Duke Energy Corporation (DUK) and China-based ENN Group will collaborate to develop technologies to help build greener cities in China and the U.S. With this purpose the two companies have inked an agreement - Future Energy Technology Demonstration Platform.
The agreement is a win-win situation for both the companies, which brings together a joint goal of focusing on electricity produced via cleaner generation technologies, energy storage, energy efficiency, energy recovery and electric vehicle infrastructure.
ENN is committed to the development and use of clean energy and is constructing China's first smart energy "eco-city" in Langfang, China, close to Beijing. Duke will collaborate with ENN on the project and will use the expertise in its service area to deploy clean energy technologies.
ENN is the largest private clean energy solutions provider company in China. The company delivers clean energy to millions of customers and provides overall clean energy solutions to city governments and heavy industry. ENN has more than 100 subsidiaries in over 100 cities across China and around the world, and employs more than 26,000 people.
Charlotte, North Carolina-based Duke Energy Corp. is a diversified energy company with a portfolio of domestic and international, natural gas and electric, regulated and unregulated businesses. Its regulated utility operations serve approximately 4 million customers in North Carolina, South Carolina, Indiana, Ohio and Kentucky, comprising a population of approximately 11 million.
Duke Energy's stable U.S. electricity and gas operations provide a relatively stable and growing earnings stream. Looking ahead, higher rates through recent settlement agreements in Kentucky, North Carolina and South Carolina will stand the company's long-term goal of 4% - 6% earnings growth in good stead.
Duke Energy's Commercial Power and International Business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the U.S.
Duke Energy expects to release its fiscal 2010 earnings on February 7, 2011. The company expects earnings for the full year 2010 to come in the range of $1.40–$1.45 per share, in sync with the Zacks Consensus estimate of $1.43 for fiscal 2010. The Zacks Consensus Estimate for fiscal 2011 is $1.33 per share.
Duke Energy currently has a short term Zacks #3 Rank (Hold), which translates into a long-term Neutral recommendation for the stock. This is consistent with the ranks of its closest peers, American Electric Power Co. Inc. (AEP) and Progress Energy Inc. (PGN).
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