🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

Duke Energy Gets Nod To Build 17MW Solar Plant In Indiana

Published 07/07/2016, 10:22 PM
Updated 10/23/2024, 11:45 AM
DTE
-
DUK
-
CPN
-
SPKE
-

Duke Energy Corporation (NYSE:DUK) has received approval from the Indiana Utility Regulatory Commission on a settlement agreement involving the company and the Indiana Office of Utility Consumer Counselor.

Details of the Deal

The agreement pertains to the construction of a solar project at Naval Support Activity (“NSA”) Crane, also known as the Crane naval station, located 40 miles southwest of Bloomington, IN, with a generating capacity of 17 megawatts (“MW”).

The solar facility will utilize around 76,000 solar panels built on roughly 145 acres in the southeast portion of the naval base. It will be largest solar facility on the Duke Energy Indiana system and the second-largest in the state. Power generated by the facility will be supplied to Duke Energy Indiana customers. Meanwhile, the Navy will also continue to purchase electricity from the company.

Construction of the facility is expected to begin this month and the plant will be connected to grid at the beginning of 2017.

The latest agreement marks the second partnership between Duke Energy and the Department of the Navy. Earlier, the company had entered into a deal with the Department of the Navy in 2015 for a 13-MW solar facility at Camp Lejeune in Eastern North Carolina, which is now operational.

Renewable Endeavors

With regulatory authorities increasingly encouraging renewable energy generation, dependence on fossil fuels has been declining. In fact, as per the U.S. Energy Information Administration (EIA), electricity generated from renewable sources is projected to increase 13% in 2016 and 3.3% in 2017.

Duke Energy is a premier utility service provider that offers efficient power and energy services across various states in the U.S. and several international locations. We appreciate the company’s efforts on expanding its scale of operations and implementing modern technologies at its facilities. Note that Duke Energy invests heavily in infrastructure and expansion projects.

The company has plans to invest $1.5 billion in renewables in its pipeline joint ventures in 2016. Additionally, it intends to invest $3–$5 billion in commercial renewables in its gas pipeline through 2020.

Duke Energy currently has a Zacks Rank #3 (Hold).

Stocks to Consider

Some better-ranked companies in the utility sector include Spark Energy, Inc. (NASDAQ:SPKE) , Calpine Corp. (NYSE:CPN) and DTE Energy Company (NYSE:DTE) . While Spark Energy sports a Zacks Rank #1 (Strong Buy), both Calpine Corp. and DTE Energy carry a Zacks Rank #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>



DUKE ENERGY CP (DUK): Free Stock Analysis Report

CALPINE CORP (CPN): Free Stock Analysis Report

DTE ENERGY CO (DTE): Free Stock Analysis Report

SPARK ENERGY (SPKE): Free Stock Analysis Report

Original post

Zacks Investment Research

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.