Advanced automated technology, year-round grid strengthening work accelerates rapid response during powerful storm Company has restored more than 330,000 customers since Sunday morning, with approximately 5,000 customers remaining as of 3:15 p.m. ST. PETERSBURG, Fla., Aug. 7, 2024 /PRNewswire/ -- Duke Energy rapidly restored power for more than 90% of its customers within 24 hours after Hurricane Debby made landfall in Florida's Big Bend. The company credits the rapid response to its year-round storm prepar ...

Core Insights - Duke Energy is mobilizing 7,500 workers, including 300 from the Midwest, to support storm restoration efforts as Tropical Storm Debby approaches the Carolinas [1][2] - The Duke Energy Foundation has donated $50,000 to the American Red Cross for disaster response and relief efforts, contributing over $2.8 million in the past five years [2][3] Company Operations - Duke Energy is strategically staging crews across the Carolinas to ensure a prompt response once conditions are safe [2] - The company serves 8.4 million customers across multiple states and has a total energy capacity of 54,800 megawatts [11] Safety and Preparedness - Customers are encouraged to prepare for potential power outages by creating emergency supply kits and having a plan in place [5][6] - Duke Energy provides safety guidelines for electrical hazards during floods, emphasizing the importance of turning off power and avoiding downed lines [7][8] Clean Energy Transition - Duke Energy is committed to a clean energy transition, aiming for net-zero methane emissions by 2030 and net-zero carbon emissions by 2050 [12] - The company is investing in electric grid upgrades and cleaner energy sources, including renewables and energy storage [12]

ST. PETERSBURG, Fla., Aug. 6, 2024 /PRNewswire/ -- Duke Energy Florida rapidly restored power for 90% of its customers within 24 hours after Hurricane Debby made landfall in the Big Bend. Crews continue to work tirelessly to restore power in areas hardest hit, and the company will not stop until every customer has power. Duke Energy Florida anticipates restoring 95% of customers in Citrus, Hernando, Lake, Levy, Marion and Sumter counties by 11:59 p.m. Tuesday evening, though many customers will be restored ...

Grant will help fund 40-mile transmission line rebuild in Wake, Johnston and Wayne counties to improve reliability for an estimated 14,000 customers RALEIGH, N.C., Aug. 6, 2024 /PRNewswire/ -- U.S. Secretary of Energy Jennifer Granholm today announced the U.S. Department of Energy (DOE)'s Grid Deployment Office has selected the North Carolina Innovative Transmission Rebuild project to receive $57 million in cost-share funding to enhance the power grid's ability to deliver affordable, resilient energy. The p ...

Financial Performance - Q2 2024 reported EPS was $1.13, and adjusted EPS was $1.18[9] - The company reaffirmed its 2024 adjusted EPS guidance range of $5.85 - $6.10[9] - The company reaffirmed its growth rate through 2028 of 5% - 7% off the midpoint of the 2024 guidance range ($5.98)[9] Capital Investments and Regulatory Approvals - Approximately $75 billion of investments have been approved or settled since 2023[12] - The company has a $73 billion five-year capital plan (2024-2028)[7] - Approximately 90% of electric capital investments are eligible for efficient recovery mechanisms[7] Load Growth and Economic Development - Q2 2024 total retail volume growth was 1.9% compared to Q2 2023[19] - The company projects total load growth of approximately 2% in 2024[19] - Data center load represents 3% of total commercial sales in 2023, projected to grow to 10% in 2028[21] Financial Position - The company is on track for 14% FFO/Debt in 2024 and is targeting a minimum of 14% over the long term[22] - The company plans for $500 million in annual equity issuances from 2024-2028 via DRIP/ATM[22] - As of June 30, 2024, total available liquidity was approximately $5.9 billion[43, 71]

Duke Energy Corporation (NYSE:DUK) Q2 2024 Earnings Conference Call August 6, 2024 10:00 AM ET Company Participants Abby Motsinger - VP, IR Lynn Good - Chair & CEO Harry Sideris‌ - President, Duke Energy Brian Savoy - CFO & EVP Conference Call Participants Constantine Lednev - Guggenheim Partners Nick Campanella - Barclays Julien Dumoulin-Smith - Jefferies Jeremy Tonet - JPMorgan Anthony Crowdell - Mizuho Carly Davenport - Goldman Sachs Operator Hello, everyone, and welcome to Duke Energy's Second Quarter 2 ...

