DUK - Duke Energy sees $65B over five years needed to fund low-carbon transition
2023-06-07 17:53:06 ET
Duke Energy ( NYSE: DUK ) expects to spend $65B over the next five years in its transition to low-carbon energy sources, CFO Brian Savoy said Wednesday.
Savoy told the Reuters Global Energy Transition conference that the utility company plans to spend ~55% on the power grid with much of the rest on renewable electricity generation.
Duke Energy ( DUK ) has said it expects to cut carbon emissions by more than 50% by 2030 and achieve net-zero carbon emissions by 2050, and as part of its plan, Savoy said the company plans to retire all of its coal plants by 2035 when it will have ~30K MW of renewables like wind and solar, and 10K MW of energy storage such as batteries.
Savoy said the company currently has 16K MW of coal-fired power plants.
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Duke Energy sees $65B over five years needed to fund low-carbon transition