Duke Energy To Invest $42 Billion in Energy Upgrades over 10 Years

By Mary B. Powers

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.

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Mary B. Powers has reported on engineering and construction issues in the global energy and environmental sectors for more than 30 years from Washington, D.C. and Birmingham, Ala. She formerly wrote for the Platt's group of energy sector publications under McGraw Hill and S&P Global that included Inside Energy and Megawatt Daily, and was state editor for the Lexington, Ky., Herald Leader. Mary has a master’s degree in journalism from The American University.

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