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August 6, 2021

Duke Energy reports net income of $765m for second quarter

The company registered a growth in its Electric Utilities and Infrastructure segment.

By Umesh Ellichipuram

US-based electric power and natural gas holding company Duke Energy has registered a net income of $765m for the second quarter of this year.

The result comes after the company reported a loss in the same period a year earlier.

Duke Energy posted earnings per share (EPS) of $0.96 and adjusted EPS of $1.15 for the quarter.

This is against a loss for each share of $1.13 and adjusted EPS of $1.08 in the prior-year quarter.

In the quarter, the company’s Electric Utilities and Infrastructure segment posted an income of $935m on a reported and adjusted basis, in comparison to the $753m reported in last year’s second quarter.

This represents a year-on-year increase of $0.24 for each share, excluding a share dilution of $0.04 for each share.

On a reported basis, Duke Energy ’s Gas Utilities and Infrastructure division recognised a segment income of $29m, as against $50m in the second quarter of last year, representing a $0.03 decrease per share.

The company’s Commercial Renewables division registered a segment income of $47m in the quarter on a reported and adjusted basis, down from $90m a year earlier.

Duke Energy attributed this decline to ‘certain renewable projects’ that became operational last year.

Duke Energy chair, president and CEO Lynn Good said: “Our strong second-quarter results demonstrate the continued execution of our clean energy strategy.

“We recently passed 10,000MW of renewable energy on our path to net-zero carbon emissions by 2050.

“We’re investing in our transmission and distribution assets to strengthen grid resiliency, accommodate more renewables and support state economic development efforts.”

In June, Duke Energy started building the Pisgah Ridge Solar facility, a 250MW solar project in Navarro County, Texas.

The facility is expected to generate enough clean energy to power around 63,000 homes in Texas and will be the company’s largest utility-scale solar facility once operational.

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