Duke Energy Corp - Company Profile
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Business Description
Duke Energy Corp (Duke Energy) is an energy utility that generates, transmits and distributes electricity. It also carries out natural gas distribution business. The company generates electricity from fossil, nuclear, hydro and solar sources. The company operates through two reportable business segments: Electric Utilities and Infrastructure (EUI) and Gas Utilities and Infrastructure (GUI). The company operates through its subsidiaries, namely Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio and Duke Energy Indiana. The company continues to invest in its core business sectors to diversify and modernize its power generation fleet; enhance customer experience; increase clean energy generation and expand natural gas infrastructure. In FY2023, the company’s capital expenditure stood at US$12,604 million, which grew 10.9% YoY.
Business Segments
Overview
Provides retail electric services through the generation, transmission, distribution and sale of electricity to customers in six states in the Southeast and Midwest regions of the US. Uses coal, natural gas, fuel oil; hydro, nuclear fuel and solar sources to generate electricity. EUI also has a 50% interest in joint venture electricity transmission projects such as Duke-American Transmission Co. and Pioneer Transmission, LLC. Major operating subsidiaries include Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana and Duke Energy Ohio. Views electric grid modernization and cleaner energy sources, including hydro, wind, solar and combined heat and power projects, as major factors for growth. In FY2023, the segment incurred a capital expenditure of US$10,135 million which grew 12.8% YoY.
Performance
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Overview
Conducts natural gas operations such as procurement, transportation and distribution. Has investments in pipeline transmission and natural gas storage facilities, including 47% interest in Atlantic Coast Pipeline; Sabal Trail Transmission- 7.5%; Cardinal Pipeline Company- 21.49%; Pine Needle LNG Company- 45%; and Hardy Storage Company- 50%. Serves residential, commercial, industrial and power generation customers. Major operating subsidiaries include Piedmont Natural Gas and Duke Energy Ohio. Views expansion of natural gas infrastructure from midstream gas pipelines to local distribution as the major contributor to growth. In FY2023, the segment incurred a capital expenditure of US$1,492 million which grew 15.2% YoY.
Performance
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Overview
Includes interest expense on holding company debt, unallocated corporate costs and Duke Energy’s wholly owned captive insurance company, Bison. In FY2023, the segment incurred a capital expenditure of US$995 million which declined 12.6% YoY.
Performance
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