History of Duke Energy in Timeline
Duke Energy Corporation, headquartered in Charlotte, North Carolina, is a major American holding company specializing in electric power and natural gas. In 2024, it achieved its highest-ever ranking on the Fortune 500 list, securing the 141st position.
1900: Birth of Catawba Power Company
Duke Energy's roots were established in 1900 with the founding of the Catawba Power Company. Walker Gill Wylie and his brother spearheaded the construction of a hydroelectric power station at India Hook Shoals on the Catawba River, marking the beginning of the company's journey in the energy sector.
1905: James B. Duke's Pivotal Investment in Southern Power Company
In 1905, James B. Duke and James Blaney made a significant investment in the Southern Power Company, responding to Wylie's vision of developing a series of hydroelectric power plants. This marked a turning point, infusing the company with the necessary capital and influence to expand its operations.
1917: Formation of Wateree Power Company
The year 1917 witnessed the creation of Wateree Power Company by James Blaney, serving as a holding company for various utilities connected to Duke and his associates. This strategic move consolidated their energy assets under a unified structure.
1924: Wateree Power Company Becomes Duke Power
In 1924, Wateree Power Company underwent a name change to become Duke Power, signifying the growing influence and legacy of James B. Duke in the company's identity and future.
1927: Consolidation under the Duke Power Banner
A wave of mergers reshaped Duke Power in 1927, bringing together Southern Power Company, Catawba Power Company, Great Falls Power Company, and Western Carolina Power Company. While Southern Public Utilities remained legally separate, this consolidation solidified Duke Power's position in the industry.
1927: Duke Power's First Headquarters Building Completed
Duke Power's first headquarters, the Power Building, was completed in 1927.
1973: Brookside Mine Labor Dispute and Tragedy
In 1973, Duke Power's subsidiary, Eastover Mining Company, faced a prolonged labor dispute at the Brookside coal mine in Kentucky. The strike, lasting thirteen months, tragically resulted in the death of a miner. Duke Power eventually reached an agreement with the United Mine Workers of America, recognizing the union and reinstating dismissed workers.
1975: Duke Power Opens Electric Center
Duke Power opened the Electric Center at 526 South Church Street in 1975.
1988: Acquisition of Nantahala Power & Light Co.
Duke Power expanded its footprint in 1988 by acquiring Nantahala Power & Light Co., which served southwestern North Carolina, further solidifying its presence in the region.
1988: Duke Power Expands Electric Center
Duke Power expanded the Electric Center in 1988.
1989: Abandoned Nuclear Site Featured in "The Abyss"
In 1989, the abandoned nuclear site adjacent to the proposed Duke Energy plant was used as a filming location for James Cameron's movie "The Abyss."
1990: Duke Power Divests Transit Operations
Duke Power made a strategic decision in 1990 to sell its remaining transit operations, marking a shift in focus toward its core energy business.
1997: Duke Power and PanEnergy Merge to Form Duke Energy
A transformative merger in 1997 saw Duke Power join forces with natural gas company PanEnergy, creating Duke Energy. This strategic move diversified the company's energy portfolio and laid the groundwork for its future growth.
1998: Ontario Energy Board Act's Relevance to Duke Energy's Acquisition
In 1998, the Ontario Energy Board Act was enacted, which would later become relevant to Duke Energy's acquisition of Union Gas in 2006, as the act governed the regulation of energy companies in Ontario.
1999: EPA Initiates Enforcement Action Against Duke Energy
In 1999, the United States Environmental Protection Agency commenced an enforcement action against Duke Energy for modifying aging coal-fired power plants without obtaining the necessary permits under the Clean Air Act.
December 2000: Cinergy Corp Agrees to \$1.4 Billion Settlement for Pollution Allegations
In December 2000, Cinergy Corp reached a \$1.4 billion settlement to resolve allegations that its coal plants violated environmental regulations by emitting excessive pollutants.
2000: California Energy Crisis Begins
The California energy crisis started in 2000.
2001: California Energy Crisis Continues
The California energy crisis continued into 2001.
2002: Duke Energy Receives Ig Nobel Prize in Economics
Duke Energy was awarded the Ig Nobel Prize in Economics in 2002 for its unconventional application of imaginary numbers in business practices.
2002: Duke Energy Ranked 46th Largest Corporate Air Polluter
In 2002, researchers at the University of Massachusetts Amherst identified Duke Energy as the 46th largest corporate air polluter in the United States, releasing an estimated 36 million pounds of toxic chemicals annually.
July 2004: Duke Energy Settles Price Gouging Allegations
In July 2004, Duke Energy agreed to a \$208 million settlement to resolve allegations of price gouging during the California energy crisis of 2000 and 2001.
2004: State Farm Sells Power Building to Dilweg Cos.
