History of Duke Energy in Timeline
Duke Energy Corporation, based in Charlotte, North Carolina, is a major American electric power and natural gas holding company. It provides services to more than 7 million customers located in the eastern United States. Duke Energy's prominence is reflected in its 2024 ranking as the 141st largest company in the U.S., marking its highest position to date on the Fortune 500 list.
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1900: Catawba Power Company Founded
In 1900, the company began as the Catawba Power Company. 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.
1905: Southern Power Company Founded
In 1905, Walker Gill Wylie convinced James B. Duke and James Blaney to invest in the Southern Power Company.
1917: Wateree Power Company Formed
In 1917 James Blaney founded the Wateree Power Company as a holding company for several utilities that had been founded and/or owned by Duke, and Blaney his associates.
1924: Name Change to Duke Power
In 1924, the name of Wateree Power Company was changed to Duke Power.
1927: Merger into Duke Power
In 1927, most of the subsidiary companies, including Southern Power Company, Catawba Power Company, Great Falls Power Company, and Western Carolina Power Company were merged into Duke Power. Southern Public Utilities maintained a legally separate existence for retail marketing and operated transit systems.
1927: Power Building Completed
In 1927, the first headquarters building, known as the Power Building, was completed at 440 South Church.
1975: Electric Center Opened
In 1975, the Electric Center at 526 South Church Street opened.
1988: Purchase of Nantahala Power & Light Co.
In 1988, Duke Power purchased Nantahala Power & Light Co. from Alcoa, giving Duke its first interconnection with the TVA.
1988: Electric Center Addition
In 1988, there was an addition to the Electric Center at 526 South Church Street.
1989: The Abyss Film Set
The site that would have been adjacent to the old site was never completed and abandoned in the early 1980s, and used by James Cameron as a film set for the 1989 movie The Abyss.
1990: Sale of Transit Operations
In 1990, Duke sold its remaining transit operations.
1997: Merger with PanEnergy
In 1997, Duke Power merged with PanEnergy, a natural gas company, to form Duke Energy.
1998: Ontario Energy Board Act
In 2006, Duke Energy acquired Chatham, Ontario-based Union Gas, which is regulated under the Ontario Energy Board Act (1998).
1999: Enforcement Action by EPA
In 1999, the United States Environmental Protection Agency commenced an enforcement action against Duke Energy for making modifications to coal-burning power plants without Clean Air Act permits.
December 2000: Cinergy Corp agreed to pay settlement for pollution
In December 2000, Cinergy Corp agreed to pay $1.4B to settle allegations that its coal plants illegally polluted the air.
2000: Duke Energy involved in energy crisis
In 2000, Duke Energy was allegedly involved in price gouging in California during the energy crisis.
2001: Duke Energy involved in energy crisis
In 2001, Duke Energy was allegedly involved in price gouging in California during the energy crisis.
2002: Ig Nobel Prize in Economics awarded
In 2002, Duke Energy received the Ig Nobel Prize in Economics for their innovative adaptation of imaginary numbers in the business sector.
2002: University of Massachusetts Amherst Report
In 2002, researchers at the University of Massachusetts Amherst identified Duke Energy as the 46th-largest corporate producer of air pollution in the United States, releasing roughly 36 million pounds of toxic chemicals annually.
July 2004: Settlement reached for price gouging allegations
In July 2004, Duke Energy agreed to pay $208 million to settle allegations of price gouging in California during the energy crisis between 2000 and 2001.
2004: Sale of Power Building
In 2004, State Farm Insurance sold the Power Building for $8 million to The Dilweg Cos.
2005: Cinergy Corporation Purchase Announced
In 2005, Duke Energy announced the purchase of Cinergy Corporation.
2005: Increased Air Pollution Ranking
The Political Economy Research Institute ranks Duke Energy 13th among corporations emitting airborne pollutants in the United States in 2005, based on the quantity (80 million pounds) and toxicity of the emissions. This change reflects the purchase of fossil fuel-heavy Cinergy.
March 16, 2006: Selection of Cherokee County Site for Potential Nuclear Power Plant
On March 16, 2006, Duke Power announced that a Cherokee County, South Carolina site had been selected for a potential new nuclear power plant. Duke planned to develop the site for two Westinghouse Electric Company AP1000 pressurized water reactors.
