Trending...
- UK Financial Ltd Announces CoinMarketCap Supply Verification And Market Positioning Review For Regulated Security Tokens SMPRA And SMCAT
- Sharpe Automotive Redefines Local Car Care with "Transparency-First" Service Model in Santee
- Still Searching for the Perfect Valentine's Gift? Lick Personal Oils Offers Romantic, Experience-Driven Alternatives to Traditional Presents
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
- Why 'Instant-Liquidity' Gaming is Dominating the Nordic Tech Demographic
- STATEMENT: Shincheonji on Religious Freedom Controversy
- Cyntexa Outlines a Principles-first Approach to Modern Enterprise Transformation
- Kickstarter And Creator Camp Partner To Support A New Era Of Creator-led Independent Film
- Top 66 People-Centric Leaders of 2025 Prove Taking Care of People Is Taking Care of Business
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.
Filed Under: Business
0 Comments
Latest on ncarol.com
- FeedSocially - Post Once, Publish Everywhere
- Finland's New Gambling Watchdog Handed Sweeping Powers to Revoke Licenses and Block Illegal Casino Sites
- James D. Harding Promoted to Century Fasteners Corp. – Managing Director
- Powering the AI, Defense and Aerospace Future with Energy Infrastructure and Digital Asset Strength: KULR Technology Group, Inc. $KULR
- $10 Price Target in Think Equity Report Supported by Inventory Financing Floorplan Boot to $60 Million for 2026 Sales Growth in Pre-Owned Boats: $OTH
- Poolvillas Expands Local Presence on the Costa Blanca with New Offices in Moraira and Denia – Over 30 Years of Expertise Now Even Closer to Guests
- Radarsign Redefines Crosswalk Safety with Launch of CrossCommand™ RRFB Crosswalk
- OpenSSL Corporation Opens 2026 Advisory Committees' Elections: Shape the Future!
- Steve Everett Jr. Named President of L.T. Hampel Corporation
- Acuvance Acquires ROI Healthcare Solutions, Building a Dedicated Healthcare ERP Practice
- Max Tucci Award-Winning Media Powerhouse Launches New Podcast —Executive Produced by Emmy-Winning Daytime Icons Suzanne Bass & Fran Brescia Coniglio
- MILBERT.ai Brings Real Time Session Defense to Google Workspace and Google Cloud
- PROXIMITY: An Invitational Exhibit of 10 North Carolina Artists
- Appliance Outlet Caps Off a Record-Setting 2025 Nationwide, Gears Up for Even Greater Growth in 2026
- HBA of Durham, Orange & Chatham Counties Announces 2025 Award Recipients & Installs 2026 Leadership
- Home Prices Just Hit 5X Median Income — So Americans Are Buying Businesses Instead of Houses
- CCHR White Paper Urges Government Crackdown on Troubled Teen and For-Profit Psychiatric Facilities
- Still Searching for the Perfect Valentine's Gift? Lick Personal Oils Offers Romantic, Experience-Driven Alternatives to Traditional Presents
- Boston Industrial Solutions' BPA Certified BX Series Raises the Bar for Pad Printing Inks
- Boston Corporate Coach™ Sets Global Standard for Executive Chauffeur Services Across 680 Cities