This annual report summarizes Duke Energy's performance in 2007. It discusses how Duke Energy provided reliable energy to customers while planning to meet growing demand. It also addressed the challenge of climate change by examining plans to reduce carbon dioxide emissions in half by 2030 through replacing older coal plants and deploying cleaner technologies. The report outlines Duke Energy's five step approach to transitioning to a low-carbon future through shaping policy, pursuing technology, building projects, balancing interests, and taking a long-term view.
The new motorway interchange at Highbrook Drive in Manukau has opened, providing direct access to the Highbrook Business Park and Highbrook Park. The $74 million project upgrades roads and adds motorway lanes, improving access to major employment and industrial areas in East Tamaki and Manukau. It is expected to boost economic growth and jobs in the region. The opening also provides public access to the formerly private Waiouru Peninsula for the first time.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
Duke Energy reported first quarter 2007 diluted EPS of $0.28 compared to $0.37 in first quarter 2006. Ongoing diluted EPS increased to $0.30 in first quarter 2007 from $0.21 in first quarter 2006, driven by additions from the Cinergy merger and improvements at International Energy, partially offset by lower results at Crescent. Special items reduced EPS by $0.03 in first quarter 2007 and included costs associated with the Cinergy merger. Discontinued operations reduced EPS by $0.01 in first quarter 2007 and $0.16 in first quarter 2006.
This document provides an earnings review for Duke Energy for the third quarter of 2004. It summarizes key financial highlights including EPS of $0.41 excluding special items. It reviews performance in Duke Energy's major business segments including regulated utilities, natural gas transmission, field services, and Duke Energy North America. The regulated utilities continued delivering solid earnings. Field services benefited from strong natural gas liquid prices. Duke Energy North America realized a $40 million positive impact from mark-to-market fluctuations but overall margins were lower due to decreased spark spreads.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for the second quarter of 2006. Key points:
- Duke Energy reported ongoing EPS of $0.43 compared to consensus of $0.38.
- Financial results were impacted by mild weather, lower bulk power sales, and purchase accounting charges from the Cinergy merger.
- The company achieved several strategic objectives in the quarter including closing the Cinergy merger early and announcing the sale of the Commercial Marketing and Trading business.
- While some business units are performing ahead of plan, overall the company is on track to achieve its $1.90 EPS target for 2006.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
Cinergy Corp. reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $190 million compared to $146 million for Q4 2004. For the full year, net income was $490 million compared to $401 million in 2004. Earnings per share on a diluted basis were $0.95 for Q4 2005 and $2.46 for the full year, up from $0.79 and $2.18 respectively in the previous year. The improved results were driven by higher demand, solid performance in commercial businesses, and constructive regulatory recovery.
The new motorway interchange at Highbrook Drive in Manukau has opened, providing direct access to the Highbrook Business Park and Highbrook Park. The $74 million project upgrades roads and adds motorway lanes, improving access to major employment and industrial areas in East Tamaki and Manukau. It is expected to boost economic growth and jobs in the region. The opening also provides public access to the formerly private Waiouru Peninsula for the first time.
- Duke Energy reported higher earnings per share in 2004 compared to a loss in 2003, exceeding its debt reduction and asset sale targets for the year.
- The Natural Gas Transmission and Field Services businesses produced record results in 2004.
- Duke Energy expects higher earnings in 2005 driven by increased earnings from Field Services, lower losses from Duke Energy North America, and lower interest expenses due to debt reduction.
Duke Energy reported first quarter 2007 diluted EPS of $0.28 compared to $0.37 in first quarter 2006. Ongoing diluted EPS increased to $0.30 in first quarter 2007 from $0.21 in first quarter 2006, driven by additions from the Cinergy merger and improvements at International Energy, partially offset by lower results at Crescent. Special items reduced EPS by $0.03 in first quarter 2007 and included costs associated with the Cinergy merger. Discontinued operations reduced EPS by $0.01 in first quarter 2007 and $0.16 in first quarter 2006.
This document provides an earnings review for Duke Energy for the third quarter of 2004. It summarizes key financial highlights including EPS of $0.41 excluding special items. It reviews performance in Duke Energy's major business segments including regulated utilities, natural gas transmission, field services, and Duke Energy North America. The regulated utilities continued delivering solid earnings. Field services benefited from strong natural gas liquid prices. Duke Energy North America realized a $40 million positive impact from mark-to-market fluctuations but overall margins were lower due to decreased spark spreads.
This document contains the prepared remarks and Q&A from Duke Energy Corporation's earnings conference call for the second quarter of 2006. Key points:
- Duke Energy reported ongoing EPS of $0.43 compared to consensus of $0.38.
- Financial results were impacted by mild weather, lower bulk power sales, and purchase accounting charges from the Cinergy merger.
- The company achieved several strategic objectives in the quarter including closing the Cinergy merger early and announcing the sale of the Commercial Marketing and Trading business.
- While some business units are performing ahead of plan, overall the company is on track to achieve its $1.90 EPS target for 2006.
Duke Energy reported earnings results for the first quarter of 2005. Key highlights included:
- Reported EPS of $0.91 compared to $0.34 in the prior year, though special items impacted results. Excluding special items, EPS was $0.44, up from $0.34.
- Regulated businesses delivered solid earnings and cash flow. DENA realized a segment EBIT loss of $56 million, an improvement from prior year. Field Services benefited from strong NGL prices. International Energy reported higher earnings on increased volumes and prices.
- Special items included gains from asset sales, mark-to-market adjustments, and insurance liability adjustments, totaling $709 million pre-
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
Cinergy Corp. reported strong financial results for the fourth quarter and full year of 2005. Net income for Q4 2005 was $190 million compared to $146 million for Q4 2004. For the full year, net income was $490 million compared to $401 million in 2004. Earnings per share on a diluted basis were $0.95 for Q4 2005 and $2.46 for the full year, up from $0.79 and $2.18 respectively in the previous year. The improved results were driven by higher demand, solid performance in commercial businesses, and constructive regulatory recovery.
The document is an environmental report from Credit Suisse Group (CSG) that summarizes the company's environmental management efforts in 1997-1998. Some key points:
- In 1997, CSG became the first major bank to receive ISO 14001 environmental certification for its environmental management system at Swiss bank sites.
- CSG's environmental policy commits it to complying with environmental laws, continuously improving performance, and incorporating environmental considerations into banking/insurance products and operations.
- Major focuses include reducing energy/resource use, evaluating environmental risks in lending/insurance, and developing "green" financial products and research.
- Future goals include maintaining certification, expanding the environmental management system internationally, and further integrating
CCSE promoted sustainable energy practices through various programs in 2008. They educated communities on issues like climate change and energy efficiency. Programs included workshops, tree planting initiatives, and incentives for renewable energy and green building projects. CCSE helped thousands of individuals and organizations save energy and reduce emissions. Looking ahead, they aim to continue expanding their outreach and services.
The survey found that growth expectations have shifted away from mature economies toward emerging markets. Most companies expect emerging economies like Asia, Eastern Europe, and Russia to contribute significantly to auto industry growth over the next five years. In contrast, more companies forecast declines in revenues for North America and Japan than improvements. Expectations for Western Europe were evenly split between declines and stability.
This document is the State of Green Business 2012 report published by GreenBiz Group. It summarizes the top 12 sustainable business trends of the year, including sustainability gaining importance for CFOs, sustainable consumption, green gamification, and sustainable mobility. It also includes the GreenBiz Index which tracks key performance indicators like carbon intensity, cleantech investments, and green power use. The report aims to provide an overview of the most important issues in sustainable business in 2012.
Summary of the recent WWF study "Blueprint Germany - A Strategy for a Climate Safe 2050". The study answers the question how to cut 95% greenhouse gases in Germany by 2050 and provides a concrete policy programme for this
purpose.
Good corporate reporting has an important role to play in helping to restore the trust that has been lost. Companies need to communicate more clearly, openly and effectively with investors and other stakeholders about how they plan to grow in a sustainable way.
The data contained in the sustainability report regarding significant impacts, compared to economy, environment and society, of Telecom Italia on its stakeholders.
In Carbon-Free Prosperity 2025 we highlight how Oregon and Washington can create green jobs, deliver energy security, and thrive in the global clean-tech marketplace. In a fiercely competitive environment, the Northwest is already leading in a number of critical and emerging clean-energy segments. The region is home to one of the largest planned wind farms in the world; the largest planned U.S. solar crystalline photovoltaic (PV) manufacturing facility; the world’s first silicon feedstock production facility completely dedicated to solar; and the largest global manufacturer of advanced meter reading (AMR) devices.
