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Released February 09, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) is upbeat about its "simplified, 100% regulated growth plan," which the company detailed as it announced its results for 2023. Duke is leaving its unregulated businesses behind and focusing on more immediate needs, including improvements to its transmission and distribution system and investments in cleaner gas-fired technology. Industrial Info is tracking nearly $19 billion worth of active and planned projects from Duke, including more than $4.75 billion worth nearing or under construction.
Click on the image at right for a graph detailing active and planned projects from Duke, by fuel type.
Last year, Duke sold its unregulated, utility-scale commercial renewables business to Brookfield Renewable Partners LP (NYSE:BEP) (Toronto, Ontario) for $2.8 billion. The deal allows Duke to focus on its regulated businesses, with a renewed emphasis on improving grid stability. Duke also plans to deploy 30 gigawatts (GW) of regulated renewable energy by 2035.
"We enter 2024 with a clear vision, significant momentum and an increased $73 billion, five-year capital plan that will support our energy transition and the unprecedented growth of our jurisdiction," said Lynn Good, the chief executive officer of Duke, in a quarterly earnings-related press release. "The strength of our regulated utilities and our increasing capital profile give us confidence in our ability to deliver sustainable value and earnings growth of 5% to 7% through 2028."
The $73 billion plan represents an $8 billion increase versus Duke's previously announced plan.
As part of its efforts to bolster grid stability, Duke's Red Zone Transmission Expansion Plan (RZEP) aims to upgrade and rebuild multiple lines across the company's "red zone," which includes rural areas across North and South Carolina. The largest portions include a 41-mile stretch from Rockingham, North Carolina, to Hartsville, South Carolina; a 26-mile stretch from West End to Moncure, North Carolina; and a 23-mile stretch from Dunn to Fayetteville, North Carolina.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports for the Rockingham-to-Hartsville, West End-to-Moncure; and Dunn-to-Fayetteville projects. Subscribers also can click here for a full list of reports for projects in the RZEP.
On the regulated renewables side, Duke is preparing to begin construction in the coming weeks on its $100 million Gideon Solar Plant in Castalia, North Carolina, which is designed to generate 80 megawatts (MW) from an estimated 329,440 photovoltaic (PV) panels. About 300 miles to the west, Duke is weighing its options for a proposed solar unit addition at its Asheville Power Station in Arden, North Carolina, which currently generates 1,002 MW from natural gas. Subscribers can read detailed reports on the Gideon and Asheville projects.
Despite these solar capacity additions, Duke's efforts in North Carolina represent a significant scaling back of its renewable-energy goals in its home state. Earlier this month, Duke told North Carolina regulators that it expects electricity demand in both Carolinas to jump 12% from current levels by 2038, driven by more than two dozen economic development projects, according to Energy News Network; the company now says it hopes to cut carbon emissions from its North Carolina facilities 70% by 2035, instead of its previous goal of 2030.
Duke is pursuing more gas-fired capacity in the near term. The company is considering the conversion of a coal-fired unit at its Roxboro Power Station in Semora, North Carolina, to instead generate 410 MW from natural gas, which Duke says will reduce emissions and meet national air requirements and standards. Duke aims to end coal-fired generation at Roxboro altogether by 2035, replacing it with two natural gas-fired units; it already is at work on an ash pond closure at the facility, which will comply with federal coal-combustion residual (CCR) laws by constructing and capping two ash ponds. Subscribers can read detailed project reports on the coal-to-gas conversion and ash pond closure.
Among its most ambitious proposals is Duke's carbon-capture and sequestration (CCS) addition to its Integrated Gasification Combined Cycle plant in Edwardsport, Indiana. Under the plan, CCS technology and two heat-recovery steam generators (HRSGs) would be added to a pair of hydrogen-cooled gas turbines at the coal-fired power plant. The project is in its earliest phases, where plenty of factors can alter, delay or eliminate any potential investment. Subscribers can learn more from a detailed project report and plant profile.
"We're also taking steps to build new generation in North Carolina," Good said in an earnings-related conference call with analysts. "We'll file CPCNs [certificates of public convenience and necessity] for over 2 gigawatts of new natural gas generation in 2024. We'll continue to advance annual solar procurements, targeting 1 gigawatt per year. And in Indiana, we'll file CPCNs for new generation resources around midyear. These new facilities will add to our diverse mix of resources, and are critical to meeting growing customer demand as we reliably exit coal by 2035."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects from Duke.
