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Current DateTime: 07:04:14 27 Nov 2009
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  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

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Current DateTime: 07:04:15 27 Nov 2009
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Current DateTime: 07:04:15 27 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

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Duke Energy CEO: Recession, Weather Drove Results Down
By: Edgar Acero, Special to CNBC.com | 05 May 2009 | 10:48 AM ET
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Power generating company Duke Energy [DUK  Loading...      ()] is blaming the recession for a 26 percent profit fall in the first quarter.

Aside from lower demand for electricity and other effects of the recession, winter storms have also affected the performance of the company.

“In the first quarter we experienced severe storms both in the Midwest and the Carolinas,” James Rogers, CEO of Duke Energy, told CNBC in an interview. “That drove down our results for the first quarter.”

Speaking on the recession and the possibility of some relief, Rogers said that sales of electricity are an early indicator.

“What we’re seeing is that sales continue to lag, continue to drop, from the industrial sector,” he said.

“Utility companies, virtually all of them, have seen drops of 10 or 20 percent in industrial sales,” he added. “... Most companies are seeing declines in sales, even to residential customers.”

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