In this report, we outline:
The region’s key assets (strengths)and barriers (weaknesses)
The top five clean-tech opportunities for the region, according to our interview and research findings
A 10-point action plan for reaching carbon-free prosperity in Oregon and Washington
How the region can be the first in the nation to achieve approximately 75 percent of its electricity supply from carbon-free sources (hydropower + renewables) by 2025
How the region can create between 41,000 and 63,000 direct jobs by 2025 in just five clean-tech sectors
The study is based on interviews with more than 50 industry, financial, and policy experts in the Northwest, and leverages proprietary Clean Edge data on market sizing, employment figures, and other key market factors.
Fujitsu has a long history of sustainability dating back to 1938. They are now focused on reducing customer greenhouse gas emissions by 30 million tons by 2020 through green ICT solutions. Fujitsu aims to reduce their own emissions (OF ICT) by 3 million tons by 2012 through energy efficient products and design. They also aim to reduce emissions by 12 million tons (BY ICT) by providing solutions like sustainable data centers, cloud computing and smart grids to customers. Fujitsu is a leader in sustainability and is committed to quantifiable improvements for customers and society through 2050.
The article discusses the U.S. Army's efforts to improve energy efficiency and security through various initiatives and programs. It outlines the Installation Management Command's (IMCOM) energy management programs that garrisons are implementing, including appointing energy managers, conducting energy audits, and implementing energy savings projects. It also discusses the Army's net-zero strategy and pilot installations working towards net-zero energy, water, and waste. The U.S. Army Corps of Engineers is providing technical expertise and solutions to help the Army meet energy and sustainability goals and legislative requirements.
This document discusses the opportunity for sustainable development through energy efficient buildings. It notes that buildings account for nearly 40% of global energy consumption and that improving building energy efficiency can significantly reduce energy demand and costs. It also highlights that buildings are crucial for achieving economic, social, and environmental goals as the world urbanizes. Specifically, energy efficient buildings can help accelerate economic development, increase energy access, improve public health, lower emissions, and make cities more resilient. The document argues that prioritizing life-cycle and performance metrics in buildings can better align construction and renovation with broader sustainability objectives.
Climate alliance ghent indra van sandeTudor Events
This document discusses Ghent's efforts to become climate neutral by 2050 through the Climate Alliance initiative. It outlines that Ghent is working on climate change to prevent high costs of inaction, address rising energy costs, and help citizens become less dependent on energy. Ghent aims to make 100,000 homes and 21,000 businesses climate neutral by 2050. The document also discusses Ghent's CO2 emissions profile, approaches to studying the issue through tools and modeling, and examples of actions being taken through projects, buildings, and public lighting. The overall approach combines study, pilot projects, and leading by example to engage partners in the Climate Alliance toward the 2050 goal.
Our white paper highlights the commercial returns that can be achieved by investing in the latest energy management skills.
The position of Energy Manager is evolving into someone who is comfortable in the board room as well as the boiler room, with technical and commercial knowledge – and the increasing ability to impact on margins and revenues.
Commentary from high-profile industry experts from BT, Marks and Spencer, Siemens and Johnson Controls.
The paper looks at how companies in a stagnant economy are increasingly turning to energy efficiency as a way to increase profit – impacting the scope and function of their energy teams.
This document discusses a voluntary industry initiative to address climate change called the International Power Partnerships Initiative (IPP). The IPP aims to identify international energy projects that produce measurable reductions in greenhouse gas emissions. It provides an opportunity for US industry to maintain leadership in international climate efforts. The document outlines the goals of the IPP and references past successes of related programs in leveraging private investment for climate projects globally. It invites power companies to participate in the sponsoring group for the new IPP initiative.
Second corporate responsibility report covers the 18-month period from 1 July 2009 to 31 December 2010.
This report highlights our efforts to have a positive impact in our four main CR focus areas: Community, Environment, People and Marketplace.
Indo german development cooperation-2012Raz Miracle
The document summarizes Indo-German development cooperation in the areas of environment, energy, and sustainable economic development. It discusses several key projects between Germany and India focused on promoting renewable energy, improving environmental management, increasing access to financial services for the poor, and workforce protection. The cooperation aims to support India's development goals while promoting sustainability. Total German commitments to development projects in these areas exceed 500 million euro annually.
Post-COP21: Aligning US Business and ClimateAlex Taser
This virtual discussion brought together 23 experts to evaluate the outcomes of the COP21 climate summit and discuss its implications. There were both positive and skeptical responses to the COP21 agreement, but it was widely acknowledged that there is a gap between the emissions reductions needed and those pledged. No single solution will achieve the climate goals - it will require a "cocktail" of solutions from renewables to energy storage. The private sector is best positioned to drive these solutions due to the compelling business case. However, without robust accountability and leadership, fulfilling the voluntary pledges will be challenging and require courageous actions at all levels of society.
The document discusses climate change, global warming, and the Kyoto Protocol. It provides background on rising global temperatures, greenhouse gas emissions, and the six main greenhouse gases. It then summarizes the Kyoto Protocol, which aims to reduce greenhouse gas emissions by at least 5% below 1990 levels by 2008-2012. The Clean Development Mechanism is introduced as one of three mechanisms established by the Kyoto Protocol to help countries meet emission reduction targets in a cost-effective manner. CDM allows emission reduction projects in developing countries to earn certified emission reduction credits that can be counted toward compliance in developed countries.
Perché e come rendicontare e comunicare le informazioni finanziarie relative a clima e ambiente - pratiche correnti, buone pratiche, risorse e consigli.
The document outlines the potential inputs, outputs, and outcomes of the Mitigation Work Programme (MWP). It summarizes that the MWP aims to urgently scale up mitigation ambitions and implementation this decade. Initial dialogues would focus on transforming energy systems by accelerating renewables deployment and enhancing energy efficiency. The MWP's inputs would include party submissions and IPCC reports, while its outputs could include recommendations to close emissions gaps and standard setting for low-carbon industries. If successful, the MWP's outcomes may include phasing out coal, deploying renewables at scale, and adequately preparing parties to implement strengthened NDCs aligned with 1.5°C.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
The document is an environmental report from Credit Suisse Group (CSG) that summarizes the company's environmental management efforts in 1997-1998. Some key points:
- In 1997, CSG became the first major bank to receive ISO 14001 environmental certification for its environmental management system at Swiss bank sites.
- CSG's environmental policy commits it to complying with environmental laws, continuously improving performance, and incorporating environmental considerations into banking/insurance products and operations.
- Major focuses include reducing energy/resource use, evaluating environmental risks in lending/insurance, and developing "green" financial products and research.
- Future goals include maintaining certification, expanding the environmental management system internationally, and further integrating
CCSE promoted sustainable energy practices through various programs in 2008. They educated communities on issues like climate change and energy efficiency. Programs included workshops, tree planting initiatives, and incentives for renewable energy and green building projects. CCSE helped thousands of individuals and organizations save energy and reduce emissions. Looking ahead, they aim to continue expanding their outreach and services.
The survey found that growth expectations have shifted away from mature economies toward emerging markets. Most companies expect emerging economies like Asia, Eastern Europe, and Russia to contribute significantly to auto industry growth over the next five years. In contrast, more companies forecast declines in revenues for North America and Japan than improvements. Expectations for Western Europe were evenly split between declines and stability.
This document is the State of Green Business 2012 report published by GreenBiz Group. It summarizes the top 12 sustainable business trends of the year, including sustainability gaining importance for CFOs, sustainable consumption, green gamification, and sustainable mobility. It also includes the GreenBiz Index which tracks key performance indicators like carbon intensity, cleantech investments, and green power use. The report aims to provide an overview of the most important issues in sustainable business in 2012.
Summary of the recent WWF study "Blueprint Germany - A Strategy for a Climate Safe 2050". The study answers the question how to cut 95% greenhouse gases in Germany by 2050 and provides a concrete policy programme for this
purpose.
Good corporate reporting has an important role to play in helping to restore the trust that has been lost. Companies need to communicate more clearly, openly and effectively with investors and other stakeholders about how they plan to grow in a sustainable way.
The data contained in the sustainability report regarding significant impacts, compared to economy, environment and society, of Telecom Italia on its stakeholders.
