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Researched by Industrial Info Resources (Sugar Land, Texas)--Like other U.S. power companies, Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) has set a goal of net-zero carbon emissions by 2050, with an interim goal of a 50% reduction from 2005 levels by 2030. The strategy is guiding Duke's decisions in capital investments, with several renewable energy projects on the table and the relicensing of existing nuclear plants a priority.

Duke seems well on the way to achieving its emissions goals. The company exceeded 40% carbon reduction from 2005 levels in 2020. Duke has retired 54 coal-fired units, accounting for 7,100 megawatts (MW), since 2010 and has 10,000 MW of renewable energy in its system. The company is on track to have 24,000 MW of renewable energy by 2030.

Duke intends to renew the operating licenses of all 11 nuclear reactors it operates for an additional 20 years, with the most recent renewal application made this summer for its Oconee Nuclear Power Plant in South Carolina. The current licenses for all three of the 2,500-MW facility's reactors expire in the early 2030s, and the subsequent license renewals would extend the operating lives of units 1 and 2 to 2053 and Unit 3 to 2054. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can click here for the plant profile.

Duke also plans to perform uprates on Oconee's three units, boosting each unit's power by 46 MW, next year. Subscribers to Industrial Info's Global Market Intelligence Power Project Database can click here for the detailed project reports.

In a press release related to Duke's third-quarter 2021 earnings, Chief Executive Officer Lynn Good said, "Our net-zero emission goals are driving our investment strategy, long-term planning and operational execution and we are making significant progress on all fronts. Over the next decade, we have one of the largest growth capital investment plans in the country to build the infrastructure needed to support a clean energy future." Duke expects its capital investments for the next five years to be in the $60 billion to $65 billion range.

Duke announced four new solar projects in Florida in the just-passed quarter. Among the company's solar projects under construction in the state is a grassroot project in Zolfo Springs, about 75 miles southeast of Tampa. The facility will use an estimated 235,000 First Solar (NASDAQ:FSLR) (Tempe, Arizona) thin-film modules on a single-axis tracking system to achieve a nameplate capacity of 74.9 MW. Construction kicked off this summer and is expected to be completed in the first quarter of next year. Subscribers can click here for the project report.

Duke's wind projects include a grassroot windfarm in Ledyard, Iowa, construction of which kicked off this summer. The facility will use 56 4.2-MW turbines to generate 235 MW. Construction is expected to be completed by the end of next year. Wanzek Construction Incorporated (West Fargo, North Dakota) is providing engineering, procurement and construction services. Subscribers can click here for the project report.

Duke also is developing a handful of hydropower projects, such as the upgrade of four turbines at its Bad Creek Pumped-Storage Power Station in Salem, South Carolina. The turbine runners are being replaced and generators rewound to increase generation by 200 MW and extend the plant's service life. Subscribers can click here for the project report.

While renewable energy projects dominate Duke's project activity, the company also has projects tied to natural gas, which can serve as a bridge fuel to supplement renewables. Natural gas-fired projects include a liquefied natural gas (LNG)-fueled peak shaver in Fairmont, North Carolina, which will have the capacity to store and regasify 200 million cubic feet per day of LNG for use during peak times. The project is wrapping up soon. Subscribers can click here for the project report.

Duke reported third-quarter 2021 net income of $1.37 billion, compared with $1.27 billion in the corresponding period of 2020.

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.

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