In 2004, State Farm Insurance sold the Power Building to The Dilweg Cos. for \$8 million.
2005: Duke Energy's Ranking as Air Polluter Rises After Cinergy Acquisition
Duke Energy's ranking as an air polluter rose to 13th in the United States after its acquisition of Cinergy in 2005. The company emitted 80 million pounds of pollutants in the same year.
2005: Duke Energy Announces Cinergy Corporation Acquisition
In 2005, Duke Energy announced its intention to acquire Cinergy Corporation, setting the stage for a significant expansion of its operations and customer reach.
March 16, 2006: Duke Power Selects South Carolina Site for Potential Nuclear Plant
On March 16, 2006, Duke Power announced the selection of a site in Cherokee County, South Carolina, for the potential construction of a new nuclear power plant. The site, jointly owned by Duke Power and Southern Company, was intended to house two Westinghouse Electric Company AP1000 pressurized water reactors, each capable of producing approximately 1,117 megawatts.
March 27, 2006: Novare Group Acquires Land from Dilweg Cos.
On March 27, 2006, The Novare Group purchased 5.13 acres of land at 408 South Church Street from The Dilweg Cos. for \$17 million.
April 3, 2006: Duke Energy Completes Cinergy Corporation Acquisition
On April 3, 2006, Duke Energy finalized its acquisition of Cinergy Corporation, expanding its customer base to include the Midwestern United States and further solidifying its position as a major energy provider.
2006: Duke Energy Acquires Cinergy Corp
Duke Energy finalized the acquisition of Cinergy Corp in 2006.
2006: Duke Energy's Operational Snapshot and Energy Generation
In 2006, Duke Energy showcased substantial operational statistics, including 58,200 megawatts of generation capacity, a vast service area of 104,000 square miles, and a customer base of 7.2 million. The company's energy generation that year reached a remarkable 148,798,332 megawatt-hours, highlighting its significant role in power supply.
2006: Duke Energy's Clean Air Act Case Argued Before Supreme Court
In 2006, a case involving Duke Energy and alleged violations of the Clean Air Act was argued before the Supreme Court.
2006: Jim Rogers Becomes CEO of Duke Energy
Jim Rogers assumed the roles of CEO and Chairman of Duke Energy in 2006, marking the beginning of his tenure at the helm of the company.
January 3, 2007: Duke Energy Spins Off Gas Business to Form Spectra Energy
On January 3, 2007, Duke Energy spun off its gas operations, creating Spectra Energy. Shareholders received one share of Spectra Energy for every two shares of Duke Energy, streamlining the company's focus on electric operations.
February 24, 2007: Duke Power's Former Headquarters Building Demolished
On February 24, 2007, the Power Building, Duke Power's former headquarters, was demolished.
April 2, 2007: Supreme Court Rules Against Duke Energy in Clean Air Act Case
On April 2, 2007, the Supreme Court unanimously ruled against Duke Energy in a Clean Air Act case, stating that modifications to its power plants required permits due to increased emissions.
December 14, 2007: Duke Power Submits License Application for New Nuclear Plant
On December 14, 2007, Duke Power submitted a Combined Construction and Operating License to the Nuclear Regulatory Commission for a new nuclear plant. The company also announced plans to invest \$160 million in the project in 2008.
September 9, 2008: Duke Energy Renewable Services Updates Wind Power Projections
On September 9, 2008, Duke Energy Renewable Services (DERS) announced updated projections for its wind power capacity, aiming to have over 500 MW online by the end of 2008 and an additional 5,000 MW in development. This highlighted Duke Energy's commitment to expanding its renewable energy portfolio.
2008: Duke Power Invests in New Nuclear Plant Project
In 2008, Duke Power invested \$160 million in a new nuclear plant project, as part of a larger plan to construct the facility.
2008: Duke Energy Announces Plans for New Coal Plant, Faces Opposition
In early 2008, Duke Energy announced plans to build a new 800-megawatt coal plant, Cliffside Unit 6. The project drew strong opposition from environmental groups, some of which threatened legal action.
2008: Beginning of Duke Energy's Period Without Paying Taxes
This year marked the beginning of a period during which Duke Energy did not pay taxes.
December 2009: Duke Energy Agrees to \$93 Million Settlement for Clean Air Act Violations
In December 2009, Duke Energy reached a settlement with authorities, agreeing to spend approximately \$93 million to address violations of the Clean Air Act. The company committed to investments expected to reduce sulfur dioxide emissions by 86%.
2009: Lynn Good Joins Duke Energy as CFO
Lynn Good joined Duke Energy in 2009, taking on the position of Chief Financial Officer (CFO). This marked her entry into the company, where she would later become CEO.
2009: Duke Energy Center Announced as Company Headquarters
Duke Energy Center at 550 South Tryon Street was announced as the company's headquarters in 2009.