In Carbon-Free Prosperity 2025 we highlight how Oregon and Washington can create green jobs, deliver energy security, and thrive in the global clean-tech marketplace. In a fiercely competitive environment, the Northwest is already leading in a number of critical and emerging clean-energy segments. The region is home to one of the largest planned wind farms in the world; the largest planned U.S. solar crystalline photovoltaic (PV) manufacturing facility; the world’s first silicon feedstock production facility completely dedicated to solar; and the largest global manufacturer of advanced meter reading (AMR) devices.
In this report, we outline:
The region’s key assets (strengths)and barriers (weaknesses)
The top five clean-tech opportunities for the region, according to our interview and research findings
A 10-point action plan for reaching carbon-free prosperity in Oregon and Washington
How the region can be the first in the nation to achieve approximately 75 percent of its electricity supply from carbon-free sources (hydropower + renewables) by 2025
How the region can create between 41,000 and 63,000 direct jobs by 2025 in just five clean-tech sectors
The study is based on interviews with more than 50 industry, financial, and policy experts in the Northwest, and leverages proprietary Clean Edge data on market sizing, employment figures, and other key market factors.
Fujitsu has a long history of sustainability dating back to 1938. They are now focused on reducing customer greenhouse gas emissions by 30 million tons by 2020 through green ICT solutions. Fujitsu aims to reduce their own emissions (OF ICT) by 3 million tons by 2012 through energy efficient products and design. They also aim to reduce emissions by 12 million tons (BY ICT) by providing solutions like sustainable data centers, cloud computing and smart grids to customers. Fujitsu is a leader in sustainability and is committed to quantifiable improvements for customers and society through 2050.
The article discusses the U.S. Army's efforts to improve energy efficiency and security through various initiatives and programs. It outlines the Installation Management Command's (IMCOM) energy management programs that garrisons are implementing, including appointing energy managers, conducting energy audits, and implementing energy savings projects. It also discusses the Army's net-zero strategy and pilot installations working towards net-zero energy, water, and waste. The U.S. Army Corps of Engineers is providing technical expertise and solutions to help the Army meet energy and sustainability goals and legislative requirements.
This document discusses the opportunity for sustainable development through energy efficient buildings. It notes that buildings account for nearly 40% of global energy consumption and that improving building energy efficiency can significantly reduce energy demand and costs. It also highlights that buildings are crucial for achieving economic, social, and environmental goals as the world urbanizes. Specifically, energy efficient buildings can help accelerate economic development, increase energy access, improve public health, lower emissions, and make cities more resilient. The document argues that prioritizing life-cycle and performance metrics in buildings can better align construction and renovation with broader sustainability objectives.
Climate alliance ghent indra van sandeTudor Events
This document discusses Ghent's efforts to become climate neutral by 2050 through the Climate Alliance initiative. It outlines that Ghent is working on climate change to prevent high costs of inaction, address rising energy costs, and help citizens become less dependent on energy. Ghent aims to make 100,000 homes and 21,000 businesses climate neutral by 2050. The document also discusses Ghent's CO2 emissions profile, approaches to studying the issue through tools and modeling, and examples of actions being taken through projects, buildings, and public lighting. The overall approach combines study, pilot projects, and leading by example to engage partners in the Climate Alliance toward the 2050 goal.
Our white paper highlights the commercial returns that can be achieved by investing in the latest energy management skills.
The position of Energy Manager is evolving into someone who is comfortable in the board room as well as the boiler room, with technical and commercial knowledge – and the increasing ability to impact on margins and revenues.
Commentary from high-profile industry experts from BT, Marks and Spencer, Siemens and Johnson Controls.
The paper looks at how companies in a stagnant economy are increasingly turning to energy efficiency as a way to increase profit – impacting the scope and function of their energy teams.
This document discusses a voluntary industry initiative to address climate change called the International Power Partnerships Initiative (IPP). The IPP aims to identify international energy projects that produce measurable reductions in greenhouse gas emissions. It provides an opportunity for US industry to maintain leadership in international climate efforts. The document outlines the goals of the IPP and references past successes of related programs in leveraging private investment for climate projects globally. It invites power companies to participate in the sponsoring group for the new IPP initiative.
Second corporate responsibility report covers the 18-month period from 1 July 2009 to 31 December 2010.
This report highlights our efforts to have a positive impact in our four main CR focus areas: Community, Environment, People and Marketplace.
Indo german development cooperation-2012Raz Miracle
The document summarizes Indo-German development cooperation in the areas of environment, energy, and sustainable economic development. It discusses several key projects between Germany and India focused on promoting renewable energy, improving environmental management, increasing access to financial services for the poor, and workforce protection. The cooperation aims to support India's development goals while promoting sustainability. Total German commitments to development projects in these areas exceed 500 million euro annually.
Post-COP21: Aligning US Business and ClimateAlex Taser
This virtual discussion brought together 23 experts to evaluate the outcomes of the COP21 climate summit and discuss its implications. There were both positive and skeptical responses to the COP21 agreement, but it was widely acknowledged that there is a gap between the emissions reductions needed and those pledged. No single solution will achieve the climate goals - it will require a "cocktail" of solutions from renewables to energy storage. The private sector is best positioned to drive these solutions due to the compelling business case. However, without robust accountability and leadership, fulfilling the voluntary pledges will be challenging and require courageous actions at all levels of society.
The document discusses climate change, global warming, and the Kyoto Protocol. It provides background on rising global temperatures, greenhouse gas emissions, and the six main greenhouse gases. It then summarizes the Kyoto Protocol, which aims to reduce greenhouse gas emissions by at least 5% below 1990 levels by 2008-2012. The Clean Development Mechanism is introduced as one of three mechanisms established by the Kyoto Protocol to help countries meet emission reduction targets in a cost-effective manner. CDM allows emission reduction projects in developing countries to earn certified emission reduction credits that can be counted toward compliance in developed countries.
Perché e come rendicontare e comunicare le informazioni finanziarie relative a clima e ambiente - pratiche correnti, buone pratiche, risorse e consigli.
The document outlines the potential inputs, outputs, and outcomes of the Mitigation Work Programme (MWP). It summarizes that the MWP aims to urgently scale up mitigation ambitions and implementation this decade. Initial dialogues would focus on transforming energy systems by accelerating renewables deployment and enhancing energy efficiency. The MWP's inputs would include party submissions and IPCC reports, while its outputs could include recommendations to close emissions gaps and standard setting for low-carbon industries. If successful, the MWP's outcomes may include phasing out coal, deploying renewables at scale, and adequately preparing parties to implement strengthened NDCs aligned with 1.5°C.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
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Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
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Decoding job postings: Improving accessibility for neurodivergent job seekers
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2. In 2007, we provided energy when our
customers needed it, made plans to build
new plants to meet growing demand,
developed a new way to promote energy
efficiency and continued to confront our
industry’s biggest challenge — global climate
change. As one of the largest emitters of
carbon dioxide in the world, we believe we
have the responsibility to lead in bridging the
gap between today’s high-carbon economy
and a low-carbon future. This report
examines the bridges we are building to
reduce our carbon footprint to benefit
our current and future stakeholders.
3. Contents:
2
2007 financial Highlights
3
Chairman’s letter to stakeholders
9
leadership on Climate Disclosure
26
Board of Directors
28
executive management
30
Duke energy at a glance
31
non-gAAp financial measures
32
Investor Information
33
forward-looking statement
BuIlDIng BrIDges To A loW-CArBon fuTure:
Where we Where we How we will
10 12 14
are now are going get there
We are the third largest emitter We are assessing what it would We are taking five major steps
of carbon dioxide (Co2) in the take to cut our Co2 emissions in to build bridges to a low-carbon
united states — emitting more half — to approximately 50 million future. We’re shaping public policy,
than 00 million tons last year. tons — by 2030 and the implica- pursuing new technology, building
We’ve significantly reduced tions of such an effort. By then, projects and talent, balancing
our non-carbon emissions over we will likely have replaced our diverse interests and taking a
the last 20 years and with the oldest coal-fired power plants with long view so we can continue
right technologies, we believe advanced cleaner-coal and other to create value for our stakeholders
we can do the same with Co2. technologies, including nuclear in the future.
We are working to find solutions power, natural gas, renewable
16
shaping public policy
Step 1:
to this challenge that will protect energy and greater use of
18
pursuing new technology
Step 2:
and benefit our stakeholders. energy efficiency.
