Lynn Good, CEO of Duke Energy has said her company will invest $11 billion to generate cleaner energy through renewables and natural gas, and expand power and gas infrastructure. "We have set a new goal to reduce our carbon emissions by 40% from the 2005 level by 2030," she told shareholders.
Ms Good explaining that by retiring coal plants and bringing on more natural gas and renewables, the utility since 2005 curbed carbon emissions by nearly 30%.
To achieve this strategic goal, Ms Good is implementing steps that will increase the share of gas power generation to 35% of Duke Energy’s power plant portfolio over the next ten years. Moreover, the share of solar, wind and hydropower combined will grow to approximately 10%, she said.
“Today, we are among the top five companies in terms of renewable capacity, and we are committed to doing more," Ms Good told investors last week in during the company's first online shareholder meeting.
Infrastructure spending
Grid investments also will enable higher levels of renewable energy. Duke Energy's planned $25-billion modernization of its energy grid – the largest grid in the U.S. and "a critical part" of the nation's infrastructure – will provide "improved reliability and the services customers expect," Good said.
"The cornerstone of our comprehensive grid investment is Power/Forward Carolinas, our $13-billionplan to upgrade and strengthen our system in North Carolina."
In 2016, Duke Energy completed the sale of its Latin American assets and the acquisition of Piedmont Natural Gas – a move that the CEO hopes will help ensure future financial strength and stable earnings growth. “"With our portfolio transition complete, today's Duke Energy operates as a premier regulated energy company, focused on delivering value for our customers and growth for our investors,” she said.
To improve customer satisfaction, Duke Energy says it has reduced rates to levels below the national average; moreover, it is offering customers outage alerts, usage updates and free home energy audits.