We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Black Hills' (BHK) Arm Plans to Reduce 90% Emission by 2030
Read MoreHide Full Article
Black Hills Corporation (BKH - Free Report) recently announced that its subsidiary Black Hills Energy, is working to reduce carbon emission substantially. The company submitted a Clean Energy Plan, “2030 Ready Plan,” to the Colorado Public Utilities Commission, with an objective to achieve a 90% reduction in greenhouse gas emissions by 2030 based on the 2005 levels.
Through this plan, the Black Hills unit will achieve a minimum of 80% greenhouse gas reduction in the State of Colorado by 2030. Black Hills Energy’s 2030 Ready Plan is a continuation of emission reduction initiatives, which it has been working on over the past decade.
Black Hills Energy plans to achieve its emission reduction target by adding nearly 450 megawatts of new renewable energy and battery storage to its Southern Colorado system. These additions will ensure that the company provides nearly 79% of its electricity to customers by 2030, generated from clean sources.
Transition in Energy Space
A clear transition is evident in the United States utility space, with more operators gradually moving toward the cleaner sources of energy to produce electricity. Per the U.S. Energy Information Administration (“EIA”), the annual share of U.S. electricity generation from renewable energy sources will rise from 20% in 2021 to 22% in 2022 and 24% in 2023, as a result of the continuing addition in solar and wind-generating capacity.
Apart from the addition of clean sources in the generation portfolio, the gradual retirement of coal-fired units will also assist in this transition towards emission reduction. Per EIA, contribution from coal to electricity generation will fall from 23% in 2021 to 22% in 2022 and 21% in 2023.
A few utilities have decided on their own to reduce carbon emission and achieve carbon neutrality over the next few decades. Utilities like Xcel Energy (XEL - Free Report) , Alliant Energy (LNT - Free Report) and Duke Energy (DUK - Free Report) among others have already decided to achieve carbon neutrality.
Xcel Energy aims for net-zero emission by 2050. Xcel Energy plans to achieve its emission reduction target by shutting down its old polluting plants and replacing them with new clean energy projects in the generation portfolio. Xcel Energy aims to spend $26 billion during 2022-2026 to strengthen and expand its transmission, distribution, electric generation and renewable projects.
Alliant Energy is consistently investing in renewable and natural gas-based electricity generation, and gradually lowering its coal-based generation assets. The company announced its goal of retiring all the existing coal-fired generation units by 2040 to lower emissions from the 2005 levels by 50% and 100% within 2030 and 2050, respectively. In total, the company will replace 1.6 gigawatts (GW) of coal-fired generation with clean energy sources over the 2020-2025 time period. Alliant Energy has plans to invest $6.1 billion between 2022 and 2025 to strengthen its infrastructure and add renewable assets in its generation portfolio.
Duke Energy has taken an initiative to expand the renewable asset base and aims to reach its target of net-zero carbon emissions from electric generation by 2050. Impressively, the company has already lowered its carbon emissions in 2021 by more than 44% since 2005 and is now expanding its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions. To upgrade its generation facilities and infrastructure, Duke Energy anticipates spending more than $130 billion in capital over the next decade.
Zacks Rank & Price Performance
Currently, Black Hills Corp. carries a Zacks Rank #3 (Hold). In the past six months, shares of BKH have rallied 13.2% compared with the industry’s 7.1% growth.
Image: Bigstock
Black Hills' (BHK) Arm Plans to Reduce 90% Emission by 2030
Black Hills Corporation (BKH - Free Report) recently announced that its subsidiary Black Hills Energy, is working to reduce carbon emission substantially. The company submitted a Clean Energy Plan, “2030 Ready Plan,” to the Colorado Public Utilities Commission, with an objective to achieve a 90% reduction in greenhouse gas emissions by 2030 based on the 2005 levels.
Through this plan, the Black Hills unit will achieve a minimum of 80% greenhouse gas reduction in the State of Colorado by 2030. Black Hills Energy’s 2030 Ready Plan is a continuation of emission reduction initiatives, which it has been working on over the past decade.
Black Hills Energy plans to achieve its emission reduction target by adding nearly 450 megawatts of new renewable energy and battery storage to its Southern Colorado system. These additions will ensure that the company provides nearly 79% of its electricity to customers by 2030, generated from clean sources.
Transition in Energy Space
A clear transition is evident in the United States utility space, with more operators gradually moving toward the cleaner sources of energy to produce electricity. Per the U.S. Energy Information Administration (“EIA”), the annual share of U.S. electricity generation from renewable energy sources will rise from 20% in 2021 to 22% in 2022 and 24% in 2023, as a result of the continuing addition in solar and wind-generating capacity.
Apart from the addition of clean sources in the generation portfolio, the gradual retirement of coal-fired units will also assist in this transition towards emission reduction. Per EIA, contribution from coal to electricity generation will fall from 23% in 2021 to 22% in 2022 and 21% in 2023.
A few utilities have decided on their own to reduce carbon emission and achieve carbon neutrality over the next few decades. Utilities like Xcel Energy (XEL - Free Report) , Alliant Energy (LNT - Free Report) and Duke Energy (DUK - Free Report) among others have already decided to achieve carbon neutrality.
Xcel Energy aims for net-zero emission by 2050. Xcel Energy plans to achieve its emission reduction target by shutting down its old polluting plants and replacing them with new clean energy projects in the generation portfolio. Xcel Energy aims to spend $26 billion during 2022-2026 to strengthen and expand its transmission, distribution, electric generation and renewable projects.
Alliant Energy is consistently investing in renewable and natural gas-based electricity generation, and gradually lowering its coal-based generation assets. The company announced its goal of retiring all the existing coal-fired generation units by 2040 to lower emissions from the 2005 levels by 50% and 100% within 2030 and 2050, respectively. In total, the company will replace 1.6 gigawatts (GW) of coal-fired generation with clean energy sources over the 2020-2025 time period. Alliant Energy has plans to invest $6.1 billion between 2022 and 2025 to strengthen its infrastructure and add renewable assets in its generation portfolio.
Duke Energy has taken an initiative to expand the renewable asset base and aims to reach its target of net-zero carbon emissions from electric generation by 2050. Impressively, the company has already lowered its carbon emissions in 2021 by more than 44% since 2005 and is now expanding its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions. To upgrade its generation facilities and infrastructure, Duke Energy anticipates spending more than $130 billion in capital over the next decade.
Zacks Rank & Price Performance
Currently, Black Hills Corp. carries a Zacks Rank #3 (Hold). In the past six months, shares of BKH have rallied 13.2% compared with the industry’s 7.1% growth.
Image Source: Zacks Investment Research
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.