History of Duke Energy in Timeline

Duke Energy Corporation is a major American electric power and natural gas holding company, with its headquarters in Charlotte, North Carolina. It achieved its highest-ever ranking on the Fortune 500 list in 2024, securing the 141st position.

1900: Company began as the 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 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 his partner 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 founded and/or owned by Duke and Blaney's associates.

1924: Name changed to Duke Power

In 1924, the name of Wateree Power Company was changed to Duke Power.

1927: Power Building Completed

In 1927, J.A. Jones designed the first headquarters building, known as the Power Building, which was completed at 440 South Church.

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.

1973: Contract dispute with workers 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, which led to a thirteen-month strike and the death of a miner. Eventually, Duke Power reached an agreement with the striking miners, recognizing the new UMWA local.

1975: Electric Center opened

In 1975, the Electric Center at 526 South Church Street opened.

1988: Duke purchased Nantahala Power & Light Co.

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 at 526 South Church Street.

1989: Film set for The Abyss

In 1989, the site adjacent to the old site, which was never completed and abandoned in the early 1980s, was used by James Cameron as a film set for the movie The Abyss.

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1990: Duke sold remaining transit operations

In 1990, Duke sold its remaining transit operations.

1997: Duke Power merged with PanEnergy to form Duke Energy

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: EPA Commenced Enforcement Action Against Duke Energy

In 1999, the United States Environmental Protection Agency commenced an enforcement action against Duke Energy for making modifications to very old and deteriorating coal-burning power plants without getting permits under the Clean Air Act.

December 2000: Cinergy Corp agreed to pay settlement

In December 2000, Cinergy Corp agreed to pay $1.4B to settle allegations that its coal plants illegally polluted the air.

2000: Energy Crisis

Duke Energy engaged in price gouging in California during the energy crisis of 2000 and 2001.

2001: Energy Crisis

Duke Energy engaged in price gouging in California during the energy crisis of 2000 and 2001.

2002: Ig Nobel Prize in Economics awarded to Duke Energy

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 a major corporate producer of air pollution

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 into the air.

July 2004: Duke Energy 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.

2004: State Farm Insurance sold the Power Building

In 2004, State Farm Insurance sold the Power Building for $8 million to The Dilweg Cos.

2005: Purchase of Cinergy Corporation announced

In 2005, Duke Energy announced the purchase of Cinergy Corporation.

2005: Purchase of Cinergy increased airborne pollutants

In 2005, Duke Energy's ranking among corporations emitting airborne pollutants in the United States changed due to the purchase of fossil fuel-heavy Cinergy.

March 16, 2006: Potential new nuclear power plant selected

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 bought 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: Duke Energy completes purchase of Cinergy Corporation

On April 3, 2006, Duke Energy Corporation's customer base grew to include the Midwestern United States with the completed purchase of Cinergy Corporation.

2006: Duke Energy acquired Cinergy Corp

In 2006 Duke Energy completed its acquisition of Cinergy Corp.

2006: Duke Energy's energy generation

In 2006, Duke Energy generated 148,798,332 megawatt-hours of electrical energy.

2006: Environmental Defense v. Duke Energy Corp.

In 2006, the case of Environmental Defense v. Duke Energy Corp. was argued before the Supreme Court.

2006: Jim Rogers CEO and Chairman

In 2013, Duke Energy announced that CEO Jim Rogers was retiring. Rogers has been CEO and Chairman since 2006.

January 3, 2007: Duke Energy Spun Off Gas Business to Form Spectra Energy

On January 3, 2007, Duke Energy spun off its gas business to form Spectra Energy, with Duke Energy shareholders receiving 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: The Power Building was demolished

On February 24, 2007, The Power Building was demolished.

April 2, 2007: Supreme Court Ruled Clean Air Act Permits Needed

On April 2, 2007, the Supreme Court unanimously ruled that modifications to Duke Energy's coal-burning power plants allowed the plants to operate for more hours, increasing emissions, so Clean Air Act permits were needed.

