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Researched by Industrial Info Resources (Sugar Land, Texas)--Hurricane Irma took a bite out of Duke Energy Corporation's (NYSE:DUK) (Charlotte, North Carolina) third-quarter results, along with a cancelled nuclear project and ongoing costs from last year's acquisition of Piedmont Natural Gas. Nonetheless, the company is pushing forward with a major natural gas-fired project in Florida and a series of upgrades and buildouts in the Carolinas. Industrial Info is tracking $7.71 billion in active projects from Duke, including more than $4 billion that are nearing or under construction.
The majority of Duke's 1.8 million customers in Florida were without power for several days during the quarter because of the hurricane, but the company still expects to wrap up one of its most ambitious projects toward the middle of next year: the $1.5 billion Citrus County Power Station in Crystal River, Florida. The natural gas-fired, combined-cycle (NGCC) power station will consist of four 270-megawatt (MW) Mitsubishi combustion turbines, with inlet air chilling and supplemental-fired heat-recovery steam generators (HRSG), and two 280-MW steam turbines, for a total output of 1,640 MW. For more information, see Industrial Info's project report.
The gas-fired power will offset the loss of nuclear power from another Duke facility in the area that is closing down. Duke had once proposed building two nuclear reactors in neighboring Levy County, but announced in 2013 that it was suspending the plan with the option to revisit it in the future, according to the Citrus County Chronicle. Recently, the Florida Public Service Commission unanimously approved a settlement between Duke and local businesses and a clean-energy group that ended any possibility of building the reactors. Duke also will pursue solar-energy projects and write off about $150 million in remaining costs associated with the nuclear project, although it will be allowed to raise base rates in coming years, according to the Chronicle.
For more information, see October 16, 2017, article - Duke Abandons Plans to Build Florida Nuclear Plant.
Western Carolinas Modernization Plan
One of Duke's most ambitious projects is the Western Carolinas Modernization Plan, which is designed to meet growing demand in the U.S. Mid-Atlantic region through the growth of natural gas-fired generation facilities and the construction of solar and hydropower plants, as well as energy-storage facilities. The long-term plan includes $13 billion in investments over roughly the next 10 years to modernize and strengthen its infrastructure in North Carolina, as well as $3 billion set for South Carolina.
The $750 million unit addition at the W.S. Lee Power Station in Belton, South Carolina, will add 750 MW to the existing natural gas-fired station through the addition of two combustion turbines and a condensed steam turbine, all from Siemens AG (Munich, Germany). It is expected to be operational in mid-2018. For more information, see Industrial Info's project report.
In North Carolina, Duke is readying for construction on its $600 million unit addition at Asheville Power Station in Arden. The 560-MW NGCC unit will feature two combustion turbines and a steam turbine, all provided by General Electric (NYSE:GE) (Fairfield, Connecticut). The project, which will help to replace aging coal-fired units in the area, is among Duke's projects to stay on course as the company delays others due to slowing energy demand, according to Charlotte Business Journal. For more information, see Industrial Info's project report.
Further north, near the border with South Carolina, Duke is preparing for a $25 million ash pond closure at a power station in Belews Creek, and already is under way on a $15 million coal-ash landfill at the Dan River Stream Station in Eden. The Dan River facility is expected to store ash from three of Duke's closed (or soon-to-be closed) coal-fired power plants, in compliance with federal coal-combustion residual rules. For more information, see Industrial Info's project reports on the Belews Creek and Dan River projects.
According to WFAE, Charlotte's National Public Radio (NPR) affiliate, Duke has removed about 13 million tons of coal ash at five plants in North Carolina, in compliance with federal and state cleanup requirements. But about 140 million tons remain buried at Duke's 14 current and former coal-fired facilities across the state, and the company has no plans to remove ash from six of those locations.
Revenues for the just-ended quarter stood at $6.48 billion, a 1.5% decrease from third-quarter 2016, while net income dropped 34% to $954 million. Lower income tax expense and higher retail revenues helped to offset some of the exceptional factors during the quarter, such as Irma and the nuclear cancellation.
Another positive development during the quarter was the Federal Energy Regulatory Commission's (FERC) approval of the Atlantic Coast Pipeline, which would run 600 miles from West Virginia to North Carolina, carrying up to 1.5 billion cubic feet per day of natural gas. Duke has partnered with Piedmont, Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company (NYSE:SO) (Atlanta, Georgia) to develop the project, which has an estimated price tag of more than $5 billion. Duke expects to begin construction before the end of the year. For more information, see October 17, 2017, article - FERC Approves Two Major Mid-Atlantic Natural Gas Pipelines.
