Duke Energy Profit Rises 13%
U.S. utility Duke Energy Corp reported a better-than-expected quarterly profit on Friday, helped by higher demand in its electric utilities and infrastructure business.Operating revenue from that unit, which accounts for the bulk of Duke's overall business, rose 2 percent to $6.26 billion in the third quarter.The Charlotte, North Carolina-based company has been expanding its business through…
U.S. Top Court Rejects Constitution Pipeline Over New York Permit
The U.S. Supreme Court on Monday dealt another setback to a proposed natural gas pipeline running from Pennsylvania to New York, rejecting Constitution Pipeline Co's bid to challenge New York state's refusal to issue a needed water permit for the project.The high court left in place an August 2017 ruling by the New York-based 2nd U.S. Circuit Court of Appeals in favor of the state.
Dominion to Complete Atlantic Coast Natgas Pipe by End 2019
The response from the company came after the U.S. Virginia lifts its tree clearing restrictions on migrating habitats on Aug. 30 for birds and Sept. One billion cubic feet of gas is enough to fuel about 5 million U.S. Atlantic Coast is a partnership between units of Virginia energy company Dominion, North Carolina energy company Duke Energy Corp and Georgia energy company Southern Co .
Duke Energy's Q1 Results Beat Street
Duke Energy Corp, the biggest U.S. power company by generation capacity, reported a quarterly profit that edged past estimates, partly helped by its acquisition of Piedmont Natural Gas. Duke Energy announced its $4.9 billion purchase of Piedmont Natural Gas in 2015. The acquisition has helped the company expand its natural gas distribution business. Total operating expenses in the electric…
Green Power Law Impacting U.S. Utilities
In the last four years, North Carolina has become the second largest solar market in the United States, behind only California. It has installed more solar energy than Texas, which has nearly three times the population; more than Arizona, which has twice as many sunny days; and more than New York, which has far more aggressive renewable energy targets. North Carolina’s solar boom is rooted in a federal law enacted four decades ago – one that has only recently had much impact.
California Wind Demand Energizes Transmission Firms
A firm controlled by Philip Anschutz, the billionaire entertainment and pro sports magnate, will soon build the largest wind farm in the United States to serve utilities in California, where officials have set ambitious green power goals. The $5 billion project, however, will be constructed 700 miles away in Wyoming, a state better known for coal mines and oil fields. The vast distance…
Duke Energy to shed Brazilian Unit
Duke Energy Corp said it agreed to sell its Brazilian unit to clean energy company China Three Gorges Corp for about $1.2 billion, including debt, as it focuses on regulated power markets in the United States. The biggest U.S. power company by generation capacity said it was also negotiating the sale of its remaining assets in Central and South America. Duke Energy owns 2,090 megawatts (MW) of power generation facilities in Brazil.
Chinese Power Conglomerates dominate Brazil Industry
Chinese power conglomerates are gradually becoming the dominant force in Brazil's electricity industry, where high debt, a harsh recession and less stringent takeover barriers than in other major markets have stoked a wave of acquisitions. Since the start of 2015, Chinese companies have been the protagonists in three of the six largest announced electricity mergers in Brazil, according to Thomson Reuters deals intelligence data.
Duke Energy Mulls International Energy Unit Sale
Duke Energy Corp, the largest U.S. power company by generation capacity, said it was looking to sell a whole or part of its international energy unit. Duke said it had not yet received any offer for the unit, which has about 4,400 megawatts of power producing capacity. Reporting by Anet Josline Pinto
Power Producer Dominion to buy Questar for $4.4 bln
Power producer Dominion Resources Inc said it would buy natural gas distributor Questar Corp for about $4.4 billion in cash to expand its natural gas operations. Dominion's $25-per-share offer represents a premium of nearly 23 percent to Questar's Friday close. Weakening power demand due to increased energy efficiency has spurred a spate of deals between utilities and natural gas distributors, which enjoy relatively stable pricing thanks to a glut of supply from shale fields.