December 14, 2007: Duke Power submitted a Combined Construction and Operating License to the Nuclear Regulatory Commission

On December 14, 2007, Duke Power submitted a Combined Construction and Operating License to the Nuclear Regulatory Commission.

September 9, 2008: DERS Updates Wind Power Capacity Projections

On September 9, 2008, Duke Energy Renewable Services (DERS) updated its projections for future wind power capacity, expecting to have over 500 MW of wind power online by the end of 2008, and an additional 5,000 MW in development.

2008: Duke Power to spend $160 million on the plant

In 2008, Duke Power announced that it would spend $160 million on the nuclear power plant project with a total cost of $5 billion to $6 billion.

2008: Duke Energy announced plan to build Cliffside Unit 6 coal plant

In early 2008, Duke Energy announced a plan to build the new, 800-megawatt Cliffside Unit 6 coal plant 55 miles west of Charlotte, North Carolina, which was opposed by environmental groups.

2008: Tax Rebates

Public Campaign criticized Duke for not paying any taxes from 2008 to 2010 and receiving $216 million in tax rebates.

December 2009: Duke Energy to spend money to resolve Clean Air Act violations

In December 2009, Duke Energy agreed to spend approximately $93M to resolve violations of the Clean Air Act. Duke became obligated to make investments that were expected to reduce sulfur dioxide emissions by 86%.

2009: Duke Energy Center Announced as Headquarters

In 2009, Duke Energy Center at 550 South Tryon Street was announced as the company's headquarters.

2009: Lynn Good CFO of Duke

In 2013, Duke Energy announced that Lynn Good would become the new CEO. Good was Chief Financial Officer of Duke since 2009.

2010: Duke Energy's Farm

Duke Energy's Farm was operating alongside its Farms in 2020.

2010: Duke planned to develop the site

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 (advanced passive) pressurized water reactors. (See Nuclear Power 2010 Program.)

2010: Tax Rebates

Public Campaign criticized Duke for not paying any taxes from 2008 to 2010 and receiving $216 million in tax rebates.

February 14, 2011: Greenpeace campaign against Duke Energy

On February 14, 2011, Greenpeace launched a campaign in which Phil Radford called 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 to pay to resolve pension plan allegations

In May 2011, Duke agreed to pay $30M to resolve allegations that changes made to the company pension plan disproportionately harmed employees over 40, costing many of them up to half of their accrued benefits.

December 2011: Public Campaign criticized Duke Energy for lobbying

In December 2011, the non-partisan organization Public Campaign criticized Duke Energy for spending $17.47 million on lobbying. It also criticized Duke for not paying any taxes from 2008 to 2010 and receiving $216 million in tax rebates, in spite of turning a $5.4 billion profit and extensively raising executive compensations.

2011: Duke Energy worked with Charlotte's business leader community to help build Charlotte into a smart city

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, focusing on energy consumption changes to commercial buildings larger than 10,000 square feet.

July 3, 2012: Duke Energy merged with Progress Energy Inc.

On July 3, 2012, Duke Energy merged with Progress Energy Inc, retaining the Duke Energy name and Charlotte, North Carolina, headquarters.

July 2012: Criticism for paying former 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 something close to 20 minutes on the job as Duke's CEO.

2012: Duke Energy sued Citrus County, Florida

In 2012, Duke Energy sued Citrus County, Florida claiming its tax bill was too high. The county hired an outside appraiser who found that there were a lot of unreported and underreported items and the tax claim was actually too low.

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.

2012: Duke's Progress Energy acquisition

In 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.

May 2013: Students launched campaign 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 retires and Lynn Good becomes new CEO

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

On February 2, 2014, the massive Dan River coal-ash spill led to a grand jury investigation into Duke Energy. Duke Energy was prosecuted, pled guilty to nine charges of criminal negligence, and agreed to pay $102 million in fines and restitutions. Duke Energy was also ordered to close all of its 32 ash ponds in the state of North Carolina by 2029.

