Duke Energy ( NYSE: DUK ) unveiled plans Tuesday to spend $145B over the next 10 years for critical energy infrastructure, a $10B increase over its previous 10-year plan, and to achieve net-zero carbon emissions by 2050.
Duke ( DUK ) said 85% of the planned investment will fund its generation fleet transition and grid modernization, to include $75B to modernize and harden its transmission and distribution infrastructure; $40B for zero-carbon generation, such as solar, wind and battery storage resources, and extending the life of its nuclear fleet; and $5B in hydrogen-enabled natural gas technologies.
The company reaffirmed expectations to exceed 50% carbon reduction by 2030, and it established interim carbon emission reduction targets of 80% for Scope 1 emissions by 2040 and 50% for Scope 2 and 3 upstream and downstream emissions by 2035.
Duke ( DUK ) said the investments also will pave the way as it reaches 30K MW of renewable energy by 2035 and support the continued growth of technologies such as battery storage and electric vehicles.
Duke Energy ( DUK ) maintains an improving topline and a growing earnings outlook while enjoying a solid capital expenditure ramp-up focusing on clean energy transition, InvestOhTrader writes in an analysis posted recently on Seeking Alpha .
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Duke Energy outlines $145B capital spending plan over 10 years