History of Duke Energy in Timeline
Duke Energy is a major American electric power and natural gas holding company based in Charlotte, North Carolina. Serving over 7 million customers primarily in the eastern United States, it's a significant player in the energy sector. The company's financial performance has been strong, demonstrated by its ranking as the 141st largest company in the U.S. on the Fortune 500 list in 2024. Duke Energy plays a vital role in providing energy services to a large population and represents a considerable force in the American economy.
1900: Company Began as Catawba Power Company
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.
1917: Wateree Power Company Founded
In 1917, James Blaney founded the Wateree Power Company. It was formed as a holding company for several utilities that had been founded and/or owned by Duke and Blaney, along with his associates.
1924: Name Changed to Duke Power
In 1924, the name of the Wateree Power Company was changed to Duke Power.
1927: Subsidiary Companies Merged 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. However, Southern Public Utilities maintained a legally separate existence for retail marketing.
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 in Harlan County, Kentucky. The strike culminated in the death of a miner, leading to an agreement with the miners.
1988: Purchase of Nantahala Power & Light Co.
In 1988, Duke purchased Nantahala Power & Light Co. from Alcoa, which served southwestern North Carolina. This gave Duke its first and only interconnection with the TVA.
1989: Film Set for The Abyss
In 1989, the abandoned nuclear power plant site was used by James Cameron as a film set for the movie "The Abyss".
1990: Sale of Remaining Transit Operations
In 1990, Duke sold its remaining transit operations.
1997: Merger with PanEnergy to Form Duke Energy
In 1997, Duke Power merged with PanEnergy, a natural gas company, to form Duke Energy.
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: California energy crisis
In 2000 and 2001, Duke Energy allegedly engaged in price gouging in California during the energy crisis, ultimately leading to a $208M settlement in July 2004.
2001: California energy crisis
In 2000 and 2001, Duke Energy allegedly engaged in price gouging in California during the energy crisis, ultimately leading to a $208M settlement in July 2004.
2002: Ig Nobel Prize in Economics awarded
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: Identified as a Major Air Polluter
In 2002, researchers identified Duke Energy as the 46th-largest corporate producer of air pollution in the United States.
July 2004: Duke Energy agreed to pay settlement for price gouging
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.
March 16, 2006: Cherokee County Site Selected for Potential New 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. The site is jointly owned by Duke Power and Southern Company.
March 27, 2006: Novare Group Buys Land from The Dilweg Cos.
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: Acquisition of Cinergy Corporation Completed
On April 3, 2006, Duke Energy Corporation's customer base grew to include the Midwestern United States with the purchase of Cinergy Corporation.
2006: Duke Energy completed acquisition of Cinergy Corp
Duke Energy completed its acquisition of Cinergy Corp in 2006.
2006: Duke Energy Generated Electrical Energy
During 2006, Duke Energy generated 148,798,332 megawatt-hours of electrical energy.
January 3, 2007: Spin-off of Gas Business 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 to Spectra also included Union Gas.
February 24, 2007: Power Building Demolished
The Power Building, which was the first headquarters building, was demolished on February 24, 2007.
April 2, 2007: Supreme Court Ruling on Clean Air Act Permits
On April 2, 2007, the Supreme Court ruled that Duke Energy needed Clean Air Act permits for modifications to power plants that 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, and announced spending $160 million in 2008 on the plant.
September 9, 2008: DERS Updates Projections for Future Wind Power Capacity
On September 9, 2008, Duke Energy Renewable Services (DERS) updated its projections for future wind power capacity. By the end of 2008, it would have over 500 MW of nameplate capacity of wind power online, and an additional 5,000 MW in development.
2008: Criticism from Public Campaign
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, despite a $5.4 billion profit.
2008: New coal plant plan announced
In early 2008, Duke Energy announced plans to construct the Cliffside Unit 6 coal plant, a project met with strong opposition from environmental groups.
December 2009: Clean Air Act violations resolved
In December 2009, Duke Energy agreed to spend approximately $93M to resolve violations of the Clean Air Act and make investments expected to reduce sulfur dioxide emissions by 86%.
