HICKORY, N.C., Oct. 28, 2020 /PRNewswire/ — A leading figure in the energy sector, Fred Schneiderman, speaking at the virtual conference 20 Days to Save the USA, called candidate Joe Biden’s back and forth position on fracking disconcerting, risky and irresponsible if not spelled out with clear timelines and planning.

“It’s highly unlikely for us to remain energy independent if we banned fracking,” said Schneiderman. “We all want to work toward the cleanest environment possible. The issue is what’s practical, timely, economic.”

Biden has gone back and forth whether he would ban fracking and his running mate Kamala Harris has signed on to the Green New Deal, said Schneiderman. “We don’t know if this is $9 trillion obligation or a $100 trillion obligation,” he said.

“We need an understanding of the true cost and a timeline that’s realistic for the American people to understand before they cast their ballot.” 

To destroy the oil and gas fossil fuel industry without a clear and concise plan would be irresponsible. It would risk our national security, stop coalitions around the world from coming together and send jobs of hard-working Americans overseas, he said.

“We’re honored to have an energy industry leader of the caliber of Fred Schneiderman speak at our event to spread his vision for America’s energy independence,” said Jerry McGlothlin, organizer of 20 Days to Save the USA.

“As technology makes the globe smaller, there’s no question our oil independence allows coalitions of nations to come together. 

“It’s highly unlikely we would remain oil independent if we ban fracking, or destroy the oil & gas industry. 

If the United States became carbon-neutral tomorrow, in no way does that preclude Russia and China from lessoning their carbon emissions. 

If only a portion of the planet adheres to carbon neutral, we have to have secure provisions in place for oversight for both China, Russia and the other countries. 

Unless we have a cohesive understanding of how we’re going to approach CO2 emissions, carbon-neutral and renewable energy sources to fulfill America’s and global needs, we all need to be in concert.

Prior to eliminating our oil & gas industry, and eliminating fracking, we need to have a uniform coalition amongst all countries if Vice President Biden’s plan is to be realistic, effective, practical and worthwhile.

Media contact, Dilara Tuncer 941-549-3571; dilara@transmediagroup.com.

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SOURCE 20 Days to Save the USA

COLLINSVILLE, Ill., June 19, 2020 /PRNewswire/ — Ameren Illinois today announced it is expanding relief measures to customers who have been financially impacted by the coronavirus pandemic. Under the terms of a joint agreement with the Illinois Commerce Commission, other Illinois utilities, the Attorney General’s office, and consumer groups, the Ameren Illinois COVID-19 Economic Hardship Recovery Program will offer flexible payment options and direct bill payment assistance to customers struggling to pay their energy bills. This assistance comes as stakeholders and members of the Illinois General Assembly map out the state’s energy future and look to stimulate economic recovery in Downstate Illinois.

“The package of economic relief we’re announcing today is another example of what can be accomplished when stakeholders work together to benefit the 1.2 million customers Ameren Illinois serves in 1,200 Downstate communities,” said Richard J. Mark, Chairman and President, Ameren Illinois. “Fortunately, Illinois has one of the most customer-centric and progressive energy frameworks in the country. The groundbreaking Energy Infrastructure Modernization Act (EIMA) – or Smart Grid Law – has made Illinois a national leader in smart grid development and energy innovation. It also established a cost-recovery mechanism through performance based formula ratemaking that has kept rates low, created thousands of jobs, and most importantly during this COVID-19 pandemic, is allowing us to develop creative payment programs and offer direct financial assistance to our customers.”

“Ameren Illinois customers from all walks of life are facing unprecedented economic hardship and we’re fortunate to be in a position to support them,” Mark said. “I was glad to see that the Citizens Utility Board (CUB), the Attorney General’s office, and other consumer groups also recognize the benefits of performance-based ratemaking and advocated alongside us for this vital COVID-19 assistance.”

