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. It is one of the largest companies in the United States, achieving its highest-ever ranking of 141st on the Fortune 500 list in 2024. Duke Energy provides energy services to millions of customers across the country.

1900: Company Beginning 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 at India Hook Shoals.

1905: Founding of Southern Power Company

In 1905, Walker Gill Wylie convinced James B. Duke and James Blaney to invest in the Southern Power Company.

1917: Formation of Wateree Power Company

In 1917, James Blaney founded the Wateree Power Company as a holding company for utilities owned by Duke, Blaney and associates.

1924: Name Change to Duke Power

In 1924, the Wateree Power Company was renamed Duke Power.

1927: Merger into Duke Power

In 1927, most subsidiary companies, including Southern Power Company and Catawba Power Company, were merged into Duke Power.

1927: Completion of the Power Building

In 1927, the first headquarters building, known as the Power Building, was completed.

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, culminating in the death of a miner and eventual agreement with the union.

1975: Opening of the Electric Center

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

1988: Purchase of Nantahala Power & Light Co.

In 1988, Duke purchased Nantahala Power & Light Co., which served southwestern North Carolina.

1988: Addition to the Electric Center

In 1988, an addition was made to the Electric Center at 526 South Church Street.

1989: Film Set for The Abyss

In 1989, the abandoned nuclear plant site was used by James Cameron as a film set for the movie "The Abyss".

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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: Union Gas Regulated Under Ontario Energy Board Act

In 2006, Duke Energy acquired Union Gas, which is 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 making modifications to coal-burning power plants without proper permits.

December 2000: Cinergy Corp agreed to pay 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

During the energy crisis of 2000, Duke Energy was accused of price gouging in California.

2001: Energy crisis in California

During the energy crisis of 2001, Duke Energy was accused of price gouging in California.

2002: Duke Energy awarded Ig Nobel Prize in Economics

In 2002, Duke Energy received the Ig Nobel Prize in Economics for "adapting the mathematical concept of imaginary numbers for use in the business world".

2002: Ranked as 46th-Largest Corporate Producer of Air Pollution

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 to settle allegations of 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: Sale of 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: Increased Airborne Pollutant Emissions

In 2005, Duke Energy's ranking increased to 13th among corporations emitting airborne pollutants due to the purchase of fossil fuel-heavy Cinergy.

March 16, 2006: Site Selection for 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, jointly owned by Duke Power and Southern Company.

March 27, 2006: Sale of Land at 408 South Church Street

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: Completion of Cinergy Corporation Purchase

On April 3, 2006, Duke Energy Corporation completed the purchase of Cinergy Corporation, expanding its customer base to include the Midwestern United States.

2006: Duke Energy Completed Acquisition of Cinergy Corp

Duke Energy completed its acquisition of Cinergy Corp in 2006.

2006: Electrical Energy Generation

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

2006: Case Argued Before Supreme Court

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

2006: Rogers CEO and Chairman since 2006

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

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, with Duke Energy shareholders receiving 1 share of Spectra Energy for every 2 shares of Duke Energy. The spinoff also 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 Clean Air Act

On April 2, 2007, the Supreme Court ruled unanimously that Duke Energy needed Clean Air Act permits for modifications to its power plants, as the modifications allowed the plants to operate for more hours and increase emissions.

December 14, 2007: Submission of License Application for Nuclear Plant

On December 14, 2007, Duke Power submitted a Combined Construction and Operating License to the Nuclear Regulatory Commission, announcing a $160 million investment in 2008.

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, estimating over 500 MW of nameplate capacity online by the end of 2008 and an additional 5,000 MW in development.

2008: Duke Energy did not pay taxes

From 2008 to 2010, Duke Energy did not pay any taxes despite turning a $5.4 billion profit.

2008: Investment in Nuclear Plant

In 2008, Duke Power announced that it will spend $160 million in the plant.

2008: Cliffside Unit 6 Coal Plant Plan and Opposition

In early 2008, Duke Energy announced a plan to build the new Cliffside Unit 6 coal plant, which faced opposition from environmental groups. On April 1, activists protested at the construction area.

December 2009: Duke Energy Agreed to Spend Millions to Resolve Clean Air Act Violations

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

2009: Announcement of Duke Energy Center as Headquarters

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

2009: Good CFO since 2009

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 operates a Farm in Texas

Duke Energy's Farm operated in Texas in 2010.

