History of Duke Energy in Timeline
Duke Energy Corporation is a major American electric power and natural gas holding company based in Charlotte, North Carolina. In 2024, it achieved its highest-ever ranking on the Fortune 500 list, placing 141st. The company plays a significant role in the energy sector.
1900: Company Began as Catawba Power Company
In 1900, the company began as the Catawba Power Company when Walker Gill Wylie and his brother financed the building of a hydroelectric power station.
1905: Southern Power Company Founded
In 1905, James B. Duke and his partner James Blaney invested in the Southern Power Company after being convinced by Walker Gill Wylie.
1917: Wateree Power Company Formed
In 1917, James Blaney founded the Wateree Power Company as a holding company for utilities owned by Duke and his associates.
1924: Name Changed to Duke Power
In 1924, the Wateree Power Company was renamed Duke Power.
1927: Subsidiary Companies Merged into Duke Power
In 1927, most subsidiary companies, including Southern Power Company and Catawba Power Company, were merged into Duke Power.
1927: Power Building Completion
In 1927, the Power Building, the first headquarters building, was completed at 440 South Church.
1973: Contract Dispute at Brookside Coal Mine
In 1973, Duke Power, through its subsidiary Eastover Mining Company, engaged in a lengthy contract dispute with workers at the Brookside coal mine. The strike culminated in the shooting death of a miner, leading to an agreement with the UMWA.
1975: Electric Center Opened
In 1975, the Electric Center at 526 South Church Street opened.
1988: Nantahala Power & Light Co. Purchased
In 1988, Duke purchased Nantahala Power & Light Co., which served southwestern North Carolina.
1988: Electric Center Addition
In 1988, an addition was made to the Electric Center.
1989: Film Set for The Abyss
In 1989, the old abandoned nuclear plant site was used as a film set for the movie "The Abyss" by James Cameron.
1990: Transit Operations Sold
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 Union Gas, regulated under the Ontario Energy Board Act (1998).
1999: EPA Enforcement Action Commenced
In 1999, the United States Environmental Protection Agency commenced an enforcement action against Duke Energy for modifying coal-burning power plants without permits under the Clean Air Act.
December 2000: Cinergy Corp Agreed to Settle Allegations
In December 2000, Cinergy Corp agreed to pay $1.4B to settle allegations that its coal plants illegally polluted the air.
2000: Energy Crisis in California
Duke Energy was involved in price gouging during the energy crisis in California in 2000 and 2001.
2001: Energy Crisis in California
Duke Energy was involved in price gouging during the energy crisis in California in 2000 and 2001.
2002: Ig Nobel Prize in Economics
In 2002, Duke Energy was awarded the Ig Nobel Prize in Economics for "adapting the mathematical concept of imaginary numbers for use in the business world".
2002: Duke Energy Identified as Major Air Polluter
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.
July 2004: Duke Energy Settled Price Gouging Allegations
In July 2004, Duke Energy agreed to pay $208M to settle allegations that it had engaged in price gouging in California during the energy crisis of 2000 and 2001.
2004: Power Building Sold to The Dilweg Cos.
In 2004, State Farm Insurance sold the Power Building to The Dilweg Cos.
2005: Purchase of Cinergy Corporation Announced
In 2005, Duke Energy announced the purchase of Cinergy Corporation.
2005: Increased Emissions Ranking
In 2005, the purchase of Cinergy caused The Political Economy Research Institute to rank Duke Energy 13th among corporations emitting airborne pollutants in the United States.
March 16, 2006: Cherokee County Site Selected 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.
March 27, 2006: Novare Group Buys Land at 408 South Church Street
On March 27, 2006, Novare Group bought 5.13 acres at 408 South Church Street from The Dilweg Cos.
April 3, 2006: Cinergy Corporation Purchase Completed
On April 3, 2006, Duke Energy Corporation completed its purchase of Cinergy Corporation, expanding its customer base to include the Midwestern United States.
2006: Duke Energy Acquired Cinergy Corp
Duke Energy completed its acquisition of Cinergy Corp in 2006.
