ST. PETERSBURG, Fla. – Duke Energy (NYSE: ) Florida, a division of Duke Energy (NYSE: DUK ) — the $84 billion market-cap utility giant with $14.1 billion in trailing-twelve-month EBITDA — filed a plan with the Florida Public Utilities Commission (FPSC ) to offset $1.1 billion in costs incurred during the 2024 hurricane season InvestingPro analysis, Duke Energy operates with a significant debt burden, although it maintains strong operational stability with a beta of only 0.46. The utility has mobilized a workforce of more than 27,000 to restore power to approximately 2 million customers affected by Hurricanes Debby, Helene and Milton. As a prominent player in the electric utility industry, Duke Energy’s financial resilience is evident in its consistent dividend payments, which it has maintained for 54 consecutive years. For deeper insight into Duke Energy’s financial health and future prospects, investors can access comprehensive analysis via InvestingProdetailed research reports available for over 1,400 US stocks.
The proposal details the costs associated with deploying crews and resources from across the country and Canada, establishing rest areas, and repairing and replacing critical infrastructure damaged by the storms. Duke Energy Florida State President Melissa Seixas emphasized that the company is prioritizing the quick and safe restoration of power and aims to minimize the financial impact on customers.
In the 2024 hurricane season, Duke Energy Florida responded to two Category 3 storms and one Category 4 storm in a three-month period. The company’s self-healing technology played a significant role in the recovery effort, automatically restoring hundreds of thousands of outages and saving millions of minutes in downtime.
Customers will experience a temporary increase in their electric bills beginning in March 2025, with an increase of approximately $21 per 1,000 kilowatt-hours due to storm recovery costs. Despite the actual increase of $31, seasonal bill reductions will offset $10 of this amount by November 2025. Storm-related charges are expected to remain on customers’ bills through the end of February 2026.
Duke Energy Florida offers financial assistance and flexible billing options for customers who need help with their bills. These resources are available through the company’s customer service desk and its website.
Information for this article is based on a Duke Energy Florida press release. The company, part of Duke Energy (NYSE: DUK ), is a major electricity supplier in Florida, with a service area covering 13,000 square miles. Duke Energy is also working on a clean energy transition, with the goal of achieving net zero emissions in electricity generation by 2050.
In other recent news, Duke Energy is drawing attention for its expected announcement of a new capital plan in February, which is expected to increase the company’s capital expenditures by more than $5 billion. Citi maintained a Buy rating on Duke Energy, noting the potential for accelerated earnings growth. This growth is dependent on the company executing market share increases, joint support notices and the sale of minority interests in Kentucky and Ohio, among other strategies.
Meanwhile, BMO Capital adjusted its price target on Duke Energy to $124, while maintaining an outperform rating on the stock. The adjustment follows Duke Energy’s third-quarter earnings report, which showed a decline in earnings per share to $1.62, primarily due to costs related to the recent storms. Despite these challenges, the company reaffirmed its full-year 2024 earnings guidance, projecting it to be within a range of $5.85 to $6.10.
During the earnings call, Duke Energy’s CEO discussed the company’s resilience in the face of a challenging hurricane season. The company has successfully restored power to a significant number of affected customers and predicts total storm costs for the year to be between $2.4 billion and $2.9 billion. Looking ahead, Duke Energy forecasts earnings per share growth of 5% to 7% through 2028, supported by regulatory approvals and infrastructure investments. These recent events highlight Duke Energy’s strategic planning and resilience despite the challenges of a difficult hurricane season.
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