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Researched by Industrial Info Resources (Sugar Land, Texas)--Like other U.S. utilities, Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) has net-zero carbon goals in its plans--in this case, aiming for net-zero emissions by 2050. In order to achieve this, Duke is underway with a buildout of renewable energy generation as well as the relicensing of its nuclear facilities. However, the company finds itself keeping a close eye on supply-chain and trade issues for solar panels and nuclear fuel.
In a Monday earnings conference call with analysts, Duke Chief Financial Officer Steve Young spoke of the plans and expectations the company has in regard to obtaining solar panels and uranium for its nuclear sites.
In regard to solar panels, in March the U.S. Department of Commerce announced that it would launch an investigation in regard to whether solar panels assembled in Cambodia, Malaysia, Thailand and Vietnam and imported to the U.S. are circumventing duties intended to limit panel imports from China. The result of the investigation could have a significant effect on U.S. solar developers as, according to law firm McGuire Woods (Richmond, Virginia), roughly 80% of crystalline solar photovoltaic cells are imported from Vietnam, Malaysia and Thailand.
As part of its strategy in coping with potential solar cell supply problems, Duke is prioritizing certain projects over others, but is not expecting any significant effect this year. Young said, "We are well-positioned on all solar projects slated for 2022 across our regulated and commercial operations. Looking to 2023 and beyond, we're closely monitoring the Department of Commerce investigation as we assess the timing of our solar projects. On the regulated side, we expect no delays in 2023. For commercial renewables, we are targeting approximately 800 megawatts (MW) of solar in 2023 and have line-of-sight on what we have at this time. ... The remaining solar projects are under development and largely dependent on panel-price clarity. If delays persist, we may see a few projects shift from 2023 to 2024."
Duke is launching a buildout of solar projects across its service areas, such as the Jackpot solar plant near Rogerson, Idaho. The project entails installing approximately 285,000 solar panels for a nameplate generating capacity of 120 MW. Construction kicked off late last year and is expected to be completed toward the end of this year. Swinerton Incorporated (San Diego, California) is providing engineering, procurement and construction services. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the detailed report.
But Duke's renewable projects include more than just solar, with wind and hydropower projects also in its portfolio. In Ledyard, Iowa, Duke is underway with construction of a windfarm that will include 56 4.2-MW turbines to generate 235 MW. The project is expected to be completed by the end of this year. Subscribers can click here for the report.
Among Duke's hydropower projects is the upgrade of turbines 1-4 at the Bad Creek pumped-storage power station near Salem, South Carolina. The turbine runners are being replaced and the generators rewound to increase generation by 200 MW to more than 1,000 MW total. The project, which kicked off in 2019, is expected to be completed in the fourth quarter of this year. Subscribers can click here for the report.
In addition to solar panels, Duke also is monitoring supplies of uranium, which potentially could be hindered by Russia's invasion of Ukraine, but this appears to be less pressing for the company. "Duke Energy owns and operates the largest regulated nuclear fleet in North America," said Young. "As such, we have a significant inventory of enriched uranium product and have agreements with a diverse set of suppliers across several continents." Young said that regardless of any sanctions relating to the Russia-Ukraine war, Duke's existing supplies and flexibility in obtaining the fuel was sufficient to sustain its nuclear fleet.
Industrial Info is tracking seven Duke nuclear refueling outages for this year that are planned, underway or completed. Drawing to a close is the refueling outage for Unit 1 at the McGuire Nuclear Power Station in Huntersville, North Carolina. The 1,158-MW unit was taken offline in April and is expected to be restarted in the coming days. Subscribers can click here for the project report.
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.
In a Monday earnings conference call with analysts, Duke Chief Financial Officer Steve Young spoke of the plans and expectations the company has in regard to obtaining solar panels and uranium for its nuclear sites.
In regard to solar panels, in March the U.S. Department of Commerce announced that it would launch an investigation in regard to whether solar panels assembled in Cambodia, Malaysia, Thailand and Vietnam and imported to the U.S. are circumventing duties intended to limit panel imports from China. The result of the investigation could have a significant effect on U.S. solar developers as, according to law firm McGuire Woods (Richmond, Virginia), roughly 80% of crystalline solar photovoltaic cells are imported from Vietnam, Malaysia and Thailand.
As part of its strategy in coping with potential solar cell supply problems, Duke is prioritizing certain projects over others, but is not expecting any significant effect this year. Young said, "We are well-positioned on all solar projects slated for 2022 across our regulated and commercial operations. Looking to 2023 and beyond, we're closely monitoring the Department of Commerce investigation as we assess the timing of our solar projects. On the regulated side, we expect no delays in 2023. For commercial renewables, we are targeting approximately 800 megawatts (MW) of solar in 2023 and have line-of-sight on what we have at this time. ... The remaining solar projects are under development and largely dependent on panel-price clarity. If delays persist, we may see a few projects shift from 2023 to 2024."
Duke is launching a buildout of solar projects across its service areas, such as the Jackpot solar plant near Rogerson, Idaho. The project entails installing approximately 285,000 solar panels for a nameplate generating capacity of 120 MW. Construction kicked off late last year and is expected to be completed toward the end of this year. Swinerton Incorporated (San Diego, California) is providing engineering, procurement and construction services. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the detailed report.
But Duke's renewable projects include more than just solar, with wind and hydropower projects also in its portfolio. In Ledyard, Iowa, Duke is underway with construction of a windfarm that will include 56 4.2-MW turbines to generate 235 MW. The project is expected to be completed by the end of this year. Subscribers can click here for the report.
Among Duke's hydropower projects is the upgrade of turbines 1-4 at the Bad Creek pumped-storage power station near Salem, South Carolina. The turbine runners are being replaced and the generators rewound to increase generation by 200 MW to more than 1,000 MW total. The project, which kicked off in 2019, is expected to be completed in the fourth quarter of this year. Subscribers can click here for the report.
In addition to solar panels, Duke also is monitoring supplies of uranium, which potentially could be hindered by Russia's invasion of Ukraine, but this appears to be less pressing for the company. "Duke Energy owns and operates the largest regulated nuclear fleet in North America," said Young. "As such, we have a significant inventory of enriched uranium product and have agreements with a diverse set of suppliers across several continents." Young said that regardless of any sanctions relating to the Russia-Ukraine war, Duke's existing supplies and flexibility in obtaining the fuel was sufficient to sustain its nuclear fleet.
Industrial Info is tracking seven Duke nuclear refueling outages for this year that are planned, underway or completed. Drawing to a close is the refueling outage for Unit 1 at the McGuire Nuclear Power Station in Huntersville, North Carolina. The 1,158-MW unit was taken offline in April and is expected to be restarted in the coming days. Subscribers can click here for the project report.
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.
