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Released May 11, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) Chief Executive Officer Lynn Good said Tuesday the company plans to spend about $36 billion through 2027 to update its transmission and distribution (T&D) system, which accounts for half of the company's five-year capital spend of $65 billion. Industrial Info is tracking more than $12 billion worth of active Duke Energy projects, including more than $4.3 billion in renewable-power projects and nearly $1 billion in T&D projects.
"The grid is a critical part of our energy transition and with more than 320,000 line miles," Good said. "We operate the largest transmission and distribution system in the nation. The foundation of our grid plan is focused on improving reliability and resiliency, preparing the grid for renewables, and enabling electrification."
Industrial Info is tracking about $936 million in proposed T&D projects from Duke Energy, including more than $300 million that would upgrade aging transmission lines traversing North and South Carolina. The latter projects, which are all part of the company's RZEP Transmission Expansion Plan, include upgrading 23 miles of 230-kilovolt (kV) overhead transmission line, and 8.7 miles of 115-kV line, that run from the Erwin Substation in Dunn, North Carolina, to the Fayetteville East Substation in Raleigh. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can see detailed project reports. Two other projects entail upgrading 41 miles of 230-kV line and 17 miles of 115-kV line, respectively, that run from the Rockingham Substation in Reidsville, North Carolina, to the H B Robinson Substation in Hartsville, South Carolina; see project reports.
In terms of new construction, Duke Energy plans to spend $32 million to construct the new the Osprey Energy Center-Kathleen Transmission Line in Florida, which would stretch 24 miles from the Osprey Energy Center Substation in Saint Petersburg to the Kathleen Substation in Lakeland. Click here for the project report.
Last month, the company announced it had completed two solar-power projects in Florida. For more information on the projects and Duke's efforts in the state, see Industrial Info's April 17, 2023, article - Duke Energy Completes Two Solar Projects in Florida.
As part of its first-quarter earnings review and business update presentation, Duke Energy said it plans to own, operate or contract 30,000 megawatts (MW) of wind and solar power by 2035. One of the company's largest solar-generation projects is the proposed $460 million Turtle Creek solar plant in New Lebanon, Indiana, which would generate 400 MW from photovoltaic (PV) solar modules. Subscribers can see a detailed project report.
Despite its ongoing renewables strategy, the company aims to sell off its commercial renewables arm, which owns and operates solar and wind farms that sell energy to other utilities, businesses and institutions. In the first-quarter earnings call, CEO Good provided an update on the effort, which features two separate sales (its utility-scale and distributed-energy businesses). She noted both transactions are in their late stages, with negotiations and marketing complete amid ongoing discussions with "select bidders." Both transactions are expected to close in the second half of the year.
In a November 2022 interview with WFAE, Charlotte, North Carolina's National Public Radio (NPR) affiliate, Duke Energy Chief Financial Officer Brian Savoy said the proceeds would be used to pay off corporate debt, freeing up capital for future investment in its regulated energy business.
Duke reported lower first-quarter results year over year, driven by "unfavorable weather, higher interest expenses and lower volumes." Warmer-than-normal weather lowered customers' electricity needs; Duke's Electric Utilities and Infrastructure segment, which serves 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, saw year-over-year income fall about 12% to $791 million.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article and click here for a full list of plant profiles.
Click here for a list of all Duke Energy projects tracked by Industrial Info.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
"The grid is a critical part of our energy transition and with more than 320,000 line miles," Good said. "We operate the largest transmission and distribution system in the nation. The foundation of our grid plan is focused on improving reliability and resiliency, preparing the grid for renewables, and enabling electrification."
Industrial Info is tracking about $936 million in proposed T&D projects from Duke Energy, including more than $300 million that would upgrade aging transmission lines traversing North and South Carolina. The latter projects, which are all part of the company's RZEP Transmission Expansion Plan, include upgrading 23 miles of 230-kilovolt (kV) overhead transmission line, and 8.7 miles of 115-kV line, that run from the Erwin Substation in Dunn, North Carolina, to the Fayetteville East Substation in Raleigh. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can see detailed project reports. Two other projects entail upgrading 41 miles of 230-kV line and 17 miles of 115-kV line, respectively, that run from the Rockingham Substation in Reidsville, North Carolina, to the H B Robinson Substation in Hartsville, South Carolina; see project reports.
In terms of new construction, Duke Energy plans to spend $32 million to construct the new the Osprey Energy Center-Kathleen Transmission Line in Florida, which would stretch 24 miles from the Osprey Energy Center Substation in Saint Petersburg to the Kathleen Substation in Lakeland. Click here for the project report.
Last month, the company announced it had completed two solar-power projects in Florida. For more information on the projects and Duke's efforts in the state, see Industrial Info's April 17, 2023, article - Duke Energy Completes Two Solar Projects in Florida.
As part of its first-quarter earnings review and business update presentation, Duke Energy said it plans to own, operate or contract 30,000 megawatts (MW) of wind and solar power by 2035. One of the company's largest solar-generation projects is the proposed $460 million Turtle Creek solar plant in New Lebanon, Indiana, which would generate 400 MW from photovoltaic (PV) solar modules. Subscribers can see a detailed project report.
Despite its ongoing renewables strategy, the company aims to sell off its commercial renewables arm, which owns and operates solar and wind farms that sell energy to other utilities, businesses and institutions. In the first-quarter earnings call, CEO Good provided an update on the effort, which features two separate sales (its utility-scale and distributed-energy businesses). She noted both transactions are in their late stages, with negotiations and marketing complete amid ongoing discussions with "select bidders." Both transactions are expected to close in the second half of the year.
In a November 2022 interview with WFAE, Charlotte, North Carolina's National Public Radio (NPR) affiliate, Duke Energy Chief Financial Officer Brian Savoy said the proceeds would be used to pay off corporate debt, freeing up capital for future investment in its regulated energy business.
Duke reported lower first-quarter results year over year, driven by "unfavorable weather, higher interest expenses and lower volumes." Warmer-than-normal weather lowered customers' electricity needs; Duke's Electric Utilities and Infrastructure segment, which serves 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, saw year-over-year income fall about 12% to $791 million.
Subscribers to Industrial Info's GMI project and plant databases can click here for a full list of detailed reports for projects mentioned in this article and click here for a full list of plant profiles.
Click here for a list of all Duke Energy projects tracked by Industrial Info.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
