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S&P Global Market Intelligence ($):

Duke Energy Corp. on Feb. 9 announced plans to cut coal to less than 5% of its total generation by 2030 and to fully exit coal by 2035, in what the company described as the “largest planned coal fleet retirement in the industry.”

According to S&P Global Market Intelligence data, Duke Energy owns about 16 GW of coal-fired generating capacity, making up a little more than a quarter of its overall owned portfolio.

Duke Energy also announced plans to expand its 2050 net-zero goals to include Scope 2 and certain Scope 3 emissions. In its electric business, the company’s net-zero goal includes cutting greenhouse gas emissions from the power it buys for resale, from purchasing fossil fuels for generation and from electricity the company buys for its own use.

For Duke Energy’s natural gas business, the company said it would add a new net-zero by 2050 goal that includes upstream methane and carbon emissions related to purchased gas and downstream carbon emissions from customer consumption.

The North Carolina-headquartered utility, which serves retail electric and natural gas customers in six states, announced it has so far reduced Scope 1 carbon emissions from electricity generation by 44% from 2005 levels, equivalent to removing about 13 million vehicles from the road.

Duke Energy is also on pace to achieve its goal of at least 50% emissions reductions by 2030 and net-zero by 2050 from electricity generation and net-zero methane emissions by 2030, according to the company.

[Abbie Bennett]

More ($): Duke Energy targets less than 5% coal by 2030, total exit by 2035

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