March 27, 2006: Novare Group Purchase
On March 27, 2006, Novare Group bought 5.13 acres at 408 South Church Street for $17 million from The Dilweg Cos.
April 3, 2006: Cinergy Corporation Acquisition Completed
On April 3, 2006, Duke Energy Corporation's acquisition of Cinergy Corporation was completed, expanding Duke Energy's customer base to include the Midwestern United States.
2006: Electrical energy generated
During 2006, Duke Energy generated 148,798,332 megawatt-hours of electrical energy.
2006: Duke Energy acquired Cinergy Corp
In 2006, Duke Energy completed its acquisition of Cinergy Corp.
2006: Lynn Good joined Duke Energy
In 2006, Lynn Good joined Duke Energy in the Cinergy merger.
2006: Supreme Court Case Argument
In 2006, the case between Environmental Defense and Duke Energy Corp. was argued before the Supreme Court.
January 3, 2007: Spin-off of Gas Business to Spectra Energy
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. The spinoff included Union Gas, which Duke Energy acquired the previous year.
February 24, 2007: Demolition of the Power Building
On February 24, 2007, the Power Building was demolished.
April 2, 2007: Supreme Court Ruling
On April 2, 2007, the Supreme Court unanimously ruled that Duke Energy needed Clean Air Act permits for modifications to power plants, as the modifications increased emissions.
December 14, 2007: Combined Construction and Operating License Submitted
On December 14, 2007, Duke Power submitted a Combined Construction and Operating License to the Nuclear Regulatory Commission.
2008: Wind Power Operations
As of 2008, Duke Energy Renewable Services (DERS) operated 240 megawatts of wind power, with an additional 1,500 megawatts of wind generation capacity under construction or in the planning stages.
2008: Duke Energy not paying taxes
From 2008 to 2010, Public Campaign criticized Duke Energy for not paying taxes.
2008: Planned Spending on Nuclear Plant
In 2008, Duke Power announced it would spend $160 million on the nuclear plant, with a total cost of $5 billion to $6 billion.
2008: New Cliffside Unit 6 coal plant plan announced
In early 2008, Duke Energy announced plans to construct the Cliffside Unit 6 coal plant, with a capacity of 800-megawatts. This plan faced strong opposition from environmental groups.
December 2009: Settlement to resolve Clean Air Act violations
In December 2009, Duke Energy committed to invest approximately $93 million to resolve violations of the Clean Air Act. This agreement included reducing sulfur dioxide emissions by an estimated 86%.
2009: Duke Energy Center Announced
In 2009, Duke Energy Center at 550 South Tryon Street was announced as the company's headquarters.
2009: Lynn Good became Chief Financial Officer of Duke
In 2009, Lynn Good became Chief Financial Officer of Duke.
2010: Duke Energy not paying taxes
From 2008 to 2010, Public Campaign criticized Duke Energy for not paying taxes.
2010: Nuclear Power 2010 Program
March 16, 2006, Duke Power announced that a Cherokee County, South Carolina site had been selected for a potential new nuclear power plant. (See Nuclear Power 2010 Program.)
February 14, 2011: Greenpeace launched campaign against Duke Energy
On February 14, 2011, Greenpeace, led by Phil Radford, initiated a campaign urging Duke Energy to cease mountaintop removal coal mining, produce a third of its energy from renewable sources by 2020, and eliminate coal usage entirely by 2030.
May 2011: Settlement reached over pension plan changes
In May 2011, Duke Energy agreed to a $30 million settlement to resolve allegations that changes made to the company pension plan disproportionately harmed employees over 40, costing many up to half of their accrued benefits.
December 2011: Criticism from Public Campaign regarding lobbying and taxes
In December 2011, Public Campaign criticized Duke Energy for spending $17.47 million on lobbying, paying no taxes from 2008 to 2010, and receiving $216 million in tax rebates despite a $5.4 billion profit and increased executive compensations.
2011: Envision Charlotte Initiative
In 2011, Duke Energy worked with Charlotte's business leader community to help build Charlotte into a smart city through the "Envision Charlotte" initiative, aiming to reduce energy use in the urban core by 20 percent.