2006: Duke Energy generated 148,798,332 megawatt-hours of electrical energy
In 2006, Duke Energy generated 148,798,332 megawatt-hours of electrical energy.
2006: Case Argued Before Supreme Court
In 2006, the case was argued before the Supreme Court (Environmental Defense v. Duke Energy Corp. (05-848)).
January 3, 2007: Gas Business Spun Off to Form 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 also included Union Gas, which Duke Energy acquired the previous year.
February 24, 2007: Power Building Demolished
On February 24, 2007, the Power Building was demolished.
April 2, 2007: Supreme Court Ruled Against Duke Energy
On April 2, 2007, the Supreme Court unanimously ruled that Duke Energy needed Clean Air Act permits for modifications to its power plants because they 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.
September 9, 2008: DERS Updated Wind Power Capacity Projections
On September 9, 2008, Duke Energy Renewable Services (DERS) updated its projections for future wind power capacity, forecasting over 500 MW of nameplate capacity of wind power online by the end of 2008, and an additional 5,000 MW in development.
2008: Duke Energy Paid No Taxes
From 2008 to 2010, Duke Energy did not pay any taxes and received $216 million in tax rebates, despite a $5.4 billion profit.
2008: $160 million Investment in Nuclear Plant
In 2008, Duke Power announced it would spend $160 million on the nuclear plant.
2008: Cliffside Unit 6 Coal Plant Plan
In early 2008, Duke Energy announced a plan to build the new, 800-megawatt Cliffside Unit 6 coal plant. The plan has been strongly opposed by environmental groups.
December 2009: Duke Energy Agreed to Resolve Clean Air Act Violations
In December 2009, Duke Energy agreed to spend approximately $93M to resolve violations of the Clean Air Act, leading to investments expected to reduce sulfur dioxide emissions by 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 Chief Financial Officer
Lynn Good was Chief Financial Officer of Duke since 2009.
2010: Began commercial operations of Farm
Duke Energy began commercial operations of Farm in 2010.
2010: Duke Energy Paid No Taxes
From 2008 to 2010, Duke Energy did not pay any taxes and received $216 million in tax rebates, despite a $5.4 billion profit.
February 14, 2011: Greenpeace Launched Campaign Against Duke Energy
On February 14, 2011, Greenpeace launched a campaign calling on Duke Energy to abandon mountaintop removal coal, produce a third of its energy from renewable sources by 2020, and abandon coal altogether by 2030.
May 2011: Duke Energy Settled Pension Plan Allegations
In May 2011, Duke Energy agreed to pay $30M to resolve allegations that changes made to the company pension plan disproportionately harmed employees over 40.
December 2011: Public Campaign Criticized Duke Energy
In December 2011, Public Campaign criticized Duke Energy for spending $17.47 million on lobbying, not paying taxes from 2008 to 2010, and receiving $216 million in tax rebates.
2011: Envision Charlotte Initiative
In 2011, Duke Energy collaborated with Charlotte's business community to launch "Envision Charlotte", aiming to reduce energy use in the city's urban core by 20 percent, focusing on commercial buildings.
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 Charlotte headquarters.
July 2012: Criticism Over Compensation to Former Progress Energy CEO
In July 2012, Duke Energy was criticized for paying former Progress Energy CEO Bill Johnson $44.7 million in compensation, including a $10 million severance, for a very brief tenure as Duke's CEO.
2012: Greenpeace Protested Duke's Lobbying
In 2012, Greenpeace protested Duke's lobbying of the Democratic Party, including its funding of the 2012 Democratic National Convention.
May 2013: University Students Launched Divestment Campaign
In May 2013, university students launched a campaign for Brown University to divest fossil fuels, specifically referring to Duke Energy and other coal plant operators.
June 18, 2013: Jim Rogers Retirement and Lynn Good New CEO
On June 18, 2013, Duke Energy announced that CEO Jim Rogers was retiring and Lynn Good would become the new CEO.
February 2, 2014: Dan River Coal-Ash Spill
On February 2, 2014, the Dan River coal-ash spill led to a grand jury investigation into Duke Energy, which was prosecuted and pled guilty to nine charges of criminal negligence.