Step 3: Building projects
20
and talent
Step 4: Balancing diverse
22
interests
24
Step 5: Taking the long view
for more information about our sustainability activities and environmental progress, please see the Duke energy 2007|2008
sustainability report on the company Web site: www.duke-energy.com.
Duke energy 2007 summAry AnnuAl reporT
4. 2007 financial Highlights
a
2003 c
2007
(In millions, except per-share amounts) 2006 2005 2004
statement of operations
$12,720
Total operating revenues $0,607 $ 6,906 $ 6,357 $ 6,006
10,222
Total operating expenses 9,20 5,586 5,074 6,550
—
gains on sales of investments in commercial and multi-family real estate 20 9 92 84
(5)
(losses) gains on sales of other assets and other, net 223 (55) (435) (202)
2,493
operating income (loss) ,82 ,456 ,040 (662)
428
Total other income and expenses 354 27 80 326
685
Interest expense 632 38 425 43
2
minority interest expense (benefit) 3 24 (5) (79)
2,234
Income (loss) from continuing operations before income taxes ,530 ,268 80 (688)
712
Income tax expense (benefit) from continuing operations 450 375 92 (288)
1,522
Income (loss) from continuing operations ,080 893 68 (400)
(22)
(loss) income from discontinued operations, net of tax 783 935 872 (76)
1,500
Income (loss) before cumulative effect of change in accounting principle ,863 ,828 ,490 (,6)
Cumulative effect of change in accounting principle,
—
net of tax and minority interest — (4) — (62)
1,500
net income (loss) ,863 ,824 ,490 (,323)
Dividends and premiums on redemption of preferred and
—
preference stock — 2 9 5
$ 1,500
earnings (loss) available for common stockholders $ ,863 $ ,82 $ ,48 $ (,338)
—b
3.7
ratio of earnings to fixed Charges 2.6 2.4 .6
Common stock Data
shares of common stock outstanding d
1,262
year-end ,257 928 957 9
1,260
Weighted average — basic ,70 934 93 903
1,266
Weighted average — diluted ,88 970 966 904
earnings (loss) per share (from continuing operations)
$ 1.21
Basic $ 0.92 $ 0.94 $ 0.65 $ (0.44)
1.20
Diluted 0.9 0.92 0.64 (0.44)
(loss) earnings per share (from discontinued operations)
$ (0.02)
Basic $ 0.67 $ .00 $ 0.94 $ (0.86)
(0.02)
Diluted 0.66 0.96 0.90 (0.86)
earnings (loss) per share
(before cumulative effect of change in accounting principle)
$ 1.19
Basic $ .59 $ .94 $ .59 $ (.30)
1.18
Diluted .57 .88 .54 (.30)
earnings (loss) per share
$ 1.19
Basic $ .59 $ .94 $ .59 $ (.48)
1.18
Diluted .57 .88 .54 (.48)
Dividends per share e 0.86 .26 .7 .0 .0
Balance sheet
$49,704
Total assets $68,700 $54,723 $55,770 $57,485
$ 9,498
long-term debt including capital leases, less current maturities $8,8 $4,547 $6,932 $20,622
a significant transactions reflected in the results above include: 2007 spinoff of the natural gas businesses (see note to the Consolidated financial statements in Duke energy’s 2007
form 0-k, “summary of significant Accounting policies”), 2006 merger with Cinergy (see note 2 to the Consolidated financial statements in Duke energy’s 2007 form 0-k,
“Acquisitions and Dispositions”), 2006 Crescent joint venture transaction and subsequent deconsolidation effective september 7, 2006 (see note 2 to the Consolidated financial
statements in Duke energy’s 2007 form 0-k, “Acquisitions and Dispositions”), 2005 DenA disposition (see note 3 to the Consolidated financial statements in Duke energy’s 2007
form 0-k, “Discontinued operations and Assets Held for sale”), 2005 deconsolidation of DCp midstream effective July , 2005 (see note 3 to the Consolidated financial statements
in Duke energy’s 2007 form 0-k, “Discontinued operations and Assets Held for sale”), 2005 DCp midstream sale of TeppCo (see note 3 to the Consolidated financial statements
in Duke energy’s 2007 form 0-k, “Discontinued operations and Assets Held for sale”) and 2004 sale of the former DenA southeast plants.
b earnings were inadequate to cover fixed charges by $746 million for the year ended December 3, 2003.
c As of January , 2003, Duke energy adopted the remaining provisions of emerging Issues Task force (eITf) 02-03, “Issues Involved in Accounting for Derivative Contracts Held for
Trading purposes and for Contracts Involved in energy Trading and risk management Activities” (eITf 02-03) and sfAs no. 43, “Accounting for Asset retirement obligations”
(sfAs no. 43). In accordance with the transition guidance for these standards, Duke energy recorded a net-of-tax and minority interest cumulative effect adjustment for change in
accounting principles.
d 2006 increase primarily attributable to issuance of approximately 33 million shares in connection with Duke energy’s merger with Cinergy (see note 2 to the Consolidated financial
statements in Duke energy’s 2007 form 0-k, “Acquisitions and Dispositions”).
e 2007 decrease due to the spinoff of the natural gas businesses to shareholders on January 2, 2007 as dividends subsequent to the spinoff were split proportionately between Duke energy
and spectra energy such that the sum of the dividends of the two stand-alone companies approximates the former total dividend of Duke energy prior to the spinoff.
see notes to Consolidated financial statements in Duke energy’s 2007 form 0-k.
2
5. Chairman’s letter to stakeholders
Dear fellow investors, customers, employees
and all who have an interest in our success —
our partners, suppliers, policymakers, regulators
and communities:
We believe that all companies should have great
aspirations. At Duke energy, we have two aspirations
that guide our planning and serve as a bridge to
JAmes e. rogers
the future: () modernize and decarbonize our Chairman, President and
Chief Executive Officer
generation fleet, and (2) Help make the communities
we serve the most energy efficient in the world.
These aspirations are grounded in our commitments to provide our
customers with clean, affordable and reliable electric and gas services,
and to allocate capital over the long term to grow earnings for investors.
our aspirations are also shaped by the ongoing debate over how to address
global climate change. They are action-based. They recognize our intent to
ensure that rules limiting greenhouse gas (gHg) emissions will fairly balance
the needs of all of our stakeholders.
In this letter I will describe how we are building bridges to a low-carbon
future. my confidence in our ability to succeed is based on the dedication
of our people. Their hard work and perseverance was evident in our
2007 results.
3
Duke energy 2007 summAry AnnuAl reporT
6. “most of the electricity generated in this country is fueled by
four natural resources: coal, uranium, natural gas and water.
We include a fifth fuel — energy efficiency. By helping our
customers use power more efficiently, we can help them
save money and reduce the need for new power plants.”
2007 — a stronG, rates without a material impact on Demand for electricity is growing locally
proDuCtIVe year 2008 earnings. In ohio, we continue and globally. each year, Duke energy
to support legislation that will ensure alone is adding approximately 40,000 to
last year, we faced weather-related
future rate certainty for our customers 60,000 new customers in the Carolinas,
challenges of record-setting summer heat
in that state. and ,000 to 6,000 new customers in
throughout our service territory and a
the midwest. This means we will need
We grew our renewable energy
persistent drought in the Carolinas. We ■
more than 6,000 megawatts of new gener-
portfolio: our Commercial Businesses
continued to make progress in integrating
ating capacity by 202. According to the
our 2006 merger with Cinergy, and we acquired ,000 megawatts of wind
u.s. Department of energy, nationwide
completed the spinoff of our natural gas power assets planned or under
power demand will grow approximately
businesses. The people of Duke energy development in the western and
35 percent by 2030.
met these challenges while achieving solid southwestern united states. We
At the same time, evidence is growing
results in customer service and operations. also began construction of two small
that carbon dioxide (Co2) released into
hydroelectric power plants in Brazil.
