The firm aims to increase its renewable energy output to 16GW by 2025 and to 40GW for regulated utilities by 2050
Duke Energy has announced an extensive expansion plan of its clean energy and emissions reduction including carbon and methane emissions and coal plant retirements.
The firm aims to double its renewable energy output to 16GW by 2025 and to 40GW for regulated utilities by 2050.
The company plans to add more than 11GW in energy storage across its portfolio by 2050 and also invest in emerging technologies.
It also plans to speed up the retirement of coal plants, adding to the 50 coal units with over 6.5GW, retired since 2010 and to retire all coal-only units by 2030 in the Carolinas.
Duke Energy expects that its current five-year capital plan will increase by $2bn to around $58bn. Furthermore, its 2025 to 2029 capital plan will be in the range between $65bn and $75bn as it pursues clean energy and renewables-driven capital requirements.
Duke Energy chair, president and CEO Lynn Good said: “We are enthusiastic about the prospect of scaling up our clean energy efforts, driving economic growth in our states and growing our business as we collaborate with stakeholders to develop smart energy policy and solutions for the future.
“Our confidence in these new commitments is grounded in Duke Energy’s strong record of results.”
Net-zero methane emissions by 2030
The company had also announced that it will reduce its methane emissions in its natural gas business to net-zero by 2030. It is also removing all of cast iron and bare steel pipes in its natural gas delivery system, thereby eliminating a major contributor to methane leakage.
It has been using new technologies to measure and monitor, operational efficiencies and damage prevention initiatives in its natural gas business. It has also been procuring natural gas from suppliers who balance low methane emissions.
Duke Energy natural gas business senior vice president Sasha Weintraub said: “Working with the industry to address upstream emissions will complement the methane emissions reduction we will achieve in our natural gas business.
“This comprehensive approach enables us to better serve the interests of our customers and meet the expectations of investors who value sound environmental practices.”