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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."
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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."
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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.
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