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Duke says clean energy plan will help climate goals, raise rates

(Graphic: Duke Energy)
Duke Energy logo.

Duke Energy has set a new goal of cutting power-plant pollution by 80% from 2005 levels by 2040, on its way to reaching net-zero emissions by 2050.

The new goal was unveiled at an investor conference Tuesday by Duke strategic planning executive Swati Daji.

“This new goal is building on our confidence that we will exceed our 2030 target of 50%. By 2035 we plan to retire all our coal plants, subject to regulatory approvals, and have 30,000 megawatts of renewables connected to the system,” she said.

That means renewables such as solar and wind power will equal the output of a dozen large coal-fired power plants. Duke also plans to add more gas-fired plants.

Duke executives say the transition to clean energy will cost $145 billion over the next decade and the company expects to recover about 90% of the cost through higher rates.