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Duke Energy 

“Market Cap $49.89 B As of May 2014

At a Glance

  • Industry: Electric Utilities
  • Founded: 1917
  • Country: United States
  • CEO: Lynn Good
  • Website: www.duke-energy.com
  • Employees: 27,948
  • Sales: $24.6 B
  • Headquarters: Charlotte, North Carolina

Forbes Lists

#165 Global 2000

  • #379 in Sales
  • #240 in Profit
  • #223 in Assets
  • #198 in Market value
Profile

Duke Energy Corp. is focused on electric power and gas distribution operations, and other energy services in the Americas, including a portfolio of renewable energy assets. The company operates its business through the following segments: U.S. Franchised Electric and Gas, Commercial Power and International Energy. The U.S. Franchised Electric and Gas segment generates, transmits, distributes and sells electricity in central and western North Carolina, western South Carolina, central, north central and southern Indiana, southwestern Ohio and northern Kentucky. It also transports and sells natural gas in southwestern Ohio and northern Kentucky. This segment conducts operations primarily through Duke Energy Carolinas, Duke Energy Ohio, including Duke Energy Kentucky and Duke Energy Indiana. The Commercial Power segment owns, operates and manages power plants and engages in the wholesale marketing and procurement of electric power, fuel and emission allowances related to these plants. It also has a retail sales subsidiary, Duke Energy Retail Sales LLC, which is a retail electric supplier provider in Ohio; and through Duke Energy Generation Services, Inc., develops, constructs and operates renewable energy projects. . In addition, DEGS develops commercial transmission projects. The International Energy segment operates and manages power generation facilities and engages in the sales and marketing of electric power and natural gas outside the U.S. It conducts operations primarily through Duke Energy International LLC and its activities principally target power generation in Latin America. This segment also owns an interest in National Methanol Co., which produces methanol and methyl tertiary butyl ether. The company’s business roots back to 1927. Duke Energy was founded on April 3, 2006 and is headquartered in Charlotte, NC.

Duke Energy History

The company began in 1900 as the Catawba Power Company when Dr. Walker Gill Wylie and his brother financed the building of a hydroelectric power station at India Hook Shoals along the Catawba River near India Hook, South Carolina. In need of additional funding to further his ambitious plan for construction of a series of hydroelectric power plants, Wylie convinced James Buchanan Duke to invest in the Southern Power Company, founded in 1905.

In 1917 the Wateree Power Company was formed as a holding company for several utilities that had been founded and/or owned by Duke, his family, or his associates, and in 1924 the name was changed to Duke Power. In 1927, most of the subsidiary companies, including Southern Power Company, Cawtawba Power Company, Great Falls Power Company, and Western Carolina Power Company were merged into Duke Power, although Southern Public Utilities, 100% owned by Duke Power, maintained a legally separate existence for the retail marketing of Duke-generated power to residential and commercial customers.

A 1973 labor dispute between mine workers and Duke Energy was the subject of the documentary Harlan County, USA. The film documents the use of “gun thugs” to intimidate striking workers.

In 1988, Nantahala Power & Light Co., which served southwestern North Carolina, was purchased by Duke and is now operated under the Duke Power Nantahala Area brand. Duke Power merged with PanEnergy in 1997 to form Duke Energy. The Duke Power name continued as the electric utility business of Duke Energy until the Cinergy merger.

With the purchase of Cinergy Corporation announced in 2005 and completed on April 3, 2006, Duke Energy Corporation’s customer base grew to include the Midwestern United States as well. The company operatesnuclear power plants, coal-fired plants, conventional hydroelectric plants, natural-gas turbines to handle peak demand, and pumped hydro storage. During 2006, Duke Energy also acquired Chatham, Ontario-based Union Gas, which is regulated under the Ontario Energy Board Act (1998).

On January 3, 2007, Duke Energy spun off its gas business to form Spectra Energy. Duke Energy shareholders received 1 share of Spectra Energy for each 2 shares of Duke Energy. After the spin-off, Duke Energy now receives the majority of its revenue from its electric operations in portions of North Carolina, South Carolina, Kentucky, Ohio, and Indiana. The spinoff to Spectra also included Union Gas, which Duke Energy acquired the previous year.

On July 3, 2012, Duke Energy merged with Progress Energy Inc with the Duke Energy name being retained along with the Charlotte, North Carolina headquarters.

Duke announced on June 18, 2013 that CEO Jim Rogers was retiring and Lynn Good would become the new CEO. Rogers has been CEO and Chairman since 2006, while Good was Chief Financial Officer of Duke since 2009, having joined Duke in the 2006 Cinergy merger. Roger’s retirement was part of an agreement to end an investigation into Duke’s Progress Energy acquisition in 2012.

New nuclear power plant

On March 16, 2006, Duke Power announced that a Cherokee County, SC site had been selected for a potential new nuclear power plant. The site is jointly owned by Duke Power and Southern Company. Duke plans to develop the site for two Westinghouse Electric Company AP1000 (advanced passive) pressurized water reactors. Each reactor is capable of producing approximately 1,117 megawatts. (See Nuclear Power 2010 Program.)

On December 14, 2007, Duke Power submitted a Combined Construction and Operating License to the Nuclear Regulatory Commission, with an announcement that it will spend $160 million in 2008 on the plant with a total cost of 5–6 billion dollars.

This site will be adjacent to the old site, which was never completed and abandoned in the early ’80s, and used by James Cameron as a film set for the 1989 movie The Abyss.”

*Information from Forbes.com and Wikipedia.org

**Video published on YouTube by “PipelineLive