| Duke Energy to Withdraw a Coal Facility & Modernize Plants - Analyst Blog | |
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As utilities are turning away from coal for power generation, natural gas and renewables are becoming increasingly popular due to their clean burning nature. Electric utility provider, Duke Energy Corporation DUK revealed plans to retire its coal-fired Asheville plant in North Carolina. The retirement procedure could take four to five years.
The retiring of the 376 megawatt (“MW”) Asheville plant is part of a broader project called Western Carolina Modernization. The project outlines other activities which include – modernization of generation and transmission system in western North Carolina and upstate South Carolina for $320 million, investment of around $750 million to build a 650 MW natural gas-fired power plant and finally installation of a solar facility at the site.
These reconstruction activities have become the call of the day given the rising energy demand in the region, which has almost doubled in the last four decades. Demand grew so much that the region had to import almost 400 MW of power during peak times to ensure that the required load was met. Power demand in the region is expected to grow about 15% over the next 10 years.
Apart from offering increased generation through more efficient power plant designs, combined-cycle technology will also assist in lowering the overall cost of production, bringing in savings for the customers.
Another utility, NextEra Energy Inc. NEE, with an objective to lower emission, has filed a petition with regulatory authorities seeking approval for acquiring a 250 MW coal-fired facility, the Cedar Bay Generating Plant in Jacksonville, only to phase the plant out of service.
Per the U.S. Energy Information Administration (“EIA”), 4.1 gigawatts (“GW”) of coal capacity was retired last year and plant operators plan to retire 12.8 GW of coal capacity in 2015. Thanks to these environment friendly and decarbonizing efforts from the utilities, carbon emission through coal has declined significantly over the past few years.
Zacks Rank
Duke Energy currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the electric utility space are PG&E Corporation PCG and TECO Energy, Inc. TE, both carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TECO ENERGY (TE): Free Stock Analysis Report NEXTERA ENERGY (NEE): Free Stock Analysis Report DUKE ENERGY CP (DUK): Free Stock Analysis Report PG&E CORP (PCG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Duke Energy
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CODE : DUK |
ISIN : US26441C2044 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Duke Energy is a and oil producing company based in United states of america. Duke Energy is listed in United States of America. Its market capitalisation is US$ 69.3 billions as of today (€ 64.7 billions). Its stock quote reached its lowest recent point on May 02, 2003 at US$ 10.00, and its highest recent level on February 17, 2023 at US$ 99.99. Duke Energy has 700 299 523 shares outstanding. |