All about Duke Energy - Largest Electric power holding company

Duke Energy is one of the largest electric power holding companies in the United States. The company is based in Charlotte, North Carolina and serves approximately 7.7 million customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky.

Duke Energy was founded in 1904 as the Catawba Power Company and has since grown through a series of mergers and acquisitions. In 2012, Duke Energy merged with Progress Energy, becoming the largest utility company in the United States by customer base.

Duke Energy operates a diverse mix of generation assets, including nuclear, coal, natural gas, oil, hydroelectric, and renewable sources such as wind and solar. As of 2021, the company's generation mix was approximately 41% nuclear, 29% natural gas, 20% coal, and 10% renewable energy.

Duke Energy has faced criticism in the past for its reliance on coal-fired power plants, which are a major source of greenhouse gas emissions. In recent years, the company has made a commitment to transition to cleaner sources of energy and has set a goal to achieve net-zero carbon emissions from its electric power generation by 2050.

In addition to generating and transmitting electricity, Duke Energy also provides natural gas distribution services to approximately 1.6 million customers in Ohio and Kentucky. The company is also actively involved in the development and deployment of advanced energy technologies, such as electric vehicle charging infrastructure and battery storage systems.

Overall, Duke Energy is a major player in the energy industry and plays a significant role in meeting the electricity needs of millions of people in the United States.

Like many utility companies, Duke Energy periodically adjusts its rates in response to a variety of factors, including changes in the cost of fuel, infrastructure investments, and regulatory requirements. Price hikes can be a controversial issue, as they can impact the budget of residential and commercial customers.

One notable price hike by Duke Energy occurred in North Carolina in 2019, when the company requested an overall rate increase of approximately 9.7% for its customers in the state. The increase was largely driven by the company's investments in infrastructure and renewable energy projects, as well as the rising cost of natural gas.

The rate increase was ultimately approved by the North Carolina Utilities Commission, but it was met with criticism from some customers and advocacy groups who argued that it was too high and would place a burden on low-income households.

It's important to note that not all rate increases are the same, and the impact on individual customers can vary based on their energy usage and other factors. Customers who are concerned about the cost of their energy bills can consider ways to reduce their usage, such as implementing energy-efficient measures in their homes or businesses. Duke Energy also offers a variety of programs and resources to help customers manage their energy costs.

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