Duke’s 1st-Quarter Profit Drops 17%

Duke Energy Corp.’s first-quarter profit fell 17% as North American electricity prices fell. The second-biggest U.S. utility owner said new power plants will help the company reach this year’s profit target.

Net income fell to $382 million, or 48 cents a share, exceeding estimates. Revenue fell 28% to $11.9 billion after a mild winter in the U.S. slashed energy demand.

Shares of Charlotte, N.C.-based Duke rose $1.41 to $38.61 on the NYSE.