We increased earnings per share and the atmosphere from burning fossil fuels
■
total return: ongoing diluted earnings We dedicated ourselves to customer is creating conditions that could change
■
service and economic development:
per share of $.24 in 2007 exceeded our way of life. scientists know climate
2006 ongoing diluted earnings per We achieved improvements in our key change is a problem, yet they aren’t able
share of $0.99. Duke energy’s total internal satisfaction measures for all to accurately predict its full scope. I leave
shareholder return (Tsr) — a combi- customer classes. economic develop- the science to the scientists, but as an
nation of the change in stock price plus ment efforts helped stimulate new energy company Ceo, I have a responsi-
dividends paid out — was more than capital investments and new jobs bility to protect our assets against such
9 percent in 2007. This beat the in our five-state service territory. risks — to meet the need for power,
sp 500 index Tsr of 5.5 percent. without risking our children’s futures.
We met productivity targets: our
■
We must plan ahead. It takes five or
We achieved constructive legislative nuclear and coal plants performed
■
more years to build a new baseload coal
and regulatory outcomes: We received superbly when we needed them the
plant, and 0 to 5 years to build a new
approvals to build two new advanced most. our nuclear fleet had its third-
nuclear plant. To ensure we can deliver
coal plants in Indiana and north best year ever for capacity. Despite
reliable and affordable power to our
Carolina. Thanks to the diligent work of the drought, careful management of
customers, we have to start now. But
our teams, we received final air permits our coal and hydro units enabled us
today, we lack advanced technologies
for both in January 2008. We helped to successfully meet our customers’
that can achieve this seemingly impossible
pass comprehensive energy legislation record demand for both peak and
dual mission: high growth and low carbon.
in north Carolina and south Carolina. baseload power.
Consequently, we have developed a
The legislation enables the more timely
multi-pronged strategy to bridge the
recovery of certain operating costs,
BuIlDInG BrIDGes to gap between our current high-carbon
such as the reagents and chemicals
a loW‑CarBon Future economy and a low-carbon future.
we use in our environmental equipment
let me explain in this letter how the
on our coal plants. And it allows more In 2008, we’ll continue to focus on
people of Duke energy are building four
timely recovery of the financing costs delivering results for both customers and
bridges: () from “production” (making
associated with the construction of new investors in our basic business. At the
watts) to “efficiency” (saving watts);
baseload generation. In north Carolina, same time, we will continue to chip away
(2) from conventional to unconventional
we settled our rate case, which reduced at the most difficult challenge in the history
generating technologies; (3) spanning
industrial, commercial and residential of our industry: global climate change.
4
7. 2007 mAJor ACHIeVemenTs
FIrst quarter
Completed the spinoff of spectra energy.
■
received approval to build an 800-megawatt advanced coal-fired unit
■
at our Cliffside station in western north Carolina (final air permit received
in January 2008).
seConD quarter
investor expectations and new regulatory Issued first sustainability report.
■
rules; and (4) from following the status quo filed energy efficiency plan in north Carolina.
■
to leading with forward-looking policies.
Helped pass comprehensive energy legislation in south Carolina that provides for
■
the recovery of new nuclear plant financing costs during the construction phase
tHe FIrst BrIDGe:
and allows recovery of costs of certain reagents used in emission removal.
From proDuCtIon (maKInG Watts)
Acquired ,000 megawatts of wind energy assets under development in the
to eFFICIenCy (saVInG Watts) ■
western and southwestern united states.
most of the electricity generated in this
country is fueled by four natural resources:
tHIrD quarter
coal, uranium, natural gas and water. We
met customers’ demand for electricity during record-setting summer heat
include a fifth fuel — energy efficiency. ■
throughout the service territory and record-setting drought in the Carolinas.
By helping our customers use power
more efficiently, we can help them save Helped pass comprehensive energy legislation in north Carolina that enables the
■
money and reduce the need for new power recovery of new plant financing costs during the construction phase and allows
plants. In aggregate, energy efficiency recovery of costs of certain reagents used in emission removal. The legislation
investments are the least expensive and includes a workable renewable energy and energy efficiency portfolio standard.
most environmentally benign source of filed energy efficiency plan in south Carolina.
■
energy for our customers.
Why isn’t more being done to promote
FourtH quarter
energy efficiency? As co-chair of the
filed energy efficiency plan in Indiana.
national Action plan on energy efficiency ■
and the Alliance to save energy, I reviewed received remand order affirming the ohio rate stabilization plan. The ruling
■
state regulatory plans for energy efficiency. maintains the current price and provides for the continuation of existing rate
We found that many utilities don’t invest components.
in such programs, because the current received approval to build a 630-megawatt cleaner-coal integrated gasification
■
regulatory framework is biased against combined cycle (IgCC) power plant in southwestern Indiana (final air permit
investments in energy efficiency in favor received in January 2008).
of putting steel in the ground. our goal
settled rate case in north Carolina, which reduced industrial, commercial and
■
is to change that regulatory paradigm so
residential rates with no material impact on 2008 earnings.
that earnings from energy efficiency are
filed applications with state regulators for certificates of public convenience and
on a par with earnings from investments ■
necessity to add two 620-megawatt combined cycle, natural gas-fired units at
in new power plants.
two existing power plants in north Carolina.
In 2007, we introduced Duke energy’s
energy efficiency plan, which is designed submitted a combined construction and operating license application to
■
to set investment returns for the costs and the u.s. nuclear regulatory Commission for the proposed 2,234-megawatt
savings of energy efficiency programs. lee nuclear station in Cherokee County, s.C.
Customers would benefit because they 2007 ongoing diluted earnings per share of $.24 exceeded 2006 ongoing
■
would pay 0 to 5 percent less for energy diluted earnings per share of $0.99.
efficiency than for a new power plant. We
filed for regulatory approval of this plan in
Full year
Indiana, north Carolina and south Carolina.
Continued push for federal cap-and-trade legislation limiting greenhouse
As I was writing this letter, we reached ■
gas emissions.
5
Duke energy 2007 summAry AnnuAl reporT
8. “In aggregate, energy efficiency investments are
the least expensive and most environmentally benign
source of energy for our customers.”
a partial settlement in south Carolina for of looking for a “silver bullet” strategy, we annually and runs about 30 percent of
our plan. We expect to file similar plans are taking a “silver buckshot” approach. the time. By comparison, a new 630-
in ohio and kentucky in 2008. using new technologies, we plan to build megawatt IgCC plant running 00 percent
We were pleased that in february an efficient generation portfolio powered by of the time will emit about 2,900 tons
2008, the Alliance to save energy, the coal, nuclear, natural gas and renewables. of the same pollutants. It will also use
American Council for an energy-efficient over the next five years, we plan to invest about million gallons of water a day,
economy and the energy future Coalition approximately $23 billion (almost equal to compared to the current plant, which
endorsed our energy efficiency model as our current market cap) to make our entire uses almost 90 million gallons daily.
“an innovative and promising new direction system more efficient, retire inefficient eventually we hope to be able to
for the company and its customers.” plants and increase renewable generation. capture and permanently store the Co2
emitted from this plant in nearby under-
Building the smart grid — the backbone advanced coal technologies ground formations, keeping it out of
of reliability When people ask, “How can a company the atmosphere.
In 2007, we began installing smart committed to a low-carbon future continue north Carolina regulators approved
meters in Charlotte, n.C., Cincinnati, ohio, to build new coal plants?” I remind them our plan to build a new 800-megawatt
and northwestern south Carolina. Turning of these key facts: Today, coal accounts unit at our Cliffside steam station. At
analog meters into digital or smart meters for about 50 percent of our nation’s total a cost of approximately $2.4 billion, this
enables real-time communication between electric generation. In the united states, plant will use supercritical coal-combustion
our power grids and our customers’ homes. Duke energy’s system is about 70 percent technology, which is 30 percent more
This will help our customers monitor and coal. We burn coal today because it is efficient than the units it will replace. As
manage their power consumption. We the most abundant and economical fuel a result, it will generate twice the amount
have about 7,500 smart meters in place available for large-scale reliable power of electricity of the existing plant with only
today. With appropriate regulatory recovery, generation. We are finding ways to use one-seventh of the so2, one-third of the
we expect to install an additional 60,000 coal more efficiently and cleanly. no X and one-half the mercury emissions.
by the end of 2009. Indiana regulators approved our The new unit’s air permit includes limits
over the next five years, we plan to four-year plan to build a cleaner-coal on so2 and no X emissions that are stricter
spend about $ billion to digitize our distri- integrated gasification combined cycle than current state and federal rules. The
bution system. These improvements will (IgCC) plant. The 630-megawatt state’s mercury limits are already more
help us better balance supply and demand, edwardsport plant is currently expected stringent than federal rules. The project
pinpoint trouble sooner, and restore to cost approximately $2 billion. To will receive $25 million in federal clean-
outages faster or avoid them altogether. encourage this new technology, the coal tax credits.
