Trending...
- T. Jones Group's Cameron Jones Serves as Judge for the 2026 CHBA National Awards for Housing Excellence
- $29.8 Million Record Setting Q1 with Boosted Annual Guidance to $160 Million for Expanding Pre-Owned Boat Dealer: Off The Hook YS, Inc. N Y S E: OTH
- SRK Collective Media Group Launches with a Modern Approach to Media, Authority Building, and Cultural Visibility
CHARLOTTE, N.C., Oct. 25, 2023 ~ Duke Energy (NYSE: DUK) has completed the sale of its unregulated utility-scale Commercial Renewables business to Brookfield, operator of one of the world's largest publicly traded, pure-play renewable power platforms. The sale agreement was previously announced on June 12, 2023.
The proceeds from the transaction will be used to strengthen Duke Energy's balance sheet and avoid additional holding company debt issuances. This will allow the company to focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate over 30,000 megawatts of regulated renewable energy into its system by 2035.
"The completion of this sale marks the final step in our transition to a fully regulated utility," said Lynn Good, Duke Energy chair, president, and CEO. "As we work to address the growing needs of our customers in our regulated jurisdictions, we will continue investing in cleaner energy resources and significant grid enhancements that will deliver value and energy resiliency to our customers and stakeholders."
More on ncarol.com
The primary operations of the Commercial Renewables business will remain in Charlotte, N.C., with Duke Energy employees transitioning over to Brookfield to maintain business continuity for its operations and customers. Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC served as financial advisors for Duke Energy for this transaction while Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel.
Duke Energy is a Fortune 150 company headquartered in Charlotte, N.C., serving 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky with 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina Tennessee Ohio and Kentucky with 27600 employees across all units combined.
The company is executing an aggressive clean energy transition with goals such as net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050 as well as interim carbon emission targets such as at least 50% reduction from electric generation by 2030; 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035; 80% from electric generation by 2040; among others.
Duke Energy was named to Fortune's 2023 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list for their commitment towards clean energy transition initiatives which are expected to bring value and energy resiliency to their customers and stakeholders alike.
The proceeds from the transaction will be used to strengthen Duke Energy's balance sheet and avoid additional holding company debt issuances. This will allow the company to focus on the growth of its regulated businesses, including investments to enhance grid reliability and help incorporate over 30,000 megawatts of regulated renewable energy into its system by 2035.
"The completion of this sale marks the final step in our transition to a fully regulated utility," said Lynn Good, Duke Energy chair, president, and CEO. "As we work to address the growing needs of our customers in our regulated jurisdictions, we will continue investing in cleaner energy resources and significant grid enhancements that will deliver value and energy resiliency to our customers and stakeholders."
More on ncarol.com
- Avery Headley Leads Major Stabilization and Modernization Initiative Across Bronx Affordable Housing Portfolio
- America's Boating Channel® Releases New Video Explaining Give-Way and Stand-On Vessel Navigation Rules
- NewReputation's AI Sentiment Analysis Tool Reaches 2,500 Users as Businesses Demand Clearer Brand Intelligence
- Sunday Best Winner Tasha Page-Lockhart Headlines A'Leurer's 1-Year Anniversary Celebration in Greensboro
- CAPO Supply Announces Opening of Second Location in New Castle, Pennsylvania
The primary operations of the Commercial Renewables business will remain in Charlotte, N.C., with Duke Energy employees transitioning over to Brookfield to maintain business continuity for its operations and customers. Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC served as financial advisors for Duke Energy for this transaction while Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel.
Duke Energy is a Fortune 150 company headquartered in Charlotte, N.C., serving 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky with 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina Tennessee Ohio and Kentucky with 27600 employees across all units combined.
The company is executing an aggressive clean energy transition with goals such as net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050 as well as interim carbon emission targets such as at least 50% reduction from electric generation by 2030; 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035; 80% from electric generation by 2040; among others.
Duke Energy was named to Fortune's 2023 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list for their commitment towards clean energy transition initiatives which are expected to bring value and energy resiliency to their customers and stakeholders alike.
0 Comments
Latest on ncarol.com
- Collectibles EvoRelic Celebrates Stellar 4.8-Star Customer Rating
- Phoenix Hip-hop Artist Rhymi Hits 23k Monthly Listeners 12 Days After Album Release
- Pediatrician Launches "Confessions of a Detective Doctor" Children's Book Series
- Integrated Maintenance Platforms Are Transforming Aircraft Operations
- T. Jones Group's Cameron Jones Serves as Judge for the 2026 CHBA National Awards for Housing Excellence
- Derek Advanced Tracking Systems Revolutionizes Asset Monitoring with Advanced Technology
- The AI Direction Deficit: TripleTen Study Finds Staff Get Told to Use AI — But Not Trained to Use It
- $29.8 Million Record Setting Q1 with Boosted Annual Guidance to $160 Million for Expanding Pre-Owned Boat Dealer: Off The Hook YS, Inc. N Y S E: OTH
- All About Technology Celebrates 25 Years of Bridging Detroit's Digital Divide
- iatroX surpasses 500,000 clinical queries and expands specialist exam coverage
- Inside-Out Hollywood: The Relentless Rise of Joseph Nybyk (AKA Joseph Neibich)
- Husband-and-Wife Photography Team Brings Personal Approach to Families Across the Triangle
- SRK Collective Media Group Launches with a Modern Approach to Media, Authority Building, and Cultural Visibility
- MSBG Corporation Acquires GridWatch US Telemetry Automation System
- TAYP Expands Athlete Exposure Platform Beyond Georgia With New Push Into Virginia and the 757
- KT Medical Staffing Expands Concierge Nursing and Private Duty Nursing Services in Orange County
- The Millennium Alliance Achieves Great Place To Work® Certification™ Amid Continued Growth
- The Millennium Alliance Appoints Former Adweek Executive Eric Hayden Shakun as Chief Financial Officer to Accelerate Next Phase of Growth
- T. Jones Group Named Finalist Across Multiple Categories at the 2026 Georgie Awards
- Rock & Roll Fan Granted Dream Experience Thanks to Donors and Grant A Dream™ Program