Corporate News Blog - Duke Energy to Build Three Solar Projects in Kentucky
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LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Duke Energy Corp. (NYSE: DUK), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=DUK. The Company, one of the largest coal utilities in the United States, unveiled on July 14, 2017, plans to build and operate three solar power plants on sites in Kenton and Grant counties, with the energy being delivered directly to the customer. The Company's solar power plant will diversify and complement its coal and natural gas power plants. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Duke Energy plans to begin construction later this summer and hopes to complete the majority of construction activity by the end of 2017. Once operational, the combined projects will generate about 6.8 megawatts, which, at peak production, can provide electricity for about 1,300 average-sized homes.
“Our customers want solar," said Jim Henning, President of Duke Energy Ohio and Kentucky, "And solar is something we've thoroughly studied and prioritized in our long-term planning.”
He further added that:
"Now's the right time for many reasons. For instance, the cost of building solar projects has come down significantly in recent years, making it more cost-competitive with other sources of power generation. And solar gives us the ability to add power capacity in incremental steps – allowing us to match the growing demand for electricity in the region."
Crittenden and Walton Solar Power Plants
Duke Energy stated that two of the projects, Walton Solar Power Plants 1 & 2, will be built by Duke Kentucky, a subsidiary Duke Energy in Kenton County on parts of a 60-acre property at 352 York Road. In total, the Company will install approximately 19,000 solar panels at the site, which will be capable of producing more than 4 megawatts of electricity.
The Crittenden Solar Power Plant will be located off I-75 in Grant County on portions of a 110-acre site at 922 Ruark Road and the solar array will include about 12,500 panels, generating more than 2.7 megawatts of electricity.
Duke energy noted that all of the electricity created from the three solar projects will be fed onto Duke Energy Kentucky's electric grid and delivered to homes, businesses, schools, places of worship, and other customers in the area.
Diverse Energy Sources
Duke Energy's solar power plants in Northern Kentucky will help diversify and complement Duke Energy Kentucky's existing power generation fleet, which includes a 650-megawatt coal-fired plant that typically runs 24/7 and a 500-megawatt gas-fired facility that the company activates when power demand is high – like on hot summer afternoons.
About Duke Energy Ohio/Kentucky
Duke Energy Ohio/Kentucky's operations provide electric service to about 850,000 residential, commercial, and industrial customers in a 3,000-square-mile service area and natural gas service to approximately 529,000 customers.
About Duke Energy
Headquartered in Charlotte, N.C., Duke Energy is one of the largest energy holding companies in the US. It's Electric Utilities and Infrastructure business unit serves approximately 7.5 million customers located in six states in the Southeast and Midwest.
Last Close Stock Review
On Monday, July 17, 2017, the stock closed the trading session at $84.03, slightly up 0.23% from its previous closing price of $83.84. A total volume of 1.59 million shares has exchanged hands. Duke Energy's stock price advanced 1.33% in the last three months and 8.83% in the past six months. Furthermore, since the start of the year, shares of the Company have gained 8.26%. The stock is trading at a PE ratio of 22.56 and has a dividend yield of 4.24%. At Monday's closing price, the stock's net capitalization stands at $58.82 billion.
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