Full History Of Duke Energy In Timeline From 1900

1900: Catawba Power Company Began

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 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 that was formed as a holding company for several utilities that had been founded and/or owned by Duke, and Blaney 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.

1927: Power Building Completed

The Power Building at 440 South Church, the first headquarters building, was completed in 1927.

1973: Contract Dispute at Brookside Coal Mine

In 1973, Duke Power, through its subsidiary, the Eastover Mining Company, engaged in a lengthy contract dispute with workers at the Brookside coal mine in Harlan County, Kentucky, resulting in a thirteen-month strike. The strike culminated in the shooting and death of miner Lawrence D. Jones. An agreement was reached five days later.

1975: The Electric Center Opened

The Electric Center at 526 South Church Street opened in 1975.

1988: Addition to The Electric Center

An addition to The Electric Center opened in 1988.

1988: Purchase of Nantahala Power & Light Co.

In 1988, Duke Power purchased Nantahala Power & Light Co., which served southwestern North Carolina, from Alcoa. It was operated as a separate division under the Duke Power Nantahala Area brand.

1989: Film Set for The Abyss

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

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1990: Sale of Remaining Transit Operations

In 1990, Duke Power 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.

1998: Union Gas Regulated Under the Ontario Energy Board Act

Chatham, Ontario-based Union Gas, which Duke Energy acquired in 2006, is regulated under the Ontario Energy Board Act (1998).

1999: 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 getting permits under the Clean Air Act.

December 2000: Cinergy Corp agrees to pay settlement for pollution 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 accused of price gouging during the energy crisis of 2000 and 2001 in California. In July 2004, Duke Energy agreed to pay $208M to settle allegations.

2001: Energy crisis in California

Duke Energy was accused of price gouging during the energy crisis of 2000 and 2001 in California. In July 2004, Duke Energy agreed to pay $208M to settle allegations.

2002: Duke Energy awarded 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: Air Pollution Ranking

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 agrees to pay settlement for 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: State Farm Sold the Power Building

State Farm Insurance sold the Power Building in 2004.

2005: Purchase of Cinergy Corporation Announced

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

2005: Purchase of Cinergy

In 2005, the purchase of fossil fuel-heavy Cinergy lead to the ranking change reflecting Duke Energy as the 13th among corporations emitting airborne pollutants in the United States.

March 16, 2006: Site Selected 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.

March 27, 2006: Novare Group Purchased Land

On March 27, 2006, Novare Group bought 5.13 acres at 408 South Church Street from The Dilweg Cos.

April 3, 2006: Duke Energy Acquires Cinergy Corporation

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

2006: Electrical energy generated

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

2006: Duke Energy completes acquisition of Cinergy Corp

In 2006, Duke Energy completed its acquisition of Cinergy Corp.

2006: Case Argued Before Supreme Court

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

2006: Lynn Good Joined Duke Energy

Lynn Good joined Duke Energy in 2006 with the Cinergy merger.

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.

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 Permits

On April 2, 2007, the Supreme Court unanimously ruled that Clean Air Act permits were needed 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.

September 9, 2008: DERS Updated Projections for Wind Power Capacity

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

2008: Investment in Nuclear Power Plant

In 2008, Duke Power announced it will spend $160 million on the nuclear power plant.

2008: Duke Energy does not pay taxes

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 and receiving $216 million in tax rebates, in spite of turning a $5.4 billion profit and extensively raising executive compensations.

2008: Cliffside Unit 6 coal plant plan announced

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. This plan was met with strong opposition from environmental groups.

December 2009: Duke Energy agrees 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 and became obligated to make investments that were expected to reduce sulfur dioxide emissions by 86%.

2009: Duke Energy Center Announced

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

2009: Lynn Good Became CFO

Lynn Good was appointed Chief Financial Officer of Duke Energy in 2009.

2010: Duke Energy operates its Farm in Texas

Duke Energy's Farm operated in Texas in 2010 and continued to operate alongside several other farms in 2020.