Key provisions woven into the Ameren Illinois COVID-19 Hardship Recovery program include:

External Funding

• LIHEAP – energy assistance from the State of Illinois for households with incomes at or below 150% of the federal poverty level. Details at HelpIllinoisFamilies.com.
• Warm Neighbors Cool Friends – customers not eligible for LIHEAP may qualify for a grant from this non-profit organization. Eligibility is based on household size and 30-days household income at or below 300% of the federal poverty level. Find an agency at WarmNeighborsCoolFriends.org.

Ameren Illinois’ Fresh Start Program

• Bill Payment Assistance – Ameren Illinois will allocate up to $8 million to help qualified residential customers to pay down an existing account balance. Award amounts will be determined by income, household size, and amount owed, with a maximum of $700 applied to a customer’s account. Program will be available in July.
• Extended Payment Agreements – Customers who still have a balance remaining after all applicable energy assistance has been applied can establish an extended payment schedule. Repayment terms may be extended up to 24 months. Call 800.755.5000 for details.

Service Reconnections – services for residential customers whose power was disconnected for non-payment up to one year prior to June 18, 2020, can request to have service reconnected at the same location. No reconnection fees will be required.  Call 800.755.5000.

“Along with this special COVID-19 assistance, we continue to invest in our communities, put people to work, open doors for more minority suppliers to do business with us, and build the clean energy future in our service territory,” Mark said. “Illinois is a great state, and what makes it so great is that we have diverse communities, diverse economies and diverse needs. Ameren Illinois will continue to work for fair, reasonable energy policies that deliver real, measurable benefits for everyone in Downstate Illinois.”

Information on the funding and assistance programs under the COVID-19 Economic Hardship Recovery program can be accessed at AmerenIllinois.com/Recovery. 

About Ameren Illinois 
Ameren Illinois delivers energy to 1.2 million electric and more than 800,000 natural gas customers in Illinois. Our mission is to power the quality of life. Our service territory covers more than 1,200 communities and 43,700 square miles. For more information, visit AmerenIllinois.com, find us on Twitter @AmerenIllinois or Facebook.

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SOURCE Ameren Illinois

WASHINGTON, June 22, 2020 /PRNewswire/ — According to the American Chemistry Council (ACC), the U.S. Chemical Production Regional Index (U.S. CPRI) fell by 2.0 percent in May following a 2.7 percent decline in April and a 0.9 percent decline in March. During May, chemical output declined across all regions, with the steepest drops in the Midwest and West Coast regions. The lower level of activity is directly related to supply chain disruptions and continued restrictions across much of the country during May.

Designated an essential industry by the U.S. Department of Homeland Security, chemical production continued to ease on a three- month moving average (3MMA) basis, with declines in all segments except plastic resins. Within several major segments, production of some chemical materials increased. These included supply chains tied to PPE and disinfection products.

As nearly all manufactured goods are produced using chemistry in some form, manufacturing activity is an important indicator for chemical demand. As restrictions eased in many parts of the U.S., many factories reopened. Overall manufacturing activity was 6.2 percent lower on a 3MMA basis, with declines – in some cases quite steep – across all industry sectors.

Compared with May 2019, U.S. chemical production was off by 6.0 percent, the twelfth consecutive month of year-over-year declines. Chemical production was lower in all regions, with the largest year-ago declines in the West Coast, Ohio Valley and Midwest regions.

The chemistry industry is one of the largest industries in the United States, a $565 billion enterprise. The manufacturing sector is the largest consumer of chemical products, and 96 percent of manufactured goods are touched by chemistry. The U.S. CPRI was developed to track chemical production activity in seven regions of the United States. The U.S. CPRI is based on information from the Federal Reserve, and as such, includes monthly revisions as published by the Federal Reserve. To smooth month-to-month fluctuations, the U.S. CPRI is measured using a three-month moving average. Thus, the reading in May reflects production activity during March, April and May.

http://www.americanchemistry.com/newsroom
The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry.  ACC members apply the science of chemistry to make innovative products and services that make people’s lives better, healthier and safer.  ACC is committed to improved environmental, health and safety performance through Responsible Care, common sense advocacy designed to address major public policy issues, and health and environmental research and product testing.  The business of chemistry is a $565 billion enterprise and a key element of the nation’s economy.  It is one of the nation’s largest exporters, accounting for ten percent of all U.S. goods exports. Chemistry companies are among the largest investors in research and development.  Safety and security have always been primary concerns of ACC members, and they have intensified their efforts, working closely with government agencies to improve security and to defend against any threat to the nation’s critical infrastructure.