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) platform 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 more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing active and planned projects from Duke, by fuel type.Last year, Duke sold its unregulated, utility-scale commercial renewables business to Brookfield Renewable Partners LP (NYSE:BEP) (Toronto, Ontario) for $2.8 billion. The deal allows Duke to focus on its regulated businesses, with a renewed emphasis on improving grid stability. Duke also plans to deploy 30 gigawatts (GW) of regulated renewable energy by 2035.
"We enter 2024 with a clear vision, significant momentum and an increased $73 billion, five-year capital plan that will support our energy transition and the unprecedented growth of our jurisdiction," said Lynn Good, the chief executive officer of Duke, in a quarterly earnings-related press release. "The strength of our regulated utilities and our increasing capital profile give us confidence in our ability to deliver sustainable value and earnings growth of 5% to 7% through 2028."
The $73 billion plan represents an $8 billion increase versus Duke's previously announced plan.
As part of its efforts to bolster grid stability, Duke's Red Zone Transmission Expansion Plan (RZEP) aims to upgrade and rebuild multiple lines across the company's "red zone," which includes rural areas across North and South Carolina. The largest portions include a 41-mile stretch from Rockingham, North Carolina, to Hartsville, South Carolina; a 26-mile stretch from West End to Moncure, North Carolina; and a 23-mile stretch from Dunn to Fayetteville, North Carolina.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports for the Rockingham-to-Hartsville, West End-to-Moncure; and Dunn-to-Fayetteville projects. Subscribers also can click here for a full list of reports for projects in the RZEP.
On the regulated renewables side, Duke is preparing to begin construction in the coming weeks on its $100 million Gideon Solar Plant in Castalia, North Carolina, which is designed to generate 80 megawatts (MW) from an estimated 329,440 photovoltaic (PV) panels. About 300 miles to the west, Duke is weighing its options for a proposed solar unit addition at its Asheville Power Station in Arden, North Carolina, which currently generates 1,002 MW from natural gas. Subscribers can read detailed reports on the Gideon and Asheville projects.
Despite these solar capacity additions, Duke's efforts in North Carolina represent a significant scaling back of its renewable-energy goals in its home state. Earlier this month, Duke told North Carolina regulators that it expects electricity demand in both Carolinas to jump 12% from current levels by 2038, driven by more than two dozen economic development projects, according to Energy News Network; the company now says it hopes to cut carbon emissions from its North Carolina facilities 70% by 2035, instead of its previous goal of 2030.
Duke is pursuing more gas-fired capacity in the near term. The company is considering the conversion of a coal-fired unit at its Roxboro Power Station in Semora, North Carolina, to instead generate 410 MW from natural gas, which Duke says will reduce emissions and meet national air requirements and standards. Duke aims to end coal-fired generation at Roxboro altogether by 2035, replacing it with two natural gas-fired units; it already is at work on an ash pond closure at the facility, which will comply with federal coal-combustion residual (CCR) laws by constructing and capping two ash ponds. Subscribers can read detailed project reports on the coal-to-gas conversion and ash pond closure.
Among its most ambitious proposals is Duke's carbon-capture and sequestration (CCS) addition to its Integrated Gasification Combined Cycle plant in Edwardsport, Indiana. Under the plan, CCS technology and two heat-recovery steam generators (HRSGs) would be added to a pair of hydrogen-cooled gas turbines at the coal-fired power plant. The project is in its earliest phases, where plenty of factors can alter, delay or eliminate any potential investment. Subscribers can learn more from a detailed project report and plant profile.
"We're also taking steps to build new generation in North Carolina," Good said in an earnings-related conference call with analysts. "We'll file CPCNs [certificates of public convenience and necessity] for over 2 gigawatts of new natural gas generation in 2024. We'll continue to advance annual solar procurements, targeting 1 gigawatt per year. And in Indiana, we'll file CPCNs for new generation resources around midyear. These new facilities will add to our diverse mix of resources, and are critical to meeting growing customer demand as we reliably exit coal by 2035."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects from Duke.
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) platform 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 more than 200,000 current and future projects worth $17.8 trillion (USD).
