Duke Energy doubles renewable portfolio goal to 16 GW by 2025

Duke Energy announced an extensive expansion of its clean energy and emissions reduction plans to significantly increase the company’s carbon and methane reductions, coal plant retirements and renewable energy generation goals.

The sweeping plans were announced at the company’s inaugural environmental, social and governance (ESG) day. The virtual investor event featured Duke Energy’s senior executives who detailed the company’s ESG initiatives and unveiled new programs aimed at enhancing the company’s long-term commitment to delivering clean energy to the communities that it serves.

“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,” said Duke Energy chair, president and CEO Lynn Good. “Our confidence in these new commitments is grounded in Duke Energy’s strong record of results.”

The 10-year capital investment vision reflects long-term commitment, accelerates decarbonization

As the company executes and continues to evaluate the five-year plan announced in early 2020, the long-term opportunities and capital investment needs are becoming clearer, allowing management to provide a longer, 10-year capital investment vision that aligns with cleaner energy commitments.

This capital plan will enable Duke Energy to:

• Double its enterprise-wide renewable portfolio from 8 GW to 16 GW by 2025, at least triple renewable capacity for its regulated utilities by 2030, and bring its regulated renewable capacity total to 40 GW by 2050;
• Add more than 11,000 MW of energy storage across Duke’s 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 MW, retired since 2010; and
• Retire all coal-only units by 2030 in the Carolinas.

These actions reinforce Duke Energy’s progress to date and focus on building a smarter, cleaner energy future across the Carolinas, Midwest and Florida.

News item from Duke Energy

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Original Source: https://www.solarpowerworldonline.com/2020/10/duke-energy-doubles-renewable-portfolio-goal-to-16-gw-by-2025/