duke energy corp (DUK) Key Developments
NC Environmental Agency Asks for Stay in Coal Ash Basin Cases
Aug 20 15
North Carolina's environmental agency has asked the courts to stay lawsuits against Duke Energy Corp. related to coal ash pollution at 10 power plants. Following up on its objection to motions that would close lawsuits against Duke Energy Corp. for violations at several coal ash basins, North Carolina's environmental agency said it has asked the courts to put part of the case on hold and uphold the requirements of the state's coal ash law. The North Carolina Department of Environment and Natural Resources filed a motion Aug. 18 asking superior courts in Wake and Mecklenburg counties to stay legal proceedings involving 10 coal plants 'to allow the sites to run through [the Coal Ash Management Act's] process for the classification, prioritization and closure of coal combustion residuals surface impoundments.' DENR in August 2013 filed two lawsuits that expanded its claims against Duke Energy subsidiaries Duke Energy Carolinas LLC and Duke Energy Progress LLC related to the unpermitted discharge of wastewater from coal ash basins in the state. A number of environmental groups represented by the Southern Environmental Law Center were granted permission to participate in the litigation. The conservation groups represented by the SELC, however, have now thrown their support behind motions from Duke Energy asking the courts to dismiss civil enforcement actions related to coal ash cleanup at seven coal plants because state law, known as the Coal Ash Management Act, or CAMA, already requires the company to safely close the basins within a specified time frame. The law enacted in response to the February 2014 Dan River coal ash spill already requires Duke Energy to close the coal ash ponds at the Dan River, Riverbend and L.V. Sutton coal plants no later than Aug. 1, 2019. The basin at the Asheville site must be closed no later than Aug. 1, 2022, under a new law designed to expedite regulatory approval of a new gas-fired facility at the site. DENR has joined Duke's motion for partial summary judgment for these four facilities, but said Duke and the SELC are bypassing state law by prioritizing ash excavation at three other sites - Cape Fear, H.F. Lee and W.H. Weatherspoon - without proper scientific analysis and public participation. DENR is required to develop proposed classifications for all impoundments by Dec. 31.
Duke Energy Corporation - Special Call
Aug 6 15
Retail Financial Advisors Presentation
Duke Energy Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year 2015
Aug 6 15
Duke Energy Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total operating revenues of $5,589 million against $5,708 million a year ago. Operating income was $1,246 million against $1,289 million a year ago. Income from continuing operations before income taxes was $938 million against $1,008 million a year ago. Income from continuing operations was $604 million or $0.87 per basic and diluted share against $726 million or $1.02 per basic and diluted share a year ago. Net income attributable to the company was $543 million or $0.78 per basic and diluted share against $609 million or $0.86 per basic and diluted share a year ago. Earnings were lower than the prior year quarterly results, primarily due to one-time tax items that did not recur in the current year. Results also were affected by continued weakness in the International business, particularly Brazil, and the timing of O&M expenses at Regulated Utilities. Diluted EPS, adjusted was $0.95 against $1.11 a year ago. Adjusted earnings, pre-tax income was $962 million against $1,101 million a year ago.
For the six months, the company reported total operating revenues of $11,654 million against $11,971 million a year ago. Operating income was $2,702 million against $2,651 million a year ago. Income from continuing operations before income taxes was $2,078 million against $2,097 million a year ago. Income from continuing operations was $1,380 million or $1.96 per basic and diluted share against $1,476 million or $2.07 per basic and diluted share a year ago. Net income attributable to the company was $1,407 million or $2.01 per basic and diluted share against $512 million or $0.72 per basic and diluted share a year ago. Net cash provided by operating activities was $2,879 million against $2,619 million a year ago. Adjusted earnings, pre-tax income was $2,272 million against $2,354 a year ago.
The company reaffirms to achieve its 2015 adjusted diluted earnings guidance range of $4.55 to $4.75 per share.
Duke Energy Names Robert Sipes as General Manager of Western Zone
Aug 4 15
Robert Sipes, who currently manages Duke Energy's business services group in Charlotte, has been named general manager of the company's western zone. As general manager, Sipes will lead company's distribution operations in Western North Carolina. He will also provide leadership and oversight of company's $1.1 billion modernization effort that includes retiring the 376-megawatt Asheville coal power plant; investing approximately $750 million to build a 650-megawatt natural gas-fired power plant; and installing solar generation at the site - one of the first combinations of
Duke Energy Names David Fountain as New North Carolina President, Effective September 1, 2015
Jul 22 15
David Fountain, senior vice president of enterprise legal support for Duke Energy, has been named Duke Energy's state president in North Carolina, effective Sept. 1, 2015. Fountain succeeds Paul Newton, who announced his retirement earlier 2015. As state president, Fountain will continue to build on Duke Energy's long-standing commitment to North Carolina customers by pursuing programs and initiatives that will ensure safe, reliable and environmentally responsible energy at competitive rates. In this capacity, Fountain will be responsible for advancing the company's regulatory initiatives, while managing state and local regulatory and governmental relations, economic development, community affairs, water strategy, hydroelectric licensing and lake services. Fountain will continue to be based in Raleigh. Before joining the company, Fountain practiced law at Smith, Helms, Mulliss & Moore.