USA, North Carolina: U.S. electricity company Duke Energy announced it has allocated investments of $25 billion to be spent on grid modernization and $11 billion for expanding renewable and natural gas-fired power generation over 2017 to 2026.
The company said that it will use the investment to create a smarter, more resilient grid equipped with smart grid technologies. This grid modernization work will facilitate more renewables, and storm hardening, said the utility.
Apart from the grid modernization program, the company will put a great deal of its focus on creating new natural gas-fired, wind and solar generation.
The company also announced that it will continue with modernization of its fleet, expecting that by 2030, more than 80% of its power generation mix will be made of zero and lower CO2-emitting sources.