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Released May 19, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. power companies are increasingly pledging to reduce their carbon emissions and move to net-zero emissions by an established date. While companies are pledging different interim goals in the emissions reduction process, most are taking a similar direction in how they're doing this: a buildout or upgrades to renewable assets such as wind and solar, and the life extensions of existing nuclear power plants.
Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota), Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company (NYSE:SO) (Atlanta, Georgia) have all vowed emissions reductions and are moving on slightly different paths to achieve these ends.
Click on the image at right for a breakdown by market region of active capital renewable and nuclear power projects in the U.S.
Duke Energy
Duke says it has reduced its carbon emissions by more than 30% since 2005. The company plans to reduce them to 50% by 2030 and to achieve net-zero emissions by 2050. To help move toward this, Duke plans to retire all coal-only generating units by 2030. Among its recent retirements is the 270-megawatt (MW) Unit 3 at the G.G. Allen Power Plant in Gaston County, North Carolina. The plant has a total generating capacity of more than 1,100 MW, and all five units eventually will be retired. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Database click here to view the plant profile.
Duke also is taking advantage of Florida's Solar Base Rate Adjustment (SoBRA) mechanism, which allows the state's Public Service Commission to approve solar projects into a utility base rate without a base rate case. Industrial Info is tracking more than $1 billion in Duke solar energy projects in Florida via eight projects, each of which will generate slightly less than 75 MW. Click here for a list.
In addition to solar, Duke also is constructing wind projects in other parts of the country, such as the recently completed Frontier II windfarm in Oklahoma. For more information, see Industrial Info's project report.
Duke also plans on seeking life extensions for all 11 of its nuclear power stations in the Carolinas, which will extend the plants' lives by 20 years, starting with the 2,500-MW Onconee nuclear power plant in South Carolina. For more information, see Industrial Info's plant profile.
Xcel Energy
Like Duke, Xcel Energy is aiming for net-zero emissions by 2050. Among its most recent steps toward this goal is its Clean Energy Plan for its Colorado division, which aims to achieve an estimated 85% carbon reduction from 2005 levels by 2030. Among the steps of the plan is to implement approximately 5,500 MW of new wind, solar and battery storage, and to retire or repower all remaining coal units by 2040.
In its home state of Minnesota, Xcel is planning wind and solar projects, such as the 200-MW grassroot Freeborn Windfarm in Glenville, which will include 100, 2-MW turbines. For more information, see Industrial Info's project report.
According to World Nuclear News, while the company aims to retire some of its nuclear reactors, it wants extend the life of its 631-MW Monticello nuclear plant, which this year celebrated 50 years of operation, until 2040. The facility currently is licensed to operate until 2030. For more information, see Industrial Info's plant profile.
Dominion Energy
Like others, Dominion Energy has set the goal for net-zero emissions by 2050. In addition to carbon, Dominion also outlined specific methane-reduction goals from its natural gas-fired generating fleet and has committed to cutting them 50% between 2010 and 2030. To this end, Dominion has launched the construction of several solar plants in its home state of Virginia, and one very large offshore wind project.
Late last year, Dominion proposed constructing nine solar facilities, bringing nearly 500 MW to Virginia. In some ways, Dominion's hand has been forced into doing this with the passage of Virginia's Clean Economy Act, which aims for net-zero emissions for the entire state by 2050. The bill declares 16,100 MW of solar, 2,700 MW of energy storage and 5,200 MW of offshore wind to be "in the public interest," which according to the Virginia Mercury, directs the State Corporation Commission to give its seal of approval to a broad swathe of new renewable projects. Industrial Info is tracking more than $2 billion in active Dominion solar projects in Virginia. Click here for a list.
Dominion's largest project is the planned 2.6-gigawatt offshore windfarm in Virginia. Not only does the state's Clean Economy Act support this project, but it received a shot in the arm late last year when Congress passed a new 30% Production Tax Credit for offshore wind projects that start construction through 2025. For more information, see Industrial Info's project report.
Earlier this month, the U.S. Nuclear Regulatory Commission approved Dominion's application to extend the operating license for its Surry Nuclear Power Station in Virginia by another 20 years. For more information, see Industrial Info's plant profile and May 6, 2021, article - Dominion Goes Full Tilt on Renewables in $32 Billion Capital Spending Program.
Southern Company
Southern Company also has pledged net-zero emissions by 2050. In 2020, Southern reduced greenhouse gas emissions 52% from its 2007 benchmark levels, exceeding its 2030 goal to reduce emissions by 50%. Unlike any other power company in the U.S., Southern is actively constructing a new nuclear project in Waynesboro, Georgia, consisting of two reactors at the existing Plant Vogtle, which together will generate more than 2,200 MW. The plants have been under construction since long before Southern declared any emissions-reduction goals. Unit 3 is planned to be completed later this year, followed by Unit 4 in 2023. The project has gone notoriously over time and over budget. For more information, see Industrial Info's project report.