project will receive $460 million in local, We also agreed to implement a unique
tHe seConD BrIDGe: state and federal tax incentives and credits. Co2 mitigation plan for Cliffside. As part
From ConVentIonal to The new plant will be one of the of that plan, we will retire the plant’s four
unConVentIonal GeneratInG cleanest and most efficient coal-fired older coal units by 202 and shut down
teCHnoloGIes power plants in the world. It will emit less 800 megawatts of other older coal units
sulfur dioxide (so2), nitrogen oxides (no X) by 208. In addition, we agreed to invest
our energy efficiency focus is vital to
and particulates than the plant it replaces percent or approximately $50 million
providing reliable and cost-effective
— while providing more than 0 times of our north Carolina revenues from
electricity in the future. But efficiency
the power of the existing plant. The our regulated operations each year in
alone cannot satisfy growing demand
current 60-megawatt plant emits about energy efficiency, pending appropriate
and at the same time reduce our Co2
3,000 tons of so2, no X and particulates regulatory approval.
emissions. We must do more. Instead
6
9. our mIssIon,
our VAlues
our mission
At Duke Energy, we make
people’s lives better by
providing gas and electric
services in a sustainable way.
natural gas able sources to serve our Indiana
This requires us to constantly
natural gas emits less Co2 than coal, customers, and we are purchasing
look for ways to improve,
but it is more expensive — so we use it renewable energy capacity to supply
judiciously in our portfolio. We filed with our north Carolina customers starting in
to grow and to reduce our
our regulators to build two 620-megawatt 202. As noted earlier, our nonregulated
impact on the environment.
gas-fired units, one each at our Buck business is also building a renewable
and Dan river steam stations in north energy portfolio. When completed, these
Carolina. last year, we purchased nearly projects will sell wholesale power to other
,300 megawatts of gas-fired generation utilities. We expect the first 240 megawatts
our Values
in the midwest and north Carolina, adding of these nonregulated assets to come
Caring — We look out for each
to our existing gas assets. on line in 2008 and 2009. ■
other. We strive to make the envi-
non‑fossil fuel: nuclear and tHe tHIrD BrIDGe: ronment and communities around
renewable energy spannInG InVestor expeCtatIons us better places to live.
anD neW reGulatory rules
Today, approximately 28 percent of the
Integrity — We do the right thing.
■
power we generate in the united states
During the 970s and 980s, the industry We honor our commitments. We
comes from zero Co2 -emitting nuclear and
invested trillions of dollars to build new admit when we’re wrong.
renewable energy — about 5,000 mega-
baseload generation. The result was a
Openness — We’re open to
watts of nuclear capacity and about ■
sobering demonstration of the limitations
3,200 megawatts of hydroelectric capacity. change and to new ideas from
of traditional rate-of-return regulation —
We also have more than 3,00 megawatts our co-workers, customers and
for both customers and investors. This
of hydroelectric capacity in south America. other stakeholders. We explore
construction binge resulted in rate shocks
To reduce Co2 emissions and meet ways to grow our business and
for customers, cost overruns, the cancella-
demand growth, nuclear power must make it better.
tion of half-finished plants and ultimately
play an even larger role in our portfolio.
Passion — We’re passionate
red ink for shareholders. ■
In December, we filed an application with
In the 990s, we turned to the about what we do. We strive for
the nuclear regulatory Commission for
deregulation of power markets, relying excellence. We take personal
a combined construction and operating
on market signals to build new generation accountability for our actions.
license for our proposed two-unit,
cost-effectively. But these experiments
Respect — We value diverse
2,234-megawatt lee nuclear station in ■
produced other undesirable outcomes:
south Carolina. We also filed with south talents, perspectives and experi-
overbuilding in premium fuels such as
Carolina regulators to invest and recover ences. We treat others the way
natural gas and the under-recovery of
up to $230 million in the plant’s upfront we want to be treated.
true investment costs.
development costs. We saw similar cost
Safety — We put safety first in
The lessons are clear to customers, ■
recovery assurance legislation pass in
investors, regulators and policymakers. all we do.
north Carolina. Assuming timely regulatory
We need new rules based on what we
approvals, we would anticipate unit
learned from both building eras. Customers
coming on line in 208.
and investors can both benefit when
We will also increase our use of renew-
regulators reduce the time between when
able energy, by adding wind, solar and
we invest and when we start recovering
biomass to our hydroelectric capacity. We
our investments.
will add up to 200 megawatts from renew-
7
Duke energy 2007 summAry AnnuAl reporT
10. “As the third largest emitter of Co2 in the united states, I believe
we have a responsibility to provide policy leadership. We must
imagine a low-carbon future for our grandchildren and act to lower
Co2 emissions now. Achieving a low-carbon future will require
rigorous engineering solutions, continuing technological discoveries,
the political will to bridge local interests and global needs, and
leaps of imagination.”
In 2007, south Carolina passed com- I believe we have a responsibility to provide and a great opportunity to grow talent
prehensive energy legislation that includes policy leadership. We must imagine a within the company. one of my team’s
provisions allowing recovery of new nuclear low-carbon future for our grandchildren top priorities is development of a highly
plant financing costs during the construc- and act to lower Co2 emissions now. talented workforce that has the skill
tion phase. similarly, north Carolina Achieving a low-carbon future will require and the will to position us for a low-
lawmakers passed legislation that allows rigorous engineering solutions, continuing carbon future.
us to seek plant financing costs through technological discoveries, the political will
FoCuseD on GroWtH
a rate case. This legislation enables us to to bridge local interests and global needs,
synchronize capital spending and rate and leaps of imagination.
Based on current assumptions, we expect
cases associated with our major invest- In 2007, we worked to win Congres-
to grow ongoing diluted earnings at 5 to
ments. The north Carolina law also sional support of cap-and-trade rules
7 percent compounded annually through
provided a workable renewable energy to control gHg emissions, so that all
202. We’ve set our 2008 employee
and energy efficiency portfolio standard businesses can calculate the investment
incentive target at $.27, based on ongoing
requiring investor-owned utilities to supply needed to reduce their carbon footprints.
diluted earnings per share. our growth
2.5 percent of their power from renew- We advocated for legislation that treats
objectives are supported by our commitment
able energy sources by 202. all industries and regions of the nation
to balance the needs of our stakeholders,
This far-thinking leadership will allow fairly and ensures that utility customers
including future generations.
us to build new plants so we can deliver in high coal-using states aren’t penalized.
our many accomplishments this
reliable and affordable service to our We believe a cap-and-trade approach
past year were possible because of the
customers while reducing the risk of is the fairest and most equitable and
diligence, hard work and imagination of
regulatory lag. practical way to achieve a 60 to
the people of Duke energy. I thank them
our strong balance sheet allows us 80 percent reduction in our nation’s
on your behalf, and mine.
to fund our ambitious five-year building gHg emissions by 2050.
The catalysts to increase future earn-
program without issuing public equity. We also need new ways to fund
ings will be continuing cost management,
Beginning in 200, we expect to raise research, development and deployment
execution on our investment-recovery
equity of about $200 million per year of Co2 -reducing technologies. Without
strategy and steady organic growth.
through our dividend reinvestment and such funding, we won’t make it across
This represents a strong value proposition
internal benefit programs. the bridge to a low-carbon future.
for our investors, and one that allows
more business, political and community
us to honor commitments to all of our
tHe FourtH BrIDGe: leaders are stepping forward to cross that
stakeholders.
From FolloWInG tHe status quo bridge. They’re not waiting for others to
We will focus on these priorities as
to leaDInG WItH ForWarD‑looKInG act. such leaders are also emerging in our
we continue to build bridges to a low-
polICIes company. They and their colleagues know
carbon future. I look forward to working
it’s easier not to rock the boat. yet they’ve
I’ve described actions we are taking in together with you to achieve that goal.
chosen to act and to take personal respon-
our service territory to meet our growing
sibility for their results. They’ve chosen to
demand for power and reduce our
lead with integrity, discipline, vision and
carbon footprint. With these steps, we
compassion — and help prepare and
will achieve our aspirations of modernizing
develop our workforce for the future. JAmes e. rogers
and decarbonizing our fleet and making
Chairman, President and
During the next five years, we expect
our communities more energy efficient.
