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. -- 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.
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.
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.
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Duke Energy Media contact: Catherine Butler
EY Media Contact: Jeanine Morgan