Calpine Construction To Sell The Plants
Aug 10 14
Calpine Construction Finance Company, L.P. wants to sell the plant for a bargain-basement price. Calpine Construction sees a potential buyer in Duke Energy Corporation (NYSE:DUK).
Duke Energy Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Earnings Guidance for the Year 2014
Aug 7 14
Duke Energy Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income attributable to Duke Energy Corporation of $609 million, or 86 cents per basic and diluted share. That was up from net income attributable to Duke Energy Corporation of $339 million, or 48 cents per basic and diluted share in the same quarter last year. Adjusted diluted earnings per share were $1.11 against $0.87 last year. Income from continuing operations attributable to Duke Energy Corporation common shareholders per basic and diluted share was $0.86 against $0.48 last year. Total capital and investment expenditures were $1,214 million against $1,370 million last year. Total operating revenues were $5,949 million against $5,879 million last year. Operating income was $1,116 million against $821 million last year. Income from continuing operations before income taxes was $825 million against $510 million last year. Income from continuing operations was $616 million against $345 million last year.
For the first half of the year, the company reported net income attributable to Duke Energy Corporation of $512 million, or $0.72 per basic and diluted share against net income attributable to Duke Energy Corporation of $973 million or $1.37 per basic and diluted share last year. Duke took a one-time charge of $1.4 billion against earnings in the first quarter to account for the planned sale of its Midwest power plant fleet. Excluding that and other one-time items, adjusted earnings for the first half of the year would be $2.28 per diluted share. For the six months ended June 30, 2013, adjusted diluted earnings per share were $1.89. Income from continuing operations attributable to Duke Energy Corporation common shareholders per basic and diluted share was $0.73 against $1.37 last year. Book value per share was $57.80 against $56.95 at June 30, 2013. Total capital and investment expenditures were $2,454 million against $2,764 million last year. Total operating revenues were $12,573 million against $11,777 million last year. Operating income was $1,174 million against $2,036 million last year. Income from continuing operations before income taxes was $608 million against $1,474 million last year. Income from continuing operations was $526 million against $979 million last year. Net cash provided by operating activities was $2,619 million against $2,843 million last year.
The company revised its earnings guidance for the year 2014. The company increased 2014 adjusted EPS guidance range by $0.05 to $4.50 per share to $4.65 per share. That is up from Duke's previous expectation of $4.45 to $4.60 per adjusted diluted share. The company is lowering overall consolidated adjusted effective tax rate assumption for 2014 to between 32% and 33%.
Duke Energy Corporation Announces Executive Changes, Effective from August 1, 2014
Jul 24 14
Duke Energy announced that the company is realigning its organizational structure and the roles of several senior leaders to support the company's long-term strategy. The following changes become effective on Aug. 1, 2014: Executive Vice President (EVP) Lloyd Yates will become EVP, Market Solutions and President, Carolinas Region, including electric distribution. The state presidents for North Carolina and South Carolina (Paul Newton and Clark Gillespy) will continue to report to Yates. Mr. Yates will be responsible for the regulated operations, including electric distribution, in Duke Energy's North Carolina and South Carolina jurisdictions. He will continue to lead the advancement of Duke Energy's enterprise strategy for distributed energy resources and will add responsibility for enterprise customer solutions and delivery. Mr. Yates has served as Executive Vice President of Regulated Utilities since December 2012, and was Executive Vice President, Customer Operations from the time of the Merger until December 2012. Mr. Yates was previously President and Chief Executive Officer of Duke Energy Progress Inc. (formerly, Progress Energy Carolinas Inc.) from July 2007 until the Merger. EVP Keith Trent will become EVP, Grid Solutions and President, Midwest and Florida Regions, including electric and natural gas distribution. The state presidents for Indiana, Ohio-Kentucky and Florida (Doug Esamann, Jim Henning and Alex Glenn), will report to Trent. In this role, Mr. Trent will be responsible for the regulated operations, including electric and natural gas distribution, in Duke Energy's Ohio, Indiana and Florida jurisdictions. He will continue to be responsible for Duke Energy's transmission operations along with the added responsibility for leading the advancement of Duke Energy's enterprise strategy for grid solutions. Mr. Trent has served as Executive Vice President and Chief Operating Officer of Regulated Utilities since December 2012, and was Executive Vice President of Regulated Utilities from the time of the merger of Duke Energy and Progress Energy Inc. (the Merger) in July 2012 until December 2012. Mr. Trent was previously Group Executive and President, Commercial Businesses from July 2009 until the Merger. Lee Mazzocchi will become Senior Vice President, Grid Solutions, leading an integrated focus on grid investment, innovation and standardization. EVP and Duke Energy Nuclear President Dhiaa Jamil will become EVP and President, Regulated Generation, which will include all power generation in the regulated utilities; coal ash management; environmental, health and safety; and fuels and system optimization. EVP Jennifer Weber will become EVP, External Affairs and Strategic Policy. This newly integrated group will include federal affairs, public affairs, environmental and energy policy, corporate communications, The Duke Energy Foundation and sustainability. Chief Information Officer A.R. Mullinax will become EVP, Strategic Services, and a newly integrated group to include information technology, supply chain, administrative services and performance excellence. Executive vice presidents remaining in their current roles are Steve Young, EVP and Chief Financial Officer; Julie Janson, EVP, Chief Legal Officer and Corporate Secretary; and Marc Manly, EVP and President, Commercial Portfolio.