Energy storage at heart of Duke Energy’s $6 billion investment

Published on: August 31, 2017 9:10 amBy: ESJ

 

A $6 billion revised settlement agreement filed by US utility Duke Energy Florida to the Florida Public Service Commission on August 29 includes plans for 50MW of storage and 500 electric vehicle charging points.

The agreement will take effect in January and will include investments of nearly $6 billion over the next four years to modernize the state’s energy grid and support the growth of renewable energy and emerging technologies.

The settlement agreement also includes investments in solar energy, smart meters and grid modernization projects and will allow the utility to scrap plans for building its $5 billion Levy Nuclear Project in Florida.

Stephen Smith, executive director of the Southern Alliance for Clean Energy, said: “Large scale solar, electric vehicles and battery storage demonstrate that Duke is embracing technologies for the 21st century.”

The state is the third biggest power consumer in the US, behind Texas and California, and second only to Texas in net electricity generation from natural gas, with 61% in 2014. It energy mix also includes coal (23%), and the state’s nuclear power plants accounted for 12%.

Renewable energy only accounted for 2.3% of Florida’s total net electricity generation in 2015, ranking the state 10th in the US for net generation from utility-scale solar energy.

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