U.S. Department of Energy Awards Duke Energy Project $57 Million in Cost-Share Funding To Enhance North Carolina’s Energy Grid
The U.S. Department of Energy has awarded Duke Energy (NYSE:DUK) $57 million in cost-share funding for the North Carolina Innovative Transmission Rebuild project. This initiative aims to reconstruct the 230-kV Lee-Milburnie transmission line, spanning 40 miles across Wake, Johnston, and Wayne counties. The project will improve reliability for an estimated 14,000 customers, enhance grid resilience against extreme weather, and facilitate the connection of more clean energy sources.
Key benefits include:
- Reduced outages and improved power system resilience
- Creation of approximately 550 new jobs
- Partnerships with HBCUs and community colleges for workforce development
- Support for Duke Energy's clean energy transition goals
The funding is part of the Grid Resilience and Innovation Partnerships (GRIP) program, funded through the Bipartisan Infrastructure Law.
Il Dipartimento dell'Energia degli Stati Uniti ha assegnato a Duke Energy (NYSE:DUK) 57 milioni di dollari in finanziamenti a copertura dei costi per il progetto di ricostruzione della trasmissione innovativa della Carolina del Nord. Questa iniziativa mira a ricostruire la linea di trasmissione Lee-Milburnie a 230 kV, che si estende per 40 miglia attraverso le contee di Wake, Johnston e Wayne. Il progetto migliorerà l'affidabilità per circa 14.000 clienti, aumenterà la resilienza della rete contro le condizioni climatiche estreme e faciliterà il collegamento di ulteriori fonti di energia pulita.
I principali vantaggi includono:
- Riduzione delle interruzioni e miglioramento della resilienza del sistema elettrico
- Creazione di circa 550 nuovi posti di lavoro
- Partnership con HBCUs e college comunitari per lo sviluppo della forza lavoro
- Supporto agli obiettivi di transizione verso l'energia pulita di Duke Energy
I finanziamenti fanno parte del programma Grid Resilience and Innovation Partnerships (GRIP), finanziato attraverso la Legge Bipartisan Infrastructure.
El Departamento de Energía de los EE. UU. ha otorgado a Duke Energy (NYSE:DUK) 57 millones de dólares en financiación compartida para el proyecto de reconstrucción de transmisión innovadora de Carolina del Norte. Esta iniciativa tiene como objetivo reconstruir la línea de transmisión Lee-Milburnie de 230 kV, que abarca 40 millas a través de los condados de Wake, Johnston y Wayne. El proyecto mejorará la fiabilidad para aproximadamente 14,000 clientes, aumentará la resiliencia de la red contra condiciones climáticas extremas y facilitará la conexión de más fuentes de energía limpia.
Los beneficios clave incluyen:
- Reducción de cortes y mejora de la resiliencia del sistema eléctrico
- Creación de aproximadamente 550 nuevos empleos
- Asociaciones con HBCUs y colegios comunitarios para el desarrollo de la fuerza laboral
- Apoyo a los objetivos de transición de energía limpia de Duke Energy
La financiación es parte del programa de Asociaciones para la Resiliencia e Innovación de Redes (GRIP), financiado a través de la Ley de Infraestructura Bipartidista.
미국 에너지부는 듀크 에너지 (NYSE:DUK)에 노스캐롤라이나 혁신 전송 재건 프로젝트를 위해 5,700만 달러의 비용 분담 자금을 수여했습니다. 이 이니셔티브는 40마일에 걸쳐 웨이크, 존스턴, 웬 카운티를 가로지르는 230kV 리-밀번라인을 재건하는 것을 목표로 합니다. 이 프로젝트는 약 14,000명의 고객을 위한 신뢰성을 향상시키고 극한 날씨에 대한 그리드의 탄력성을 높이며 더 많은 청정 에너지 소스의 연결을 용이하게 할 것입니다.
주요 이점은 다음과 같습니다:
- 정전 감소 및 전력 시스템 탄력성 향상
- 약 550개의 새로운 일자리 창출
- 근로력 개발을 위한 HBCU 및 커뮤니티 대학과의 파트너십
- 듀크 에너지의 청정 에너지 전환 목표 지원
이 자금은 양당 인프라 법을 통해 자금을 지원받는 그리드 탄력성과 혁신 파트너십(GRIP) 프로그램의 일환입니다.
