Aided by warmer weather and higher electricity rates, Duke Energy Corp. reported a better-than-expected profit for the third straight quarter. Duke benefited from higher power prices after Florida, North Carolina and South Carolina all approved its request to raise rates last year. Residential customers in Florida pay higher rates than Duke customers in the Carolinas.
Duke, based in Charlotte, N.C., raised its adjusted profit forecast for the year ending December to $4.50-$4.65 per share from $4.45-$4.60, citing strong results in the first half of the year. Net income attributable to Duke rose about 80 percent to $609 million, or 86 cents per share, in the second quarter. The year-earlier quarter included a charge to write off investments in Crystal River 3, a failed Florida nuclear project in Citrus County.