August 6, 2018 - 11:01 AM EDT
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Duke Energy and EY announce strategic tax relationship

-- Agreement provides career opportunities for Duke Energy's tax function employees -- Collaboration enables Duke Energy to access new technology and leverage EY's tax technical knowledge amidst rapid change in industry

CHARLOTTE, N.C., Aug. 6, 2018 /PRNewswire/ -- Duke Energy today announced a groundbreaking agreement with Ernst & Young LLP (EY) that will provide the company with leading edge managed tax services, while creating growth and advancement opportunities for members of Duke Energy's tax department.

Duke Energy, the nation's largest electric utility, unveils its new logo. (PRNewsFoto/Duke Energy) (PRNewsfoto/Duke Energy)

Under the agreement – the first of its kind for a public utility – Duke Energy will have access to a firm that has demonstrated scale across multiple clients and the ability to help Duke Energy drive process improvements at a much faster pace, which benefits both the company and customers.

Additionally, 46 members of Duke Energy's tax team will be extended job offers to join EY's world-class tax practice, enabling them to further advance their careers at an organization with more comprehensive, specialized tax capabilities. It also helps enable Duke Energy to more effectively navigate changes in the highly-dynamic tax and regulatory environment.

"We are excited to collaborate with EY, offering meaningful development and career growth tracks for employees and gaining efficiencies that will lead to savings for our customers," said Stephen De May, Duke Energy's senior vice president of tax and treasurer. "Our industry, like many others, is rapidly transforming. With this transition, we will have access to advanced digital capabilities and long-standing tax experience to improve planning and risk identification in today's evolving business landscape."

"This agreement with Duke Energy is a prime example of how forward-thinking companies are innovating to reimagine their tax function in the face of technological disruption and a constantly changing legislative and regulatory environment," said Mark Weinberger, EY Global Chairman and CEO. "We look forward to welcoming Duke Energy's tax professionals to the EY team as we utilize our pioneering tax platform to help identify new strategic opportunities and manage risks."

Aug. 31, 2018 is the target effective date for Duke Energy employees to transition to EY.

Duke Energy

Headquartered in Charlotte, N.C., Duke Energy (NYSE: DUK) is one of the largest energy holding companies in the U.S., with approximately 29,000 employees and a generating capacity of 49,500 megawatts. The company is transforming its customers' experience, modernizing its energy grid, generating cleaner energy and expanding its natural gas infrastructure to create a smarter energy future for the people and communities it serves.

The company's Electric Utilities and Infrastructure unit serves approximately 7.6 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. Its Gas Utilities and Infrastructure unit distributes natural gas to approximately 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Its Commercial Renewables unit operates a growing renewable energy portfolio across the U.S.

A Fortune 125 company, Duke Energy was named to Fortune's 2018 "World's Most Admired Companies" list and Forbes' 2018 "America's Best Employers" list.

More information about the company is available at duke-energy.com. The Duke Energy News Center includes news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

Duke Energy Media contact: Catherine Butler
24-Hour: 800.559.3853

EY Media Contact: Jeanine Morgan
914.686.5599

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SOURCE Duke Energy


Source: PR Newswire (August 6, 2018 - 11:01 AM EDT)

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