Key Takeaways Duke Energy beat second-quarter earnings and revenue estimates on higher rates and sales volumes, as well as favorable weather. The company's Electric Utilities and Infrastructure division posted a 28.2% year-over-year jump in income. Income from Duke Energy's Gas and Infrastructure unit tumbled as costs rose. Duke Energy (DUK) shares advanced after the utility company swung to a profit as it benefited from higher prices and sales volumes, as well as favorable weather conditions. The North Car ...

CHARLOTTE, N.C., Aug. 6, 2024 /PRNewswire/ -- As Tropical Storm Debby approaches North Carolina, Piedmont Natural Gas is urging customers to follow a few simple steps to stay safe if their natural gas equipment or appliances are damaged or flooded due to severe weather. "Keeping our communities safe is at the heart of what we do, and we want to make sure our customers know how to stay safe before, during and after this storm passes," said Adam Long, Piedmont Natural Gas chief operations officer. "Following ...

Financial Performance - Duke Energy Corporation reported a net income of $1.2 billion for the latest quarter, representing a 15% increase year-over-year[11]. - The company achieved an earnings per share (EPS) of $1.80, up from $1.56 in the same quarter last year, reflecting a 15% growth[11]. - Total operating revenues for Q2 2024 reached $7,172 million, a 9.0% increase from $6,578 million in Q2 2023[18]. - Net income attributable to Duke Energy Corporation was $900 million in Q2 2024, compared to a net loss of $220 million in Q2 2023[18]. - Earnings per share (EPS) for Q2 2024 was $1.13, a significant improvement from a loss of $0.32 per share in Q2 2023[19]. - Operating income for the first six months of 2024 was $3,670 million, up from $3,104 million in the same period of 2023, reflecting a 18.2% increase[18]. - The company reported a comprehensive income of $893 million for Q2 2024, compared to a loss of $165 million in Q2 2023[21]. - Net income for the six months ended June 30, 2024, was $2,072 million, significantly higher than $557 million for the same period in 2023, indicating a year-over-year increase of 272%[25]. - Net income for the six months ended June 30, 2024, was $821 million, a 51.5% increase compared to $542 million for the same period in 2023[36]. - Net income for the six months ended June 30, 2024, was $488 million, compared to $463 million for the same period in 2023, reflecting a year-over-year increase of 5.4%[63]. Revenue and Growth - Customer growth in the service territories increased by 2.5%, adding approximately 50,000 new customers[11]. - The company anticipates a 7% annual growth rate in earnings through 2025, driven by increased investments and operational efficiencies[11]. - Operating revenues for the three months ended June 30, 2024, increased to $2,297 million, up 25.7% from $1,828 million in the same period of 2023[31]. - Operating revenues for the three months ended June 30, 2024, were $3,357 million, up 4.5% from $3,212 million in the same period of 2023[40]. - Operating revenues for the three months ended June 30, 2024, were $1,716 million, down from $1,782 million in 2023, a decrease of 3.7%[58]. Capital Expenditures and Investments - Duke Energy expects to invest $25 billion over the next five years in infrastructure improvements and renewable energy projects[11]. - The company reported capital expenditures of $6,204 million for the six months ended June 30, 2024, compared to $6,265 million in 2023, a decrease of 1%[25]. - Capital expenditures for the six months ended June 30, 2024, totaled $2,623 million, up from $2,425 million in the same period of 2023, indicating an 8.2% increase[44]. - Capital expenditures for the six months ended June 30, 2024, were $1,373 million, compared to $1,193 million in 2023, indicating a 15.1% increase[54]. Debt and Financial Position - Long-term debt increased to $76,439 million as of June 30, 2024, compared to $72,452 million at December 31, 2023, marking a rise of 5.5%[23]. - The company reported a net increase in cash