Chief Executive Officer
almost a third of that workforce to retire.
But we must do more. As the third
This presents both a recruitment challenge
largest emitter of Co2 in the united states, march 7, 2008
8
11. leadership on Climate Disclosure
Investors, customers and other stakeholders need to know the risks and opportunities
the company will face in a world of tightening greenhouse gas constraints. they also want
to know what the company is doing to position itself for success in a low-carbon future.
as part of its commitment to transparency, Duke energy has been reporting its carbon
dioxide (Co2 ) emissions to the u.s. Department of energy and to the u.s. environmental
protection agency since 15. For the past five years, the company has also participated
in the Carbon Disclosure project (CDp). the CDp is an independent organization that
works with shareholders and participating companies who voluntarily share their assess-
ment of the business risks and opportunities they face due to climate change and the
associated regulatory requirements. Duke energy’s current CDp report can be found at
www.cdproject.net and on the company Web site at www.duke-energy.com/environment/
reports/carbon-disclosure-project.asp.
Duke energy’s seC Form 10-k for 2007 included a detailed assessment of the climate
policy debate in Washington and potential costs customers could see under specific
legislative proposals. (this form can also be accessed on the company Web site.) the
company pointed out that compliance costs will be highly dependent on allowance prices,
and will be tied closely to Congress’ decision with respect to the allocation of allowances.
In January 2008, Duke energy agreed to participate in the Climate registry (tCr) as
a Founding reporter. tCr represents a collaboration of 3 u.s. states, seven Canadian
provinces and two mexican states. participants in the registry agree to report their
greenhouse gas emissions using a common platform. a more detailed description
can be found by visiting www.theclimateregistry.org.
In 2007, Duke energy joined the advisory Committee of the Climate Disclosure standards
Board (CDsB) — an international partnership of seven organizations formed to establish
a generally accepted framework for corporate climate change risk-related reporting.
the board’s long-term goal is to ensure that companies file these reports with regulatory
authorities as part of their annual financial reporting. more information is available at
www.weforum.org.
Duke energy has agreed to participate this year in the CDsB’s pilot program to “road test”
the template, which includes emissions disclosure, physical risks, regulatory risks and risk
management strategy. once the program is up and running in 200, completed reports
will be posted on the Web sites of participating companies.
these are some of the ways Duke energy is working to keep its stakeholders informed
about its strategy for addressing climate change and the associated regulatory risk, now
and in the future. For more information on the company’s climate disclosure and overall
transparency efforts, please also see Duke energy’s 2007|2008 sustainability report on
the company Web site.
Duke energy 2007 summary annual report
13. BuIlDIng BrIDges To A loW-CArBon fuTure:
Where we are now
Duke energy is one of the largest electricity suppliers in north
and south America. We serve our retail and wholesale customers
reliably and affordably with approximately 40,000 megawatts of
electric generating capacity fueled from coal, nuclear, natural gas,
hydroelectric and a growing portfolio of renewable energy. In the
united states, about 70 percent of the power we generate today
comes from coal, which releases carbon dioxide (Co2) into the
atmosphere and is linked to climate change.
Co2 and most other greenhouse gases (gHg) have always
been present, keeping the earth hospitable for life by trapping
“I monitor and analyze emerging
heat that would otherwise escape into space. We know this as environmental issues for the company.
the greenhouse effect. since the industrial revolution, however, over the last few years, the debate
over global climate change has
the concentration of gHg in the atmosphere from the burning intensified. We believe it is no longer
of fossil fuels and other human activities has increased, trapping a question of if Congress will enact
carbon limits, but when — and
more heat and amplifying the natural greenhouse effect. what will be required. We have to be
A majority of the public and policymakers now believe that ready to comply in a way that keeps
customer prices competitive.”
the earth’s climate is changing, caused in part by gHg emitted
into the atmosphere from human activity. mIke sTroBen
Director, Environmental Policy Analysis
As the third largest emitter of Co2 in the united states Strategy
— more than 00 million tons annually, the equivalent of Duke Energy
Charlotte, N.C.
about 0 million cars on the highway — we realize we have
a special responsibility to address this issue.
our focus is on finding practical solutions that will benefit
our stakeholders, our nation, our world and future generations.
Duke energy 2007 summAry AnnuAl reporT
15. BuIlDIng BrIDges To A loW-CArBon fuTure:
Where we are going
We are taking actions today to build a sustainable business
that allows our stakeholders and our company to prosper while
balancing environmental, social and economic needs.
We don’t know when federal restrictions on gHg emissions
will be enacted, but we must assume they are coming. some
believe it is premature to set specific emission-reduction targets.
But without a stake in the ground, we can’t expect to make
meaningful progress. We believe that preparing for a carbon-
constrained world now carries substantially less risk for our
customers and our shareholders than if we wait.
“If we are serious about addressing
To be ready, we are assessing what it would take to cut our climate change, we have to be
Co2 emissions in half — approximately 50 million tons — by serious about nuclear power. nuclear
power plants safely generate more
2030. By then, we will likely have replaced our oldest coal-fired than 70 percent of all carbon‑free
power plants with advanced cleaner-coal and other technologies electricity in the united states.
along with advanced coal, natural
including nuclear power, natural gas, renewable energy and gas, renewable energy and energy
energy efficiency. efficiency, nuclear power must
be part of the mix to meet our
To achieve that reduction and meet our projected electricity need for clean, affordable and
demand while keeping our prices competitive, a number of reliable electricity.”
things must happen. These include new technology develop- DAVID Jones
ments and workable legislative and regulatory solutions. Director, Nuclear Policy Strategy
Duke Energy
We will need new, lower-emitting coal-based generating Charlotte, N.C.
technologies so we can continue using coal, our nation’s most
abundant and economical fuel. We will need advanced zero-
emitting nuclear generation. We will need approval of a new
business model to significantly expand energy efficiency.
As we realize our vision, we will be ready to adopt new
technologies and address unexpected challenges that will
surely come along.
3
Duke energy 2007 summAry AnnuAl reporT
17. BuIlDIng BrIDges To A loW-CArBon fuTure:
How we will get there
We are taking five steps to build our bridges to a low-
carbon future:
first, we are working to shape public policy. We are
pursuing passage of federal carbon legislation that will give
the electric utility industry the time it needs to make the
transition to low-carbon generation, without severe damage
to our economy and our customers.
second, we are pursuing new technology for generation
and distribution of electricity and for energy efficiency to
reduce our carbon footprint.
“I’ve been a meter reader and worked
Third, we are building new generation plants. We are also in Customer service, accounting and
developing our talent base so we have the workforce we need Human resources. In my current role,
I bring the customer perspective to
to successfully transition to a low-carbon future. lawmakers and their staffs on Capitol
fourth, we are balancing diverse interests. We are engaging Hill. this helps them better understand
how we are trying to minimize the
with stakeholders to understand all viewpoints and find the best impact on our customers as we
path to sustainable carbon reduction. work to reduce our greenhouse
gas emissions.”
fifth, we are taking a long view. Halving our Co2 emissions
won’t happen overnight. This is a marathon, not a sprint — but JoHn HAysBerT
Manager, Federal Governmental Affairs
the sooner we start, the greater the benefits. Duke Energy
The following pages describe these five steps in greater detail. Washington, D.C.
5
Duke energy 2007 summAry AnnuAl reporT
18. step
MARItZA BeGAN HeR
CAReeR WItH DUKe
eNeRGY IN 1999 AS ONe
OF tHe COMpANY’S FIRSt
BILINGUAL CUStOMeR
SpeCIALIStS. SHe LeADS
A teAM ReSpONSIBLe FOR
FULFILLING CUStOMeR
SeRVICe ReQUeStS,
INCLUDING tHROUGH
tHe INteRNet.
16
19. HoW We WIll geT THere: intensive nations need to achieve this
reduction level by the middle of this
shaping public policy century to slow, stop and reverse the
effects of climate change. for Duke energy,
we expect that all of our currently operating
baseload nuclear and coal-fired generating
units will be retired by 2050, with the
possible exception of one of our “newest”
coal plants in ohio, which will then be
59 years old.
given the unknowns — the timing of
new low-carbon generation technologies
and future carbon dioxide (Co2) emission
constraints — we decided to look instead
at what it might take to cut our Co2
“Customers are concerned about energy costs. emissions in half — by approximately
They want to know what they and their families 50 million tons — by 2030. Due to their
relicensing, our three nuclear plants will
can do to reduce their power bills. In that sense, still be operating, and our planned fourth
I think Duke energy’s focus on energy efficiency nuclear plant, lee nuclear station, will
have been on line for about 2 years,
is coming at the right time.” based on the current schedule. 2030
gives us a more realistic horizon over
mArITzA rIVerA
which to evaluate potential emission-
Call Center Team Lead
reduction strategies.