2010: Nuclear Power 2010 Program

Duke Power planned to develop a site for two Westinghouse Electric Company AP1000 (advanced passive) pressurized water reactors.

2010: Duke Energy did not pay taxes

From 2008 to 2010, Duke Energy did not pay any taxes despite turning a $5.4 billion profit.

February 14, 2011: Greenpeace Launched a 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 agreed to pay to resolve allegations of disproportionately harming employees

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 and Tax Practices

In December 2011, the non-partisan organization Public Campaign criticized Duke Energy for spending $17.47 million on lobbying and for not paying any taxes from 2008 to 2010, despite turning a $5.4 billion profit.

2011: Envision Charlotte Initiative

In 2011, Duke Energy collaborated with Charlotte's business leaders on the "Envision Charlotte" initiative to reduce energy use in the city's 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 Charlotte headquarters.

July 2012: Criticism of Duke Energy for paying 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 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.

2012: Greenpeace protested Duke's lobbying of the Democratic Party

In 2012, Greenpeace protested Duke's lobbying of the Democratic Party, including its funding of the 2012 Democratic National Convention.

2012: Agreement to end Progress Energy Acquisition Investigation

In 2013, Duke Energy announced that CEO Jim Rogers was retiring. Rogers' retirement was part of an agreement to end an investigation into Duke's Progress Energy acquisition in 2012.

May 2013: University students launched a 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 Retirement and Lynn Good Appointment

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 led to grand jury investigation into Duke Energy

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.

2015: Duke Energy agreed to a 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, between 2015 and 2030.

September 2016: Government Pension Fund of Norway Excluded Duke Energy and its Subsidiaries

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: Purchase of Piedmont Natural Gas and Sale of Latin American Operations

In 2016, Duke Energy purchased Piedmont Natural Gas for $4.9 billion and sold its remaining power operations in Central and South America for $1.2 billion.

2016: Nuclear Plant Approval

In 2016, Duke Power's nuclear plant was approved.

August 2017: Permission sought 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".

2017: Fiscal Year 2017 Earnings

For the fiscal year 2017, Duke Energy reported earnings of US$3.059 billion and an annual revenue of US$23.565 billion.

2017: Addition of Solar Capacity to North Carolina Grid

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

2017: Plans to launch three new solar projects in Kentucky

In 2017, Duke Energy announced plans to launch three new solar projects in Kentucky due to the falling cost of building solar farms.

2017: North Carolina Grid Upgrades

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

October 2018: Duke Energy to install electric car charging stations around Florida

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

November 2018: Market Capitalization Value

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

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, Childress Klein and CGA Capital announced the purchase of the 40-story Charlotte Metro Tower for up to $675 million.

March 2020: Parties waived all rights to challenge Duke Energy's coal ash management practices

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.

August 2020: EWG released a report accusing Duke Energy of charging Indiana ratepayers

In August 2020, environmental watchdog EWG released a report accusing Duke Energy of charging Indiana ratepayers for $12 billion worth of failed projects.

2020: Commercial operations of several farms in Texas began

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

2020: Greenpeace request for energy production from renewable sources

In a campaign launched on February 14, 2011, Greenpeace requested that Duke Energy produce a third of its energy from renewable sources by 2020.

January 2021: Duke Energy Agreed to a Settlement to Absorb Coal-Ash Pond 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: Announcement of Headquarters Move to Duke Energy Plaza

On May 17, 2021, Duke Energy announced that its headquarters would move in 2023 to Duke Energy Plaza.

August 2021: Indiana city officials sent a 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 ghost 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

On December 3, 2022, two Duke Energy substations in Moore County, North Carolina, were attacked, leaving up to 40,000 residents without power. A state of emergency was declared.

December 2022: A major 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, Christmas Eve, Duke Energy implemented rolling blackouts for the first time in their history due to unprecedented energy demand. The Federal Energy Regulatory Commission initiated an investigation in response to the blackouts.

December 24, 2022: Duke Energy implemented rolling blackouts for the first time in their history

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

In 2023, Duke Energy's headquarters is scheduled to move to Duke Energy Plaza.

2024: Fortune 500 Ranking

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

2029: Duke Energy was ordered to close all of its ash ponds

On February 2, 2014, Duke Energy was ordered to close all of its 32 ash ponds in the state of North Carolina by 2029.

2030: Duke Energy agreed to a 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, between 2015 and 2030.