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Duke Energy reports strong revenue, profit gains in second quarter

Construction continues on the transmission infrastructure for the combined cycle natural gas plant at the Crystal River Energy Complex, in Crystal River, north of Tampa Bay. The $1.5 billion natural gas plant is expected to become operational in 2018 and increase Duke's reliance on natural gas as its primary fuel used to generate electricity in the state. [MONICA HERNDON | Times]

Construction continues on the transmission infrastructure for the combined cycle natural gas plant at the Crystal River Energy Complex, in Crystal River, north of Tampa Bay. The $1.5 billion natural gas plant is expected to become operational in 2018 and increase Duke's reliance on natural gas as its primary fuel used to generate electricity in the state. [MONICA HERNDON | Times]

Duke Energy Corp. reported a 35 percent increase in quarterly profit on Thursday, helped by higher prices and electricity sales. The Charlotte-based power company is the nation's biggest by generation capacity and the parent company of St. Petersburg's Duke Energy Florida, one of the major electricity providers in the Sunshine State.

Net income attributable to Duke rose to $686 million, or 98 cents per share in the second quarter ended June 30, from $509 million, or 74 cents per share, a year earlier. Total operating revenue rose to $5.56 billion from $5.21 billion.

"We continue to execute our company's strategy to build a smarter energy future as we invest in infrastructure our customers value and deliver sustainable growth," CEO Lynn Good said in a statement. "Our second quarter results reflect strong execution across our businesses, and we remain on track to deliver within our full-year guidance range for 2017."

In Florida, where Duke serves nearly 1.8 million customers — a 1.5 percent uptick — Duke Energy Florida reported an accompanying 1.5 percent gain in electricity sales to residential customers. But the utility has sold slightly less power in Florida overall for the first half of 2017 than in the same half-year period last year.

The source of fuels used to generate electricity for the latest quarter were, ranked by volume, natural gas, coal and power purchased from other providers.

Renewable energy barely registered but Duke is adding more solar farms in rural parts of its Florida service territory. Duke no longer operates nuclear power in Florida.

Duke Energy reports strong revenue, profit gains in second quarter 08/03/17 [Last modified: Thursday, August 3, 2017 11:56am]
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