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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) is targeting a 40% reduction in carbon-dioxide emissions by 2030 from 2005 levels. To this end, the company is building out its natural gas-fired and renewable generating capacity. As the company does this, it is also expanding its role in natural gas infrastructure, which it aims to make 15% of its business mix.
In the company's conference call regarding its quarterly and full-year performance, Duke Chief Executive Officer Lynn Good outlined some of the measures Duke is taking to progress with its goals. The company generated 33% of its power from coal in 2017 and intends to reduce this to 16% by 2030. In addition, renewable energy, which was responsible for 5% of Duke's generating capacity in 2017, will rise to 10% by 2030. Natural gas also will play an increasing role, rising from 28% of generation in 2017 to 42% in 2030.
Among the projects leading to Duke's cleaner energy future is construction of the W.S. Lee natural gas-fired, combined-cycle generating plant in Belton, South Carolina. Good said, "Advancing our generating strategy, the W.S. Lee plant, located in South Carolina, is near final commissioning and will start serving our Carolinas customers soon." Construction on the 750-megawatt (MW) unit began in the first half of 2015, with Fluor Corporation (NYSE:FLR) (Irving, Texas) providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report.
Other large gas-fired projects also are expected to be in service soon. "Construction progresses on our Citrus County combined-cycle plant in Florida and the Western Carolinas Modernization project in North Carolina, which are expected to be in service in 2018 and 2019, respectively," said Good. Both projects remain on time and on budget. Construction on the 1,640-MW brownfield Citrus County Power Station in Crystal River, Florida, began in late 2015. Construction is expected to be wrapped up this summer, with the plant entering commercial operation before the end of the year. Fluor is providing turnkey services for the project, which has an estimated total investment value (TIV) of $1.5 billion. For more information, see Industrial Info's project report.
The $600 million Western Carolinas Modernization project at the Asheville Power Station in Arden, North Carolina, entails constructing a 560-MW combined-cycle unit. Construction began in the fourth quarter of last year and is expected to take about two years to complete. Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) is performing EPC work. For more information, see Industrial Info's project report.
Good said the company could build up to 700 MW of solar generation in Florida, which combined with the procurement of 2,700 MW of solar power in North Carolina, would help the company to achieve its carbon-reduction plan. Duke plans to begin construction on a 75-MW solar facility in Hamilton County, Florida, this summer. Construction on the $160 million project is expected to be wrapped up in the first quarter of next year. RAI Energy International (San Jose, California) is project director. For more information, see Industrial Info's project report.
Among Duke's other carbon-reduction projects is the conversion of coal-fired units to burn natural gas at three power plants in North Carolina. The company had previously announced plans to convert units at the James E. Rogers and Belews Creek power stations, and recently announced plans to convert units at the 2,000-MW Marshall Steam Station in Terrell. Good said, "We have added Marshall Steam Station to our list of dual-fuel projects in North Carolina. ... We will use co-firing of coal and natural gas at Rogers, Belews Creek and Marshall to reduce our carbon emissions and increase our flexibility to manage costs, providing savings to customers." For more information, see January 18, 2018, article - Duke to Spend About $200 Million to Convert Four Coal-Fired Units and Industrial Info's project reports on the Rogers, Belews Creek and Marshall dual-fuel conversions.
Regarding Duke's gas infrastructure program, Good gave an update on the Atlantic Coast Pipeline (ACP), a joint venture with Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company Gas, a unit of Southern Company (NYSE:SO) (Atlanta, Georgia). The 600-mile pipeline will carry up to 1.5 billion cubic feet per day of natural gas from West Virginia to eastern North Carolina. "We're pleased to see work has started on ACP under limited notices to proceed from FERC [Federal Energy Regulatory Commission], beginning construction activities in permitted areas. After more than three years of comprehensive studies, North Carolina's Department of Environmental Quality issued key permits for the pipeline in late January. These approvals, along with permits received from the Army Corps of Engineers, bring us several steps closer to beginning full construction of this pipeline, and we await receipt of the final permits from Virginia." Good said the companies continued to target an in-service of late 2019. The total project cost is between $6 billion and $6.5 billion, of which Duke is responsible for 47%. For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina portions of the pipeline.
Duke reported fourth-quarter 2017 net income of $703 million, compared with a net loss of $227 million in fourth-quarter 2016. Full-year net income was $3.06 billion, compared with $2.15 billion in 2016.
