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Duke Energy (DUK) Arm Installs Solar Canopy in Florida
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Duke Energy Corp.’s (DUK - Free Report) arm, Duke Energy Florida, announced the installation of the Dolphin Solar Canopy in collaboration with Clearwater Marine Aquarium (“CMA”) on the top floor of CMA’s parking area. Dolphin Solar Canopy is an array of 250-kilowatt-alternating current (KWac) solar photovoltaic panels.
Equipped with 665 solar panels, Dolphin Solar Canopy is part of Duke Energy Florida’s aim to achieve 1,500 megawatts (MW) of solar generation capacity in Florida by 2024. It boasts the capacity to replace emissions from 313,000 pounds of coal each year in Florida.
To boost its clean energy footprint, the company installed four electric vehicle (EV) charging stations in the parking area of CMA, easing the charging process for aquarium visitors and staff.
Duke Energy’s Clean Energy Goals
Duke Energy has taken an initiative to expand its renewable asset base. It aims to reach its target of net-zero carbon emissions from electric generation by 2050. The company lowered its carbon emissions in 2021 by more than 44% from 2005. It is expanding its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions.
DUK developed innovative Integrated Resource Plans. It intends to invest $52 billion, with more than 80% of capital plan funding investments in the grid and clean energy transition.
To expand its renewable portfolio, the company has been focusing on the growing electric vehicle market. In Florida, Duke Energy’s Park & Plug pilot program is off the ground, with more than 627 charging stations already installed. The company expects to invest $100 million in EV charging over the next three years.
With such initiatives, Duke Energy expects renewables to be the largest source of energy, accounting for more than 40% of its generation capacity by 2050. The latest installation of Dolphin Solar Canopy is expected to put Duke Energy a step ahead to achieve its clean energy goals.
Peer Moves
Duke Energy apart, utilities that are poised to grow their renewable energy portfolio to reduce greenhouse gas emissions are as follows:
CenterPoint Energy (CNP - Free Report) aims to reach net-zero direct emissions for Scope 1 and Scope 2 emissions by 2035, and reduce Scope 3 emissions by 20-30% by the same time. As part of its 10-year plan, the company anticipates spending more than $3 billion on clean energy investments and enablement, which may be used to support renewable generation and EV expansion.
CenterPoint Energy has a long-term earnings growth rate of 3.9%. CNP shares have risen 30.5% in the past three months.
American Electric’s (AEP - Free Report) plans include growing its renewable generation portfolio to 50% of the total capacity by 2030. Its 2022-2026 capital investment forecast includes $8.2 billion in the regulated renewable plan. AEP's long-term goal is net-zero CO2 emissions from its generating facilities by 2050.
American Electric has a long-term earnings growth rate of 6.2%. AEP shares have risen 18.3% in the past year.
Ameren(AEE - Free Report) is committed to exploring renewable energy options, such as wind, solar, landfill gas, agricultural methane, hydroelectric and other alternative energy sources, to generate electricity. The company targets to expand its renewable portfolio by adding 2,800 MW of renewable generation by the end of 2030 and 4,700 MW of renewable generation by 2040.
Ameren’s long-term earnings growth rate is pegged at 7.2%. AEE shares have returned 9.9% in the past year.
Price Movement
In the past year, Duke Energy’s shares have rallied 7.1% compared with the industry’s growth of 8.8%.
Image: Bigstock
Duke Energy (DUK) Arm Installs Solar Canopy in Florida
Duke Energy Corp.’s (DUK - Free Report) arm, Duke Energy Florida, announced the installation of the Dolphin Solar Canopy in collaboration with Clearwater Marine Aquarium (“CMA”) on the top floor of CMA’s parking area. Dolphin Solar Canopy is an array of 250-kilowatt-alternating current (KWac) solar photovoltaic panels.
Equipped with 665 solar panels, Dolphin Solar Canopy is part of Duke Energy Florida’s aim to achieve 1,500 megawatts (MW) of solar generation capacity in Florida by 2024. It boasts the capacity to replace emissions from 313,000 pounds of coal each year in Florida.
To boost its clean energy footprint, the company installed four electric vehicle (EV) charging stations in the parking area of CMA, easing the charging process for aquarium visitors and staff.
Duke Energy’s Clean Energy Goals
Duke Energy has taken an initiative to expand its renewable asset base. It aims to reach its target of net-zero carbon emissions from electric generation by 2050. The company lowered its carbon emissions in 2021 by more than 44% from 2005. It is expanding its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions.
DUK developed innovative Integrated Resource Plans. It intends to invest $52 billion, with more than 80% of capital plan funding investments in the grid and clean energy transition.
To expand its renewable portfolio, the company has been focusing on the growing electric vehicle market. In Florida, Duke Energy’s Park & Plug pilot program is off the ground, with more than 627 charging stations already installed. The company expects to invest $100 million in EV charging over the next three years.
With such initiatives, Duke Energy expects renewables to be the largest source of energy, accounting for more than 40% of its generation capacity by 2050. The latest installation of Dolphin Solar Canopy is expected to put Duke Energy a step ahead to achieve its clean energy goals.
Peer Moves
Duke Energy apart, utilities that are poised to grow their renewable energy portfolio to reduce greenhouse gas emissions are as follows:
CenterPoint Energy (CNP - Free Report) aims to reach net-zero direct emissions for Scope 1 and Scope 2 emissions by 2035, and reduce Scope 3 emissions by 20-30% by the same time. As part of its 10-year plan, the company anticipates spending more than $3 billion on clean energy investments and enablement, which may be used to support renewable generation and EV expansion.
CenterPoint Energy has a long-term earnings growth rate of 3.9%. CNP shares have risen 30.5% in the past three months.
American Electric’s (AEP - Free Report) plans include growing its renewable generation portfolio to 50% of the total capacity by 2030. Its 2022-2026 capital investment forecast includes $8.2 billion in the regulated renewable plan. AEP's long-term goal is net-zero CO2 emissions from its generating facilities by 2050.
American Electric has a long-term earnings growth rate of 6.2%. AEP shares have risen 18.3% in the past year.
Ameren(AEE - Free Report) is committed to exploring renewable energy options, such as wind, solar, landfill gas, agricultural methane, hydroelectric and other alternative energy sources, to generate electricity. The company targets to expand its renewable portfolio by adding 2,800 MW of renewable generation by the end of 2030 and 4,700 MW of renewable generation by 2040.
Ameren’s long-term earnings growth rate is pegged at 7.2%. AEE shares have returned 9.9% in the past year.
Price Movement
In the past year, Duke Energy’s shares have rallied 7.1% compared with the industry’s growth of 8.8%.
Image Source: Zacks Investment Research
Zacks Rank
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.