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SOURCE American Chemistry Council

DALLAS, June 8, 2020 /PRNewswire/ — Cushing^® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to constituents of The Cushing^® MLP High Income Index (the “Index”). On February 26, 2020, Index constituent EQM Midstream Partners, LP (NYSE: EQM) entered into an Agreement and Plan of Merger (“Merger Agreement”) with Equitrans Midstream Corporation (NYSE: ETRN) and affiliated companies that would result in EQM common shares ceasing to be publicly traded, subject to the approval of the holders of EQM common units and ETRN common shares. Special meetings of EQM limited partners and ETRN shareholders will be held on June 15, 2020, for the purpose of voting on the Merger Agreement. Per the Index’s methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on June 15, 2020, and effective on June 16, 2020, Crestwood Equity Partners LP (NYSE: CEQP) will replace EQM as a constituent of the Index at EQM’s then-current weight.

There will be no changes to the remaining constituents of the Index due to this event.

ABOUT THE CUSHING^® MLP HIGH INCOME INDEX

The Cushing^® MLP High Income Index provides a benchmark that is designed to track the performance of 30 higher-yielding publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a “Midstream Company” and collectively, “Midstream Companies”). Constituents are chosen according to a three-tiered proprietary weighting system developed by Cushing^® Asset Management, LP. The Cushing^® MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker “MLPY”.

ABOUT CUSHING^® ASSET MANAGEMENT AND SWANK CAPITAL

Cushing^® Asset Management, LP (“Cushing“), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts, providing active management in markets where inefficiencies exist.

Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing^® 30 MLP Index (Bloomberg Ticker: MLPX) and The Cushing^® MLP Market Cap Index (Bloomberg Ticker: CMCI). For more information, please visit http://www.cushingasset.com/indices.

Contact:
Jon Abel
214-692-6334
www.cushingasset.com

The Cushing^® MLP High Income Index (the “Index”) is the exclusive property of Swank Capital, LLC, and Cushing^® Asset Management, LP, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P Dow Jones Indices”) to maintain and calculate the Index. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed to S&P Dow Jones Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing^® Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones S&P nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.

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SOURCE Cushing® Asset Management, LP and Swank Capital, LLC

CHARLOTTE, N.C., June 8, 2020 /PRNewswire/ — Duke Energy, through its foundation, is pledging $1 million to nonprofit organizations committed to social justice and racial equity.

Grants will be distributed across seven states where the company has electric and gas customers – North Carolina, South Carolina, Florida, Indiana, Ohio, Kentucky and Tennessee.

In a first for the company, employees of Duke Energy and subsidiary Piedmont Natural Gas will help identify opportunities and direct grants to their local communities. The company expects to begin awarding grants this summer.

“The heartbreaking loss of George Floyd’s life and the powerful response to it are excruciating reminders of the progress we still need to make in our communities. We must be part of systemic solutions so we emerge as a community where everyone is treated as full and equal partners in our society,” said Lynn Good, Duke Energy’s chair, president and CEO. “We’re drawing on our greatest resource – our employees – to help identify organizations that are working to address social and racial justice issues at the grassroots level, which will amplify the impact.”

In addition to these grants, employees also have the opportunity to support local organizations through the Duke Energy Foundation’s matching grant program, Dollars4Good, as well as its Hours4Good program, which enables employees to earn grants for volunteer hours logged.

Duke Energy is also strengthening its internal diversity and inclusion programs to foster greater awareness, respect and inclusion.

The $1 million in grants and expanded internal programs builds upon the company’s past efforts to support and encourage diversity, inclusion and equity in our company and communities.

