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Duke Energy sees up to $2.9 bln in hurricane restoration costs
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Duke Energy sees up to $2.9 bln in hurricane restoration costs
Nov 9, 2024 12:00 PM

Nov 6 (Reuters) - Duke Energy ( DUK ) said on Thursday

it estimates the total cost to restore facilities damaged by

Hurricanes Debby, Milton and Helene to be in the range of $2.4

billion to $2.9 billion.

Duke, the largest utility covering North and South Carolina,

recorded tens of thousands of customers left without power after

Helene ripped away thousands of miles of transmission lines and

power poles.

The company also suffered outages and infrastructure damage

post-Hurricanes Debby and Milton.

Total storm restoration costs for all three hurricanes,

including capital expenditures, are estimated to be in the range

of $2.4 billion to $2.9 billion, Duke said.

The costs will be recognized in the third and fourth

quarters of this year and may change as restoration work is

completed.

The company restored 5.5 million outages during the

"historic storm season," CEO Lynn Good said in a statement.

The electric and gas utility's third-quarter profit fell

short of Wall Street estimates on Thursday, hurt by costs

related to storm restoration and higher interest expenses.

Adjusted income at its electric utilities and infrastructure

segment fell 4.3% in the quarter from a year ago due to higher

operating and maintenance expenses, including storm costs.

Duke's electric utilities, which serve 8.4 million customers

in North Carolina, South Carolina, Florida, Indiana, Ohio and

Kentucky, collectively own 54,800 megawatts of energy capacity.

The company reaffirmed its full-year adjusted profit

forecast of $5.85-$6.10 per share, but said it was trending

toward the lower half of the range.

The Charlotte, North Carolina-based utility posted an

adjusted profit of $1.62 per share for the third quarter,

missing analysts' average estimate of $1.70, according to data

compiled by LSEG.

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