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Released February 14, 2020 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) seems intent on increasing investment in its infrastructure. The company recently revised its five-year capital plan from a planned $50 billion in 2019-2023 to $56 billion in 2020-2024, the bulk of which will be spent in Duke's electric segment.
As Duke seeks to reduce carbon-dioxide emissions by 50% or more by 2030 from a 2005 baseline and achieve net-zero emissions by 2050, many of the company's active projects focus on renewables and increasing efficiency of natural gas units. While the company's projects cover a range of geographies, the most spending is occurring in Duke's home state of North Carolina, where Duke is underway with natural gas and solar projects.
Among Duke's projects is the conversion of four generating units at the Marshall Power Station in Terrell, North Carolina, from coal-fired to natural gas-fired units. The project is expected to be completed this quarter. Duke also is adding a 400-megawatt (MW) natural gas-fired combustion turbine to its power station in Stanley, North Carolina. The project kicked off in early 2018 and is expected to wrap up this summer. For more information, see Industrial Info's project reports on the fuel conversion and turbine addition projects.
Duke also is moving ahead with several renewable energy projects. The company announced approximately 1,500 MW of new wind and solar projects in 2019. While the company is developing solar projects in North Carolina, some of its biggest renewables projects are in Texas and Oklahoma, and it has launched an aggressive solar program in Florida.
In Newkirk, Oklahoma, Duke soon will kick off construction on a 350-MW Phase II addition to its Frontier Windfarm. Wanzek Construction Incorporated (Fargo, North Dakota) is the contractor and will construct 74 4.8-MW Nordex wind turbines at the existing site. Project completion is expected early next year. For more information, see Industrial Info's project report.
Last summer, Duke kicked off construction of a large solar farm near San Angelo, Texas. The 200-MW Rambler solar farm will use more than 753,800 Canadian Solar (NASDAQ:CSIQ) solar panels along with 54 inverters. Signal Energy Constructors (Chattanooga, Tennessee) is providing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value of $350 million and is expected to be completed this summer. For more information, see Industrial Info's project report.
In Blackwell, Texas, Duke is nearing kickoff of the 182-MW Maryneal Windfarm. The facility will use 38 4.8-MW wind turbines. Construction on the $315 million project is expected to begin this quarter and be completed by the end of the year. Wanzek is providing EPC. For more information, see Industrial Info's project report.
Duke also is developing solar plants in Florida, each with a generating capacity of around 75 MW. Among these is the DeBary solar farm in Volusia County, about 25 miles north of Orlando. The facility is being constructed on a 445-acre site and will use approximately 300,000 fixed-tilt photovoltaic panels. Construction began late last year and is expected to be completed this quarter. For more information, see Industrial Info's project report.
While not quite as prominent as its solar projects, Duke also is underway with work at some of its hydropower plants. In Salem, South Carolina, Duke is making turbine upgrades for units 1-4 at the Bad Creek pumped-storage hydropower station. The runners of the four 266-MW turbines will be replaced and generator rewinds will be performed to increase generating capacity by 200 MW total and extend service life. The project kicked off in the first half of last year and is expected to be completed in late 2022. For more information, see Industrial Info's project report.
Duke's ratcheting up of its capital program comes in the wake of strong financial results in 2019. For fourth-quarter 2019, Duke reported net income of $660 million, compared with $464 million in fourth-quarter 2018. Full-year net income was $3.7 billion, versus $2.7 billion in 2018.
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.
As Duke seeks to reduce carbon-dioxide emissions by 50% or more by 2030 from a 2005 baseline and achieve net-zero emissions by 2050, many of the company's active projects focus on renewables and increasing efficiency of natural gas units. While the company's projects cover a range of geographies, the most spending is occurring in Duke's home state of North Carolina, where Duke is underway with natural gas and solar projects.
Among Duke's projects is the conversion of four generating units at the Marshall Power Station in Terrell, North Carolina, from coal-fired to natural gas-fired units. The project is expected to be completed this quarter. Duke also is adding a 400-megawatt (MW) natural gas-fired combustion turbine to its power station in Stanley, North Carolina. The project kicked off in early 2018 and is expected to wrap up this summer. For more information, see Industrial Info's project reports on the fuel conversion and turbine addition projects.
Duke also is moving ahead with several renewable energy projects. The company announced approximately 1,500 MW of new wind and solar projects in 2019. While the company is developing solar projects in North Carolina, some of its biggest renewables projects are in Texas and Oklahoma, and it has launched an aggressive solar program in Florida.
In Newkirk, Oklahoma, Duke soon will kick off construction on a 350-MW Phase II addition to its Frontier Windfarm. Wanzek Construction Incorporated (Fargo, North Dakota) is the contractor and will construct 74 4.8-MW Nordex wind turbines at the existing site. Project completion is expected early next year. For more information, see Industrial Info's project report.
Last summer, Duke kicked off construction of a large solar farm near San Angelo, Texas. The 200-MW Rambler solar farm will use more than 753,800 Canadian Solar (NASDAQ:CSIQ) solar panels along with 54 inverters. Signal Energy Constructors (Chattanooga, Tennessee) is providing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value of $350 million and is expected to be completed this summer. For more information, see Industrial Info's project report.
In Blackwell, Texas, Duke is nearing kickoff of the 182-MW Maryneal Windfarm. The facility will use 38 4.8-MW wind turbines. Construction on the $315 million project is expected to begin this quarter and be completed by the end of the year. Wanzek is providing EPC. For more information, see Industrial Info's project report.
Duke also is developing solar plants in Florida, each with a generating capacity of around 75 MW. Among these is the DeBary solar farm in Volusia County, about 25 miles north of Orlando. The facility is being constructed on a 445-acre site and will use approximately 300,000 fixed-tilt photovoltaic panels. Construction began late last year and is expected to be completed this quarter. For more information, see Industrial Info's project report.
While not quite as prominent as its solar projects, Duke also is underway with work at some of its hydropower plants. In Salem, South Carolina, Duke is making turbine upgrades for units 1-4 at the Bad Creek pumped-storage hydropower station. The runners of the four 266-MW turbines will be replaced and generator rewinds will be performed to increase generating capacity by 200 MW total and extend service life. The project kicked off in the first half of last year and is expected to be completed in late 2022. For more information, see Industrial Info's project report.
Duke's ratcheting up of its capital program comes in the wake of strong financial results in 2019. For fourth-quarter 2019, Duke reported net income of $660 million, compared with $464 million in fourth-quarter 2018. Full-year net income was $3.7 billion, versus $2.7 billion in 2018.
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.