Le département de l'énergie des États-Unis a accordé à Duke Energy (NYSE:DUK) 57 millions de dollars de financement partagé pour le projet de reconstruction innovante de transmission de Caroline du Nord. Cette initiative vise à reconstruire la ligne de transmission Lee-Milburnie de 230 kV, s'étendant sur 40 miles à travers les comtés de Wake, Johnston et Wayne. Le projet améliorera la fiabilité pour environ 14 000 clients, renforcera la résilience du réseau face aux conditions météorologiques extrêmes et facilitera la connexion à d'autres sources d'énergie propre.
Les avantages clés comprennent :
- Réduction des pannes et amélioration de la résilience du système électrique
- Création d'environ 550 nouveaux emplois
- Partenariats avec des HBCUs et des collèges communautaires pour le développement de la main-d'œuvre
- Soutien aux objectifs de transition énergétique propre de Duke Energy
Le financement fait partie du programme de partenariats pour la résilience et l'innovation du réseau (GRIP), financé par la loi bipartisane sur les infrastructures.
Das US-Energieministerium hat Duke Energy (NYSE:DUK) 57 Millionen Dollar an Kostenbeteiligungen für das Projekt zur innovativen Übertragungserneuerung in North Carolina gewährt. Diese Initiative hat zum Ziel, die 230-kV-Lee-Milburnie-Übertragungsleitung, die sich über 40 Meilen durch die Counties Wake, Johnston und Wayne erstreckt, zu rekonstruieren. Das Projekt wird die Zuverlässigkeit für schätzungsweise 14.000 Kunden verbessern, die Resilienz des Netzes gegenüber extremen Wetterbedingungen erhöhen und die Anbindung an weitere saubere Energiequellen erleichtern.
Wichtige Vorteile umfassen:
- Reduzierung von Ausfällen und Verbesserung der Resilienz des Energiesystems
- Schaffung von etwa 550 neuen Arbeitsplätzen
- Partnerschaften mit HBCUs und Community Colleges zur Entwicklung der Arbeitskräfte
- Unterstützung der Ziele von Duke Energy für den Übergang zur sauberen Energie
Die Finanzmittel sind Teil des Programms für Netzresilienz und Innovationspartnerschaften (GRIP), das über das Bipartisan Infrastructure Law finanziert wird.
- Received $57 million in cost-share funding from the U.S. Department of Energy
- Project will improve reliability for an estimated 14,000 customers
- Creation of approximately 550 new jobs
- Enhances grid resilience against extreme weather
- Facilitates connection of more clean energy sources to the grid
- None.
Insights
This $57 million grant for Duke Energy's transmission line rebuild project is a significant development for the company and the region. The 40-mile, 230-kV Lee-Milburnie line upgrade will enhance grid reliability for 14,000 customers across three counties. This investment aligns with the broader trend of grid modernization to support clean energy integration and resilience against extreme weather.
The project's impact extends beyond infrastructure, creating 550 new jobs and fostering partnerships with HBCUs and community colleges. This workforce development aspect is important for the energy sector's future. From an investor's perspective, this federal funding reduces Duke Energy's capital expenditure burden, potentially improving near-term cash flows. However, it's important to note that such grants often come with performance obligations and regulatory scrutiny.
Overall, this project strengthens Duke Energy's position in the ongoing energy transition, potentially leading to improved reliability metrics and customer satisfaction. Investors should monitor the project's execution and its long-term impact on the company's operational efficiency and regulatory relationships.
The $57 million cost-share funding from the DOE is a positive development for Duke Energy (NYSE: DUK). This grant effectively reduces the company's capital expenditure for the transmission line rebuild project, which could have a favorable impact on its financial statements. For context, Duke Energy reported
Investors should consider the potential long-term benefits: improved grid reliability could lead to reduced maintenance costs and fewer outage-related expenses. Additionally, the enhanced infrastructure may support Duke Energy's clean energy transition goals, potentially positioning the company favorably in the evolving regulatory landscape.
