Duke Energy's subsidiary, Piedmont Natural Gas, has entered into an agreement to sell its Tennessee natural gas local distribution business to Spire Inc. for approximately $2.48 billion in cash. The sale price reflects a 1.8x multiple of the 2024 year-end rate base and a 24x multiple of 2024 earnings. Proceeds from the sale will be utilized to offset approximately $800 million of debt at Piedmont, while the remaining $1.5 billion will support Duke Energy's $83 billion five-year capital investment plan, which focuses on energy modernization projects. The transaction is expected to close in the first quarter of 2026, pending regulatory approval and other customary closing conditions.
The sale includes nearly 3,800 miles of pipelines and a liquefied natural gas facility serving around 205,000 customers in the Greater Nashville area. Duke Energy plans to maintain the business's operational continuity by transitioning its employees to Spire. This strategic move is aligned with Duke Energy's efforts to enhance its capital structure and fund future growth opportunities, driven by increasing customer demand and economic development initiatives.
linkJul 29, 2025 07:01:25
Duke Energy announced its financial results for the first quarter of 2025, reporting both a GAAP and adjusted earnings per share (EPS) of $1.76, an increase from $1.44 in the same quarter of 2024. The growth in earnings was attributed to higher retail sales volumes, new rates, and favorable weather conditions, although it faced pressures from increased interest and operational expenses. The company reaffirmed its adjusted EPS guidance for 2025, projecting a range between $6.17 and $6.42, with a long-term growth rate of 5% to 7% through 2029.
In terms of business segments, the Electric Utilities and Infrastructure segment reported a first-quarter income of $1,276 million, up from $1,021 million in Q1 2024, while the Gas Utilities and Infrastructure segment saw an increase to $349 million from $284 million. However, the 'Other' category reported a loss of $260 million, widening from a loss of $203 million a year earlier, primarily due to higher interest expenses. The effective tax rate for the quarter decreased to 12.1% from 13.4% in the prior year, influenced by the amortization of income tax credits.
linkMay 05, 2025 18:08:13
Duke Energy has announced a series of leadership appointments following the planned retirement of Julie Janson on July 1, 2025. Janson has been with the company for nearly four decades, most recently serving as executive vice president and CEO of Duke Energy Carolinas. The company expressed gratitude for her contributions and noted that her leadership has significantly shaped the organization.
The new leadership appointments, effective July 1, 2025, are aimed at supporting the company's $83 billion capital plan to modernize energy infrastructure and meet growing energy demands. Duke Energy serves 8.6 million electric customers and 1.7 million natural gas customers across several states, and is focused on advancing its strategy for a smarter energy future through investments in grid upgrades and cleaner generation sources.
linkMay 05, 2025 08:31:14
Duke Energy Corporation and its subsidiaries have amended their existing credit agreement to increase the credit facility from $9 billion to $10 billion. Additionally, the termination date of the credit facility has been extended from March 16, 2029, to March 16, 2030, allowing for more financial flexibility.
There are no specific negative points mentioned in the press release regarding this amendment. The focus is primarily on the positive adjustments to the credit facility, with no adverse impacts or concerns highlighted.
linkMar 17, 2025 17:12:26
Duke Energy reported a third-quarter 2024 earnings per share (EPS) of $1.60, slightly up from $1.59 in the same quarter last year. The company successfully restored 5.5 million outages caused by historic storms and noted that ongoing economic development and population migration are supporting long-term growth. Despite this, the adjusted EPS of $1.62 fell short of the previous year's adjusted EPS of $1.94, primarily due to increased operational costs, a higher effective tax rate, and depreciation on assets. The company’s reaffirmed adjusted EPS guidance for 2024 suggests a trend toward the lower end of its range of $5.85 to $6.10.
On the negative side, Duke Energy faced significant storm restoration costs estimated between $2.4 billion to $2.9 billion, impacting its financial performance. The Gas Utilities and Infrastructure segment reported a loss of $25 million, compared to a profit in the prior year, while the 'Other' segment experienced a loss of $222 million, attributed to preferred redemption costs. Additionally, the effective tax rate for the quarter increased to 11.2%, up from 2.8% in the previous year, which further affected overall financial results.
linkNov 06, 2024 17:55:23
Duke Energy Corporation is set to issue $1 billion in junior subordinated debentures with a fixed interest rate of 6.45%, due in 2054. This offering is backed by a solid underwriting team, which includes major financial institutions, indicating strong market confidence in the company's financial stability and future growth potential. The funds raised will likely support Duke Energy's ongoing projects and operational needs, signaling a proactive approach to capital management.
However, the nature of junior subordinated debentures means they carry higher risk compared to senior debt, which could be a concern for some investors. The long maturity period until 2054 also means that the company will be tied to this debt for many years, potentially impacting its financial flexibility. Overall, while the offering reflects confidence in Duke Energy's prospects, investors should weigh the associated risks carefully.
linkAug 22, 2024 16:28:02
Duke Energy Carolinas filed a rate case for an 11.4% increase in retail revenues, reaching 15.5% over two years. A settlement was reached with regulatory parties, resulting in a $234 million initial customer rate increase. The company's return on equity is set at 9.94%, with a 7.32% overall return rate. Investments include coal ash recovery, grid improvement plan, and discussions on Nuclear PTCs. A one-time $2 million contribution for low-income customers is planned. Revised rates will be effective from August 1, 2024, with an expected accounting charge of $30-40 million in Q2 2024.
linkJul 08, 2024 10:00:17
DUKE ENERGY Corporation plans to issue €750,000,000 3.75% Senior Notes due 2031 under an Underwriting Agreement with various financial institutions. The Notes will be sold at a purchase price of 98.887% of the principal amount. The Underwriters will offer the Notes to the public. The Corporation will appoint The Bank of New York Mellon as paying agent and registrar. The Notes will be issued in denominations of €100,000. The Corporation and Underwriters will execute a Paying Agency Agreement.
linkApr 12, 2024 11:37:10
Duke Energy promotes Harry Sideris as president, emphasizing his experience and commitment to clean energy. Steve Young retires after a distinguished career. Company announces leadership changes, with Sideris overseeing utilities and Young's replacement, Weintraub, focusing on grid strategy. Duke Energy continues its clean energy goals, aiming for significant carbon reduction by 2030 and net-zero emissions by 2050. The company is recognized for its renewable energy initiatives and grid upgrades, positioning itself for a smarter energy future.
linkMar 15, 2024 08:40:08
Duke Energy Florida plans to file a rate case for 2025, proposing investments in efficiency and solar generation. Despite a 4% annual base rate increase, overall customer bills are expected to decrease in 2025 due to expiring costs. The company aims to enhance reliability, reduce outages, and lower emissions while providing price stability. The proposed investments anticipate industry changes and align with customer preferences for cleaner energy. Duke Energy Florida will also offer billing assistance programs for low-income customers.
linkJan 31, 2024 10:14:34