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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) announced 650 megawatts (MW) of new power projects in second-quarter 2019 and has big plans for natural gas projects in North Carolina and solar projects in Florida. The company is awaiting key legislative decisions on its Atlantic Coast Pipeline, which will carry natural gas from West Virginia to North Carolina. Industrial Info is tracking more than $10 billion in active Duke projects.
In the company's recent earnings conference call, Chief Executive Officer Lynn Good gave an update on some of Duke's projects. Among these is one of Duke's biggest power projects, the Western Carolinas Modernization Project, which seeks to replace older generation facilities with newer, combined-cycle generation. Good said the project remains on track. She said, "On August 5, the combined-cycle plant successfully achieved first-fire, an important milestone to bring the unit online in late 2019." Construction on the 560-MW unit began in late 2017, with McDermott International Incorporated (NYSE:MDR) (Houston, Texas) providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report.
Also in North Carolina, Duke is adding a 400-MW natural gas-fired combustion turbine to its Lincoln Power Station in Stanley. Construction on the $320 million project began in early 2018 and is expected to be completed by the end of this year. For more information, see Industrial Info's project report.
The company is progressing with a liquefied natural gas (LNG) peak shaver unit in Robeson County, North Carolina. Lynn said the infrastructure would help provide customers with a reliable source of natural gas during peak-usage days, protecting them from higher natural gas prices when high demand creates price spikes. The facility will be able to regasify up to 1 billion cubic feet of LNG during peak times. Construction is in the early stages, and Lynn said the company expected the facility to be in service in 2021. For more information, see Industrial Info's project report.
Duke also is making moves in the renewables sector. Good said the company intends to install 700 MW of solar power in Florida through 2021, and was launching a 50-MW battery energy storage pilot program in the state. Among Duke's Florida solar projects is a 45-MW solar facility in Lake Placid, about 100 miles south of Orlando. Construction on the facility, which will use more than 200,000 solar modules, is in the early stages and is expected to be completed by the end of this year. For more information, see Industrial Info's project report.
Among Duke's battery energy storage projects is an 11-MW storage system that will accompany a 74.9-MW solar facility near Gilchrist, Florida. Construction on the solar facility kicked off earlier this year and is expected to wrap up by yearend. Construction of the battery energy storage system is expected to begin later this year, for completion in 2020. M.A. Mortenson Company (Minneapolis, Minnesota) is providing EPC on both projects. For more information, see Industrial Info's project reports on the solar and battery facilities.
As Duke progresses with these and other power projects, it remains mired in legislation regarding the construction of the Atlantic Coast natural gas pipeline, which it is constructing with Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and others. A U.S. appeals court in July vacated a permit by the U.S. Fish and Wildlife Service that allowed the pipeline to be built in areas inhabited by threatened or endangered species. Good said, "We are evaluating this order and will work with the Fish and Wildlife Service to resolve any deficiencies. In anticipation of this ruling, work has been underway, including survey work to address certain issues identified at the May 9 hearing and confirmed in the vacatur order. Our current expectation is that construction could resume by yearend. ... We continue to target in-service for the first phase of the project by late 2020 and full pipeline in-service by 2021." For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina sections of the pipeline.
Duke reported second-quarter 2019 net income of $820 million, compared with $500 million in the year-prior 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.
In the company's recent earnings conference call, Chief Executive Officer Lynn Good gave an update on some of Duke's projects. Among these is one of Duke's biggest power projects, the Western Carolinas Modernization Project, which seeks to replace older generation facilities with newer, combined-cycle generation. Good said the project remains on track. She said, "On August 5, the combined-cycle plant successfully achieved first-fire, an important milestone to bring the unit online in late 2019." Construction on the 560-MW unit began in late 2017, with McDermott International Incorporated (NYSE:MDR) (Houston, Texas) providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report.
Also in North Carolina, Duke is adding a 400-MW natural gas-fired combustion turbine to its Lincoln Power Station in Stanley. Construction on the $320 million project began in early 2018 and is expected to be completed by the end of this year. For more information, see Industrial Info's project report.
The company is progressing with a liquefied natural gas (LNG) peak shaver unit in Robeson County, North Carolina. Lynn said the infrastructure would help provide customers with a reliable source of natural gas during peak-usage days, protecting them from higher natural gas prices when high demand creates price spikes. The facility will be able to regasify up to 1 billion cubic feet of LNG during peak times. Construction is in the early stages, and Lynn said the company expected the facility to be in service in 2021. For more information, see Industrial Info's project report.
Duke also is making moves in the renewables sector. Good said the company intends to install 700 MW of solar power in Florida through 2021, and was launching a 50-MW battery energy storage pilot program in the state. Among Duke's Florida solar projects is a 45-MW solar facility in Lake Placid, about 100 miles south of Orlando. Construction on the facility, which will use more than 200,000 solar modules, is in the early stages and is expected to be completed by the end of this year. For more information, see Industrial Info's project report.
Among Duke's battery energy storage projects is an 11-MW storage system that will accompany a 74.9-MW solar facility near Gilchrist, Florida. Construction on the solar facility kicked off earlier this year and is expected to wrap up by yearend. Construction of the battery energy storage system is expected to begin later this year, for completion in 2020. M.A. Mortenson Company (Minneapolis, Minnesota) is providing EPC on both projects. For more information, see Industrial Info's project reports on the solar and battery facilities.
As Duke progresses with these and other power projects, it remains mired in legislation regarding the construction of the Atlantic Coast natural gas pipeline, which it is constructing with Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and others. A U.S. appeals court in July vacated a permit by the U.S. Fish and Wildlife Service that allowed the pipeline to be built in areas inhabited by threatened or endangered species. Good said, "We are evaluating this order and will work with the Fish and Wildlife Service to resolve any deficiencies. In anticipation of this ruling, work has been underway, including survey work to address certain issues identified at the May 9 hearing and confirmed in the vacatur order. Our current expectation is that construction could resume by yearend. ... We continue to target in-service for the first phase of the project by late 2020 and full pipeline in-service by 2021." For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina sections of the pipeline.
Duke reported second-quarter 2019 net income of $820 million, compared with $500 million in the year-prior 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.
