Duke Energy Corporation is an energy company headquartered in Charlotte, North Carolina.
It was founded in 1917 as Wateree Power Company - a holding company for multiple power utilities firms owned by renowned American tobacco & electric power industrialist, James Buchanan Duke, his family or associates. In 1924, it was renamed to Duke Energy. Ranked 123rd in the Fortune 500 list, Duke Energy has primary operations in power generation and additional operations in transmission, distribution as well. Duke Energy operates through its subsidiaries in 3 business segments: Regulated Utilities, International Energy & Commercial Power. The Regulated Utilities segment caters to 7.3 million retail users, 500,000 natural gas customers and numerous incorporated municipalities, electric cooperative utilities in a service area which covers approximately 95,000 sq miles with a population of 23 million people. With 52.673 GW of production capacity, 32,400 conductor miles of transmission lines and 263,900 conductor miles of distribution lines, Regulated Utilities is the largest segment within the corporation. International Energy segment operates and manages power generation facilities and engages in sales and marketing of natural gas, natural gas liquids and electric power outside the U.S. The current strategy of the segment is focussed in expanding the Latin America portfolio through investment in power generation. Its current power generating capacity is 4.341 GW. The Commercial Power segment develops, builds and operates wind and solar generation and energy transmission projects throughout the continental U.S as well as build, develop and operate high voltage power and natural gas transmission project. This segment has the capacity to produce 10.595 GW. In 2012, Duke Energy merged with another Fortune 500 electric utilities company, Progress Energy, adding 21 GW of power generating capabilities. With a view of reducing dependency on fossil fuels, $8 billion has been assigned for investments in natural gas infrastructure, solar energy and modernizing capabilities to produce cleaner energy with greater efficiency.