2010: Duke Energy does not pay taxes

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 and receiving $216 million in tax rebates, in spite of turning a $5.4 billion profit and extensively raising executive compensations.

2010: Nuclear Power 2010 Program

The new nuclear power plant was planned under the Nuclear Power 2010 Program.

February 14, 2011: Greenpeace calls on Duke Energy to change practices

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 agrees to pay settlement for 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, costing many of them up to half of their accrued benefits.

December 2011: Public Campaign criticizes 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 and receiving $216 million in tax rebates, in spite of turning a $5.4 billion profit and extensively raising 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, an initiative called "Envision Charlotte".

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, North Carolina, headquarters.

July 2012: Duke Energy criticized 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 sues Citrus County, Florida over tax bill

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 protests 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: Investigation into Progress Energy Acquisition

Rogers' retirement was part of an agreement to end an investigation into Duke's Progress Energy acquisition in 2012.

May 2013: University students launch 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, Lynn Good Becomes 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 leads 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 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 excludes Duke Energy from fund

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

In 2016, Duke Energy purchased Piedmont Natural Gas for $4.9 billion to become its wholly owned subsidiary.

2016: Nuclear Power Plant Approved

The nuclear power plant was approved in 2016.

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.

2017: Upgrade of North Carolina Grid

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

2017: Donald Trump´s Tax Cuts and Jobs Act

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 adds 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 plans to launch three new solar projects in Kentucky

In 2017, Duke Energy announced plans to launch three new solar farm projects in Kentucky due to the falling cost of building solar farms. 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: Tax Cuts and Jobs Act

In 2018, it was claimed that Duke Energy paid an effective federal tax rate of 0% or less as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.

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

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

November 2018: Market Capitalization

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

2018: Duke Energy pays an 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: No New Nuclear Power

In 2018, Duke Energy announced that they had decided not to include new nuclear power in their long-range plans.

2018: Effective Federal Tax Rate

In 2018, it was reported that Duke Energy "paid an effective federal tax rate of 0% or less" due to the Tax Cuts and Jobs Act of 2017.

December 2019: Largest Real Estate Deal in City's History

In December 2019, Childress Klein and CGA Capital announced the purchase of the Charlotte Metro Tower (future Duke Energy Plaza) in the largest real estate deal in the city's history.

March 2020: Duke Energy settlement waives rights to challenge coal ash management

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.

August 2020: EWG accuses Duke Energy of charging Indiana ratepayers for failed projects

In August 2020, environmental watchdog EWG released a report accusing Duke Energy of charging Indiana ratepayers for $12 billion worth of failed projects. This was the direct consequence of a controversial bill passed in Indiana earlier that year. Projects included two natural gas pipelines and two retired nuclear power plants.

2020: Duke Energy begins commercial operations of several farms in Texas

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

2020: Greenpeace calls on Duke Energy to produce a third of its energy from renewable sources

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.

January 2021: Duke Energy agrees to settlement for 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.

May 17, 2021: Announcement of Headquarters Move

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 and lawmakers send letter to Duke Energy deploring progress towards renewables

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 involved in promoting "ghost" spoiler candidates

In 2021, investigative reporting by the Orlando Sun Sentinel revealed that Duke Energy, FPL (Nextera Energy), and TECO 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

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 for several days.

December 2022: Major winter storm impacts 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 implements rolling blackouts on Christmas Eve

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: Move to Duke Energy Plaza

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

2024: Highest Fortune 500 placement

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

2024: Response From Duke Energy

In 2024, a response from Duke Energy to a similar claim from the Institute of Policy Studies stated: "Duke Energy has a deferred tax balance – this does not mean Duke Energy is not paying these taxes, it means that our taxes are due in future years, and we will pay them."

2029: Duke Energy ordered to close ash ponds in North Carolina

Following 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: Duke Energy 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.

2030: Greenpeace calls on Duke Energy to abandon coal altogether

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.