2010: Criticism from Public Campaign
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, despite a $5.4 billion profit.
February 14, 2011: Greenpeace campaign launched
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: Settlement reached over pension plan changes
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: Criticism from Public Campaign
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, despite a $5.4 billion profit.
2011: Envision Charlotte Initiative
In 2011, Duke Energy worked with Charlotte's business leader community to help build Charlotte into a smart city via the "Envision Charlotte" initiative. The goal was to reduce energy use in the urban core of the city 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 CEO compensation
In July 2012, Duke Energy was criticized for paying former Progress Energy CEO Bill Johnson $44.7 million in compensation for a brief tenure as Duke's CEO.
2012: Greenpeace protest of lobbying
In 2012, Greenpeace protested Duke Energy's lobbying of the Democratic Party, including its funding of the 2012 Democratic National Convention.
May 2013: Campaign launched for Brown University to divest fossil fuels
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 Announcement
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.
2015: Settlement to absorb coal-ash pond closure and cleanup costs
In January 2021, Duke Energy agreed to a settlement, which the company proposed, to absorb $1.1 billion worth of coal-ash pond closure and cleanup costs, in North Carolina, between 2015 and 2030. The parties involved also waived all rights to challenge the "reasonableness and prudence" of Duke Energy's coal ash management practices and costs before March 2020.
September 2016: Exclusion from Government Pension Fund of Norway
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: Purchase of Piedmont Natural Gas
In 2016, Duke Energy purchased Piedmont Natural Gas for $4.9 billion to become its wholly owned subsidiary. Duke Energy also completed selling its remaining power operations in Central and South America for $1.2 billion.
August 2017: Permission Sought to Cancel Nuclear Project
In August 2017, Duke 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".
2017: Effective federal tax rate of 0% or less
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: Solar capacity added to North Carolina's grid
In 2017, Duke Energy added 451 MW of solar capacity to North Carolina's power grid.
2017: North Carolina Grid Upgrade
In 2017, Duke Energy expected to spend $13 billion upgrading the North Carolina grid.
November 2018: Market Capitalization Valued
In November 2018, Duke Energy's market capitalization was valued at over US$58.8 billion.
2018: Effective federal tax rate of 0% or less
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 Not to Include 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, Childress Klein and CGA Capital announced the largest real estate deal in the city's history, purchasing the Charlotte Metro Tower when completed.
March 2020: Settlement to absorb coal-ash pond closure and cleanup costs
In January 2021, Duke Energy agreed to a settlement, which the company proposed, to absorb $1.1 billion worth of coal-ash pond closure and cleanup costs, in North Carolina, between 2015 and 2030. The parties involved also waived all rights to challenge the "reasonableness and prudence" of Duke Energy's coal ash management practices and costs before March 2020.
2020: Greenpeace campaign
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.
January 2021: Settlement to absorb 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.
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.
December 3, 2022: Attack on Duke Energy Substations in Moore County
On December 3, 2022, an attack was carried out on two Duke Energy substations located in Moore County, North Carolina, leaving up to 40,000 residents without electrical power.
December 2022: Rolling blackouts implemented due to winter storm
In December 2022, a major winter storm impacted much of the United States and Duke Energy implemented rolling blackouts for the first time in their history, due to unprecedented energy demand.
December 24, 2022: Rolling blackouts implemented due to winter storm
On December 24, 2022, Christmas Eve, Duke Energy implemented rolling blackouts for the first time in their history due to unprecedented energy demand during a major winter storm.
2024: Ranked 141st on Fortune 500 List
In 2024, Duke Energy ranked as the 141st largest company in the United States, its highest-ever placement on the Fortune 500 list.
2029: Closing of all of its 32 ash ponds in the state of North Carolina
After 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: Settlement to absorb coal-ash pond closure and cleanup costs
In January 2021, Duke Energy agreed to a settlement, which the company proposed, to absorb $1.1 billion worth of coal-ash pond closure and cleanup costs, in North Carolina, between 2015 and 2030. The parties involved also waived all rights to challenge the "reasonableness and prudence" of Duke Energy's coal ash management practices and costs before March 2020.
2030: Greenpeace campaign
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.
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