Duke Energy hopes to double renewables portfolio to 16 GW in 5 yrs

US utility Duke Energy (NYSE:DUK) plans to secure about 8,000 MW of additional renewable energy capacity for its own portfolio over the next five years.

The company released on Tuesday both an updated climate report and its 2019 sustainability report, which includes a new objective to achieve 16,000 MW of renewable energy, whether owned or contracted, by the end of 2025. At the end of 2019, the portfolio of Duke Energy Renewables comprised 8,100 MW, including 2,500 MW of company-owned wind power, 1,500 MW of company-owned solar and 4,100 MW of purchased power, of which 90% is solar.

“Growing our renewable portfolio by 8,000 megawatts in five years will not be easy. But our regulated and commercial teams are laser-focused on making it happen,” commented Rob Caldwell, president of Duke Energy Renewables.

The latest climate report shows that Duke Energy has lowered its carbon emissions from electricity generation by a further 8% in 2019 from 2005 levels, thus achieving total reductions of 39%. It is on track to fulfil its 2030 objective of cutting carbon emissions from electricity generation by at least 50% from 2005 levels, according to analysis included in the report.

The ultimate goal is becoming a net-zero company by 2050.

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