The renewable energy business of Duke Energy is undergoing a strategic assessment.
Longer term, Duke Energy sees “significant investment opportunities” in its regulated activities and is assessing the strategic alignment of its business portfolio.
When the company released its financial results for the second quarter, its commercial renewables arm reported an income of $30 million, down from the $47 million reported in the second quarter of 2021.
In the second quarter of 2022, Duke’s commercial renewables business generated segment income of $47 million, down from $46 million in the same period the previous year on an adjusted basis. Results for the quarter were similar to the preceding year.
Duke Energy’s chair, president and chief executive officer Lynn Good, said “We’re making great progress across our jurisdictions – enhancing reliability and resiliency through grid modernisation, transitioning our fleet to cleaner energy technologies, and advancing regulatory and legislative priorities.”
“Commercial renewables has played an important role in our business strategy for over 15 years, establishing a core competency in renewable energy development and operations that will continue to serve us well as we advance our strategy.”
“But as we look forward to the remainder of this decade and beyond, we see significant investment opportunities in our regulated operations and believe now is the time to review the strategic fit of our commercial portfolio.”