Reports related to this article:
Project(s): View 10 related projects in PECWeb
Plant(s): View 8 related plants in PECWeb
Released May 10, 2017 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) is rolling out investments in natural gas-fired power plants, as well as natural gas pipeline infrastructure, where the company faces regulatory hurdles for its Constitution Pipeline. Industrial Info is tracking $7.69 billion of active projects involving Duke Energy.
In the company's first-quarter earnings call, Chief Executive Officer Lynn Good said, "We will invest in areas that will position us well for the future, including strengthening our energy delivery system, generating cleaner energy and expanding natural gas infrastructure."
Among Duke's investments are three natural gas-fired, combined-cycle power plants. "Construction of our W.S. Lee, Citrus County and Western Carolinas combined-cycle natural gas plants remains on track and on budget," said Good. "For more than a decade, we've been working toward a lower-carbon future by modernizing and diversifying our systems, including retiring older coal plants and building new natural gas plants and renewables." Good said the company has reduced carbon emissions by 29% since 2005 and plan to increase this to a 40% reduction by 2030.
Construction on the $1.5 billion Citrus County Power Station Crystal River, Florida, began in late 2015 and is expected to be completed in the first half of 2018. The plant is being constructed on a 400-acre brownfield site and will have a generating capacity of 1,640 megawatts (MW). Fluor Corporation (NYSE:FLR) (Irving, Texas) is acting as turnkey contractor on the project. For more information, see Industrial Info's project report.
Duke's W.S. Lee combined-cycle unit addition is being constructed in Belton, South Carolina. The 750-MW unit will include two 250-MW Siemens combustion turbine-generators and a 250-MW Siemens condensing reheat steam turbine-generator. Fluor is acting as engineering, procurement and construction (EPC) firm on the project, which has an estimated total investment value of $750 million. The project began in the second quarter of 2015 and is expected to be completed in early 2018.
The $600 million Western Carolinas Modernization project includes constructing a 560-MW combined-cycle unit at the company's Asheville Power Station in Arden, North Carolina. The project is planned to kick off later this year and be completed in the first half of 2020. Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) is acting as EPC contractor on the project. For more information, see Industrial Info's project report.
Good also gave an update on the company's natural gas pipeline projects, some of which it inherited in its acquisition of Piedmont Natural Gas Company (Charlotte) last year. "Work also continues on our three interstate natural gas pipelines, as we invest in the needed infrastructure to improve access to this cleaner, cheaper fuel," she said. "In Florida, the Sabal Trail Pipeline is on track to be in service in June, and construction of the lateral to our Citrus County Plant remains on time to meet the planned in-service dates." The $3.2 billion Sabal Trail project is a joint venture of Duke, Spectra Energy Partners (NSYE:SEP) (Houston, Texas) and NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida). The 515-mile pipeline will run from Alabama to Florida and carry up to 1 billion cubic feet per day of natural gas. For more information, see Industrial Info's project reports on the Alabama, Georgia and Florida (spreads 4 and 5 and spreads 6 and 7) segments of the pipeline.
Good said: "This summer, we expect the final environmental impact statement for the Atlantic Coast Pipeline, keeping the project on time to begin construction in the second half of this year. ...Final FERC [Federal Energy Regulatory Commission] approval is expected by late summer or early fall." The 600-mile pipeline will carry up to 1.5 Bcf/d of natural gas from West Virginia to Virginia and North Carolina. The project is a joint venture between Duke, Dominion Resources Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company Gas (Atlanta, Georgia). For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina segments of the pipeline.
The 124-mile Constitution Pipeline is planned to connect gas supplies in Pennsylvania with markets in New York and New England. The project, however, hit a snag last year when environmental regulators in New York denied a permit for the pipeline because of its potential impact on natural bodies of water. The decision is currently being appealed. For more information, see May 8, 2017, article - Williams Companies Committed in New York Fight Over Constitution Pipeline. The project is a joint venture of Piedmont, Williams Partners LP (NYSE:WPZ) (Tulsa, Oklahoma), Cabot Oil & Gas Corporation (NYSE:COG) (Houston) and WGL Holdings Incorporated (NYSE:WGL) (Washington, D.C.).
"Regarding the Constitution Pipeline, we continue to believe this FERC-approved project will benefit customers in New York and New England, bringing much-needed low-cost natural gas to the region," said Good. "We are disappointed in the ruling by the U.S. District Court for the Northern District of New York, which was related to New York state permit requirements. However, we are still pursuing our appeal associated with the Clean Water Act water quality certification. We anticipate a decision on our appeal from the U.S. Second Circuit Court of Appeals as early as the second quarter of this year." For more information, see Industrial Info's project reports on the Pennsylvania, New York and New Jersey segments of the pipeline.