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: Government Pension Fund of Norway excluded Duke Energy

In September 2016, the Government Pension Fund of Norway, then worth $900 billion, excluded Duke Energy and its subsidiaries from the fund, citing "risk of severe environmental damage".

2016: Duke Energy Purchased 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.

2016: The plant was approved

In 2016, the Duke Power nuclear plant was approved.

August 2017: Duke sought permission to cancel nuclear project

In August 2017, Duke decided to seek permission from the North Carolina Utility Commission to cancel the nuclear power project due to the bankruptcy of Westinghouse and "other market activity."

2017: Duke Energy 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 451 MW of solar capacity to North Carolina's grid

In 2017, Duke Energy added 451 MW of solar capacity to North Carolina's grid.

2017: Duke Energy announced plans to launch three new solar projects in Kentucky

In 2017, Duke Energy announced plans to launch three new solar projects in Kentucky. Two will be in Kenton County and one will be in Grant County. Together the three plants will create more than 6.7 MW of power.

2017: Upgrade the North Carolina grid

In 2017, Duke Energy expects to spend $13 billion upgrading the North Carolina grid.

October 2018: Electric car charging stations to be installed

In October 2018, Duke Energy announced it would install 530 electric car charging stations around Florida, with ten percent going into low income communities.

November 2018: Duke Energy Market Capitalization

In November 2018, Duke Energy's market capitalization was valued at over US$58.8 billion.

2018: Duke Energy decided not to include new nuclear power in their 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: Real estate deal announced

In December 2019, Childress Klein and CGA Capital announced the largest real estate deal in the city's history, purchasing the Charlotte Metro Tower (to be renamed Duke Energy Plaza) for up to $675 million.

March 2020: Settlement

The parties involved in the January 2021 settlement waived all rights to challenge the "reasonableness and prudence" of Duke Energy's coal ash management practices and costs before March 2020.

August 2020: EWG released report accusing Duke Energy

In August 2020, environmental watchdog EWG released a report accusing Duke Energy of charging Indiana ratepayers for $12 billion worth of failed projects, including two natural gas pipelines and two retired nuclear power plants.

2020: Renewable energy goals

In 2011, Greenpeace called on Duke Energy to produce a third of its energy from renewable sources by 2020.

2020: Commercial operations of farms in Texas

In 2020 Duke Energy began commercial operations of several farms in Texas, operating alongside its Farm from 2010.

January 2021: Duke Energy agreed to a settlement to absorb coal-ash 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. Duke estimates the costs to be between $8 and $9 billion, the settlement reduces the cost on the ratepayer by 60%.

May 17, 2021: Duke Energy to move headquarters

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: Indiana city officials sent letter to Duke Energy

In August 2021, Indiana city officials from Bloomington, Carmel, and West Lafayette, and other lawmakers sent a letter to Duke Energy deploring its progress towards renewables and asking it to stop overcharging low-income homes for electricity.

2021: Duke Energy put forth money to promote spoiler candidates

In 2021, investigative reporting revealed that Duke Energy put forth more than $3 million to promote "ghost" spoiler candidates in key Florida legislature races.

December 3, 2022: Attack on Duke Energy substations in Moore County, North Carolina

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.

December 2022: Winter Storm impacted much of the United States

In December 2022, a major winter storm impacted much of the United States. On December 24, 2022, Duke Energy implemented rolling blackouts for the first time in their history, due to unprecedented energy demand.

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. The rolling blackouts came without warning and lasted hours.

2023: Headquarters Move to Duke Energy Plaza

In 2023, Duke Energy will move its headquarters to Duke Energy Plaza.

2024: Ranked 141st largest company in the United States

In 2024, Duke Energy was ranked as the 141st largest company in the United States, marking its highest-ever placement on the Fortune 500 list.

2029: Ash Ponds closure

Duke Energy was ordered to close all of its 32 ash ponds in the state of North Carolina by 2029.

2030: Abandon Coal by 2030

In 2011, Greenpeace 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.