2010: End of Duke Energy's Period Without Paying Taxes
This year marked the end of a period during which Duke Energy did not pay taxes.
2010: Duke Energy Establishes Solar Farm in Texas
Duke Energy began operating a solar farm in Texas in 2010.
2010: Nuclear Power 2010 Program
The Nuclear Power 2010 Program was referenced in the context of Duke Power's plan for a potential nuclear plant in South Carolina, suggesting its alignment with broader industry initiatives to expand nuclear energy capacity.
February 14, 2011: Greenpeace Launches Campaign Urging Duke Energy to Transition to Renewables
On February 14, 2011, Greenpeace initiated a campaign calling on Duke Energy to cease mountaintop removal mining for coal, generate one-third of its energy from renewable sources by 2020, and completely phase out coal by 2030.
May 2011: Duke Energy Settles Pension Plan Allegations
In May 2011, Duke Energy agreed to pay \$30 million to resolve allegations that changes made to its pension plan unfairly disadvantaged employees over 40 years old, significantly reducing their accrued benefits.
December 2011: Public Campaign Criticizes Duke Energy for Lobbying and Tax Practices
The non-partisan organization Public Campaign criticized Duke Energy in December 2011 for its \$17.47 million lobbying expenditures. The organization also questioned Duke's tax practices, highlighting that the company paid no taxes between 2008 and 2010 while receiving \$216 million in rebates despite significant profits and executive compensation increases.
2011: Duke Energy Champions Smart City Initiative in Charlotte
Duke Energy partnered with Charlotte's business leaders in 2011 to launch "Envision Charlotte," an initiative aimed at transforming the city into a smart city. The group set an ambitious target of reducing energy use in the urban core by 20% by implementing energy-efficient solutions in commercial buildings.
July 3, 2012: Duke Energy and Progress Energy Merge
Duke Energy and Progress Energy Inc. merged on July 3, 2012, creating a larger energy entity under the Duke Energy name and maintaining its headquarters in Charlotte, North Carolina.
July 2012: Criticism over CEO Compensation
In July 2012, Duke Energy faced criticism for paying former Progress Energy CEO Bill Johnson $44.7 million in compensation, which included a $10 million severance, despite his tenure as Duke's CEO lasting roughly 20 minutes.
2012: Duke Energy Sued Citrus County
In 2012, Duke Energy sued Citrus County, Florida, arguing that its tax bill was too high. An outside appraiser hired by the county found many unreported and underreported items, indicating that the tax claim was actually too low.
2012: Greenpeace Protests Duke Energy's Political Lobbying
Greenpeace staged protests in 2012 targeting Duke Energy's lobbying efforts within the Democratic Party, particularly its financial contributions to the 2012 Democratic National Convention.
2012: Investigation into Duke's Progress Energy Acquisition
In 2012, Duke's acquisition of Progress Energy came under scrutiny, leading to an investigation. This investigation ultimately played a role in CEO Jim Rogers' retirement in 2013.
May 2013: Campaign for Fossil Fuel Divestment
In May 2013, university students launched a campaign urging Brown University to divest from fossil fuels, specifically targeting Duke Energy and other coal plant operators.
June 18, 2013: Jim Rogers Retires; Lynn Good Becomes CEO
June 18, 2013, marked a leadership transition at Duke Energy as CEO Jim Rogers announced his retirement. Lynn Good, who had been Chief Financial Officer since 2009, stepped into the role of CEO. This change was part of an agreement related to an investigation into Duke's 2012 Progress Energy acquisition.
February 2, 2014: Dan River Coal-Ash Spill and Investigation
On February 2, 2014, the Dan River coal-ash spill led to a grand jury investigation into Duke Energy. Governor Pat McCrory, a former Duke Energy employee, was accused of intervening on the company's behalf. Duke Energy pled guilty to nine charges of criminal negligence and agreed to pay $102 million in fines and restitutions. They were also ordered to close all 32 ash ponds in North Carolina by 2029.
September 2016: Exclusion from Norway's Government Pension Fund
In September 2016, the Government Pension Fund of Norway, worth $900 billion at the time, excluded Duke Energy and its subsidiaries, citing the 'risk of severe environmental damage.'
2016: Duke Energy Acquires Piedmont Natural Gas, Divests Latin American Operations
In 2016, Duke Energy expanded its natural gas business by acquiring Piedmont Natural Gas for $4.9 billion, making it a wholly owned subsidiary. In a strategic move, Duke Energy also divested its remaining power operations in Central and South America for $1.2 billion, focusing its portfolio.
2016: Duke Power's New Nuclear Plant Approved
In 2016, the nuclear plant project initiated by Duke Power received approval.
