Duke Energy 2013 Annual Report Download - page 4
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2
l
DUKE ENERGY
new convergence of trends: flat-to-low
growth in demand; new environmental and
safety regulations; more complex customer
expectations; and the rise of distributed
generation sources.
Our size doesn’t guarantee success. In fact,
we have to be creative and work hard to
demonstrate that big can also mean agile,
flexible and innovative. The theme of our
report, Lighting the way, reflects our
commitment to confront the future in a way
that strengthens relationships, anticipates
change and seizes new opportunities. Our
path forward will be built on a foundation of
doing what we say we will do.
ACCOMPLISHING WHAT WE SET OUT TO DO
After our July 2012 merger with Progress
Energ y, we knew we needed to concentrate
on the immediate priorities in our regulated
utility business. Our
utilities serve 7. 2 million
retail electric customers
in North Carolina, South
Carolina, Florida, Indiana,
Ohio and Kentucky, as well as 500,000
natural gas customers in Ohio and Kentucky
– supporting a population of approximately
21 million people.
By the end of 2013, we had successfully
accomplished our goals in our regulated utility
business, which represents 85 to 90 percent
of Duke Energy’s total adjusted earnings.
Placing in service the new Sutton combined-
cycle natural gas plant in North Carolina in
November capped a decade-long $9 billion
generation fleet modernization program.
Over this decade, we added about 6,600
megawatts of more efficient, cleaner-burning
plants. These new power stations are enabling
us to retire a similar amount of old, less-efficient
generating capacity fueled by coal and oil.
In June, we put our $3.5 billion Edwardsport
plant in Indiana into commercial service.
This power station is the world’s largest of its
kind and one of the cleanest coal plants ever
built. It gasifies coal, strips out pollutants and
burns the synthetic gas to produce electricity.
After rigorous testing and tuning, Edwardsport
should reach its full capabilities later this year.
We also achieved constructive settlements
and approvals in five base rate cases across
Lighting the way reects our commitment
to confront the future in a way that strengthens
relationships, anticipates change and seizes
new opportunities.”
‘‘
7.2 MILLION
retail electric
customers