Duke Energy
With passage of the right cap-and-
Charlotte, N.C.
trade legislation and new technologies,
we believe we could successfully reduce
our Co2 emissions like we have our
nitrogen oxide (no X) and sulfur dioxide
(so2) emissions. Through 200, we will
have invested approximately $5 billion to
Congress could pass legislation enacting further reduce our so2 and no X emissions.
a greenhouse gas (gHg) cap-and-trade We project that by 200, those emissions
program as early as 2009. As we strive to will be about 70 percent lower than they
shape that legislation, we are working to: were in 997. The so2 and no X controls
we have been installing have the added
Better understand the impact
■
benefit of capturing a significant amount
alternative policy approaches could
of mercury.
have on our industry, our operations
The point is, we acted proactively
and our customers.
before to achieve workable regulations
Better understand the technology and made the necessary investments in
■
gap for low- and zero-emitting power new technology to comply. We can do
generation and promote the funding that again with carbon legislation and
mechanisms needed to close that gap. forge a solution that protects our customers,
our business and our nation’s economy.
Communicate with policymakers and
■
other stakeholders, who can help mold
and shape federal policy while new
technologies develop. This report and
our 2007|2008 sustainability report
are part of that communication process.
most pending federal legislation calls
for reducing our nation’s gHg emissions
by 60 to 80 percent by 2050. scientists
say the united states and other carbon-
7
Duke energy 2007 summAry AnnuAl reporT
20. 2
step
WILLIAM’S teAM
GeNeRAteS LOAD
pROFILeS FOR DUKe
eNeRGY’S VARIOUS
CUStOMeR RAte CLASSeS.
ANALYSIS OF tHIS
INFORMAtION FeeDS
RAte DeSIGN, LOAD
FOReCAStING, eNeRGY
eFFICIeNCY pROGRAMS
AND pLANNING.
18
21. HoW We WIll geT THere: more than ,200 megawatts of natural
gas-fired generation capacity to meet
pursuing new technology increasing demand. This lower-emitting
gas generation will also replace older
coal units.
We are using our more than three
decades of experience in building and
operating nuclear plants to plan a new
2,234-megawatt nuclear power plant in
south Carolina — a plant that will have
zero Co2 emissions.
We are increasing our use of renewable
energy by purchasing renewable capacity
to help meet our domestic energy demand
with wind, biomass and solar power.
“The load research team studies how and when our Commercial Businesses are planning
our customers are using energy. This information and developing more than ,000 mega-
watts of wind power.
helps to plan for our customers’ future needs and on the demand side, we are transform-
to identify the role that emerging technologies and ing our passive analog distribution grids
into digital information networks to further
energy efficiency will play in meeting those needs.” improve reliability and expand energy
efficiency. We are installing “smart” meters,
WIllIAm BAker
remotely controlled appliance sensors
Manager, Load Research
and other energy-saving technologies in
Duke Energy
customers’ homes.
Charlotte, N.C.
We intend to make energy efficiency
part of our standard service offering. This
includes providing customers with tools
to reduce their energy use without sacri-
ficing comfort, convenience or productivity.
Technology and energy efficiency
We are using new technologies to reduce breakthroughs won’t happen without the
our gHg emissions on both the supply right regulatory treatment. We seek state
and demand sides. on the supply side, regulations that treat energy efficiency as
we’re building a cleaner-coal integrated the “fifth fuel” — just like coal, nuclear,
gasification combined cycle (IgCC) plant natural gas and renewable energy in
that will replace a half-century-old coal meeting growing demand. We seek to
plant. We’re building this 630-megawatt earn a return on the avoided cost of
plant in southwestern Indiana, where the building new power plants through
geology is conducive to underground our energy efficiency gains.
capture and permanent storage of Co2
emissions. As that technology develops,
we will evaluate its eventual use at the site.
In the Carolinas, we’re building an
advanced 800-megawatt coal plant that
will eventually replace ,000 megawatts
of old higher-emitting coal units in north
Carolina. We’re not building an IgCC plant
as the geology there is not suitable for Co2
storage, but this will likely be the last new
coal plant we build in north Carolina for at
least 20 years. By then, we would expect
Co2 capture technology to advance so it
can be used on virtually any coal plant,
regardless of the geology. Also in north
Carolina, we have applied to build
9
Duke energy 2007 summAry AnnuAl reporT
22. 3
step
NeetA StUDIeS AND
SeLeCtS eMeRGING
teCHNOLOGIeS FOR
USe At DUKe eNeRGY.
SHe ALSO DeVeLOpS
ADAptAtION StRAteGIeS
FOR NeW teCHNOLOGIeS
tHAt HAVe tHe pOteNtIAL
tO CONtRIBUte tO
FUtURe eARNINGS.
20
23. HoW We WIll geT THere: installation on an existing unit of that plant.
project and construction management
Building projects and talent team leaders working on the scrubber at
Belews Creek steam station will transition
to the new gas-fired units being planned
on the sites of the Buck and Dan river
steam stations. These project management
teams will also work on the new lee
nuclear station in south Carolina. In the
midwest, Duke’s project management
teams completing environmental retrofits
at the gibson and gallagher coal-fired
plants in Indiana are transitioning to the
new edwardsport IgCC plant.
global demand for engineering, equip-
“I seek out and evaluate emerging technologies that ment, materials and labor has increased.
can help bring Duke energy’s vision of the future to life. But with our existing relationships with
contractors and suppliers and our use
Technology forces us to examine how we do things. of fixed-price purchase orders, we have
In doing so, we discover ways to work more effectively, already locked in much of the costs for
the new coal and gas plants.
enhance the customer experience, achieve operational We also completed a workforce plan-
breakthroughs and reduce our environmental impact — ning effort to better understand the effects
of an aging workforce on our future plans.
all critical to preparing for a low-carbon future.” We found that, due to expected retirements
and attrition, we will need to replace
neeTA pATel
almost a third of our workforce over the
Director, Technology Development Application
next five years. many of our contractors
Duke Energy
face similar challenges.
Cincinnati, Ohio
our response strategies include
supporting state and local workforce
development efforts, providing an employ-
Building new baseload power plants ment proposition attractive to a diverse
requires sophisticated coordination of population, broadening existing and
planning, labor and materials. We have a initiating new programs to ensure access
long tradition of hands-on involvement in to top talent, and significantly expanding
large-scale construction projects. In fact, our employee development, engagement
our existing generation fleet was almost and retention programs.
entirely engineered and built and is now We have already taken a number of
operated by our own workforce. actions, including expanding our staffing
Before the merger of Cinergy and functions, ramping up our co-op and sum-
Duke energy in April 2006, both mer student hiring programs, developing
companies were in the process of knowledge transfer strategies, increasing
completing large environmental retrofits the frequency of internal talent reviews
— installing scrubbers and sCr (selective from annually to quarterly, and enhancing
catalytic reduction) systems on some of our professional development and super-
their largest coal-fired units. experience visory/management training programs.
gained on those projects by our project We have also become more active in
management teams and through partner- industry, state and local efforts to develop
ships with design, engineering and the workforce of the future. for example,
construction firms is being transferred we are supporting k-2 science, tech-
to the new power plant projects. nology and math education, and we have
for example, in the Carolinas, project partnered with community colleges and
and construction management team technical schools to train technicians to
leaders from the marshall steam station work for us or our contractors. We also
scrubber project are moving to work on advise universities on how to keep
the new Cliffside unit and the scrubber curriculum current.
2
Duke energy 2007 summAry AnnuAl reporT
24. 4
step
SINCe 2000, CARL HAS
BeeN WItH ADVANCeD
eNeRGY, A NOt-FOR-pROFIt
COMpANY tHAt WORKS
WItH UtILItIeS AND
tHeIR StAKeHOLDeRS tO
CReAte AND IMpLeMeNt
eNeRGY eFFICIeNCY AND
ReNeWABLe eNeRGY
pRODUCtS AND SeRVICeS.
22