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Released June 14, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) is focusing its renewable-energy efforts on the growth of its regulated businesses, following its agreement earlier this week to sell its unregulated Commercial Renewables business to Brookfield Renewable Partners LP (NYSE:BEP) (Toronto, Ontario) for $1.05 billion. Duke aims to become "a purely regulated company with significant grid and clean-energy investment plans," according to its chief executive officer. Industrial Info is tracking more than $4.3 billion worth of renewable-energy projects from Duke, and about $2.7 billion from Brookfield.
Click on the image at right for a graph detailing Duke's active renewable-energy projects, by U.S. state.
Duke aims to incorporate more than 30,000 megawatts (MW) of regulated renewable energy into its system by 2035. The bulk of its investments are in the Mid-Atlantic and Southeastern regions of the U.S., including $200 million in upgrades to the Bad Creek Pump-Storage Power Station in Salem, South Carolina, which involves replacing 1,064 MW worth of turbines with newer models. This will add 200 MW to the plant's total output and extend its operational life. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
Duke also recently started construction on its Mule Creek Renewable Energy Center in Panama City, Florida, which would generate about 75 MW from photovoltaic (PV) panels provided by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona). Duke expects to finish construction in early 2024. Subscribers can learn more from Industrial Info's detailed project report.
This summer, Duke plans to finish construction on its $65 million Black Mesa Solar Plant in King Hill, Idaho, which is expected to generate 40 MW from 200,000 First Solar PV panels. Earlier this year, Duke placed into commercial operation the 120-MW Jackpot Solar project in Twin Falls County, Idaho, which is now the state's largest solar facility. Both facilities are operating under power-purchase agreements with electric utility Idaho Power (Boise, Idaho). Subscribers can read detailed reports on the Black Mesa and Jackpot projects.
At last week's Reuters Global Energy Transition conference, Brian Savoy, the chief financial officer for Duke, said the company plans to spend $65 billion over the next five years to transition to low-carbon energy sources. About 55% of the total will be spent on the power grid, with the remainder focused on renewably sourced generation. Savoy said Duke expects to cut carbon emissions by more than 50% by 2030 and achieve net-zero carbon emissions by 2050, which will be accomplished partly by closing its remaining 16,000 MW of coal-fired power plants.
The sale of Duke's Commercial Renewables business to Brookfield includes more than 3,400 MW of utility-scale solar, wind and battery-storage across the U.S., in addition to projects under construction. The sale, which is subject to regulatory approval by the Federal Energy Regulatory Commission (FERC) and other closing conditions, is expected to close by the end of 2023, according to both companies.
Brookfield's purchase of the business is its latest in a series of renewable-energy acquisitions over the past year. In the second half of 2022, Brookfield spent more than $2 billion to acquire Scout Clean Energy and Standard Solar, the latter of which focuses on commercial and community-distributed solar. The Scout subsidiary is seeking permits for the proposed Blue Sky Solar Plant near Dwight, Illinois, which would generate 300 MW for the power grid via nearly 1 million PV panels. Subscribers can learn more from Industrial Info's project report.
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 list of detailed reports for active or proposed renewable projects from Duke, and click here for a list of detailed reports for active or proposed renewable projects from Brookfield.
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 Duke's active renewable-energy projects, by U.S. state.Duke aims to incorporate more than 30,000 megawatts (MW) of regulated renewable energy into its system by 2035. The bulk of its investments are in the Mid-Atlantic and Southeastern regions of the U.S., including $200 million in upgrades to the Bad Creek Pump-Storage Power Station in Salem, South Carolina, which involves replacing 1,064 MW worth of turbines with newer models. This will add 200 MW to the plant's total output and extend its operational life. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
Duke also recently started construction on its Mule Creek Renewable Energy Center in Panama City, Florida, which would generate about 75 MW from photovoltaic (PV) panels provided by First Solar Incorporated (NASDAQ:FSLR) (Tempe, Arizona). Duke expects to finish construction in early 2024. Subscribers can learn more from Industrial Info's detailed project report.
This summer, Duke plans to finish construction on its $65 million Black Mesa Solar Plant in King Hill, Idaho, which is expected to generate 40 MW from 200,000 First Solar PV panels. Earlier this year, Duke placed into commercial operation the 120-MW Jackpot Solar project in Twin Falls County, Idaho, which is now the state's largest solar facility. Both facilities are operating under power-purchase agreements with electric utility Idaho Power (Boise, Idaho). Subscribers can read detailed reports on the Black Mesa and Jackpot projects.
At last week's Reuters Global Energy Transition conference, Brian Savoy, the chief financial officer for Duke, said the company plans to spend $65 billion over the next five years to transition to low-carbon energy sources. About 55% of the total will be spent on the power grid, with the remainder focused on renewably sourced generation. Savoy said Duke expects to cut carbon emissions by more than 50% by 2030 and achieve net-zero carbon emissions by 2050, which will be accomplished partly by closing its remaining 16,000 MW of coal-fired power plants.
The sale of Duke's Commercial Renewables business to Brookfield includes more than 3,400 MW of utility-scale solar, wind and battery-storage across the U.S., in addition to projects under construction. The sale, which is subject to regulatory approval by the Federal Energy Regulatory Commission (FERC) and other closing conditions, is expected to close by the end of 2023, according to both companies.
Brookfield's purchase of the business is its latest in a series of renewable-energy acquisitions over the past year. In the second half of 2022, Brookfield spent more than $2 billion to acquire Scout Clean Energy and Standard Solar, the latter of which focuses on commercial and community-distributed solar. The Scout subsidiary is seeking permits for the proposed Blue Sky Solar Plant near Dwight, Illinois, which would generate 300 MW for the power grid via nearly 1 million PV panels. Subscribers can learn more from Industrial Info's project report.
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 list of detailed reports for active or proposed renewable projects from Duke, and click here for a list of detailed reports for active or proposed renewable projects from Brookfield.
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).
