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Released November 13, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina) wrestled with a series of destructive weather events in the third quarter, including Hurricane Helene's catastrophic sweep across the company's home state, but it remains optimistic about plans to grow its customer base and adopt newer power-generation technologies. Industrial Info is tracking more than $16 billion worth of active and proposed projects from Duke, more than $6 billion of which is attributed to new site construction.
Click on the image at right for a graph detailing Duke's active and proposed projects across the U.S., by project type.
In a quarterly earnings-related conference call, Brian Savoy, the chief financial officer for Duke, pointed to the company's growing role in one of the hottest U.S. industrial sectors: "We continue to see robust economic development activity and in the past month have signed letter agreements for 2 gigawatts (GW) of data centers. These agreements are emblematic of conversations we are having with large customers all around our service territories and represent continued advancement of projects in our pipeline."
Savoy said these data center-related projects will show up on the company's balance sheets in late 2027 or 2028 "and ramp up in the balance of the decade." Industrial Info is keeping close tabs on the rapidly growing U.S. data center sector; for more information, see November 08, 2024, article - How Will Trump II Affect Energy for Rising Power Demand of U.S. Data Centers?; October 31, 2024, article - Microsoft Announces Initial $1 Billion Investment in Ohio Data Centers; and October 23, 2024, article - U.S. Becomes Hotbed For Global Crypto Mining Operations.
In the meantime, Duke is pursuing a mix of fossil-fuel and renewable power-generation projects across its service area, including two proposed for central North Carolina: a natural gas-fired, simple-cycle power plant in Terrell, which would generate 850 megawatts (MW) from a pair of turbines provided by General Electric (NYSE:GE) (Boston, Massachusetts), and the 568-MW Mayo Battery Energy Storage System (BESS) in Roxboro, which would help to replace generation lost from the pending closure of the 735-MW, coal-fired Mayo Power Plant.
Duke already is at work on closing the Mayo Power Plant's 140-acre ash pond by 2028. The BESS project could begin construction before that time, although numerous factors could delay or alter any project investment. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the gas-fired plant, BESS and ash pond closure.
At least one renewable-energy project is under construction in eastern North Carolina: the $100 million Red Bud Solar Plant in Castalia, which is designed to generate 80 MW from 329,440 photovoltaic (PV) solar panels provided by SMA Solar Technology (Niestetal, Germany). The project kicked off in April and is set to wrap up in the third quarter of 2025. Subscribers can learn more from a detailed project report.
North Carolina also is home to one of Duke's most ambitious long-term development proposals: a small modular reactor (SMR) unit at a gas-fired plant in Belews Creek. The SMR would add 300 MW of nuclear power to the 2.2-GW plant and could be online within the decade. Subscribers can learn more from a detailed project report.
Harry Sideris, the president of Duke's regulated utilities business, said in the earnings call that North Carolina and South Carolina recently approved early development activities for Duke's SMR developments as part of its integrated resource plan (IRP): "We see a lot of promise in SMRs. Our customers and stakeholders are very supportive of it. Our states appreciate the economic development that it provides for the communities that we serve. And recently, some of our large tech companies are showing great interest in new nuclear."
On the transmission and distribution (T&D) side, Duke is proposing a 70-mile line from Greentown to Roanoke, Indiana, and a 130-mile line from Roanoke to Ida, Michigan. The project, if approved, would cross three states and include upgrades to the substation in Greentown. Subscribers can read detailed reports on the Greentown-to-Roanoke, Roanoke-to-Ida and Greentown substation projects.
Other states with significant Duke developments include Florida, where it reached an agreement earlier this year with consumer representatives and business groups to advance Duke's clean-energy presence. For more information, see July 18, 2024, article - Duke Aims to Boost Solar, Other Renewables in Florida.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects worldwide from Duke.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing Duke's active and proposed projects across the U.S., by project type.In a quarterly earnings-related conference call, Brian Savoy, the chief financial officer for Duke, pointed to the company's growing role in one of the hottest U.S. industrial sectors: "We continue to see robust economic development activity and in the past month have signed letter agreements for 2 gigawatts (GW) of data centers. These agreements are emblematic of conversations we are having with large customers all around our service territories and represent continued advancement of projects in our pipeline."
Savoy said these data center-related projects will show up on the company's balance sheets in late 2027 or 2028 "and ramp up in the balance of the decade." Industrial Info is keeping close tabs on the rapidly growing U.S. data center sector; for more information, see November 08, 2024, article - How Will Trump II Affect Energy for Rising Power Demand of U.S. Data Centers?; October 31, 2024, article - Microsoft Announces Initial $1 Billion Investment in Ohio Data Centers; and October 23, 2024, article - U.S. Becomes Hotbed For Global Crypto Mining Operations.
In the meantime, Duke is pursuing a mix of fossil-fuel and renewable power-generation projects across its service area, including two proposed for central North Carolina: a natural gas-fired, simple-cycle power plant in Terrell, which would generate 850 megawatts (MW) from a pair of turbines provided by General Electric (NYSE:GE) (Boston, Massachusetts), and the 568-MW Mayo Battery Energy Storage System (BESS) in Roxboro, which would help to replace generation lost from the pending closure of the 735-MW, coal-fired Mayo Power Plant.
Duke already is at work on closing the Mayo Power Plant's 140-acre ash pond by 2028. The BESS project could begin construction before that time, although numerous factors could delay or alter any project investment. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the gas-fired plant, BESS and ash pond closure.
At least one renewable-energy project is under construction in eastern North Carolina: the $100 million Red Bud Solar Plant in Castalia, which is designed to generate 80 MW from 329,440 photovoltaic (PV) solar panels provided by SMA Solar Technology (Niestetal, Germany). The project kicked off in April and is set to wrap up in the third quarter of 2025. Subscribers can learn more from a detailed project report.
North Carolina also is home to one of Duke's most ambitious long-term development proposals: a small modular reactor (SMR) unit at a gas-fired plant in Belews Creek. The SMR would add 300 MW of nuclear power to the 2.2-GW plant and could be online within the decade. Subscribers can learn more from a detailed project report.
Harry Sideris, the president of Duke's regulated utilities business, said in the earnings call that North Carolina and South Carolina recently approved early development activities for Duke's SMR developments as part of its integrated resource plan (IRP): "We see a lot of promise in SMRs. Our customers and stakeholders are very supportive of it. Our states appreciate the economic development that it provides for the communities that we serve. And recently, some of our large tech companies are showing great interest in new nuclear."
On the transmission and distribution (T&D) side, Duke is proposing a 70-mile line from Greentown to Roanoke, Indiana, and a 130-mile line from Roanoke to Ida, Michigan. The project, if approved, would cross three states and include upgrades to the substation in Greentown. Subscribers can read detailed reports on the Greentown-to-Roanoke, Roanoke-to-Ida and Greentown substation projects.
Other states with significant Duke developments include Florida, where it reached an agreement earlier this year with consumer representatives and business groups to advance Duke's clean-energy presence. For more information, see July 18, 2024, article - Duke Aims to Boost Solar, Other Renewables in Florida.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects worldwide from Duke.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
