Duke Energy sees up to $2.9 billion in hurricane restoration costs

(Reuters) – Duke Energy said on Thursday it estimates the total cost to restore facilities damaged by Hurricanes Debby, Milton and Helene to be in the range of $2.4 billion to $2.9 billion.

Duke, the largest utility covering North and South Carolina, recorded tens of thousands of customers left without power after Helene ripped away thousands of miles of transmission lines and power poles.

The company also suffered outages and infrastructure damage post-Hurricanes Debby and Milton.

Total storm restoration costs for all three hurricanes, including capital expenditures, are estimated to be in the range of $2.4 billion to $2.9 billion, Duke said.

The costs will be recognized in the third and fourth quarters of this year and may change as restoration work is completed.

The company restored 5.5 million outages during the "historic storm season," CEO Lynn Good said in a statement.

The electric and gas utility's third-quarter profit fell short of Wall Street estimates on Thursday, hurt by costs related to storm restoration and higher interest expenses.

Adjusted income at its electric utilities and infrastructure segment fell 4.3% in the quarter from a year ago due to higher operating and maintenance expenses, including storm costs.

Duke's electric utilities, which serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, collectively own 54,800 megawatts of energy capacity.

The company reaffirmed its full-year adjusted profit forecast of $5.85-$6.10 per share, but said it was trending toward the lower half of the range.

The Charlotte, North Carolina-based utility posted an adjusted profit of $1.62 per share for the third quarter, missing analysts' average estimate of $1.70, according to data compiled by LSEG.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Shreya Biswas)