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Duke Energy (DUK) to Co-Develop Methane Detection Platform

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Duke Energy Corp. (DUK - Free Report) recently inked a partnership deal with Accenture (ACN - Free Report) and Microsoft (MSFT - Free Report) to co-develop a first-of-its-kind monitoring platform, which will be used to measure actual baseline methane emissions from natural gas distribution systems. Surely this agreement will put Duke Energy a step ahead in its pledge to reduce methane emissions to net-zero by 2030 for its natural gas distribution companies.   

This unique platform, with its near-real-time data collection, will enable Duke Energy’s field response teams to more rapidly identify and repair methane leaks. Duke Energy expects to implement this methane-monitoring platform by October 2021.  

Advantages of the Monitoring Platform

This new methane-monitoring platform’s sensor technology is capable of detecting trace levels of methane emissions that current technology may not identify. Such detections will be done using advance technologies like satellites, fixed-wing aircraft, and ground-level sensors.

Duke Energy believes that satellite detection has the potential to be more accurate and an expedient way to locate methane leaks compared to traditional leak survey methods such as aerial and foot patrols.  

So, the advanced monitoring platform to be developed by the three companies can be expected to improve the expediency with which methane leaks may be repaired, resulting in dramatically lower emissions. This in turn will support Duke Energy in attaining its ultimate target by 2050, wherein renewables are projected to be its largest source of energy, making up over 40% of the company’s generation capacity.

Adoption of Clean Energy by Utilities

Realizing the need for and advantage of the rapid shift toward clean energy, utilities across the board are enhancing their renewable portfolio and have pledged to reduce fossil fuel dependency at a faster pace.

Following this strategy, Duke Energy aims to achieve net-zero carbon emissions by 2050. Apart from Duke Energy, other major utilities across the United States are following suit.

For instance, Xcel Energy (XEL - Free Report) aims to achieve 80% carbon reduction by 2030 and 100% carbon-free electricity by 2050.

Zacks Rank & Price Movement

Duke Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In a year’s time, shares of Duke Energy have increased 30.9% compared with the industry’s 11.7% growth.

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