- Company moving from planning to execution phase of energy
transition
- Reliability and affordability remain cornerstones of
success
CHARLOTTE, N.C., May 9, 2024
/PRNewswire/ -- In 2023, Duke Energy (NYSE: DUK) executed its
strategy, achieved significant regulatory and policy milestones,
and ensured affordability and reliability for customers in the face
of rapidly rising interest rates and extremely mild weather, CEO
Lynn Good told investors during the
company's annual shareholders meeting today.
These accomplishments come at a critical time as the company
enters a new era of record grid investments and generation build to
meet customers' evolving needs and service the rapid growth in its
service territories.
"I'm pleased with how the 27,000 teammates at Duke Energy built
momentum for the future, navigating the challenges and emerging a
stronger organization. We are excited about the path forward as a
fully regulated utility and look forward to capitalizing on the
unprecedented growth and investment opportunities ahead," Good
said.
Good cited several strategic milestones in 2023 that set the
company up for success:
- "We completed our portfolio repositioning work, as we sold our
commercial renewables business and became a fully regulated
company. This strategic move allows us to focus on the significant
investment opportunities within our regulated businesses."
- "We added 195,000 new customers in 2023 alone – the largest
customer increase in company history. And we are projecting average
overall load growth of 1.5% to 2% per year through 2028."
- "We saw constructive outcomes from state commissions in five
electric rate cases and one natural gas rate case. These rulings in
the Carolinas, Kentucky and
Ohio equate to $45 billion of historic and future rate base
investments and also recognize the higher cost of capital. This
will help us continue to deliver value to customers and
shareholders."
- "We also filed an updated Carolinas Resource Plan in
August 2023 that outlines the road
ahead for the next 15 years in our largest jurisdictions."
- "We are taking a systematic approach to updating the grid – the
largest focus of our capital plan over the next five years –
because transforming and readying our system starts with the
grid."
- "Duke Energy is also pursuing emerging technologies needed in
the 2030s and beyond to reach our climate goals, including plans to
build and operate the nation's first solar-to-100% hydrogen fueled
turbine, expected to be operational by year-end."
Operational excellence and safety underpin Duke Energy's
strategic progress
Recently appointed President Harry
Sideris, who oversees the company's electric and gas
utilities, joined Good for the meeting and reinforced the strength
of the company's fundamentals.
"I continue to be impressed by this team and their commitment to
excellence as we serve our investors, customers and communities and
know our ongoing focus will yield consistently strong results,"
said Sideris.
Sideris covered several key accomplishments:
- "Our generation fleet performed well during extreme weather
conditions last year including historic storms in Indiana and Florida."
- "Outstanding performance continued across our organization,
with our nuclear fleet achieving a capacity factor of 96% – the
25th consecutive year above 90%."
- "And I'm particularly proud to report 2023 marked the best
safety performance in Duke Energy history."
Other business
Also at today's meeting:
- Good and Sideris fielded shareholder questions on a range of
topics. The company will post responses to questions on its
website.
- Shareholders elected all 14 nominees to the company's Board of
Directors.
- A nonbinding shareholder proposal regarding a requirement for
named executives to retain significant stock did not receive the
support of a majority of votes cast.
- A second nonbinding shareholder proposal regarding financial
statement assumptions and climate change did not receive the
support of a majority of votes cast.
A replay of the meeting will be posted on Duke Energy's
investors page.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Charlotte, N.C., is one of
America's largest energy holding companies. The company's electric
utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio
and Kentucky, and collectively own
54,800 megawatts of energy capacity. Its natural gas utilities
serve 1.7 million customers in North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious clean energy transition,
keeping reliability, affordability and accessibility at the
forefront as the company works toward net-zero methane emissions
from its natural gas business by 2030 and net-zero carbon emissions
from electricity generation by 2050. The company is investing in
major electric grid upgrades and cleaner generation, including
expanded energy storage, renewables, natural gas and nuclear.
More information is available at duke-energy.com and
the Duke Energy News Center. Follow Duke Energy
on Twitter, LinkedIn, Instagram and Facebook,
and visit illumination for stories about the people and innovations
powering our energy transition.
Contact: Gillian Moore
24-Hour: 800.559.3853
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SOURCE Duke Energy