However, much more work is needed, and the company will continue to engage local organizations and leaders to understand how to be a part of the long-term solution to the social justice issues our communities face.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve 7.8 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Piedmont Natural Gas

Piedmont Natural Gas, a subsidiary of Duke Energy, is an energy services company whose principal business is the distribution of natural gas to more than 1 million residential, commercial and industrial customers in North Carolina, South Carolina and Tennessee. The company also supplies natural gas to power plants. Piedmont is routinely recognized by J.D. Power for excellent customer satisfaction, and has been named by Cogent Reports as one of the most trusted utility brands in the U.S. 

Media contact: Shawna Berger
800.559.3853

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SOURCE Duke Energy

HOUSTON, June 8, 2020 /PRNewswire/ — NexTier Oilfield Solutions Inc. (NYSE: NEX) (“NexTier” or the “Company”) today announced, due to the continuing public health concerns relating to the coronavirus (COVID-19) pandemic, and to protect the health and well-being of its shareholders, employees, and other stakeholders, the Company’s 2020 Annual Meeting of Stockholders will now be held virtually.

Although stockholders will not be able to attend the annual meeting in person, virtual attendance capabilities will provide shareholders the ability to participate and ask questions during the meeting. Additionally, the Company’s stockholders will be deemed to be “present” if they access the annual meeting through the virtual platform and they will be able to vote their shares at the annual meeting, or revoke or change a previously submitted vote, through the virtual platform.

The virtual meeting will be held on the same date and time as previously announced, June 18, 2020 at 3:00 p.m. (Houston time). As described in the proxy materials for the annual meeting previously distributed, the Company’s stockholders are entitled to participate in the annual meeting if they were a stockholder of record as of the close of business on April 23, 2020, which is the record date for the annual meeting. The proxy card included with the proxy materials previously distributed will not be updated to reflect the information provided in this announcement and may continue to be used to vote each stockholder’s shares in connection with the annual meeting.

Stockholders will be able to attend the meeting online and vote their shares electronically. If you would like to attend the virtual meeting, please go to www.virtualshareholdermeeting.com/NEX2020 fifteen (15) minutes prior to the start of the meeting to log in using your control number. In light of the foregoing, the Company urges stockholders to consider voting and submitting proxies in advance of the annual meeting using one of the available methods described in the proxy materials previously provided to the Company’s stockholders. Stockholders who previously sent in proxies, or voted by telephone or by internet, do not need to take any further action for their votes to be counted.

About NexTier Oilfield Solutions

Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production services across the most active and demanding basins.  Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next.  NexTier is differentiated through four points of distinction, including safety performance, efficiency, partnership and innovation.  At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful sources of energy.

Investor Contact:

Marc Silverberg
Managing Director (ICR)
marc.silverberg@icrinc.com 
(713) 325-6000

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SOURCE NexTier Oilfield Solutions

FORT WAYNE, Ind., June 9, 2020 /PRNewswire/ — iRely, LLC http://www.irely.com, a premier global partner providing enterprise software for petroleum distributors and C-stores announces the addition of two new Sales leaders.

Ed Kane – Director of Sales, East and Keith Haag – Director of Sales, West both joined iRely in February 2020 to help set the company’s overall sales strategy, identify new target customers and to communicate the value that iRely software and the company’s unique suite of services bring to petroleum marketer and C-Store organizations.

With its fully featured, web-based ERP solution that focuses on both front and back office operations, along with an experienced support team that partners with customers from pre-sales through implementation, iRely is well-positioned to help bring customers the solutions they need to grow their business. Ed handles accounts East of the Mississippi River and Keith to the West.

Ed is an accomplished sales executive, who has held several “C” suite and senior management positions in Fortune 500 and startup companies in the U.S. and abroad.

Keith is an experienced software sales professional who enjoys partnering with customers to help build solutions that will make a real difference in their business.

“The leadership and experience that both Ed and Keith bring to iRely demonstrates our commitment to the Petroleum and C-Store industries and lets our current and future customers know that we’ve got a software solution and a world-class support team that will exceed their expectations,” stated George Olney, President of iRely. “Adding Ed and Keith enables more customers to learn about our modern, multi-line solution that will help drive profitable growth.”