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/.
The majority of Duke's 1.8 million customers in Florida were without power for several days during the quarter because of the hurricane, but the company still expects to wrap up one of its most ambitious projects toward the middle of next year: the $1.5 billion Citrus County Power Station in Crystal River, Florida. The natural gas-fired, combined-cycle (NGCC) power station will consist of four 270-megawatt (MW) Mitsubishi combustion turbines, with inlet air chilling and supplemental-fired heat-recovery steam generators (HRSG), and two 280-MW steam turbines, for a total output of 1,640 MW. For more information, see Industrial Info's project report.
The gas-fired power will offset the loss of nuclear power from another Duke facility in the area that is closing down. Duke had once proposed building two nuclear reactors in neighboring Levy County, but announced in 2013 that it was suspending the plan with the option to revisit it in the future, according to the Citrus County Chronicle. Recently, the Florida Public Service Commission unanimously approved a settlement between Duke and local businesses and a clean-energy group that ended any possibility of building the reactors. Duke also will pursue solar-energy projects and write off about $150 million in remaining costs associated with the nuclear project, although it will be allowed to raise base rates in coming years, according to the Chronicle.
For more information, see October 16, 2017, article - Duke Abandons Plans to Build Florida Nuclear Plant.
Western Carolinas Modernization Plan
One of Duke's most ambitious projects is the Western Carolinas Modernization Plan, which is designed to meet growing demand in the U.S. Mid-Atlantic region through the growth of natural gas-fired generation facilities and the construction of solar and hydropower plants, as well as energy-storage facilities. The long-term plan includes $13 billion in investments over roughly the next 10 years to modernize and strengthen its infrastructure in North Carolina, as well as $3 billion set for South Carolina.
The $750 million unit addition at the W.S. Lee Power Station in Belton, South Carolina, will add 750 MW to the existing natural gas-fired station through the addition of two combustion turbines and a condensed steam turbine, all from Siemens AG (Munich, Germany). It is expected to be operational in mid-2018. For more information, see Industrial Info's project report.
In North Carolina, Duke is readying for construction on its $600 million unit addition at Asheville Power Station in Arden. The 560-MW NGCC unit will feature two combustion turbines and a steam turbine, all provided by General Electric (NYSE:GE) (Fairfield, Connecticut). The project, which will help to replace aging coal-fired units in the area, is among Duke's projects to stay on course as the company delays others due to slowing energy demand, according to Charlotte Business Journal. For more information, see Industrial Info's project report.
Further north, near the border with South Carolina, Duke is preparing for a $25 million ash pond closure at a power station in Belews Creek, and already is under way on a $15 million coal-ash landfill at the Dan River Stream Station in Eden. The Dan River facility is expected to store ash from three of Duke's closed (or soon-to-be closed) coal-fired power plants, in compliance with federal coal-combustion residual rules. For more information, see Industrial Info's project reports on the Belews Creek and Dan River projects.
According to WFAE, Charlotte's National Public Radio (NPR) affiliate, Duke has removed about 13 million tons of coal ash at five plants in North Carolina, in compliance with federal and state cleanup requirements. But about 140 million tons remain buried at Duke's 14 current and former coal-fired facilities across the state, and the company has no plans to remove ash from six of those locations.
Revenues for the just-ended quarter stood at $6.48 billion, a 1.5% decrease from third-quarter 2016, while net income dropped 34% to $954 million. Lower income tax expense and higher retail revenues helped to offset some of the exceptional factors during the quarter, such as Irma and the nuclear cancellation.
Another positive development during the quarter was the Federal Energy Regulatory Commission's (FERC) approval of the Atlantic Coast Pipeline, which would run 600 miles from West Virginia to North Carolina, carrying up to 1.5 billion cubic feet per day of natural gas. Duke has partnered with Piedmont, Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company (NYSE:SO) (Atlanta, Georgia) to develop the project, which has an estimated price tag of more than $5 billion. Duke expects to begin construction before the end of the year. For more information, see October 17, 2017, article - FERC Approves Two Major Mid-Atlantic Natural Gas Pipelines.
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/.