August 2017: Duke Seeks Permission to Cancel Nuclear Project
In August 2017, Duke Energy decided to seek permission from the North Carolina Utility Commission to cancel the nuclear plant project due to Westinghouse's bankruptcy and other market factors.
2017: Duke Energy Reports Earnings and Revenue
For the fiscal year 2017, Duke Energy reported earnings of US\$3.059 billion and annual revenue of US\$23.565 billion, a 3.6% increase over the previous fiscal cycle.
2017: Duke Energy Plans $13 Billion Investment in North Carolina Grid
Duke Energy announced a significant infrastructure investment plan in 2017, earmarking $13 billion to upgrade the power grid in North Carolina. This initiative aimed to enhance reliability and accommodate future energy demands.
2017: Duke Energy Adds 451 MW of Solar Capacity to North Carolina's Grid
Duke Energy increased North Carolina's solar power capacity by 451 MW in 2017.
2017: Duke Energy Announces Three New Solar Farms in Kentucky
Citing the falling cost of solar energy, Duke Energy announced plans in 2017 to build three new solar farms in Kentucky, adding over 6.7 MW of power.
October 2018: Duke Energy to Install Electric Car Charging Stations in Florida
In October 2018, Duke Energy revealed plans to install 530 electric car charging stations across Florida, with 10% designated for low-income communities.
November 2018: Duke Energy's Market Capitalization Reaches \$58.8 Billion
In November 2018, Duke Energy's shares traded at over \$79 per share, and its market capitalization was valued at over \$58.8 billion.
2018: Duke Energy Excludes New Nuclear Power from Long-Term Plans
Duke Energy announced in 2018 that it would not include new nuclear power projects in its long-range plans.
December 2019: Childress Klein Announces Largest Real Estate Deal in Charlotte's History
In December 2019, Childress Klein announced the largest real estate deal in Charlotte's history, involving the purchase of the future Duke Energy Plaza.
August 2020: Accusations of Overcharging for Failed Projects
In August 2020, the Environmental Working Group released a report accusing Duke Energy of charging Indiana ratepayers $12 billion for failed projects, a consequence of a controversial bill passed earlier that year. The projects included two natural gas pipelines and two retired nuclear power plants.
2020: Greenpeace's Target for Duke Energy's Renewable Energy Transition
Greenpeace set a goal for Duke Energy to generate one-third of its energy from renewable sources by 2020.
2020: Duke Energy Begins Operations of New Solar Farms in Texas
In 2020, Duke Energy commenced commercial operations of several new solar farms in Texas, expanding its presence in the state's renewable energy sector.
January 2021: Settlement on 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. This settlement waived all rights to challenge the 'reasonableness and prudence' of Duke's coal ash management practices and costs before March 2020, reducing the cost on ratepayers by 60%.
May 17, 2021: Duke Energy Announces New Headquarters Location
On May 17, 2021, Duke Energy announced that its headquarters would be moving to Duke Energy Plaza in 2023.
August 2021: Criticism Over Renewable Progress and Overcharging
In August 2021, city officials from Bloomington, Carmel, and West Lafayette, along with other lawmakers, sent a letter to Duke Energy criticizing its slow progress towards renewable energy and asking it to stop overcharging low-income households for electricity.
2021: Promotion of 'Ghost' Spoiler Candidates
In 2021, investigative reporting by the Orlando Sun Sentinel revealed that Duke Energy, FPL, and TECO Energy spent over $3 million promoting 'ghost' spoiler candidates in key Florida legislature races. The scheme, involving former senator Frank Artiles, effectively cost the Democrats at least one election.
December 3, 2022: Duke Energy Substations Targeted in Moore County Attack
On December 3, 2022, Duke Energy faced a serious security incident when two of its substations in Moore County, North Carolina, were attacked. This deliberate act caused widespread power outages, impacting up to 40,000 residents for several days. The incident prompted a state of emergency and an FBI investigation to determine if it constituted domestic terrorism.
December 24, 2022: Christmas Eve Rolling Blackouts
On December 24, 2022, a major winter storm led Duke Energy to implement rolling blackouts for the first time in their history, due to unprecedented energy demand. The blackouts, which lasted hours and came without warning, were exacerbated by facility and software failures. The Federal Energy Regulatory Commission launched an investigation in response.
2023: Duke Energy to Move to New Headquarters
Duke Energy is scheduled to move its headquarters to Duke Energy Plaza in 2023.
2024: Duke Energy Achieves Highest-Ever Fortune 500 Ranking
In 2024, Duke Energy reached its highest-ever position on the Fortune 500 list, securing the 141st spot, reflecting its significant growth and standing in the American corporate landscape.
2030: Greenpeace's Target for Duke Energy's Complete Coal Phase-Out
Greenpeace urged Duke Energy to completely eliminate coal from its energy production by 2030.