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Researched by Industrial Info Resources (Sugar Land, Texas)--Despite enduring Hurricane Florence, which led to more than 1.8 million power outages in North Carolina and South Carolina, power company Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) reported strong results for the third quarter. The company posted third-quarter 2018 net profit of $1.08 billion, compared with $954 million in the prior-year quarter. Hurricane Florence was followed in the fourth quarter by Hurricane Michael, which made landfall in Florida. The hurricanes do not appear to have slowed the progression of Duke's capital projects. Industrial Info is tracking $10.7 billion of active Duke Energy projects.
Click on the image at right for a breakdown by market region of active Duke Energy projects.
Chief Executive Officer Lynn Good spoke of the hurricanes' effects and the company's progress on its projects. Good said that Hurricane Florence "was a massive, slow-moving storm that made landfall on the North Carolina coast in early September, causing widespread devastation and record-setting rainfall. Ahead of the storm, we assembled our largest restoration force ever in the Carolinas, over 20,000 workers to prepare and immediately begin restoring power when it was safe to do so. ... Despite extensive flooding, the environment around our facilities, including ash basins, remained well protected."
"Only weeks later, Hurricane Michael made landfall in early October on the Florida Panhandle. Michael triggered over 70,000 power outages in our Florida service territory before moving north and causing over 1.1 million outages in the Carolinas. More than 15,000 workers contributed to the restoration efforts." Duke will request the majority of the costs caused by these hurricanes be deferred for future recovery.
Among Duke's largest capital projects is the $1.5 billion Citrus County Power Station in Crystal River, Florida. Good said, "We are nearing completion of our 1,600-megawatt (MW) Citrus County natural gas, combined-cycle plant in Florida. The first unit came online in October. We have successfully achieved initial firing of Unit 2, which is on track to start serving customers in December." Construction on the facility began in 2015, with Fluor Corporation (NYSE:FLR) (Irving, Texas) providing turnkey services. The facility will use Mitsubishi equipment. For more information, see Industrial Info's project report.
"Construction continues at our natural gas, combined-cycle plant in Asheville [North Carolina] as part of our Western Carolinas Modernization Project," said Good. "The plant is 50% complete and remains on track for the expected late-2019 in-service date." Construction on the 560-MW unit began in the fourth quarter of last year. McDermott International Incorporated (NYSE:MDR) (Houston, Texas) is providing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value (TIV) of $600 million. For more information, see Industrial Info's project report.
Good said Duke has approximately 300 MW of wind and solar projects in development. Among these is the 74.9-MW Hamilton County photovoltaic solar plant near Jasper, Florida. The facility, which has an estimated TIV of $160 million, will use 300,000 solar panels. Construction began this summer and is planned to wrap up in first-quarter 2019. M.A. Mortenson Company (Minneapolis, Minnesota) is providing EPC. For more information, see Industrial Info's project report.
In Stanley, Florida, Duke is in the late engineering stage for the addition of a 400-MW natural gas-fired, combined-cycle turbine at its Lincoln site. Siemens Energy Incorporated (Orlando, Florida) is providing design-build services. The project is expected to kick off by the end of the year and be completed in the first half of 2020. For more information, see Industrial Info's project report.
Outside of its service territory in the southeast U.S., Duke is underway with a turbine generator uprate at its Markland hydropower station in Florence, Indiana. The $152 million project will increase the capacity of three 22-MW turbine generators by 3 MW each, improve reliability and extend service life. The project began in the third quarter of last year and will be completed in 2021. Voith Hydro Incorporated (York, Pennsylvania) is the technology provider. For more information, see Industrial Info's project report.
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.
Click on the image at right for a breakdown by market region of active Duke Energy projects.Chief Executive Officer Lynn Good spoke of the hurricanes' effects and the company's progress on its projects. Good said that Hurricane Florence "was a massive, slow-moving storm that made landfall on the North Carolina coast in early September, causing widespread devastation and record-setting rainfall. Ahead of the storm, we assembled our largest restoration force ever in the Carolinas, over 20,000 workers to prepare and immediately begin restoring power when it was safe to do so. ... Despite extensive flooding, the environment around our facilities, including ash basins, remained well protected."
"Only weeks later, Hurricane Michael made landfall in early October on the Florida Panhandle. Michael triggered over 70,000 power outages in our Florida service territory before moving north and causing over 1.1 million outages in the Carolinas. More than 15,000 workers contributed to the restoration efforts." Duke will request the majority of the costs caused by these hurricanes be deferred for future recovery.
Among Duke's largest capital projects is the $1.5 billion Citrus County Power Station in Crystal River, Florida. Good said, "We are nearing completion of our 1,600-megawatt (MW) Citrus County natural gas, combined-cycle plant in Florida. The first unit came online in October. We have successfully achieved initial firing of Unit 2, which is on track to start serving customers in December." Construction on the facility began in 2015, with Fluor Corporation (NYSE:FLR) (Irving, Texas) providing turnkey services. The facility will use Mitsubishi equipment. For more information, see Industrial Info's project report.
"Construction continues at our natural gas, combined-cycle plant in Asheville [North Carolina] as part of our Western Carolinas Modernization Project," said Good. "The plant is 50% complete and remains on track for the expected late-2019 in-service date." Construction on the 560-MW unit began in the fourth quarter of last year. McDermott International Incorporated (NYSE:MDR) (Houston, Texas) is providing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value (TIV) of $600 million. For more information, see Industrial Info's project report.
Good said Duke has approximately 300 MW of wind and solar projects in development. Among these is the 74.9-MW Hamilton County photovoltaic solar plant near Jasper, Florida. The facility, which has an estimated TIV of $160 million, will use 300,000 solar panels. Construction began this summer and is planned to wrap up in first-quarter 2019. M.A. Mortenson Company (Minneapolis, Minnesota) is providing EPC. For more information, see Industrial Info's project report.
In Stanley, Florida, Duke is in the late engineering stage for the addition of a 400-MW natural gas-fired, combined-cycle turbine at its Lincoln site. Siemens Energy Incorporated (Orlando, Florida) is providing design-build services. The project is expected to kick off by the end of the year and be completed in the first half of 2020. For more information, see Industrial Info's project report.
Outside of its service territory in the southeast U.S., Duke is underway with a turbine generator uprate at its Markland hydropower station in Florence, Indiana. The $152 million project will increase the capacity of three 22-MW turbine generators by 3 MW each, improve reliability and extend service life. The project began in the third quarter of last year and will be completed in 2021. Voith Hydro Incorporated (York, Pennsylvania) is the technology provider. For more information, see Industrial Info's project report.
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.
