US utility Duke Energy has released its energy plan comprising a framework to ensure the company provides safe, reliable, affordable and increasingly clean energy to its customers.
The plan includes embracing new technologies and business models to match the utility’s operations with transformation currently underway in the energy industry.
The roadmap will help Duke Energy to mitigate risks from climate change, reduce emissions, navigate policy uncertainty and plan future investments to deliver value for customers and investors.
The energy service provider to 7.5 million customer accounts and 1.6 million gas customers in six US states plans to:
- Continue fleet modernisation – By 2030, the company expects more than 80 percent of its generation mix to come from zero and lower CO2-emitting sources.
- Continue investments in nuclear fleet – Through 2017, this zero CO2 emissions option marked 19 consecutive years operating at a capacity factor exceeding 90 percent, and the company is evaluating the possibility of extending nuclear operating licenses.
- Expand renewables and natural gas – Invest $11 billion over 2017 to 2026 in new natural gas-fired, wind and solar generation.
- Modernise the electric grid – Invest $25 billion between 2017 and 2026 to create a smarter, more resilient grid with smart grid technologies to enable more renewables, and storm hardening and targeted undergrounding of electric lines to protect against extreme weather.
- Promote energy efficiency – Based on the expansion of existing programmes, the company expects cumulative energy savings to grow to 22,000 GWh by 2030, which is the equivalent to the annual usage of 1.8 million homes.
Duke has plans to reduce carbon emissions by 40% by 2030 to avoid its business operations accounting for a 2 degrees increase in temperature.
Lynn Good, CEO at Duke Energy, commented: “Duke Energy is building a smarter, cleaner energy future for our customers and communities by investing in new technologies to modernize and diversify our system.