Duke Energy is undertaking a strategic review concerning its renewable energy business.
In the longer term Duke Energy sees “significant investment opportunities” in its regulated operations and is reviewing the strategic fit of its commercial portfolio.
The company the strategic review on release of its second quarter financial results, where its commercial renewables arm reported an income of $30m down on the $47m reported in the second quarter of 2021.
On an adjusted basis, Duke’s commercial renewables business reported an income of $46m for the second quarter of 2022, compared to segment income of $47m in the second quarter of last year. Quarterly results were flat to prior year.
Lynn Good, Duke Energy chair, president and chief executive officer, 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.”