To learn more about iRely’s petroleum solutions, click here:

www.irely.com/petro

About iRely

iRely is a premier global provider of enterprise software for petroleum distribution, C-Store and propane organizations. Our solutions help companies manage core business processes within a single, easy to use system customized to their requirements. Software highlights include streamlined accounting processes, forecasting, risk exposure, fuel delivery mapping, e-document and inventory management systems. We focus on enhancements that will give our clients peace of mind and a competitive advantage today and into the future. iRely has over 30 years of experience in the petroleum industry. It is a privately-owned company with a long-term ownership plan, meaning it will be here for decades to come.

iRely contact:

David Foster
iRely
Phone: +1-800-433-5724
Email: david.foster@irely.com
Web:     www.irely.com

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SOURCE iRely, LLC

NEW YORK, May 7, 2020 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as lead arranger on a $217 million financing for the 200-megawatt Hillcrest solar photovoltaic project in Brown County, Ohio.

The financing was arranged on behalf of Innergex Renewable Energy Inc., a Canada-based independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms and solar farms. Innergex’s portfolio includes 68 operating renewable energy facilities with an aggregate net installed capacity of 2,588 megawatts.

In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

“Securing Hillcrest’s financing is an important step forward, and we are very pleased with the agreement we have reached,” said Michel Letellier, President and Chief Executive Officer of Innergex. “We greatly appreciated CIT’s agility and expertise in arranging this financing and ability to deliver despite the current circumstances.”

“We are very pleased to again support Innergex as it continues to expand its portfolio of renewable energy projects,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Innergex is making major strides in advancing the growth of renewable power and CIT is proud to play a role in facilitating that growth.”

In connection with the financing, CIT is providing a package of cash management and capital markets services.

Power and Energy, part of CIT’s Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com

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SOURCE CIT Group Inc.

JACKSON, Mich., May 8, 2020 /PRNewswire/ — Consumers Energy and Habitat for Humanity of Michigan have teamed to provide vital financial support to Habitat affiliates that have been severely affected due to the COVID-19 pandemic, with a goal of raising $200,000 by the end of September.

Through the Power of Home campaign, Consumers Energy will donate $1 for every $2 raised through individual Habitat donations, up to $100,000.

“Our partnership with Habitat Michigan has been ongoing since 2012 with Home Run for Habitat campaigns that provided matching donations to help provide safe, affordable and energy efficient homes to Habitat families. In this time of the COVID-19 pandemic and uncertainty, we remain committed to our support for Habitat Michigan. This year through the Power of Home campaign we are dedicated to providing critical assistance for Habitat affiliates across the state that have suffered financial losses due to the pandemic,” said Lauren Youngdahl Snyder, vice president of customer experience for Consumers Energy.

In the past seven years (2012-2019) Home Run for Habitat campaigns have successfully raised nearly $1.5 million from 3,700 public donors, bringing the total raised/matched to more than $2.3 million. Consumers Energy provided $850,000 in matching funds for Habitat affiliates by its donation of $1 for every $2 raised through individual donations.

“This joint fundraising campaign typically coincided with the Detroit Tigers baseball season. With major league baseball in limbo due to COVID-19 we are grateful to continue offering support for our affiliates through this new Power of Home campaign. Now, more than ever, we are all learning the Power of Home as it relates to living, working and learning and the importance of doing so in a healthy environment. We hope past donors will continue their support in 2020, and welcome first-time donors. Every dollar raised is matched two-to-one by Consumers Energy, so every donation makes a difference,” said Sandy Pearson, President and CEO, Habitat for Humanity of Michigan. 

Twenty-six Habitat affiliates across the state have signed up to participate in the campaign. Affiliates receive funding based on the amount raised through their individual donors. As of today, nearly $73,000 has been raised toward the $200,000 goal.

In order to receive the Consumers Energy match, all donations must be made through the online giving platform Classy. More information about individual affiliate campaigns is available at https://www.classy.org/campaign/the-power-of-home-michigan/c279889.

