“(Reuters) – Duke Energy Corp , the largest power provider in the United States, reported a lower-than-expected quarterly profit on Friday, citing weak electricity demand and higher costs at two key units.
The company, which uses coal, natural gas and nuclear plants to generate electricity, has had weak power sales since the 2008 recession as the housing market struggles to recover and consumers remain reluctant to increase their spending.
Demand from commercial customers was especially weak in the first quarter, Duke said, but it still expects to earn $4.20 to $4.45 per share this year. The midpoint of that forecast roughly matches analysts’ average estimate of $4.33.
Low rainfall in Brazil boosted generation costs at a key hydroelectric power station, the company said. Duke operates an international power supply business, primarily in South America, but the United States is its largest market…”
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