Duke Says Profit Will Miss Forecast
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ENERGY
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Duke Energy Corp. said profit will drop more than forecast this year because of a slump in energy trading that forced the No. 2 U.S. utility owner to halt work on three power plants.
Delaying construction of the plants in Nevada, New Mexico and Washington and writing off development costs on other projects will result in a third-quarter charge of as much as $300 million, or 23 cents a share, Duke said. Profit this year will fall to $1.95 to $2.05 and may drop again next year, it said.
Shares of Charlotte, N.C.-based Duke fell $1.02 to $20.40 on the NYSE.
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