Duke Energy will invest about $42 billion during the next 10 years in electric generation, the power grid and natural gas projects, CEO Lynn Good said May 4.
The largest share, $25 billion, will be used to modernize the electric grid to improve reliability, including $13 billion to strengthen and upgrade its system in North Carolina. The company owns the largest electric grid in the United States.
About $11 billion will be invested in natural gas-fired generation and renewable generation. The company has reduced its carbon emissions by nearly 30% since 2005 and set a goal to reduce emissions 40% from 2005 levels by 2030.
While investments in generation and the power grid will be made over 10 years, Duke plans to invest $6 billion during the next five years in its natural gas infrastructure, including midstream gas pipelines. It also will invest in infrastructure to supply fuel to gas-fired plants, Good said during the company’s annual shareholder meeting.
Duke operates primarily the southeast, with utilities in North Carolina, South Carolina, Kentucky, Ohio, Indiana, Florida and Tennessee.