US utility Duke Energy has recorded an approximately $1.3 billion hit over a delay to the sale of its commercial renewables unit.
The North Carolina-headquartered group had expected to close a deal for the $4 billion unit in mid-2023, but now expects this to happen “later in 2023”, it stated in a presentation for its fourth-quarter financial results.
It cited costs related to regulatory matters and litigation, as well as “workplace and workforce realignment” as it booked an approximately $1.3 billion impairment on the planned sale.
Its commercial renewable energy unit has helped to develop about 5.1GW of operational wind and solar capacity in the US. Of this fleet, it owns about 3.5GW: 2GW wind and 1.5GW solar.
Duke sells electricity from these projects to corporations, institutions and other utilities.
It will continue to develop clean energy projects within its regulated-market utility operations, including the offshore wind lease it secured off the coast of the Carolinas.
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