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Tuesday, April 16, 2024

Duke Energy reorg to cut undisclosed jobs

Duke Energy is cutting an undisclosed number of jobs as part of a reorganization. The energy company did not specify how many of the job cuts would be in Charlotte or which departments would be most affected.

The company provided the media with a statement about its reorganization: “Duke Energy is entering the next phase of its clean energy transition, which calls for a transformative expansion and modernization of our energy generation and grid. In preparation, we are reorganizing for greater efficiency and cost-effectiveness to deliver smarter energy solutions that are affordable, reliable and cleaner for our customers and communities. As a result, we expect limited workforce impacts across our service territories.”

Duke Energy has said it plans to invest $145 billion over the next decade as part of a goal to achieve net-zero carbon emissions by 2050.

Duke employs about 7,700 people in the Charlotte region as of June 2023, the Charlotte Business Journal reported. It had annual revenue of $29 billion in 2022 and $25 billion a year earlier. Last year’s results will be reported in early February.

The reorganization involves several departments and some high-ranking employees. Among those departing in the reorganization is Swati Daji, a 32-year Duke employee who is senior vice president for enterprise strategy and planning, according to people familiar with the matter. Her latest job has included determining “where, how and with what the energy giant can replace coal,” according to a December feature in Charlotte magazine.

Last year, the N.C. Utilities Commission approved the first multiyear rate plans for the company’s two N.C. affiliates, Duke Energy Carolinas and Duke Energy Progress with three-year increases averaging 14.6% and 11.3%, respectively.

The company also sold its commercial renewables business to Brookfield Asset Management, which formed a new company, Deriva Energy, which is based in Charlotte. It has about 500 employees.

Duke shares have had a total return of about 19% over the past three years, compared with a 34% gain in the S&P 500 Index in that period.

WSOC-TV first reported news of the layoffs.

David Mildenberg
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

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