About Consumers Energy:

Consumers Energy, Michigan’s largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state’s 10 million residents in all 68 Lower Peninsula counties.

About Habitat for Humanity of Michigan:

Based in Lansing, Habitat for Humanity of Michigan is the state support organization for Michigan’s more than 50 Habitat for Humanity affiliates and ReStores which service nearly every county in the state. HFHM’s mission is to increase the capacity of Habitat for Humanity affiliates in Michigan to build or renovate simple, decent homes in partnership with people in need.

For more information about Consumers Energy, go to www.ConsumersEnergy.com.

Check out Consumers Energy on Social Media 

Facebook: https://www.facebook.com/consumersenergymichigan   
Twitter: https://twitter.com/consumersenergy  
LinkedIn: https://www.linkedin.com/company/consumersenergy
Instagram: https://www.instagram.com/consumersenergy

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SOURCE Consumers Energy

CHARLOTTE, N.C., May 8, 2020 /PRNewswire/ — Duke Energy Carolinas has filed a plan to accelerate savings to North Carolina customers starting in September.

As part of its COVID-19 response, the company is adding fuel savings from the first quarter of 2020 to its pending fuel filing to bring more savings to customers this year – rather than including in next year’s filing.

The result is an additional 1.11% reduction in fuel costs on customer bills starting Sept. 1, on top of the 1.9% decrease the company already requested in February.

“As many families and businesses are facing financial challenges, we understand that every little bit can help,” said Stephen De May, Duke Energy’s North Carolina president. “We’re looking at every opportunity to help our customers during these unprecedented times.”

If approved by the North Carolina Utilities Commission, typical residential customers using 1,000 kilowatt-hours (kWh) per month would see a net decrease in their bills from the current $107.31 to $104.28 – a decrease of $3.03, or 2.8%, due to fuel savings and other annual adjustments.

Commercial customers would see an overall average decrease in their bills of about 2.7%. Industrial customers would receive an average decrease of about 2.5%.

The net decrease in rates includes annual adjustments for costs related to fuel used to generate electricity at power plants, as well as compliance with the state’s renewable energy portfolio standard and implementation of the competitive procurement of renewable energy statute.

Rates will adjust again slightly in January to account for programs to help increase efficiency, reduce energy consumption and save customers money on their energy bills.

The fuel rate is based on the projected cost of fuel used to generate electricity for customers, plus a true-up of the prior year’s projection.

While the company’s actual costs are typically calculated through the previous December, the updated filing includes a true-up through March to provide more immediate benefit to customers. By law, the company makes no profit from the fuel component of rates.

The original proposal was presented to the NCUC in February prior to the current state of emergency.

Duke Energy Carolinas serves 2 million households and businesses in central and western North Carolina, including Durham, the Triad and Charlotte.

The proposed decrease would affect the bills of all Duke Energy Carolinas customers in North Carolina. The company’s other North Carolina utility – Duke Energy Progress – will make its annual fuel filing in June.

More Help for Customers

In March, Duke Energy announced it will not disconnect any customer’s service for nonpayment, in order to give customers experiencing financial hardship extra time to make payments. The company will continue to read meters and send bills.

The company is also waiving late payment fees and fees for returned payments for its millions of electric and natural gas customers across its service territories until the national state of emergency is lifted. For residential customers, the company is also waiving fees for credit and debit card payments.

Customers are encouraged to pay what they can to avoid building up a large balance that will be harder to pay off later. Customers can call Duke Energy to discuss their account or available options.

Customers can also seek assistance through Share the Warmth.

For information on what Duke Energy is doing to assist customers and respond to the COVID-19 pandemic, visit dukeenergyupdates.com.

Duke Energy Carolinas

Duke Energy Carolinas, a subsidiary of Duke Energy, owns nuclear, coal, natural gas, renewables and hydroelectric generation. That diverse fuel mix provides approximately 20,200 megawatts of owned electric capacity to about 2.6 million customers in a 24,000-square-mile service area of North Carolina and South Carolina.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list, and Forbes’ 2019 “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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SOURCE Duke Energy