Duke Energy 2011 Annual Report Download - page 11

“ Over the next five years, we anticipate growing our utility rate
base by approximately $5 billion, or a compounded annual growth
rate of around 6 percent, as we continue our modernization and
environmental retrofit programs. We expect these investments to
yield competitive returns for our investors.”
between $1.40 and $1.45 for 2012. In addition, we
remain focused on the following key priorities:
■Serving our customers and delivering strong
operational performance
■Increasing the quarterly dividend by approximately
2 percent during 2012, subject to board of directors
approval
■Obtaining constructive regulatory outcomes in our
pending merger with Progress Energy, in cost
recovery for Edwardsport, and our planned rate
cases in the Carolinas
■Completing the remaining three major construction
projects and significant wind energy investments,
and
■Continuing to support the communities in which
we work, through leadership, investment, economic
development and service projects.
In closing, I’d be remiss not to recognize the
extraordinary efforts of our employees to repair our system
after a number of unusually violent storms in 2011.
Duke Energy Carolinas experienced 14 “major event” days,
the most in 16 years. Eleven of those occurred between
April and June. Our Midwest service areas experienced
a total of 19 major event days. In all, 70 percent of
our customers experienced some type of storm-related
outage in 2011.
Our crews replaced 48 transmission towers, many
in remote, hard-to-reach areas, and more than 2,000
transformers, poles and switches. As they worked to
restore power, our customer service teams worked around
the clock to answer phones and send emails informing
customers of our progress. When Hurricane Irene hit at the
end of August, Duke Energy crews headed north to help
restore other utilities’ systems. And these extraordinary
efforts were ongoing as employees took on the extra work
of planning for the integration with Progress Energy.
I am thankful for the dedication of all our employees,
and also for the expertise and wisdom provided by
Duke Energy’s leadership team and our board of
directors. In 2011, we proved that even in the most
extreme situations, Duke Energy is well positioned —
and determined — to meet our challenges.
Thank you for your investment and interest in
Duke Energy.
James E. Rogers
Chairman, President and Chief Executive Officer
March 8, 2012
DUKE ENERGY CORPORATION 2011 ANNUAL REPORT 9