Duke Energy has increased its revenue from renewable energy business during the first quarter of 2014, a growth of $0.01 per share from last year’s corresponding figure.
The growth is driven by increased wind production and lower development cost, said Lynn Good, president and chief executive officer, after announcing the results.
The company expects this business to generate around $50 million in net income this year, Good said.
Including impairment charges and hefty write-down, Duke Energy reported a net loss of $97 million, or 14 cents per diluted share, on total revenue of $6.62 billion, as compared to the net income of $634 million, or 89 cents per diluted share, on total revenue of $5.9 billion a year ago.
The quarter included a pre-tax charge of $1.4 billion, or $1.23 per share, to write down the Midwest Generation business. Excluding the impairment costs and other special expenses, adjusted earnings were $1.17 a share, up from $1.02, a year earlier.
As part of its preliminary terms of prioritization of investments, Duke continues to focus on deploying about 85 percent to 90 percent of its capital into our regulated businesses, Good said. The company is also continuing to focus on building its commercial renewable business.
“And so you I would think about those initiatives progressing and the timing will really be dictated in many ways by regulatory approvals and as these opportunities develop. So that’s where I would leave it on the prioritization,” Good added.
In addition to wind, Duke Energy has invested heavily in solar energy. Duke Energy was one of the top 10 utilities leveraging renewable power, according to the Solar Power stats released by Solar Electric Power Association (SEPA) last month.
Duke Energy Progress was ranked No.5 with 373 MW of solar installation, while Duke Energy Carolinas earned 10th rank with 58 MW solar installation.
The rankings measured a utility’s newly installed solar power, including photovoltaic and concentrating solar power technologies that were interconnected between Jan. 1 and Dec. 31, 2013.
The utility provider faced severe criticism when it faced one of the worst environmental crises earlier this year after 30,000 tons of coal waste poured into a North Carolina river.
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