Billion Growth Plan
We recently published . Duke Energy Corporation (NYSE:DUK) is one of these profitable utility stocks. Duke Energy Corporation (NYSE:DUK), one of the largest U.S. electric utilities, serves 8.6 million electricity and 1.7 million natural gas customers across multiple states. With 55,100 MW of capacity, the company is focused on transitioning its energy mix toward natural gas, nuclear, renewables, and energy storage, while maintaining reliability and customer value. In Q2 2025, Duke Energy Corporation (NYSE:DUK) reported nearly $1 billion in profits, driven by rate increases and strong commercial growth, including a $10 billion Amazon data center investment in North Carolina. The business is expanding natural gas generation with two major projects, a 1,360 MW combined-cycle plant in Person County and an 850 MW plant at Marshall Steam Station, both expected online by 2028. Strategically, the corporation plans to merge its two North Carolina utilities, Duke Energy Carolinas and Duke Energy Progress, into a single entity by January 2027, pending approval. This consolidation aims to standardize rates across the region and is expected to save customers about $1 billion through 2038. To fund its $87 billion five-year growth plan, Duke Energy Corporation (NYSE:DUK) sold a 19.7% stake in its Florida utility for $6 billion and agreed to sell its Piedmont Tennessee Natural Gas business for $2.48 billion, strengthening its financial position. Pixabay/Public Domain Additionally, the business is enhancing energy efficiency and demand response programs in South Carolina, increasing incentives to help customers reduce consumption and costs. While we acknowledge the potential of DUK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Yahoo
3 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
Winnipeg Free Press
3 days ago
- Business
- Winnipeg Free 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. Monday Mornings The latest local business news and a lookahead to the coming week. '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 Independent
3 days ago
- Business
- The Independent
Duke Energy seeks to merge Carolina utilities, projecting more than $1B in customer savings
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.
Associated Press
3 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.
