• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours UK, Stay in EU, Says Tusk
  • 3 hours Nuclear Power Can Be Green – But At A Price
  • 13 mins Chevron to Boost Spend on Quick-Return Projects
  • 20 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 8 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 17 hours Venezuela continues to sink in misery
  • 10 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 7 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day How Is Greenland Dealing With Climate Change?
  • 10 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 2 hours Regular Gas dropped to $2.21 per gallon today
Oil Prices Lag Despite Early OPEC Cuts

Oil Prices Lag Despite Early OPEC Cuts

OPEC already started cutting crude…

Chevron And Occidental Join Bill Gates Backed Tech Company

Chevron And Occidental Join Bill Gates Backed Tech Company

Chevron and Occidental Petroleum recently…

Duke Energy To Invest $36B In Renewables, Grid Modernization

Solar panel

One of the largest U.S. energy holding companies, Duke Energy, plans to invest US$36 billion to expand its renewables and natural gas power generation and to modernize the electric grid as part of efforts to cut emissions.

In its new Climate Report, North Carolina-based Duke Energy outlined steps to cut emissions, mitigate risks from climate change, and plan for a low-carbon future.

As part of these efforts, Duke Energy—which serves 7.5 million customers in six states in the Southeast and Midwest—plans to invest US$25 billion between 2017 and 2026 to modernize the electric grid to create a more resilient and smart grid to enable more renewables, and to protect electric lines against extreme weather.

Duke Energy will spend another US$11 billion between 2017 and 2026 to expand renewables and natural gas power generation, and those investments will go to new natural gas-fired, wind, and solar generation.

The company also plans to continue investment in its nuclear power generation and is evaluating the possibility of extending nuclear operating licenses.

By 2030, Duke Energy expects more than 80 percent of its generation mix to come from zero and lower CO2-emitting sources.

Apart from investing in new cleaner power generation, the company expects to achieve this goal by cutting the share of coal in its generation capacity by half, to 16 percent by 2030. Under a ‘2-degree scenario’ in its Climate Report, Duke Energy would phase out coal completely by 2050, reducing its carbon emissions to nearly three-quarters below 2005 levels.

Related: An Innovative Solution To Solar's Biggest Problem

Duke Energy’s target to reduce CO2 emissions by 40 percent by 2030 is consistent with a pathway to achieve a science-based 2-degree target, it said.

“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,” Lynn Good, Duke Energy’s chairman, president and CEO, said in the company statement.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News