Renewables have been key to Duke Energy reaching $832m profit in Q2 2019, with the company surpassing 1GW of capacity last month
Renewables have been key to Duke Energy reaching $832m profit in Q2 2019 (Credit: Duke Energy)
North Carolina-based power supplier Duke Energy has reported a $832m profit for the second quarter of 2019.
This equates to $1.12 per share, significantly higher than the average Wall Street estimate of 98 cents per share.
The company’s shares have increased by nearly 1% over the course of a productive 2019 to date, and it expects to reach full-year earnings of between $4.80 to $5.20 per share.
Chairman, president and CEO Lynn Good said: “We delivered strong financial results in the quarter as we continue creating value for customers and shareholders.
“So far this year, we’ve grown earnings and increased our dividend. We remain on track to meet our commitments, and have reaffirmed our 2019 earnings guidance range and our longterm 4 to 6% earnings growth rate.
“Moving forward, we will continue to execute our long-term strategy for the benefit of our customers and investors, including advancing our legislative and regulatory priorities to support our vision of a cleaner energy future.”
Renewables key to Duke Energy Q2 2019 profits
Duke Energy said its higher-than-expected profits for the second quarter of 2019 were primarily driven by growth from investments at electric and gas utilities and commercial renewables.
Last month, the company reached 1GW of clean energy capacity off the back of its solar portfolio that now includes almost 70 sites across ten states.
Rob Caldwell, senior vice president and president of Duke Energy Renewables, said: “For nearly a decade, Duke Energy has been delivering affordable solar power to our customers.
“This provides significant economic benefits to our communities, while generating no environmental emissions.”
Also in July, its renewables division announced the start of construction on its 350MW Frontier Windpower II project in Kay County, Oklahoma.
Once complete, along with the Frontier I facility, it is predicated to have capacity of more than 500MW, enough to power roughly 193,000 households.
Duke Energy Renewables president Rob Caldwell said: “Frontier II will deliver clean energy for Oklahoma and significant economic benefits to the area.
“We’re pleased to be working with the Ball Corporation on the Frontier II project, which will be located in an area that has some of the best wind resources in the country.”