The US power utility Duke Energy has pledged to double its renewable portfolio output to 16 GW by 2025, and to 40 GW for regulated utilities by 2050. In addition, the company plans to add more than 11 GW of energy storage capacity by 2050 and to retire all coal-only units in North Carolina and South Carolina by 2030. Duke Energy operates 15 coal-only units in North Carolina and South Carolina, with a total capacity of 7.2 GW. The company will thus accelerate its coal exit, as it has already retired 50 coal-fired power units totalling more than 6.5 GW since 2010. Consequently, Duke Energy plans to ramp up investment in clean energy. The company will increase its five-year capital plan by US$2bn to US$58bn. Duke Energy’s 2025-2029 capital plan will range between US$65bn and US$75bn.
Duke Energy is the largest power utility in the United States, with a total capacity of around 51 GW, including 42% of natural gas and fuel oil, 33% of coal, 18% of nuclear, and 7% of hydro and solar.
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