Economy

Duke Energy plans million in cuts, hopefully no layoffs

Duke Energy will further slash operating costs by $50 million this year, the Charlotte company said Tuesday, as it reported lower profits on flagging electricity sales.

Duke, the largest utility in the Carolinas, has not announced layoffs in the recession and chief executive Jim Rogers said none are planned. “We'll work to avoid them,” he said.

The company said profits dropped to $267 million in the second quarter, or 21 cents per share, compared with $351 million or 28 cents in the same quarter last year.

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