Duke Energy's new Climate Report details the company's ability to adapt to a low-carbon future

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Mar 22, 2018, 07:50 ET

CHARLOTTE, N.C., March 22, 2018 /PRNewswire/ -- Duke Energy today outlined steps it is taking to provide safe, reliable, affordable and increasingly clean energy to its customers while embracing the transformation underway in the utility industry.

The report details the company's strategy and ongoing efforts to mitigate risks from climate change, reduce emissions, navigate policy uncertainty and plan future investments to deliver value for customers and investors.

"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," said Lynn Good, Duke Energy's chairman, president and CEO. "We are pleased to share this report with shareholders and others who are interested in learning more about our commitment to continue lowering carbon emissions."

Report highlights

Continue fleet modernization – By 2030, the company expects more than 80 percent of its generation mix to come from zero and lower CO₂-emitting sources.
Continue investments in nuclear fleet – Through 2017, this zero CO₂ emissions option marked 19 consecutive years operating at a capacity factor exceeding 90 percent, and the company is evaluating the possibility of extending nuclear operating licenses.
Expand renewables and natural gas – Invest $11 billion over 2017 to 2026 in new natural gas-fired, wind and solar generation.
Modernize the electric grid – Invest $25 billion between 2017 and 2026 to create a smarter, more resilient grid with smart grid technologies to enable more renewables, and storm hardening and targeted undergrounding of electric lines to protect against extreme weather.
Promote energy efficiency – Based on the expansion of existing programs, the company expects cumulative energy savings to grow to 22,000 GWh by 2030, which is the equivalent to the annual usage of 1.8 million homes.

The report also includes a "2-degree scenario" analysis of the potential long-term impacts on the company's generation fleet associated with the possibility of reducing CO₂emissions consistent with limiting global warming to no more than 2 degrees Celsius over pre-industrial levels. The analysis is based on a number of assumptions and reflects just one possible pathway the company could take to achieve carbon reductions. The company's current carbon goal to reduce CO₂ emissions 40 percent by 2030 is consistent with a pathway to achieve a science-based 2-degree target.

To read Duke Energy's 2017 Climate Report to Shareholders, visit duke-energy.com/our-company/sustainability.

Duke Energy

Headquartered in Charlotte, N.C., Duke Energy is one of the largest energy holding companies in the United States. Its Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest. The company's Gas Utilities and Infrastructure business unit distributes natural gas to approximately 1.6 million customers in the Carolinas, Ohio, Kentucky and Tennessee. Its Commercial Renewables business unit operates a growing renewable energy portfolio across the United States.

Duke Energy is a Fortune 125 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.

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