Duke Energy CEO: Recession, Weather Drove Results Down

Power generating company Duke Energy 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.”