Duke Energy 2013 Annual Report Download - page 7

2013 ANNUAL REPORT
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improved their outlooks for Duke Energy or
our various utility subsidiaries throughout
the year as we made progress in resolving
business challenges. These strong ratings
keep financing costs low so we can maintain
competitive prices for customers.
Our objective is to achieve between 4
to 6 percent growth in annual adjusted
diluted earnings per share through 2016,
off a 2013 base. This growth will largely
come from our regulated utility business,
supplemented by important contributions
from our commercial businesses. This
includes further investments in our
commercial renewable energy portfolio
and our international business.
Duke Energy’s international business is a
significant contributor to earnings and cash
flow. In December, we returned $750 million
of offshore cash from this business and used
it to further strengthen our balance sheet.
In 2014, we are undertaking a strategic
review to determine how best to position
these international assets for optimal cash
flow and future growth, consistent with the
growth in our regulated business.
In February 2014, we announced that we
are beginning a process to exit our Midwest
commercial generation business. The
volatility in this merchant generation market
does not fit our investor profile. We expect
to complete the transaction in 2015 and
the proceeds to be accretive to adjusted
earnings per share. We remain committed to
our regulated utilities in the Midwest and the
more than 2 million customers we serve.
MEETING THE 24/7
OPERATIONAL CHALLENGE
Achieving strong safety and operational results
in all our businesses creates a foundation for
success for Duke Energy and all those who
depend on us. Overall, we had outstanding
performance in 2013, which enabled us to
provide safe, reliable and affordable energy.
Safety is an ingrained part of how we operate
the company. In 2013, we achieved the
lowest total injury incident rate in our histor y,
and reduced serious injuries by 34 percent,
to a record low rate. Tragically, however, one
employee and two contractors lost their lives
in work-related accidents. Our goal is for
everyone to return home safely each day.
STRONG OPERATIONAL RESULTS, YEAR AFTER YEAR:
Safety: Reduced serious
injuries by 34 percent and
achieved the lowest total
injury rate in our history.
Generation: Achieved
a combined nuclear eet
capacity factor above 90
percent for the 15th year
in a row.
Reliability: Met the
operational challenges
of record-breaking
winter weather in 2014.