Trending...
- FDA-Cleared Zeta TMS Robotic System Moves Toward Deployment as FDA, DARPA and Commercial Catalysts Converge: NRx Pharmaceuticals (N A S D A Q: NRXP)
- Heritage at Manalapan Welcomes New Sales Team as Luxury Single-Family Home Community Continues to Grow
- Baird Medical Turns Global Expansion Into Tangible Growth: N A S D A Q: BDMD Posts 25% Revenue Surge as U.S. and International Markets Accelerate
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
- From Michael Jackson to Drake: The Artists Who Shaped KayeDinero's Sound
- L-Tron to Attend the 2026 NC, GA, TN, SC Joint Regional IAI Conference
- "Kulture Metrics" Isn't Just an Album Title: KayeDinero Connects Music, Markets and Code
- Congressman Chuck Edwards (NC-11) Presents ReadyCommunities Partnership 2026 National Service Award to Local Businessman / US Air Force Veteran
- Cress Creeks Farm Opens Fall Corn Maze and Baby Lamb Hayride Experience in Ellijay, Georgia
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
- Kerri Lawless Introduces New Home-Selling Option for Local Homeowners
- As Boone Takes Art to the Streets, KayeDinero Asks What Makes Creativity Human
- FDA-Cleared Zeta TMS Robotic System Moves Toward Deployment as FDA, DARPA and Commercial Catalysts Converge: NRx Pharmaceuticals (N A S D A Q: NRXP)
- Baird Medical Turns Global Expansion Into Tangible Growth: N A S D A Q: BDMD Posts 25% Revenue Surge as U.S. and International Markets Accelerate
- Black Mountain Meets "Human Error": KayeDinero on What Technology Can't Reproduce
- As Brevard Heads Into Mountain Song Weekend, KayeDinero Brings a Different Kind of WNC Sound
- Why Did KayeDinero Put Haywood Road Into a Song?
- Shelter Structures America makes European debut at TEMPOR EXPO 2026 in Fulda, Germany
- TekTone innovation meets patient care
- HydroExcavation.com Relaunches With Exclusive Local Service Areas and Dedicated Hydrovac Manufacturer Directory
- Sky Quarry Enters a Powerful New Chapter: Refinery Restart Emminent, Nevada Oil Initiative and Visibility Put (NAS DAQ: SKYQ) in the Spotlight
- OneVizion Launches Vera AI, Bringing Connected Operational Context to Infrastructure Teams
- P-Wave Press Announces Pushing the Wave 2025 by L.A. Davenport
- DONGSHENG Titanium Recycling: Promoting a Closed-Loop Cycle for High-End Titanium Materials
- Crawler Record for WordPress Version 1.0
- French Camp Academy Releases New Video Inviting Individuals to Consider a Life of Service
- Piedmont Crossing Celebrates 40 Years of Caring, Community, and Connection
- LET US READ Documentary on Dyslexia and Literacy to Screen at TCL Chinese 6 in Hollywood
- ChatGPT Leans Mostly on Firms' Own Websites to Decide Which Environmental Consultant to Recommend
- What Does "Human Error" Sound Like North of Asheville? KayeDinero Brings New Era to Weaverville