Duke Energy 2015 Annual Report Download - page 6

in the 550-mile Atlantic Coast Pipeline,
announced in September 2014.
Construction is expected to begin in the
latter half of 2016, with operation to
start by late 2018. This pipeline will
support our natural gas-red power plants
in eastern North Carolina. In the same
strategic vein, Duke Energy announced
in May 2015 that we’re investing $225
million in a 7.5 percent ownership
interest in the Sabal Trail interstate
natural gas pipeline project that will fuel
our $1.5 billion power plant in Citrus
County, Florida, scheduled for 2018.
Like natural gas, renewable energy is
critical for our future. We had strong
solar growth in 2015. Duke Energy
Renewables, our commercial business
unit, built eight large solar projects
in North Carolina. Additionally, our
regulated utility in North Carolina
committed $500 million for solar
expansion in the state and built four
utility-scale solar projects.
Our solar investments have been
instrumental in making North Carolina
fourth in the nation for cumulative
installed solar capacity and number
one in the Southeast. In 2015, Google
became the rst customer in the state
to announce participation in our Green
Source Rider program, which gives
customers the option to purchase
renewable energy to offset new energy
consumption. We also partnered with
the U.S. Navy on solar projects in North
Carolina and Indiana. Duke Energy
has broken ground on three solar sites in
Florida and plans up to 500 megawatts
of solar in the state by 2024.
Including its North Carolina investments,
the commercial renewables business
added 400 megawatts of wind and 200
megawatts of solar power in 2015. In all
since 2007, Duke Energy has invested
more than $4 billion in wind and solar
projects in 12 states, and we plan to
invest an estimated $3 billion more over
the next ve years. In 2015, we also
closed on our majority interest in two
California companies: REC Solar, which
tailors solar solutions for businesses,
and Phoenix Energy Technologies,
which provides energy management
for businesses.
Now I’ll turn to the nancial results we
achieved last year and the long-term
value we plan to create.
\ 4 \ DUKE ENERGY
Acquiring Charlotte-based Piedmont Natural Gas will support our
strategic focus on natural gas infrastructure and comprehensive
energy solutions for customers. The transaction, expected to close by
the end of 2016, will triple our natural gas customers to 1.5 million
and provide a strong foundation for growth.
A STRATEGIC FIT
“ Our industry is
changing. Customer
expectations are
changing. And that
means we have to
change too.”
Lloyd Yates
Executive Vice President –
Market Solutions and
President – Carolinas Region