Duke Energy SuccessStory
The biggest electric power holding company of America, Duke Energy is based in Charlotte, North Carolina. The century-old company has also got assets in Latin America and Canada. The Fortune 250 company owns more than 120 billion USD in assets and is traded as DUK on NYSE. Lynn Good is the CEO of Duke Energy.
Duke Energy owns 58,200 MW of base-load & peak generation, supplying & delivering energy to around 7.2 million customers all across the States. It’s service territory encompasses 104,000 sq. miles with distribution lines covering 250,200 miles. Moreover, the corporation has over 4,300 MW of electricity generation in Latin American territory along with 8 hydro-electric power plants across Brazil.
A lion’s share the company’s Midwest generation arises from natural gas, oil & coal while that of Carolina comes from nuclear power. Duke Energy has even got investments in wind energy. The company operates with 9 subsidiaries of which one of the most important is Duke Energy Renewable Services – that specializes in ownership, development & operation of varied generation facilities across the US.
History & Growth
Duke Energy is an endeavor by Dr. Walker Gill Wylie, his brother & James Buchanan Duke who came up with the dream to develop Southern Power Company in 1905- for the growth of hydroelectric power plants. In 1917, Southern Power Company was joined with several holdings under Duke to form Wateree Power Company.
After 10 years, all the subsidiaries (except Southern public Utilities) merged together in 1927 to form Duke Power. In 1988, Duke purchased Nantahala Power 7 light Company that served the southwestern part of North Carolina. In 1997, Duke Power came up with a merger deal with natural gas enterprise PanEnergy to form Duke Energy.
The company purchased Cinergy Corporation in 2006 which extended its customer base to Midwestern areas. In 2006, it further purchased Union Gas. The next year, Duke’s corporation spun off with the goal to form Spectra Energy focused on gas business & the spin-off also included newly-acquired Union Gas. In 2012 July, Duke Energy entered into a merger deal with Progress Energy Inc.
What is it known for?
The corporation operates coal-fired plants, nuclear power plants, traditional hydroelectric plants & natural-gas turbines. Duke Energy also holds 3 solar farms. Sustainability and energy-efficient electricity is a big word for Duke Energy.
Duke Energy has been involved in several community services over the years. Duke Energy Foundation offers over 25 million USD charitable grants every year for the betterment of communities. The company’s philanthropic endeavors are especially focused on education & workforce development but also look after betterment of the environment. The company supports childhood literacy & workforce development programs.
Duke Energy is on the mission to create a sustainable world to make the earth a better and safer place to live in. The company adheres to Sustainability reporting guidelines by Global Reporting Initiative to ensure compliant environmental, economic & social performance. It has been inducted in Dow Jones Sustainability North America Index for 9 years on a row till 2014.