Duke Energy Trims 2015 Adjusted Profit Forecast
Duke Energy Corp, the largest U.S. power company by generation capacity, cut the top end of its 2015 adjusted earnings forecast, citing a drought and a slowing economy in Brazil and a strong dollar. The international business, which spans Brazil, Argentina and Chile, had earned only half of what the company had expected through September, Duke said on Thursday. Adjusted income from international business…
Duke Energy to Buy Piedmont
Duke to pay $4.9 bln, assume $1.8 bln debt; offer worth $60/Piedmont share, a 42 pct premium. Duke Energy Corp, the largest U.S. power company by generation capacity, said on Monday it would buy Piedmont Natural Gas Co for $4.9 billion in cash, helping expand its natural gas distribution business. Duke offered $60 in cash for each Piedmont share, representing a premium of about 42 percent premium to the stock's Friday close.
Duke Energy's Quarterly Profit Falls 11 pct
Duke Energy Corp's quarterly profit fell 11 percent, hurt by higher expenses in its U.S. regulated power business and weakness in its business outside North America. Net income attributable to Duke fell to $543 million, or 78 cents per share, in the second quarter ended June 30 from $609 million, or 86 cents per share, a year earlier. Total operating revenue fell 2 percent to $5.59 billion. Reporting by Shubhankar Chakravorty
Norway Parliament Votes to Cut Coal Investments
Norway's parliament voted on Friday to reduce coal investments by its $880 billion sovereign wealth fund, the world's biggest, in a decision hailed by environmentalists as a model to help slow climate change. Under the unanimous deal, the fund will sell all shares in companies that get more than 30 percent of their turnover or activity from coal. The right-wing government and the fund itself will have to work out exact definitions.
Duke Energy Converting NC Coal Plant to Gas
Duke Energy Corp, the largest U.S. power company by generation capacity, said it would invest $1.1 billion to convert a coal-powered power plant in North Carolina into a natural gas plant over four to five years. Duke will retire the 376 megawatt (MW) coal plant in Asheville and spend about $750 million to build a 650 MW natural gas-fired power plant, the company said on Tuesday. Duke said it would also invest about $320 million to build a transmission substation near Campobello…
Duke Energy to Pay $2.5 mln in Coal Ash Spill
U.S. power company Duke Energy Corp agreed to a $2.5 million settlement proposed by the Virginia Department of Environmental Quality relating to the 2014 coal ash spill into the Dan River in North Carolina, the DEQ said on Friday. Duke, the largest in the United States by power generation capacity, will spend $2.25 million in carrying out environmental projects to benefit Virginia localities affected by the spill.
Duke Energy Fined for Environmental Violations
Duke Energy Corp has agreed to pay a fine of about $102 million for environmental violations related to a power plant's coal ash spill into a North Carolina river last year and the company's management of coal ash basins in the state. Duke set aside $100 million in the fourth quarter in anticipation of the settlement, the company said in an earnings statement. The U.S. Department of Justice…
Duke Energy Financial Miss Estimates on Mild Summer
Duke Energy Corp, the largest U.S. power company by market value, reported a lower-than-expected quarterly revenue and profit as a milder summer hit demand and expenses rose. The company's shares were down 1.5 percent at $81.00 before the bell on Wednesday. Duke said demand was hurt by a below normal weather in the Carolinas and in the Midwest. The company's income from its international energy unit was hurt by lower volumes and higher purchased power costs in Latin America.
Dominion Resources, Partners Building Pipeline
Dominion Resources Inc entered into a joint venture with three other U.S. energy companies to build a $4.5-$5 billion pipeline to ship natural gas to North Carolina and Virginia. The proposed 550-mile natural gas pipeline will be built by Duke Energy Corp, Piedmont Natural Gas Co, AGL Resources Inc as well as Dominion under the partnership Atlantic Coast Pipeline LLC. Reporting By Shubhankar Chakravorty
US Rail Jams Force Rush to Roads and Rivers
U.S. coal-burning power utilities are being forced to turn to barges and more expensive trucks to move coal, desperate to shore up stockpiles left dangerously low by the widespread bottlenecks on rail networks. The shift in how coal is being delivered to some power plants from mining regions such as Illinois Basin and comes amid persistent railroad delays that began during last year's severe North American winter.
