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After Scrapping Gas Pipeline, Duke Looks to Plug Hole With Renewables, Grid Investments

Duke Energy on Monday reported a $1.6 billion charge related to abandoning the Atlantic Coast Pipeline. The utility also laid out how its renewable energy and grid modernization plans will fill in the capital-investments hole left by the canceled multibillion-dollar natural-gas project.

Duke reported a second-quarter 2020 loss of $817 million, or $1.13 per share, with the pipeline cancellation costs taken into account. Excluding those one-time losses, the multistate utility reported non-GAAP net income of $809 million or $1.08 per share, compared to $1.12 per share in the same quarter last year.

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