July 3, 2012: Merger with Progress Energy Inc.
On July 3, 2012, Duke Energy merged with Progress Energy Inc., retaining the Duke Energy name and the Charlotte, North Carolina, headquarters.
July 2012: Criticism over compensation to former Progress Energy CEO
In July 2012, Duke Energy faced criticism for paying former Progress Energy CEO Bill Johnson $44.7 million in compensation, including a $10 million severance, for a very brief period as Duke's CEO.
2012: Lawsuit filed against Citrus County, Florida
In 2012, Duke Energy initiated a lawsuit against Citrus County, Florida, arguing that its tax bill was excessively high. The county's subsequent appraisal revealed previously unreported and underreported assets, leading to the conclusion that the initial tax claim was, in fact, too low.
2012: Greenpeace protested Duke's lobbying of the Democratic Party
In 2012, Greenpeace protested Duke Energy's lobbying of the Democratic Party, including its funding of the 2012 Democratic National Convention.
2012: Investigation into Duke's Progress Energy acquisition
In 2012, there was an investigation into Duke's Progress Energy acquisition.
May 2013: University students campaign for fossil fuel divestment
In May 2013, university students launched a campaign at Brown University advocating for the divestment of fossil fuels, with specific mention of Duke Energy and other coal plant operators.
June 18, 2013: CEO Jim Rogers Retirement
On June 18, 2013, Duke Energy announced that CEO Jim Rogers was retiring and Lynn Good would become the new CEO. Rogers' retirement was part of an agreement to end an investigation into Duke's Progress Energy acquisition in 2012.
February 2, 2014: Dan River coal-ash spill leads to investigation
On February 2, 2014, a significant coal-ash spill occurred in the Dan River, resulting in a grand jury investigation into Duke Energy. The investigation was overseen by Governor Pat McCrory, who had previously worked for Duke Energy, leading to accusations of intervention on Duke's behalf. Duke Energy was eventually prosecuted, pled guilty to nine counts of criminal negligence, and was fined $102 million. Furthermore, they were mandated to close all 32 ash ponds in North Carolina by 2029.
2015: Settlement reached over coal-ash pond closure costs
In January 2021, Duke Energy agreed to a settlement to absorb coal-ash pond closure and cleanup costs in North Carolina, between 2015 and 2030.
September 2016: Exclusion from Government Pension Fund of Norway
In September 2016, the Government Pension Fund of Norway, valued at $900 billion, excluded Duke Energy and its subsidiaries due to concerns about potential severe environmental damage.
2016: Purchase of Piedmont Natural Gas and Sale of Latin American Operations
In 2016, Duke Energy purchased Piedmont Natural Gas for $4.9 billion and completed selling its remaining power operations in Central and South America for $1.2 billion.
2016: Nuclear plant approved
In 2016, Duke's proposed nuclear power plant was approved.
August 2017: Duke Seeks Permission to Cancel Nuclear Project
In August 2017, Duke Energy decided to seek permission from the North Carolina Utility Commission to cancel the nuclear project due to the bankruptcy of Westinghouse and "other market activity", while retaining the option to restart the project later.
2017: North Carolina Grid Upgrade
Duke Energy expects to spend $13 billion upgrading the North Carolina grid from 2017.
2017: Effective federal tax rate
During 2018 Duke Energy along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.
2017: Fiscal Year Earnings
For the fiscal year 2017, Duke Energy reported earnings of US$3.059 billion, with an annual revenue of US$23.565 billion.
2017: Duke Energy added solar capacity to North Carolina's grid
In 2017, Duke Energy added 451 MW of solar capacity to North Carolina's power grid.
2017: Trump Tax Cuts and Jobs Act
In 2018, the Institute on Taxation and Economic Policy claimed that Duke Energy paid an effective federal tax rate of 0% or less, which was a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.
November 2018: Market Capitalization
In November 2018, Duke Energy's market capitalization was valued at over US$58.8 billion, with shares trading at over $79 per share.
2018: Effective federal tax rate
During 2018 Duke Energy along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.
2018: Decision Against New Nuclear Power
In 2018, Duke Energy announced that they had decided not to include new nuclear power in their long-range plans.
