Duke's earnings sizzle with heat wave:...$100 million in extra profit (NC)

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http://www.tradingmarkets.com/.site/news/Stock%20News/781002/

Nov 03, 2007 (The Charlotte Observer - McClatchy-Tribune Information Services via COMTEX) -- DUK | charts | news | PowerRating -- Blistering summer temperatures handed Duke Energy Corp. an extra $100 million in profits compared to last year, a happy development for the bottom line but a stark reminder of surging power demand strapping the utility's system.

The Charlotte-based company reported extra profits from higher-than-average bills for the third quarter, which covered the summer's record-breaking heat wave. Many of Duke's 4 million customers in the Carolinas and Midwest cranked air conditioners, pumping up bills.

When compared to the same quarter last year, Duke reported falling earnings. But last year's figures were boosted by businesses Duke no longer owns. It spun off its natural gas operations into Spectra Energy Corp. in January and sold a majority stake in Crescent Resources, its profitable real estate arm, more than a year ago.

On Friday, the utility reported net income of $607 million, or 48 cents per share, for the three months ended Sept. 30. That compares to $763 million, or 60 cents per share, for the same quarter last year when Spectra and all of Crescent were a part of the earnings equation.

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