In addition to hydropower modernizations, Southern also is implementing solar and battery storage projects. Examples include the 128-MW Robins solar farm in Warner Robins, Georgia, which is scheduled to be completed soon (see project report).
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.
Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota), Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company (NYSE:SO) (Atlanta, Georgia) have all vowed emissions reductions and are moving on slightly different paths to achieve these ends.
Click on the image at right for a breakdown by market region of active capital renewable and nuclear power projects in the U.S.Duke Energy
Duke says it has reduced its carbon emissions by more than 30% since 2005. The company plans to reduce them to 50% by 2030 and to achieve net-zero emissions by 2050. To help move toward this, Duke plans to retire all coal-only generating units by 2030. Among its recent retirements is the 270-megawatt (MW) Unit 3 at the G.G. Allen Power Plant in Gaston County, North Carolina. The plant has a total generating capacity of more than 1,100 MW, and all five units eventually will be retired. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Database click here to view the plant profile.
Duke also is taking advantage of Florida's Solar Base Rate Adjustment (SoBRA) mechanism, which allows the state's Public Service Commission to approve solar projects into a utility base rate without a base rate case. Industrial Info is tracking more than $1 billion in Duke solar energy projects in Florida via eight projects, each of which will generate slightly less than 75 MW. Click here for a list.
In addition to solar, Duke also is constructing wind projects in other parts of the country, such as the recently completed Frontier II windfarm in Oklahoma. For more information, see Industrial Info's project report.
Duke also plans on seeking life extensions for all 11 of its nuclear power stations in the Carolinas, which will extend the plants' lives by 20 years, starting with the 2,500-MW Onconee nuclear power plant in South Carolina. For more information, see Industrial Info's plant profile.
Xcel Energy
Like Duke, Xcel Energy is aiming for net-zero emissions by 2050. Among its most recent steps toward this goal is its Clean Energy Plan for its Colorado division, which aims to achieve an estimated 85% carbon reduction from 2005 levels by 2030. Among the steps of the plan is to implement approximately 5,500 MW of new wind, solar and battery storage, and to retire or repower all remaining coal units by 2040.
In its home state of Minnesota, Xcel is planning wind and solar projects, such as the 200-MW grassroot Freeborn Windfarm in Glenville, which will include 100, 2-MW turbines. For more information, see Industrial Info's project report.
According to World Nuclear News, while the company aims to retire some of its nuclear reactors, it wants extend the life of its 631-MW Monticello nuclear plant, which this year celebrated 50 years of operation, until 2040. The facility currently is licensed to operate until 2030. For more information, see Industrial Info's plant profile.
Dominion Energy
Like others, Dominion Energy has set the goal for net-zero emissions by 2050. In addition to carbon, Dominion also outlined specific methane-reduction goals from its natural gas-fired generating fleet and has committed to cutting them 50% between 2010 and 2030. To this end, Dominion has launched the construction of several solar plants in its home state of Virginia, and one very large offshore wind project.
Late last year, Dominion proposed constructing nine solar facilities, bringing nearly 500 MW to Virginia. In some ways, Dominion's hand has been forced into doing this with the passage of Virginia's Clean Economy Act, which aims for net-zero emissions for the entire state by 2050. The bill declares 16,100 MW of solar, 2,700 MW of energy storage and 5,200 MW of offshore wind to be "in the public interest," which according to the Virginia Mercury, directs the State Corporation Commission to give its seal of approval to a broad swathe of new renewable projects. Industrial Info is tracking more than $2 billion in active Dominion solar projects in Virginia. Click here for a list.
Dominion's largest project is the planned 2.6-gigawatt offshore windfarm in Virginia. Not only does the state's Clean Economy Act support this project, but it received a shot in the arm late last year when Congress passed a new 30% Production Tax Credit for offshore wind projects that start construction through 2025. For more information, see Industrial Info's project report.
Earlier this month, the U.S. Nuclear Regulatory Commission approved Dominion's application to extend the operating license for its Surry Nuclear Power Station in Virginia by another 20 years. For more information, see Industrial Info's plant profile and May 6, 2021, article - Dominion Goes Full Tilt on Renewables in $32 Billion Capital Spending Program.
Southern Company
Southern Company also has pledged net-zero emissions by 2050. In 2020, Southern reduced greenhouse gas emissions 52% from its 2007 benchmark levels, exceeding its 2030 goal to reduce emissions by 50%. Unlike any other power company in the U.S., Southern is actively constructing a new nuclear project in Waynesboro, Georgia, consisting of two reactors at the existing Plant Vogtle, which together will generate more than 2,200 MW. The plants have been under construction since long before Southern declared any emissions-reduction goals. Unit 3 is planned to be completed later this year, followed by Unit 4 in 2023. The project has gone notoriously over time and over budget. For more information, see Industrial Info's project report.
In addition to hydropower modernizations, Southern also is implementing solar and battery storage projects. Examples include the 128-MW Robins solar farm in Warner Robins, Georgia, which is scheduled to be completed soon (see project report).
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.
