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Duke Energy Plans To Scale Up Clean Energy Efforts


The company has a vision of a decade of “capital investment” whereby reflecting long-term commitment which will help in acceleration of decarbonisation.

Dailycsr.com – 14 October 2020 – In an announcement, Duke Energy revealed that it will be expanding extensively its “clean energy and emissions reduction plans” in an attempt to make a significant increment in its “carbon and methane reductions”, generation of renewable energy and “coal plant retirement” goals.
During the “inaugural environmental, social and governance” day of Duke Energy at a “virtual investor event”, the above mentioned sweeping plans were presented, while event brought together senior executives of the company who described the ESG initiative as well as new programmes undertaken by the company to enhance its “long-term commitment” of supplying clean energy.
In the words of the Chairperson, President as well as the Chief Executive of Duke Energy, Lynn Good:
“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.”
The company has a vision of a decade of “capital investment” whereby reflecting long-term commitment which will help in acceleration of decarbonisation. Moreover, company continues to evaluate the five years long plan that was revealed in 2020. As a result, the future opportunities as well as needs for capital investments are “becoming clearer” which in turn is helping the management to give shape to “10-year capital investment vision” which is aligned with the commitments towards cleaner energy.
Here are the results of the capital plans for Duke Energy, as mentioned by its press release:
  • “Double its enterprise-wide renewable portfolio from 8 gigawatts to 16 gigawatts by 2025, at least triple renewable capacity for our regulated utilities by 2030, and bring our regulated renewable capacity total to 40 gigawatts by 2050;
  • “Add more than 11,000 megawatts of energy storage across our system by 2050 and continue to invest and advocate for emerging technologies;
  • “Accelerate the amount of coal plants it plans to retire, adding to the 50 coal units, which total more than 6,500 megawatts, retired since 2010; and
  • “Retire all coal-only units by 2030 in the Carolinas”.
While, the CFO of Duke Energy, Steve Young added:
“The growth we’re already seeing, as well as the clean energy policies across our jurisdictions, allows us to stretch our capital plan’s runway and greatly expand our investments in our generation fleet and grid, which in turn will deliver significant value to our investors and the communities that we serve”.
Moreover, the company has also expanded its commitments towards the environment through “net-zero methane target by 2030”. And the Senior Vice-President of Natural Gas Business at Duke Energy, Sasha Weintraub:
“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.”