Editor's note: This article originally appeared on EnerKnol. Subscribe here.
Duke Energy will produce or purchase a total of 602 megawatts of renewable energy from 14 projects under North Carolina’s Competitive Procurement of Renewable Energy, 6 of which are owned by the utility, according to an April 17 press release.
The 14 projects represent the most competitive out of a total of 78 that were submitted. North Carolina will be home to 10 of the solar projects, while the other 4 will be located in South Carolina.
Duke Energy was awarded six projects totaling about 270 megawatts, which is about 45% of the total awarded in the utility’s own procurement. Two of the solar projects are set to include battery storage. Most projects are targeted to be online around the end of 2020, depending on local approval hurdles.
Accion Group, the independent administrator of the procurement, issued a report saying customers will see savings of around $375 million over the 20-year contract period versus the company’s avoided cost.
With the winning projects selected, Duke Energy and the winning bidders are set to draw up contracts for the projects over the next few months. Once that process is complete, both the utility and the independent administrator will issue a report to be filed with state regulators around June this year.
EnerKnol is a provider of regulatory data, analytics, and tracking software for North American energy markets.
Recommended Reading
Aethon Cuts Rigs but Wants More Western Haynesville Acreage
2024-03-28 - Private gas E&P Aethon Energy has drilled some screamers in its far western Haynesville Shale play—and the company wants to do more in the area.
Energy Transition in Motion (Week of March 28, 2024)
2024-03-28 - Here is a look at some of this week’s renewable energy news, including proposals submitted to develop about 6.8 gigawatts of wind projects offshore Connecticut, Massachusetts and Rhode Island.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-28 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.