Duke Energy spending to modernize energy grid

Duke Energy (NYSE:DUK) is spending roughly $2.7bn in the near term to modernize transmission and distribution infrastructure in Indiana and Ohio.

According to materials distributed Nov. 4 in connection with Duke’s third quarter earnings report, the company is making $1.4bn in investment in Indiana T&D and $1.3bn in Ohio T&D. Both Midwest efforts infrastructure investment that is recoverable through rate riders.

Legislation passed in Indiana during 2013 allows a utility file a seven-year infrastructure improvement plan with the Indiana Utility Regulatory Commission (IURC), detailing proposed transmission, and storage system investments.

By contrast, most of Duke’s near-term infrastructure investment in the Southeast will be toward new power generation assets.

Meanwhile, Duke CEO Lynn Good said that site preparation is underway for the $1.1bn Western Carolinas Modernization project, which includes plans for two 280-MW combined cycle natural gas-fired generation facilities and new transmission infrastructure.

The Foothills Transmission Line and substation near Campobello, South Carolina projects are no longer needed, Duke concluded in late 2015. The project should be completed in 2019.

Good noted that during the quarter that ended Sept. 30, Duke workers mobilized quickly to restore power to more than 1.7 million customers after widespread damage and historic flooding from Hurricane Matthew.

About Corina Rivera-Linares 3066 Articles
Corina Rivera-Linares, chief editor for TransmissionHub, has covered the U.S. power industry for the past 15 years. Before joining TransmissionHub, Corina covered renewable energy and environmental issues, as well as transmission, generation, regulation, legislation and ISO/RTO matters at SNL Financial. She has also covered such topics as health, politics, and education for weekly newspapers and national magazines. She can be reached at clinares@endeavorb2b.com.