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Released April 27, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) is chalking up progress on its goal to own, operate or contract 16,000 megawatts (MW) of renewable energy by 2025. In its recent annual disclosure on environment, social and governance (ESG) topics, the company said its capacity for wind and solar generation soared 20% within 2021 to more than 10,500 MW. Industrial Info is tracking more than $12.7 billion worth of active projects from Duke, including more than $4.5 billion in renewable-energy projects.
Duke has vowed to eliminate carbon emissions from its portfolio by 2050, with an interim goal of a 50% reduction from 2005 levels by 2030, and is pursuing what it calls "the largest planned coal retirement in the industry." The company says it already has reduced carbon emissions from its portfolio 44% since 2005. Industrial Info is tracking the expected closure of about 70,700 MW of coal-fired generation across the U.S. by 2030. For more information, see November 5, 2021, article - Duke Energy's Net-Zero Emissions Goal Drives Investment Strategy; February 11, 2022, article - Duke Energy Announces Planned Exit from Coal; and April 19, 2022, article - Coal-Fired Power Plant Closure Announcements Surge.
The leading states for Duke's renewable energy additions in 2021 were North Carolina, with 436 MW added, followed by Florida (429 MW), Oklahoma (351 MW) and Texas (332 MW). Duke has built out its solar presence in the Carolinas in recent years, but the $80 million Parkin Solar Plant in Elkin, North Carolina, which has been under construction since January and is expected to wrap up toward the end of the year, likely will be the last for the foreseeable future. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from Industrial Info's detailed project report.
Chris Fallon, the president of the Duke Energy Renewables subsidiary, told the Charlotte Business Journal in January that "we don't have a big focus on North Carolina" and that the company will concentrate commercial renewables development elsewhere. That includes Florida, where Duke has more than $1 billion in active solar projects, including the $156.5 million Fort Green Solar Power Plant in Wauchula, which is in its final stages. The facility will generate 74.5 MW from 265,000 photovoltaic (PV) panels provided by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona). Subscribers can read more in Industrial Info's project report.
Click on the image at right for a graph detailing Duke's active renewable-energy projects across the U.S., by state.
Duke also is proposing a 75-MW power plant in Brooksville, Florida, which would comprise 270,000 PV panels and would be near Florida A&M University's Brooksville Agricultural and Environmental Research Station. Subscribers can learn more from Industrial Info's project report.
Texas has surpassed North Carolina to emerge as the dominant solar market for Duke, which expects to complete the $412.5 million Pisgah Ridge Solar facility in Richland, Texas, toward the end of this year. Once the solar plant, which is expected to generate 250 MW from 650,000 First Solar panels, is operational, Duke will have about 900 MW of working solar capacity in the Lone Star State--nearly half of its nationwide solar capacity to be fully built or under construction. Subscribers can learn more from Industrial Info's project report.
The Carolinas, however, are among Duke's top destinations for its hydropower developments. The company is at work on $200 million worth of upgrades to its Bad Creek Pump Storage Power Station in Salem, South Carolina, which would replace four pump turbines and rewind four generators to increase generation from 1,064 to 1,264 MW and extend the plant's service life. The project is set to finish up in the fourth quarter. Subscribers can read more in Industrial Info's project report.
Last month, Duke told federal regulators it was considering doubling the output at Bad Creek through a second-phase expansion. According to the Charlotte Business Journal, Duke spokesman Ben Williamson said a feasibility study was underway and would be completed by the end of the year, although he cautioned that no final decision on the expansion had been made. If it is approved, Williamson said Duke hoped to finish the project by the end of the decade. Subscribers can learn more from Industrial Info's project report.
Duke also is at work on its first renewable-energy project in Iowa, where wind power accounted for 57% of the state's net generation in 2020, according to the U.S. Energy Information Administration (EIA). The $282 million Ledyard Windpower facility in Ledyard is designed to generate 235 MW from 56 wind turbines provided by Vestas Wind Systems A/S (Aarhus, Denmark). The project is located in northcentral Iowa, bordering Minnesota, where much of the Hawkeye State's wind energy is concentrated. Subscribers can learn more from Industrial Info's project report.