December 2019: Real Estate Deal Announcement
In December 2019, it was announced that Childress Klein and CGA Capital would purchase the Charlotte Metro Tower when completed for up to $675 million.
March 2020: Parties waived right to challenge Duke Energy's coal ash practices
In January 2021, as part of a settlement, the involved parties waived their rights to challenge the 'reasonableness and prudence' of Duke Energy's coal ash management practices and costs before March 2020.
August 2020: Report accusing Duke Energy of charging for failed projects
In August 2020, the EWG released a report accusing Duke Energy of charging Indiana ratepayers $12 billion for failed projects, resulting from a controversial bill passed earlier that year. The projects included two natural gas pipelines and two retired nuclear power plants.
2020: Greenpeace requests Duke Energy to produce energy from renewable sources
In 2011, Greenpeace requested Duke Energy to produce a third of its energy from renewable sources by 2020.
January 2021: Settlement reached over coal-ash pond closure costs
In January 2021, Duke Energy reached a settlement, proposed by the company, to cover $1.1 billion in coal-ash pond closure and cleanup expenses in North Carolina between 2015 and 2030. The parties also waived their rights to challenge the 'reasonableness and prudence' of Duke Energy's coal ash management practices and costs before March 2020. This settlement is projected to reduce the cost to ratepayers by 60%.
May 17, 2021: Headquarters Move Announcement
On May 17, 2021, Duke Energy announced that the headquarters will move in 2023 to Duke Energy Plaza, across the street from the current headquarters.
August 2021: Officials deplored progress towards renewables
In August 2021, Indiana city officials from Bloomington, Carmel, and West Lafayette, along with other lawmakers, sent a letter to Duke Energy criticizing its progress toward renewable energy and its overcharging of low-income homes for electricity.
2021: Duke Energy was accused of promoting ghost candidates in Florida legislature races.
In 2021, the Orlando Sun Sentinel reported that Duke Energy, FPL (Nextera Energy), and TECO Energy invested over $3 million to promote 'ghost' spoiler candidates in key Florida legislature races. The scheme, involving former senator Frank Artiles, influenced at least one election outcome.
December 3, 2022: Attack on Duke Energy Substations
On December 3, 2022, two Duke Energy substations located in Moore County, North Carolina, were attacked, leaving up to 40,000 residents without electrical power for several days. Schools were closed and a state of emergency was declared.
December 2022: Winter storm caused unprecedented energy demand
In December 2022, a major winter storm impacted much of the United States, leading to rolling blackouts implemented by Duke Energy on December 24, 2022.
December 24, 2022: Rolling blackouts implemented due to energy demand
On December 24, 2022, amid a major winter storm impacting the United States, Duke Energy implemented rolling blackouts for the first time in its history due to unprecedented energy demand. These blackouts occurred without warning and lasted for several hours. Duke Energy also reported failures related to the software regulating the blackouts, leading to an investigation by the Federal Energy Regulatory Commission.
2023: Sale of Renewable Power Generation Business
In 2023, Duke Energy sold off their unregulated utility-scale renewable power generation business to Brookfield Renewable Partners. This included Duke Energy Renewable Services (DERS), which operated 1,700 megawatts of renewable generation facilities.
2023: Headquarters Move in 2023
On May 17, 2021, Duke Energy announced that the headquarters will move in 2023 to Duke Energy Plaza, across the street from the current headquarters.
2024: Duke Energy Response to IPS Claim
In 2024, Duke Energy responded to a similar claim from the Institute of Policy Studies, stating that it has a deferred tax balance, meaning that taxes are due in future years.
2024: Fortune 500 Ranking
In 2024, Duke Energy was ranked as the 141st largest company in the United States, marking its highest placement on the Fortune 500 list.
2029: Deadline to close ash ponds
By 2029, Duke Energy was also ordered to close all of its 32 ash ponds in the state of North Carolina following the Dan River coal-ash spill.
2030: Greenpeace requests Duke Energy to abandon coal altogether
In 2011, Greenpeace requested Duke Energy to abandon coal altogether by 2030.
2030: Settlement reached over coal-ash pond closure costs
In January 2021, Duke Energy agreed to a settlement to absorb coal-ash pond closure and cleanup costs in North Carolina, between 2015 and 2030.
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