Duke Energy to invest $36bn on grid modernization and renewables expansion
Duke Energy has revealed that it has allocated investments of $25bn on grid modernization and $11bn for expanding renewable and natural gas-fired power generation over 2017 to 2026.
The company said that it will use the investment to create a smarter, more resilient grid equipped with smart grid technologies. This grid modernization work will facilitate more renewables, and storm hardening, said the utility.
Duke Energy also plans to target undergrounding of electric lines to guard them against extreme weather.
Apart from the grid modernization program, the company will put a great deal of its focus on creating new natural gas-fired, wind and solar generation.
The North Carolina-based electricity company has also outlined the measures it is taking to offer more clean energy to its customers while being a part of the transformation taking place currently in the utility industry.
In its new Climate Report, Duke Energy has detailed its ability to adapt to a low-carbon future. It has also revealed its strategy and the current steps it is taking to mitigate risks from climate change, to reduce emissions, navigate policy uncertainty apart from planning future investments.
The company said that it will continue with modernization of its fleet and by 2030, it expects more than 80% of its power generation mix to be made of zero and lower CO2-emitting sources.