Duke reported first-quarter 2017 net income of $716 million, compared with $694 million in first-quarter 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In the company's first-quarter earnings call, Chief Executive Officer Lynn Good said, "We will invest in areas that will position us well for the future, including strengthening our energy delivery system, generating cleaner energy and expanding natural gas infrastructure."
Among Duke's investments are three natural gas-fired, combined-cycle power plants. "Construction of our W.S. Lee, Citrus County and Western Carolinas combined-cycle natural gas plants remains on track and on budget," said Good. "For more than a decade, we've been working toward a lower-carbon future by modernizing and diversifying our systems, including retiring older coal plants and building new natural gas plants and renewables." Good said the company has reduced carbon emissions by 29% since 2005 and plan to increase this to a 40% reduction by 2030.
Construction on the $1.5 billion Citrus County Power Station Crystal River, Florida, began in late 2015 and is expected to be completed in the first half of 2018. The plant is being constructed on a 400-acre brownfield site and will have a generating capacity of 1,640 megawatts (MW). Fluor Corporation (NYSE:FLR) (Irving, Texas) is acting as turnkey contractor on the project. For more information, see Industrial Info's project report.
Duke's W.S. Lee combined-cycle unit addition is being constructed in Belton, South Carolina. The 750-MW unit will include two 250-MW Siemens combustion turbine-generators and a 250-MW Siemens condensing reheat steam turbine-generator. Fluor is acting as engineering, procurement and construction (EPC) firm on the project, which has an estimated total investment value of $750 million. The project began in the second quarter of 2015 and is expected to be completed in early 2018.
The $600 million Western Carolinas Modernization project includes constructing a 560-MW combined-cycle unit at the company's Asheville Power Station in Arden, North Carolina. The project is planned to kick off later this year and be completed in the first half of 2020. Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) is acting as EPC contractor on the project. For more information, see Industrial Info's project report.
Good also gave an update on the company's natural gas pipeline projects, some of which it inherited in its acquisition of Piedmont Natural Gas Company (Charlotte) last year. "Work also continues on our three interstate natural gas pipelines, as we invest in the needed infrastructure to improve access to this cleaner, cheaper fuel," she said. "In Florida, the Sabal Trail Pipeline is on track to be in service in June, and construction of the lateral to our Citrus County Plant remains on time to meet the planned in-service dates." The $3.2 billion Sabal Trail project is a joint venture of Duke, Spectra Energy Partners (NSYE:SEP) (Houston, Texas) and NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida). The 515-mile pipeline will run from Alabama to Florida and carry up to 1 billion cubic feet per day of natural gas. For more information, see Industrial Info's project reports on the Alabama, Georgia and Florida (spreads 4 and 5 and spreads 6 and 7) segments of the pipeline.
Good said: "This summer, we expect the final environmental impact statement for the Atlantic Coast Pipeline, keeping the project on time to begin construction in the second half of this year. ...Final FERC [Federal Energy Regulatory Commission] approval is expected by late summer or early fall." The 600-mile pipeline will carry up to 1.5 Bcf/d of natural gas from West Virginia to Virginia and North Carolina. The project is a joint venture between Duke, Dominion Resources Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company Gas (Atlanta, Georgia). For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina segments of the pipeline.
The 124-mile Constitution Pipeline is planned to connect gas supplies in Pennsylvania with markets in New York and New England. The project, however, hit a snag last year when environmental regulators in New York denied a permit for the pipeline because of its potential impact on natural bodies of water. The decision is currently being appealed. For more information, see May 8, 2017, article - Williams Companies Committed in New York Fight Over Constitution Pipeline. The project is a joint venture of Piedmont, Williams Partners LP (NYSE:WPZ) (Tulsa, Oklahoma), Cabot Oil & Gas Corporation (NYSE:COG) (Houston) and WGL Holdings Incorporated (NYSE:WGL) (Washington, D.C.).
"Regarding the Constitution Pipeline, we continue to believe this FERC-approved project will benefit customers in New York and New England, bringing much-needed low-cost natural gas to the region," said Good. "We are disappointed in the ruling by the U.S. District Court for the Northern District of New York, which was related to New York state permit requirements. However, we are still pursuing our appeal associated with the Clean Water Act water quality certification. We anticipate a decision on our appeal from the U.S. Second Circuit Court of Appeals as early as the second quarter of this year." For more information, see Industrial Info's project reports on the Pennsylvania, New York and New Jersey segments of the pipeline.
Duke reported first-quarter 2017 net income of $716 million, compared with $694 million in first-quarter 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