The job creation aspect, while not directly impacting financials, could improve Duke Energy's ESG profile, which is increasingly important to investors. However, it's important to monitor project execution and any potential cost overruns that could offset the grant's benefits.
This project exemplifies the intersection of energy policy, infrastructure investment and environmental goals. The DOE's support through the GRIP program, funded by the Bipartisan Infrastructure Law, underscores the federal government's commitment to grid modernization and clean energy transition. For Duke Energy, this aligns with their stated goals of achieving net-zero methane emissions by 2030 and net-zero carbon emissions from electricity generation by 2050.
The upgraded transmission line will facilitate the integration of more renewable energy sources, a critical step in decarbonizing the grid. However, the environmental impact of the construction itself should be monitored, even though it's occurring in existing right-of-ways. Investors and stakeholders should pay attention to how this project contributes to Duke Energy's overall progress towards its environmental targets and how it positions the company in the evolving regulatory landscape focused on clean energy and grid resilience.
Grant will help fund 40-mile transmission line rebuild in Wake, Johnston and Wayne counties to improve reliability for an estimated 14,000 customers
RALEIGH, NC / ACCESSWIRE / August 27, 2024 / U.S. Secretary of Energy Jennifer Granholm today announced the U.S. Department of Energy (DOE)'s Grid Deployment Office has selected the North Carolina Innovative Transmission Rebuild project to receive
"The grant announced today by the Department of Energy is a win for the communities Duke Energy serves, and signals North Carolina's leadership in the energy transition," said Kendal Bowman, Duke Energy North Carolina state president. "This project will help reduce outages, enhance the power system's resilience against extreme weather, enable the connection of more clean energy sources to the grid and create job opportunities and new partnerships with community organizations."
The Lee-Milburnie transmission line spans from the Greater Raleigh area to outside Goldsboro, N.C., including portions of Wake, Johnston and Wayne counties. The line rebuild will take place in the existing right of way to minimize the impact to nearby communities.
"Supporting our customers by helping ensure they have reliable service and restoring that service safely and quickly when we need to is our No. 1 job," said Scott Batson, senior vice president and chief power grid officer at Duke Energy. "The generous grant provided by the U.S. Department of Energy for this transmission line reconstruction work will improve the reliability of the grid while delivering affordable, clean energy to our customers."
The funds are part of the Grid Resilience and Innovation Partnerships (GRIP) program, the federal government's single largest direct investment into critical grid infrastructure. Funded through the Bipartisan Infrastructure Law and administered by DOE's Grid Deployment Office, the GRIP program leverages federal and private investments to support a reliable grid that is prepared for extreme weather while also delivering affordable, clean energy and creating local economic opportunities.
"This funding will help support North Carolinians' efforts to invest in grid resiliency, improve reliability, and meet electricity demand," said U.S. Secretary of Energy Jennifer M. Granholm. "The Biden-Harris Administration is investing in the most crucial component of the nation's infrastructure, expanding and hardening the grid to allow more resilient, clean power to reach more household, and support the ongoing manufacturing boom-all while creating thousands of local jobs."
This North Carolina Innovative Transmission Rebuild will create robust opportunities for local economic development, including significant investments in workforce development programs at Nash Community College and North Carolina A&T State University.
"North Carolina A&T State University and STEPs4GROWTH are proud to be partners in developing a skilled workforce in support of Duke Energy's efforts to deliver reliable, affordable energy to its customers," said Balu Gokaraju, Ph.D., principal investigator for the STEPs4GROWTH program. "This project represents a significant investment that will not only enhance the grid but also benefit the community by creating good jobs with family sustaining wages."
The joint effort will create an estimated 550 new jobs that can be filled through partnerships with historically black colleges and universities (HBCUs) and local community colleges.
"We have been a proud partner of Duke Energy for many years and are truly excited about this new initiative to enhance power grid reliability in North Carolina," said Lew K. Hunnicutt, President of Nash Community College. "We look forward to doing our part to support this important project, which will benefit our community through new job opportunities for skilled workers."
To learn more, visit the U.S. Department of Energy Grid Deployment Office's website.
Duke Energy
Duke Energy (NYSE:DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.
More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.
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