Trending...
- Pacific Emblem Company Launches "Happy 250th Birthday America" Collection and Proud Supporter of the Gary Sinise Foundation
- Bold Beauty Project Celebrates Anniversary with Collaborative Exhibition at FIU's Miami Beach Urban Studios
- UK Financial Ltd Launches UKFL Premier One as Its Official Broadcast Channel for Premium Content, Podcasts & Independent Expert Analysis
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
- Justin Fairfax Dies in Apparent Murder Suicide
- UK Financial Ltd Launches UKFL Premier One as Its Official Broadcast Channel for Premium Content, Podcasts & Independent Expert Analysis
- HarryPotterObamaSonic10Inu (Ticker: BITCOIN) Is the Best Cryptocurrency in Global History
- First Flight Society Selects John and Martha King as 2026 Paul E Garber First Flight Shrine Honorees
- Dual-Engine Growth Strategy Unleashed Targeting a $9.1B Market and the Exploding AI Biotech Revolution: KALA BIO (N A S D A Q: KALA)
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
- Now Presenting Flights of Fancy
- Card makers turn to Pink and Main for tools to support their craft
- Revenue Optics Completes Full Commercial Buildout. A Nine-Month-Old Firm Built on 25 Years of Distribution Expertise. Five Clients From $200M to $3B
- EduCare Inc. Bridges Critical Gap in Breast Cancer Education with Spanish COPE Library Launch
- Engineering leaders from industry, academia to gather at IISE Annual Conference & Expo in Arlington, Texas
- AI-Driven Neurotechnology Expansion as FDA Path Clears and New Defense Initiative Emerges for NRx Pharmaceuticals (N A S D A Q: NRXP)
- BestDoc Launches AI Call Center for Healthcare
- Acuvance Appoints Sandeep Sabharwal to Board of Directors, Strengthening Leadership to Support Continued Platform Growth
- Grange Insurance Association to Rebrand as Granwest Insurance on July 1, 2026
- Dr. Rosendo Icochea, MD Recognized for Contributions to Surgical Education and Medical Research
- Giftella Launches AI Gift-Finder App That Replaces Guesswork With Personalized Picks in Seconds
- Beverly.io Announces Nationwide Expansion and Poppins Payroll Partnership for Families
- New Book: The Battle for Truth and Shadows - Guardians of Light - Epic Fantasy Unveils a War Between Light and Deception
- Comfortable Clothing for Every Moment
- Clash of Prompts: The World's First AI Prompt Battle Royale
- $7.6 Billion US Crypto ATM Market by 2034; California and Texas Crypto ATM Deployments for Bitcoin Bancorp (Stock Symbol: BCBC); 1000 Kiosk Inventory
- MainConcept Announces Multiview Encoding for Apple Immersive Video
- CCHR Rejects Global Psychiatric Push to Electroshock Children
- iVAM2-ST2110 to Simplify IP Transitions and Reduce Monitoring Complexity
- Americans Leave Behind or Discard 42% of Their Belongings When Moving Out for the First Time, Talker Research Finds