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DUKE ENERGY CORPORATION

(DUK)
  Report
Delayed Nyse  -  04:03:27 2023-01-31 pm EST
102.45 USD   +0.80%
01/31Piedmont Natural Gas reduces average residential customer bills in North Carolina and South Carolina
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01/31Credit Suisse Raises Duke Energy's Price Target to $106 From $94, Keeps Neutral Rating
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Duke Energy and Ford Motor Company Plan to Use F-150 Lightning Electric Trucks to Help Power the Grid

08/16/2022 | 10:17am EST

Duke Energy Corporation and Ford Motor Company announced to expand vehicle-to-grid (V2G) charging using the new F-150 Lightning electric truck's rugged batteries as a workhorse at home and on the electric grid. Duke Energy has filed for North Carolina Utilities Commission (NCUC) approval of a new demand response pilot program expected to launch in 2023 for customers in the Duke Energy Carolinas (DEC) service area. Pilot incentives will reduce vehicle lease payments for program participants who lease an eligible electric vehicle (EV), including Ford F-150 Lightning trucks.

In exchange, customers will allow their EVs to feed energy back to the grid – helping to balance it during peak demand. Piloting new technology: As part of the pilot program, Duke Energy will enroll up to 100 customers who lease electric vehicles including the Ford F-150 Lightning. Duke Energy will provide a financial incentive to customers in the form of reducing lease payments for program participants – providing payments directly to the vehicle manufacturer – in exchange for allowing Duke Energy to draw energy from their EVs.

The pilot program will allow Duke Energy to draw energy up to three times per month during higher peak winter and summer months, and one time per month during the remaining months of the year, for testing and research purposes and to support the energy grid during peak usage hours. Stored energy drawn from the electric vehicles' batteries will help balance the power grid during periods of highest energy demand. Program participants will need the necessary bidirectional charging infrastructure, which includes the Ford Charge Station Pro home charger and Ford's Intelligent Backup Power Home Integration System, which enables Ford F-150 Lightning customers to power their homes for three to 10 days in a power outage, installed in their home.

Additionally, customers will need Ford's software package to enroll in the program. As part of the pilot program, Duke Energy will analyze flows of energy between EV batteries and the power grid and work closely with Ford and other vehicle manufacturers to study the full functionality of bidirectional charging integration. The company will also make determinations about how future customer demand response programs around V2G technology might be structured to provide maximum benefits to both customers and the grid.


ę S&P Capital IQ 2022
Stocks mentioned in the article
ChangeLast1st jan.
DUKE ENERGY CORPORATION 0.80% 102.45 Delayed Quote.-0.52%
FORD MOTOR COMPANY 4.81% 13.51 Delayed Quote.10.83%
All news about DUKE ENERGY CORPORATION
01/31Piedmont Natural Gas reduces average residential customer bills in North Carolina and S..
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01/31Credit Suisse Raises Duke Energy's Price Target to $106 From $94, Keeps Neutral Rating
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Financials (USD)
Sales 2022 27 145 M - -
Net income 2022 4 017 M - -
Net Debt 2022 72 351 M - -
P/E ratio 2022 19,3x
Yield 2022 3,89%
Capitalization 78 893 M 78 893 M -
EV / Sales 2022 5,57x
EV / Sales 2023 5,58x
Nbr of Employees 27 605
Free-Float 95,0%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 102,45 $
Average target price 108,00 $
Spread / Average Target 5,42%
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Managers and Directors
Lynn J. Good Chairman, President & Chief Executive Officer
Brian D. Savoy Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Melissa Feldmeier Chief Ethics & Compliance Officer, Vice President
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