Duke's buildout comes amid an overall slowdown in U.S. renewable-energy project completions, driven by challenging financial and regulatory factors, as well as a shortage of available capacity on the transmission grid. For more information, see April 21, 2022, article - Renewable Power Project Completions Slow Sharply in U.S..
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
Duke has vowed to eliminate carbon emissions from its portfolio by 2050, with an interim goal of a 50% reduction from 2005 levels by 2030, and is pursuing what it calls "the largest planned coal retirement in the industry." The company says it already has reduced carbon emissions from its portfolio 44% since 2005. Industrial Info is tracking the expected closure of about 70,700 MW of coal-fired generation across the U.S. by 2030. For more information, see November 5, 2021, article - Duke Energy's Net-Zero Emissions Goal Drives Investment Strategy; February 11, 2022, article - Duke Energy Announces Planned Exit from Coal; and April 19, 2022, article - Coal-Fired Power Plant Closure Announcements Surge.
The leading states for Duke's renewable energy additions in 2021 were North Carolina, with 436 MW added, followed by Florida (429 MW), Oklahoma (351 MW) and Texas (332 MW). Duke has built out its solar presence in the Carolinas in recent years, but the $80 million Parkin Solar Plant in Elkin, North Carolina, which has been under construction since January and is expected to wrap up toward the end of the year, likely will be the last for the foreseeable future. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from Industrial Info's detailed project report.
Chris Fallon, the president of the Duke Energy Renewables subsidiary, told the Charlotte Business Journal in January that "we don't have a big focus on North Carolina" and that the company will concentrate commercial renewables development elsewhere. That includes Florida, where Duke has more than $1 billion in active solar projects, including the $156.5 million Fort Green Solar Power Plant in Wauchula, which is in its final stages. The facility will generate 74.5 MW from 265,000 photovoltaic (PV) panels provided by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona). Subscribers can read more in Industrial Info's project report.
Click on the image at right for a graph detailing Duke's active renewable-energy projects across the U.S., by state.Duke also is proposing a 75-MW power plant in Brooksville, Florida, which would comprise 270,000 PV panels and would be near Florida A&M University's Brooksville Agricultural and Environmental Research Station. Subscribers can learn more from Industrial Info's project report.
Texas has surpassed North Carolina to emerge as the dominant solar market for Duke, which expects to complete the $412.5 million Pisgah Ridge Solar facility in Richland, Texas, toward the end of this year. Once the solar plant, which is expected to generate 250 MW from 650,000 First Solar panels, is operational, Duke will have about 900 MW of working solar capacity in the Lone Star State--nearly half of its nationwide solar capacity to be fully built or under construction. Subscribers can learn more from Industrial Info's project report.
The Carolinas, however, are among Duke's top destinations for its hydropower developments. The company is at work on $200 million worth of upgrades to its Bad Creek Pump Storage Power Station in Salem, South Carolina, which would replace four pump turbines and rewind four generators to increase generation from 1,064 to 1,264 MW and extend the plant's service life. The project is set to finish up in the fourth quarter. Subscribers can read more in Industrial Info's project report.
Last month, Duke told federal regulators it was considering doubling the output at Bad Creek through a second-phase expansion. According to the Charlotte Business Journal, Duke spokesman Ben Williamson said a feasibility study was underway and would be completed by the end of the year, although he cautioned that no final decision on the expansion had been made. If it is approved, Williamson said Duke hoped to finish the project by the end of the decade. Subscribers can learn more from Industrial Info's project report.
Duke also is at work on its first renewable-energy project in Iowa, where wind power accounted for 57% of the state's net generation in 2020, according to the U.S. Energy Information Administration (EIA). The $282 million Ledyard Windpower facility in Ledyard is designed to generate 235 MW from 56 wind turbines provided by Vestas Wind Systems A/S (Aarhus, Denmark). The project is located in northcentral Iowa, bordering Minnesota, where much of the Hawkeye State's wind energy is concentrated. Subscribers can learn more from Industrial Info's project report.
Duke's buildout comes amid an overall slowdown in U.S. renewable-energy project completions, driven by challenging financial and regulatory factors, as well as a shortage of available capacity on the transmission grid. For more information, see April 21, 2022, article - Renewable Power Project Completions Slow Sharply in U.S..
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