2015: Coal-Ash Pond Closure and Cleanup Costs
In January 2021, Duke Energy agreed to a settlement to absorb $1.1 billion worth of coal-ash pond closure and cleanup costs in North Carolina between 2015 and 2030.
September 2016: Norway's Government Pension Fund Excluded Duke Energy
In September 2016, the Government Pension Fund of Norway excluded Duke Energy and its subsidiaries from the fund, citing "risk of severe environmental damage".
2016: Piedmont Natural Gas Purchased
In 2016, Duke Energy purchased Piedmont Natural Gas for $4.9 billion, making it a wholly owned subsidiary.
August 2017: Project Cancellation Request
In August 2017, Duke decided to seek permission to cancel the nuclear project due to Westinghouse's bankruptcy.
2017: Fiscal Year Earnings Report
For the fiscal year 2017, Duke Energy reported earnings of US$3.059 billion, with an annual revenue of US$23.565 billion.
2017: Added Solar Capacity to North Carolina Grid
In 2017, Duke Energy added 451 MW of solar capacity to North Carolina's grid.
2017: North Carolina Grid Upgrades
In 2017, Duke Energy expected to spend $13 billion upgrading the North Carolina grid.
November 2018: Market Capitalization Valued at Over US$58.8 Billion
In November 2018, Duke Energy's market capitalization was valued at over US$58.8 billion.
2018: No New Nuclear Power in Long-Range Plans
In 2018, Duke Energy announced that they had decided not to include new nuclear power in their long-range plans.
December 2019: Largest Real Estate Deal
In December 2019, the 40-story Charlotte Metro Tower purchase was announced as the largest real estate deal in the city's history.
March 2020: Waiver of Rights to Challenge Coal Ash Management
In January 2021, as part of a settlement, parties involved waived all rights to challenge the "reasonableness and prudence" of Duke Energy's coal ash management practices and costs before March 2020.
2020: Greenpeace's Renewable Energy Goal for Duke Energy
Greenpeace's campaign in 2011 called on Duke Energy to produce a third of its energy from renewable sources by 2020.
January 2021: Duke Energy Proposed Settlement for Coal-Ash Pond Closure Costs
In January 2021, Duke Energy agreed to a settlement to absorb $1.1 billion worth of coal-ash pond closure and cleanup costs in North Carolina between 2015 and 2030.
May 17, 2021: Headquarters Move Announced
On May 17, 2021, the company announced the headquarters will move in 2023 to Duke Energy Plaza.
December 3, 2022: Attack on Duke Energy Substations
On December 3, 2022, an attack was carried out on two Duke Energy substations in Moore County, North Carolina, leaving up to 40,000 residents without power.
December 2022: Winter Storm Impacted the United States
In December 2022, a major winter storm impacted much of the United States, leading to Duke Energy implementing rolling blackouts on December 24, 2022.
December 24, 2022: Duke Energy Implemented Rolling Blackouts
On December 24, 2022, Christmas Eve, Duke Energy implemented rolling blackouts for the first time in their history due to unprecedented energy demand.
2023: Headquarters move to Duke Energy Plaza
Duke Energy's Headquarters moved in 2023 to Duke Energy Plaza.
2024: Ranked 141st Largest Company
In 2024, Duke Energy was ranked as the 141st largest company in the United States, achieving its highest-ever placement on the Fortune 500 list.
2029: Ordered Closure of Ash Ponds
As a result of the Dan River coal-ash spill, Duke Energy was ordered to close all of its 32 ash ponds in the state of North Carolina by 2029.
2030: Greenpeace's Coal Abandonment Goal for Duke Energy
Greenpeace's campaign in 2011 called on Duke Energy to abandon coal altogether by 2030.
2030: Coal-Ash Pond Closure and Cleanup Costs
In January 2021, Duke Energy agreed to a settlement to absorb $1.1 billion worth of coal-ash pond closure and cleanup costs in North Carolina between 2015 and 2030.