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 conference call regarding its quarterly and full-year performance, Duke Chief Executive Officer Lynn Good outlined some of the measures Duke is taking to progress with its goals. The company generated 33% of its power from coal in 2017 and intends to reduce this to 16% by 2030. In addition, renewable energy, which was responsible for 5% of Duke's generating capacity in 2017, will rise to 10% by 2030. Natural gas also will play an increasing role, rising from 28% of generation in 2017 to 42% in 2030.
Among the projects leading to Duke's cleaner energy future is construction of the W.S. Lee natural gas-fired, combined-cycle generating plant in Belton, South Carolina. Good said, "Advancing our generating strategy, the W.S. Lee plant, located in South Carolina, is near final commissioning and will start serving our Carolinas customers soon." Construction on the 750-megawatt (MW) unit began in the first half of 2015, with Fluor Corporation (NYSE:FLR) (Irving, Texas) providing engineering, procurement and construction (EPC). For more information, see Industrial Info's project report.
Other large gas-fired projects also are expected to be in service soon. "Construction progresses on our Citrus County combined-cycle plant in Florida and the Western Carolinas Modernization project in North Carolina, which are expected to be in service in 2018 and 2019, respectively," said Good. Both projects remain on time and on budget. Construction on the 1,640-MW brownfield Citrus County Power Station in Crystal River, Florida, began in late 2015. Construction is expected to be wrapped up this summer, with the plant entering commercial operation before the end of the year. Fluor is providing turnkey services for the project, which has an estimated total investment value (TIV) of $1.5 billion. For more information, see Industrial Info's project report.
The $600 million Western Carolinas Modernization project at the Asheville Power Station in Arden, North Carolina, entails constructing a 560-MW combined-cycle unit. Construction began in the fourth quarter of last year and is expected to take about two years to complete. Chicago Bridge & Iron Company (NYSE:CBI) (The Hague, Netherlands) is performing EPC work. For more information, see Industrial Info's project report.
Good said the company could build up to 700 MW of solar generation in Florida, which combined with the procurement of 2,700 MW of solar power in North Carolina, would help the company to achieve its carbon-reduction plan. Duke plans to begin construction on a 75-MW solar facility in Hamilton County, Florida, this summer. Construction on the $160 million project is expected to be wrapped up in the first quarter of next year. RAI Energy International (San Jose, California) is project director. For more information, see Industrial Info's project report.
Among Duke's other carbon-reduction projects is the conversion of coal-fired units to burn natural gas at three power plants in North Carolina. The company had previously announced plans to convert units at the James E. Rogers and Belews Creek power stations, and recently announced plans to convert units at the 2,000-MW Marshall Steam Station in Terrell. Good said, "We have added Marshall Steam Station to our list of dual-fuel projects in North Carolina. ... We will use co-firing of coal and natural gas at Rogers, Belews Creek and Marshall to reduce our carbon emissions and increase our flexibility to manage costs, providing savings to customers." For more information, see January 18, 2018, article - Duke to Spend About $200 Million to Convert Four Coal-Fired Units and Industrial Info's project reports on the Rogers, Belews Creek and Marshall dual-fuel conversions.
Regarding Duke's gas infrastructure program, Good gave an update on the Atlantic Coast Pipeline (ACP), a joint venture with Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) and Southern Company Gas, a unit of Southern Company (NYSE:SO) (Atlanta, Georgia). The 600-mile pipeline will carry up to 1.5 billion cubic feet per day of natural gas from West Virginia to eastern North Carolina. "We're pleased to see work has started on ACP under limited notices to proceed from FERC [Federal Energy Regulatory Commission], beginning construction activities in permitted areas. After more than three years of comprehensive studies, North Carolina's Department of Environmental Quality issued key permits for the pipeline in late January. These approvals, along with permits received from the Army Corps of Engineers, bring us several steps closer to beginning full construction of this pipeline, and we await receipt of the final permits from Virginia." Good said the companies continued to target an in-service of late 2019. The total project cost is between $6 billion and $6.5 billion, of which Duke is responsible for 47%. For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina portions of the pipeline.
Duke reported fourth-quarter 2017 net income of $703 million, compared with a net loss of $227 million in fourth-quarter 2016. Full-year net income was $3.06 billion, compared with $2.15 billion in 2016.
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.
