Innovation, Smart Growth, and the Path to Net-Zero Emissions
Duke Energy: Powering a Sustainable Future Through Innovation and Smart Growth
This blog post details Duke Energy’s role as a leading US energy provider and its commitment to a sustainable future through innovation and smart growth. Duke Energy is a major electric power and natural gas holding company, a Fortune 150 company headquartered in Charlotte, North Carolina, focused on the future of energy. The post explores its operations, climate goals, infrastructure investments, and customer-focused clean energy solutions and efficiency tips.
Duke Energy’s Foundation: Core Operations and Expansive Reach
Duke Energy’s operations encompass electricity generation, transmission, distribution, and sales, as well as natural gas transportation and sales. It serves approximately 8.6 million electric customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, and about 1.7 million natural gas customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Tennessee. Its service territory covers 104,000 square miles. The company utilizes a diverse energy portfolio including nuclear, coal, natural gas, oil, hydroelectric, wind, and solar to ensure customer reliability while transitioning to cleaner sources. By late 2025, Duke Energy is actively upgrading its electric grid and shifting its generation mix towards sustainability.
Charting a Green Course: Duke Energy’s Ambitious Clean Energy Transition
Duke Energy is a leader in the energy transition, aiming for net-zero carbon emissions from electricity generation by 2050, covering over 95% of its footprint (Scope 2 and relevant Scope 3 emissions). Interim targets include a 50% reduction in carbon emissions from electric generation by 2030 (from 2005 levels) and an 80% reduction by 2040. The company has already achieved a 44% reduction.
To meet these climate goals, Duke Energy plans to invest $145 billion over the next decade, with 85% dedicated to its net-zero objective. This includes retiring coal plants by 2035 and expanding regulated renewables to 30,000 megawatts (MW) by 2035, doubling its solar, wind, and other renewables portfolio by 2025. This strategy balances reliable, affordable energy with sustainable development and economic growth through job creation.
Modernizing the Power Grid: A Smart Future for Energy Resilience
Duke Energy is heavily investing in power grid technology and energy infrastructure. The company plans to deploy approximately $83 billion over the next five years for extensive grid modernization, driven by increased electricity demand from data centers, advanced manufacturing, and electrification trends. A broader $25 billion master plan for grid modernization across its six states is planned over a 10-year period.
These upgrades aim to enhance energy resilience against storms and cyber threats, improve reliability, and integrate more renewable energy projects, particularly solar and battery storage. Key investments include smart grid technologies, grid automation, advanced metering infrastructure (AMI), and communications network upgrades. Initiatives like “Power/Forward Carolinas” focus on a more robust, secure, and smart energy delivery system.
Empowering Customers: Navigating Rate Changes and Maximizing Energy Savings
While investments in clean energy and grid upgrades necessitate rate adjustments in states like North Carolina, South Carolina, and Indiana, Duke Energy is committed to customer support through various programs. These initiatives help customers manage costs and embrace sustainable living.
Duke Energy offers assistance programs like the Customer Assistance Program (CAP), the Share the Light Fund, and support for LIHEAP. The Weatherization Program provides free home energy conservation measures for income-qualified customers. For all customers, Duke Energy offers energy efficiency tips and tools, including rebates for efficiency upgrades and HVAC equipment, free home energy assessments, and energy-saving products. Smart meters provide usage alerts for proactive bill management. Programs like Improve & Save allow financing for energy efficiency upgrades, and demand response and Time-of-Use (TOU) rates incentivize smarter energy consumption.
Duke Energy’s Renewable Arsenal: Solar, Wind, and Hydroelectric Power
Duke Energy’s net-zero emissions goal is supported by a growing renewable energy portfolio, including solar, wind, and hydroelectric power.
In North Carolina, Duke Energy has over 4,100 MW of solar power across more than 40 facilities. In Florida, operations aim for 6,100 MW of utility-scale solar generating capacity by 2033. The company is on track to operate or purchase 16,000 MW of renewable energy capacity by 2025.
Duke Energy Renewables has invested approximately $4 billion in 2,300 MW of wind power across 21 wind farms nationwide since 2008.
As the second-largest investor-owned hydroelectric operator in the U.S., Duke Energy’s hydroelectric plants contribute about 8% of its power capacity in the Carolinas, totaling 3,761 MW. Facilities like the Bad Creek Project are vital for energy storage.
Strategic Evolution: Acquisitions and Divestitures for a Focused Future
Duke Energy is strategically reshaping its portfolio to focus on a fully regulated utility model. This involves thoughtful acquisitions and significant strategic divestitures to drive efficient capital allocation.
Recent acquisitions include Spanish Peaks Solar (2024) and REC Solar (2017), and Piedmont Natural Gas (2016), expanding its natural gas service territory into Tennessee.
Divestitures include the sale of its unregulated utility-scale Commercial Renewables business to Brookfield Renewable in 2023 (now Deriva Energy) and its commercial distributed generation portfolio. Duke Energy is also selling its Tennessee natural gas business to Spire Inc. by Q1 2026 and an indirect equity interest in Duke Energy Florida to Brookfield by early 2026. These actions aim to fund its capital plan and reduce debt, sharpening its focus on regulated growth. The company plans to merge its two Carolina utilities by 2027 for standardized rates and projected customer savings.
Duke Energy’s Vision: Powering Progress with Sustainable Innovation
Duke Energy is demonstrating leadership in the global energy transition through substantial energy infrastructure investments in power grid technology, a commitment to net-zero carbon emissions, and an expanding portfolio of renewable energy projects like solar and wind. The company is building a more sustainable and reliable future of energy. Its dedication to corporate sustainability is evident in its climate goals, comprehensive customer support programs, and energy efficiency tips. As Duke Energy continues to innovate and evolve, it sets a precedent for sustainable development and promises a cleaner energy landscape.
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