Duke Energy Reduces Profit After Probe
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Duke Energy Corp. reduced energy-trading unit profit by 8% in the second quarter after a review of sham energy transactions requested by the Securities and Exchange Commission.
Earnings before interest and taxes were cut by $17 million at Duke Energy North America and by $2 million at other units after the second-biggest U.S. utility owner revealed 89 so-called round-trip trades, Duke said in a regulatory filing.
The filing didn’t explain why the round-trip trades lowered profit.
Shares of Charlotte, N.C.-based Duke rose 4 cents to $27.55 on the NYSE.
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