Duke Energy plans 8,000 MW of renewables by 2020

Dive Brief:

Duke Energy's 2016 Sustainability Report calls for the company to own or purchase 8,000 MW of renewable capacity by 2020, boosting its renewables goal by 33%.
In 2013, the company's sustainability plan called for 6,000 MW of clean energy resources. At the end of last year, Duke owned or purchased nearly 4,400 MW of wind, solar and biomass, almost half of which was wind.
Over 40% of the company's generation today is carbon free, according to the report, thanks in large part to Duke's nuclear plants. CEO Lynn Good said Duke is interested in pursuing new nuclear as well.

Dive Insight:

Like many utilities, Duke Energy is navigating the transition from fossil fuels to cleaner energy resources.

Duke Energy will almost double the clean energy resources it currently controls in the next four years. The company plans to reach 8,000 MW by 2020, up from 4,400 MW at the end of 2015. As of the end of 2015, the company's renewables fleet was made up of 49% wind, 39% solar and 12% biomass. But the company's generation base is much larger: Overall, Duke Energy operates more than 52,000 MW in the U.S.

“Duke Energy is accelerating the pace of our renewable energy program allowing us to increase our goal for wind, solar and biomass on our system,” said Cari Boyce, vice president of policy, sustainability and stakeholder strategy. “Renewable energy will continue to be a growing part of our generation mix in the future.”

Highlighting other sustainability goals in the 10th edition of its Sustainability Report, Duke noted that overall carbon dioxide emissions from generation last year were 28% below levels from a decade ago, and about 6% below 2014 levels.

The company's carbon intensity, or the measure of carbon dioxide released per KWh of power produced, is 23% lower than 2005 levels. And since 2009, Duke said it has provided more than 70 million "deeply discounted energy-efficient lighting products to our customers."

In a letter to customers, Duke Energy President and CEO Lynn Good emphasized that nuclear generation is a key part of the company's carbon-free power portfolio, and that the company plans to look at the potential for new nuclear builds. In recent times, nuclear plants have been challenged in wholesale markets by the influx of cheap gas and renewables coming onto the system.

"Last year, more than 40% of our electricity came from carbon-free sources – largely due to our nuclear fleet, which accounted for a third of our total generation in 2015," Good said. "We are evaluating extending the life of our existing nuclear plants and possibly building new ones."