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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) is taking great strides to reduce its carbon emissions through various investments and projects. The company plans to reduce carbon dioxide emissions by 50% from 2005 levels by 2030 and aims to have net-zero carbon emissions by 2050. To this end, Duke is investing strongly in natural gas-fired projects in its home state of North Carolina and renewable energy projects there and elsewhere.
Click on the image at right for a breakdown by fuel type of active Duke Energy power projects.
In the company's third-quarter earnings conference call, Chief Executive Officer Lynn Good spoke about the company's plans and its ongoing and future projects. Speaking of one of Duke's natural gas-fired projects in North Carolina, Good said, "Our Asheville combined-cycle plant is on track to be completed by the end of the year. This plant is part of our $1.1 billion Western Carolinas Modernization project that supports this growing region." Construction on the 560-megawatt (MW) combined-cycle unit began in late 2017, with McDermott International Incorporated (NYSE:MDR) (Houston, Texas) providing engineering, procurement and construction (EPC) services. For more information, see Industrial Info's project report.
In a further move in reducing carbon emissions in the state, Duke is converting its 2,160-MW coal-fired power station in Belews Creek, North Carolina, to burn 50% natural gas and 50% coal. Construction began in the early part of this year and is expected to wrap up soon. For more information, see Industrial Info's project report.
Elsewhere, Duke is expanding its renewable energy presence. Lynn said, "So far this year, we've announced over 1,500 MW of new wind and solar projects, including nearly 400 MW announced in the third quarter." One of Duke's strongest areas of renewables growth is Florida, where the company will be installing 700 MW of solar power by 2022. Duke is taking advantage of the state's Solar Base Rate Adjustment (SoBRA) mechanism, which allows utilities to recover the costs of construction for solar plants. Lynn said so far the state had approved the recovery of 344 MW of Duke's planned solar projects.
Among Duke's Florida solar projects is the 74.9-MW Trenton solar farm in Gilchrest County, in the north of the state. Construction began this summer, with M.A. Mortenson Company (Minneapolis, Minnesota) providing EPC. The facility also will include an 11-MW battery energy storage system (BESS) and necessitates upgrades to an associated substation. The solar plant is expected to be completed by the end of this year, followed by the BESS and substation in the second half of 2020. For more information, see Industrial Info's project reports on the solar farm, BESS and substation upgrade.
Duke is underway with an even larger solar farm near San Angelo, Texas. Construction on the Rambler solar plant began earlier this year and is expected to be completed next summer. The 200-MW facility will use more than 753,800 Canadian Solar (NASDAQ:CSIQ) solar panels. Signal Energy Constructors (Chattanooga, Tennessee) is providing EPC on the project, which has an estimated total investment value of $350 million. For more information, see Industrial Info's project report.
Duke also is expanding its wind power footprint. In Newkirk, Oklahoma, Duke plans to begin the 200-MW Phase II addition to its Frontier Windfarm early next year. The project entails the construction of 74 4.8-MW wind turbines. The project is expected to be completed in early 2021. For more information, see Industrial Info's project report.
Duke also has more than $430 million in active hydropower projects. While most of these are concentrated in South Carolina, one of the company's largest hydro projects is in Indiana, where Duke is performing turbine-generator uprates for units 1-3 at the Markland Hydropower Station in Florence. The project involves uprating and modernizing three 22-MW turbines by replacing runners and stators, as well as possible rotor rewinds to increase generation capacity by 3 MW each. The project kicked off in 2017 and is expected to be completed in early 2021. For more information, see Industrial Info's project report.
Duke reported third-quarter 2019 net income of $1.32 billion, compared with $1.08 billion in the year-ago quarter.
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.
Click on the image at right for a breakdown by fuel type of active Duke Energy power projects.In the company's third-quarter earnings conference call, Chief Executive Officer Lynn Good spoke about the company's plans and its ongoing and future projects. Speaking of one of Duke's natural gas-fired projects in North Carolina, Good said, "Our Asheville combined-cycle plant is on track to be completed by the end of the year. This plant is part of our $1.1 billion Western Carolinas Modernization project that supports this growing region." Construction on the 560-megawatt (MW) combined-cycle unit began in late 2017, with McDermott International Incorporated (NYSE:MDR) (Houston, Texas) providing engineering, procurement and construction (EPC) services. For more information, see Industrial Info's project report.
In a further move in reducing carbon emissions in the state, Duke is converting its 2,160-MW coal-fired power station in Belews Creek, North Carolina, to burn 50% natural gas and 50% coal. Construction began in the early part of this year and is expected to wrap up soon. For more information, see Industrial Info's project report.
Elsewhere, Duke is expanding its renewable energy presence. Lynn said, "So far this year, we've announced over 1,500 MW of new wind and solar projects, including nearly 400 MW announced in the third quarter." One of Duke's strongest areas of renewables growth is Florida, where the company will be installing 700 MW of solar power by 2022. Duke is taking advantage of the state's Solar Base Rate Adjustment (SoBRA) mechanism, which allows utilities to recover the costs of construction for solar plants. Lynn said so far the state had approved the recovery of 344 MW of Duke's planned solar projects.
Among Duke's Florida solar projects is the 74.9-MW Trenton solar farm in Gilchrest County, in the north of the state. Construction began this summer, with M.A. Mortenson Company (Minneapolis, Minnesota) providing EPC. The facility also will include an 11-MW battery energy storage system (BESS) and necessitates upgrades to an associated substation. The solar plant is expected to be completed by the end of this year, followed by the BESS and substation in the second half of 2020. For more information, see Industrial Info's project reports on the solar farm, BESS and substation upgrade.
Duke is underway with an even larger solar farm near San Angelo, Texas. Construction on the Rambler solar plant began earlier this year and is expected to be completed next summer. The 200-MW facility will use more than 753,800 Canadian Solar (NASDAQ:CSIQ) solar panels. Signal Energy Constructors (Chattanooga, Tennessee) is providing EPC on the project, which has an estimated total investment value of $350 million. For more information, see Industrial Info's project report.
Duke also is expanding its wind power footprint. In Newkirk, Oklahoma, Duke plans to begin the 200-MW Phase II addition to its Frontier Windfarm early next year. The project entails the construction of 74 4.8-MW wind turbines. The project is expected to be completed in early 2021. For more information, see Industrial Info's project report.
Duke also has more than $430 million in active hydropower projects. While most of these are concentrated in South Carolina, one of the company's largest hydro projects is in Indiana, where Duke is performing turbine-generator uprates for units 1-3 at the Markland Hydropower Station in Florence. The project involves uprating and modernizing three 22-MW turbines by replacing runners and stators, as well as possible rotor rewinds to increase generation capacity by 3 MW each. The project kicked off in 2017 and is expected to be completed in early 2021. For more information, see Industrial Info's project report.
Duke reported third-quarter 2019 net income of $1.32 billion, compared with $1.08 billion in the year-ago quarter.
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.
