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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Duke Energy Releases New Reports Outlining ESG Paths and Climate Goals

LCG, April 29, 2020--Duke Energy yesterday released two reports outlining the company's recent accomplishments and path to advance its critical environmental, social and governance (ESG) initiatives and climate goals. The company's Sustainability Report details the company's performance in key areas (customers, growth, operations and employees), and its 2020 Climate Report describes how the company is addressing climate change by reducing carbon emissions and making its electric grid more resilient.

Duke Energy's chair, president and CEO stated, “Our commitment to ESG has delivered strong results for our customers and our shareholders – and we're focused on maintaining this level of performance and transparency as we work to achieve net-zero carbon emissions by 2050. These two reports showcase the significant progress we've made in these areas, and our plan to help address the challenges from climate change.”

With respect to sustainability, Duke Energy's goals to reduce customer energy consumption and peak demand were both exceeded in 2019, and the company raised energy efficiency goals for this year. Duke Energy also plans to double its renewable energy portfolio within five years. In 2019, the company owned, operated and contracted over 8,000 MW of capacity; its new goal is16,000 MW by the end of 2025. Duke Energy is focused on safe operations to protect its employees. The company remained one of the electric utility industry's leaders in safety performance for the fifth year in a row. The company continues to deliver electricity to its customers at prices below the national average in all six states it serves while maintaining high reliability, according to the company’s press release.

Duke Energy's 2020 Climate Report highlights its progress in reducing carbon emissions from electricity generation by an additional 8 percent in 2019 relative to 2005 levels, bringing total reductions to 39 percent. The company states that it is on track to achieve its 2030 goal of reducing carbon emissions from electricity generation by at least 50 percent relative to 2005 levels. The report provides insight into the complexities and opportunities ahead in the path toward net-zero carbon emissions and provides an enterprise-level scenario analysis with an illustrative path to net-zero carbon emissions by 2050.

To achieve net-zero emissions, the Climate Report outlines how the company will need to significantly increase its use of renewable energy, and the critical role that natural gas, nuclear and energy storage must play in decarbonization and in balancing the renewable additions. The report discusses Duke Energy's continued commitment to energy efficiency and demand side management, as it will play an important role. Furthermore, the report highlights the need for technology development and related research and development that is necessary to achieve to advance to achieve the net-zero goal.
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