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Released August 11, 2020 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--As the COVID-19 pandemic affects the industrial world, no industry remains untouched, including the Power Industry. Leading power holding company Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) estimates that for 2020 it will see a 3% to 5% decline in retail volumes. While the company, along with Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia), recently cancelled the Atlantic Coast natural gas pipeline in the eastern U.S. due to a series of cost overruns and regulatory stumbling blocks, Duke continues to make strides to grow its footprint and generate cleaner power. The company has a robust $56 billion capital plan that will be in place through 2024.
Duke is taking great strides to shift from coal-fired power to other sources of power, with a goal to achieve net-zero carbon emissions by 2050. The company's home state of North Carolina is one of its key areas of focus. Among its carbon-mitigation projects in the state is the conversion of four boilers at the Marshall Power Station in Terrell from coal to natural gas. The project kicked off late year and, in addition to the boiler conversion, requires the construction of six miles of natural gas pipeline. While the project originally was planned to be completed this year, the finish date has been pushed off to 2021 because of delays caused by COVID-19. For more information, see Industrial Info's project report.
Duke also is taking advantage of incentives in Florida to install a series of solar farms in the state that have approached 750 megawatts (MW) of generating capacity. Such plants include the 74.9-MW Santa Fe solar energy project near Fort White, about 30 miles northwest of Gainesville. The facility will use an estimated 235,000 First Solar (NASDAQ:FSLR) (Tempe, Arizona) thin-film modules on a single-axis tracking system. Construction kicked off earlier this year and is expected to be completed in first-quarter 2021. M.A. Mortenson Company (Minneapolis, Minnesota) is providing engineering, procurement and construction (EPC) services. For more information, see Industrial Info's project report on the Santa Fe plant and click here for a list of Duke's more than $1 billion of solar projects in Florida.
Among Duke's largest solar projects is the 200-MW Rambler solar farm near San Angelo, Texas. Construction of the $350 million facility began last summer, and the project is drawing to a close. Rambler will use more than 753,000 Canadian Solar (NASDAQ:CSIQ) (Guelph, Ontario) solar panels. Signal Energy Constructors (Chattanooga, Tennessee) is providing EPC. For more information, see Industrial Info's project report.
Solar is not the type of power Duke is adding to renewables portfolio. In Newkirk, Oklahoma, Duke is underway with the expansion of its Frontier Windfarm. Frontier II will use 74 4.8-MW turbines to generate 355 MW. Construction kicked off late last year and is expected to be completed in the fourth quarter of this year. For more information, see Industrial Info's project report.
While not as large of a portion of its undertakings, Duke is underway with select hydropower projects. Chief among these is the upgrade of four turbines at the Bad Creek pumped-storage power station in Salem, South Carolina. The project entails the rewind of the four generators to increase output by 200 MW and extend the plant's service life. The project kicked off last year and is expected to be completed in late 2022. For more information, see Industrial Info's project report.
Duke reported a second-quarter 2020 net loss of $817 million compared with net income of $820 million in second-quarter 2019. The $1.6 billion shift came primarily from the company's Gas Utilities and Infrastructure segment related to the cancellation of the Atlantic Coast Pipeline. Speaking of the project in Duke's Monday earnings conference call, Chief Executive Officer Lynn Good said, "We are disappointed with this outcome, but believe the decision to cancel is in the best interest of our shareholders and our customers, and we are actively pursuing other infrastructure plans to support eastern North Carolina." The company's Electric Utilities and Infrastructure segment reported income of $753 million in the just-passed quarter, slightly down from the same quarter in 2019 primarily due to milder weather, with some slippage from decreased volumes.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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.
Duke is taking great strides to shift from coal-fired power to other sources of power, with a goal to achieve net-zero carbon emissions by 2050. The company's home state of North Carolina is one of its key areas of focus. Among its carbon-mitigation projects in the state is the conversion of four boilers at the Marshall Power Station in Terrell from coal to natural gas. The project kicked off late year and, in addition to the boiler conversion, requires the construction of six miles of natural gas pipeline. While the project originally was planned to be completed this year, the finish date has been pushed off to 2021 because of delays caused by COVID-19. For more information, see Industrial Info's project report.
Duke also is taking advantage of incentives in Florida to install a series of solar farms in the state that have approached 750 megawatts (MW) of generating capacity. Such plants include the 74.9-MW Santa Fe solar energy project near Fort White, about 30 miles northwest of Gainesville. The facility will use an estimated 235,000 First Solar (NASDAQ:FSLR) (Tempe, Arizona) thin-film modules on a single-axis tracking system. Construction kicked off earlier this year and is expected to be completed in first-quarter 2021. M.A. Mortenson Company (Minneapolis, Minnesota) is providing engineering, procurement and construction (EPC) services. For more information, see Industrial Info's project report on the Santa Fe plant and click here for a list of Duke's more than $1 billion of solar projects in Florida.
Among Duke's largest solar projects is the 200-MW Rambler solar farm near San Angelo, Texas. Construction of the $350 million facility began last summer, and the project is drawing to a close. Rambler will use more than 753,000 Canadian Solar (NASDAQ:CSIQ) (Guelph, Ontario) solar panels. Signal Energy Constructors (Chattanooga, Tennessee) is providing EPC. For more information, see Industrial Info's project report.
Solar is not the type of power Duke is adding to renewables portfolio. In Newkirk, Oklahoma, Duke is underway with the expansion of its Frontier Windfarm. Frontier II will use 74 4.8-MW turbines to generate 355 MW. Construction kicked off late last year and is expected to be completed in the fourth quarter of this year. For more information, see Industrial Info's project report.
While not as large of a portion of its undertakings, Duke is underway with select hydropower projects. Chief among these is the upgrade of four turbines at the Bad Creek pumped-storage power station in Salem, South Carolina. The project entails the rewind of the four generators to increase output by 200 MW and extend the plant's service life. The project kicked off last year and is expected to be completed in late 2022. For more information, see Industrial Info's project report.
Duke reported a second-quarter 2020 net loss of $817 million compared with net income of $820 million in second-quarter 2019. The $1.6 billion shift came primarily from the company's Gas Utilities and Infrastructure segment related to the cancellation of the Atlantic Coast Pipeline. Speaking of the project in Duke's Monday earnings conference call, Chief Executive Officer Lynn Good said, "We are disappointed with this outcome, but believe the decision to cancel is in the best interest of our shareholders and our customers, and we are actively pursuing other infrastructure plans to support eastern North Carolina." The company's Electric Utilities and Infrastructure segment reported income of $753 million in the just-passed quarter, slightly down from the same quarter in 2019 primarily due to milder weather, with some slippage from decreased volumes.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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.
