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Duke Energy to spend $11 billion to expand renewables

Staff Writer |
Duke Energy outlined steps it is taking to provide safe, reliable, affordable and increasingly clean energy to its customers while embracing the transformation underway in the utility industry.

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The report details the company's strategy and ongoing efforts to mitigate risks from climate change, reduce emissions, navigate policy uncertainty and plan future investments to deliver value for customers and investors.

Continue fleet modernization – By 2030, the company expects more than 80 percent of its generation mix to come from zero and lower CO2-emitting sources.

Continue investments in nuclear fleet – Through 2017, this zero CO2 emissions option marked 19 consecutive years operating at a capacity factor exceeding 90 percent, and the company is evaluating the possibility of extending nuclear operating licenses.

Expand renewables and natural gas – Invest $11 billion over 2017 to 2026 in new natural gas-fired, wind and solar generation.

Modernize the electric grid – Invest $25 billion between 2017 and 2026 to create a smarter, more resilient grid with smart grid technologies to enable more renewables, and storm hardening and targeted undergrounding of electric lines to protect against extreme weather.

Promote energy efficiency – Based on the expansion of existing programs, the company expects cumulative energy savings to grow to 22,000 GWh by 2030, which is the equivalent to the annual usage of 1.8 million homes.

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