January 19 (Renewables Now) - Duke Energy Florida, part of Duke Energy Corp (NYSE:DUK), on Friday announced an agreement with consumer representatives and business groups, designed to modernise the grid and support clean energy initiatives.

The company has filed the agreement with the Florida Public Service Commission, with a decision expected by the second quarter of 2021. The agreement was developed with representatives of Florida's Office of Public Counsel, the Florida Industrial Power Users Group, Nucor Steel Florida Inc and White Springs Agricultural Chemicals Inc, trading as PCS Phosphate.

The deal covers investments aimed at modernising the power grid and improving reliability, as well as new electric vehicle (EV) charging station schemes and pilot programmes for technologies such as microgrids and floating solar power.

The company is also looking to accelerate retirement dates for its last two coal units to 2034 from 2042 previously as part of carbon dioxide (CO2) cutting efforts.

"This agreement provides a path to minimise bill increases while continuing to make smart investments that will offer customers greater reliability, cleaner energy alternatives and innovative technology," Duke Energy Florida president Catherine Stempien.

Choose your newsletter by Renewables Now. Join for free!