Duke Energy Corporation (DUK) will install four solar panels in North Carolina in the first phase of its $50 million rooftop solar project. The four projects with a combined 4.6MW of annual capacity are expected to be completed by March 2010.
Duke Energy is focusing on green energy in the light of recent progress in the American Clean Energy and Security Act. The act stipulates stringent caps against carbon dioxide emissions. Also North Carolina ‘s renewable energy standard stipulates each public electric utility to generate a minimum of 12.5% of its North Carolina retail customers’ electricity needs through new renewable energy sources or energy efficiency measures by fiscal 2021.
Duke Energy also has 634MW of land-based wind energy in Pennsylvania , Texas and Wyoming , another 99MW under construction and an additional 251MW of wind projects scheduled to begin operations in 2010. According to a report by World Wind Energy Association although wind power produced only about 1.5% of the world’s electricity in 2008, its usage doubled between the period 2005 and 2008.
Based in Charlotte , North Carolina , Duke Energy is a diversified energy company. The company is the third largest electric power holding company in the U.S. , based on kilowatt-hour sales. It supplies electricity to approximately 4 million U.S. customers. It has approximately 36,000MW of electricity generating capacity in the Midwest and the Carolinas . We have a Neutral recommendation on the shares of Duke Energy.
Read the full analyst report on “DUK”
Zacks Investment Research