Duke Shelves ACP Plans, but Will Continue Investing in Renewables

Duke Energy has said it will continue advancing its ambitious clean energy goals without the Atlantic Coast Pipeline (ACP) by investing in renewables

Duke Energy has said that the company will continue advancing its ambitious clean energy goals without the Atlantic Coast Pipeline (ACP) by investing in renewables, battery storage, energy efficiency programs and grid projects.

The company’s USD 6 billion capital investment plan will deliver significant customer benefits and create jobs at a time when policymakers at all levels are looking for ways to rebuild the economy in 2020 and beyond. These investments will deliver cleaner energy for customers and communities while enhancing the energy grid to provide greater reliability and resiliency.

“Sustainability and the reduction of carbon emissions are closely tied to our region’s success,” said Lynn Good, Duke Energy Chair, President and CEO. “In our recent Climate Report, we shared a vision of a cleaner energy future with an increasing focus on renewables and battery storage in addition to a diverse mix of zero-carbon nuclear, natural gas, hydro and energy efficiency programs.

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“Achieving this clean energy vision will require all of us working together to develop a plan that is smart, equitable and ensures the reliability and affordability that will spur economic growth in the region. While we’re disappointed that we’re not able to move forward with ACP, we will continue exploring ways to help our customers and communities, particularly in eastern North Carolina where the need is great,” said Good.

Already a clean-energy leader, it has reduced its carbon emissions by 39 percent from 2005 and remains on track to cut its carbon emissions by at least 50 percent by 2030. The company also has an ambitious clean energy goal of reaching net-zero emissions from electricity generation by 2050.

In September 2020, the company plans to file its Integrated Resource Plans (IRP) for the Carolinas after an extensive process of working with the state’s leaders, policymakers, customers and other stakeholders. The IRPs will include multiple scenarios to support a path to a cleaner energy future in the Carolinas.

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Since 2010, the firm has retired 51 coal units totaling more than 6,500 megawatts (MW) and plans to retire at least an additional 900 MW by the end of 2024. In 2019, the company proposed to shorten the book lives of another approximately 7,700 MW of coal capacity in North Carolina and Indiana.