and cash equivalents of $25 million for the six months ended June 30, 2024, compared to a decrease of $38 million in the same period of 2023[44]. - The company anticipates satisfying current long-term debt obligations with cash on hand and proceeds from additional borrowings[162]. - Current maturities of long-term debt amount to $2.34 billion as of June 30, 2024[163]. Sustainability and Environmental Goals - Duke Energy is targeting a 50% reduction in carbon emissions by 2030, aligning with its long-term sustainability goals[11]. - New solar projects are expected to generate an additional 1,500 MW of renewable energy capacity by 2025[11]. - Duke Energy is exploring strategic acquisitions to enhance its renewable energy portfolio, with a focus on solar and wind assets[11]. Regulatory and Rate Cases - The North Carolina Rate Case approved an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2, and $158 million in Year 3, totaling $768 million[127]. - The South Carolina Rate Case resulted in a $240 million annual customer rate increase, with a net rate increase of $150 million annually after adjustments[128]. - Duke Energy Carolinas implemented interim rates on September 1, 2023, subject to refund, with new revised rates effective January 15, 2024[127]. Operational Efficiency - Total operating expenses increased to $5,471 million in Q2 2024, compared to $5,179 million in Q2 2023, marking a 5.6% rise[18]. - Total operating expenses for the three months ended June 30, 2024, rose to $1,752 million, reflecting a 21.7% increase from $1,439 million in the prior year[31]. - Total operating expenses for the three months ended June 30, 2024, were $2,533 million, a decrease of 1.6% compared to $2,575 million for the same period in 2023[40]. Cash Flow and Liquidity - Cash flows from operating activities rose to $5,427 million for the six months ended June 30, 2024, compared to $3,785 million in 2023, reflecting a growth of 43.4%[25]. - Cash provided by operating activities for the six months ended June 30, 2024, was $985 million, an increase from $574 million in the same period of 2023, marking a 71.6% rise[54]. - The company reported a net cash provided by operating activities of $382 million for the first six months of 2024, significantly higher than $123 million in the same period of 2023[69]. Asset Management - The company’s total assets increased to $139,000 million as of June 30, 2024, compared to $135,000 million at the end of June 2023[18]. - Total assets increased to $181,575 million as of June 30, 2024, up from $176,893 million at December 31, 2023, representing a growth of approximately 1.9%[23]. - The total inventory for Duke Energy was $4.39 billion as of June 30, 2024, up from $4.29 billion as of December 31, 2023, indicating a 2.3% increase[97]. Shareholder Returns - Common stock dividends for the quarter amounted to $794 million, consistent with the previous year's dividend payments, indicating stable shareholder returns[27]. - The company issued 70 million shares in common stock as part of employee benefits and dividend reinvestment during the quarter ended June 30, 2024[27]. Discontinued Operations - The company completed the sale of substantially all assets in the Commercial Renewables business segment for proceeds of $1.1 billion, with approximately half received at closing[105]. - The Commercial Renewables Disposal Groups reported a loss from discontinued operations of $10 million for the three months ended June 30, 2024, compared to a loss of $955 million for the same period in 2023[111].

Duke Energy Corporation's (DUK) second-quarter 2024 adjusted earnings of $1.18 per share beat the Zacks Consensus Estimate of $1.01 by 16.8%. The bottom line also improved 29.7% from 91 cents reported in the year-ago quarter. The year-over-year improvement in adjusted earnings was driven by growth from rate increases and riders, higher sales volumes and improved weather. The company generated GAAP earnings of $1.13 per share against a GAAP loss of 32 cents incurred in the second quarter of 2023. Total Reven ...