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) a $57 million cost-share grant 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 enhance grid reliability for an estimated 14,000 customers and support growing electricity demand in eastern North Carolina.
Key benefits include:
- Improved resilience against extreme weather
- Enhanced clean energy integration
- Creation of approximately 550 new jobs
- Partnerships with HBCUs and community colleges for workforce development
Il Dipartimento dell'Energia degli Stati Uniti ha assegnato un finanziamento a costo condiviso di 57 milioni di dollari a Duke Energy (NYSE: DUK) per il progetto di ricostruzione innovativa della trasmissione in Carolina del Nord. Questa iniziativa mira a ricostruire la linea di trasmissione a 230 kV Lee-Milburnie, che si estende per 40 miglia attraverso le contee di Wake, Johnston e Wayne. Il progetto migliorerà l'affidabilità della rete per circa 14.000 clienti e supporterà la crescente domanda di elettricità nella Carolina del Nord orientale.
I principali benefici includono:
- Migliore resilienza contro eventi meteorologici estremi
- Integrazione potenziata delle energie rinnovabili
- Creazione di circa 550 nuovi posti di lavoro
- Collaborazioni con HBCUs e istituti superiori per lo sviluppo della forza lavoro
El Departamento de Energía de EE. UU. ha otorgado a Duke Energy (NYSE: DUK) una subvención de $57 millones para cofinanciar el proyecto de reconstrucción innovadora de transmisión en Carolina del Norte. Esta iniciativa tiene como objetivo reconstruir la línea de transmisión de 230 kV Lee-Milburnie, que se extiende por 40 millas a través de los condados de Wake, Johnston y Wayne. El proyecto mejorará la confiabilidad de la red para aproximadamente 14,000 clientes y apoyará la creciente demanda de electricidad en el este de Carolina del Norte.
Los beneficios clave incluyen:
- Mejor resiliencia ante condiciones meteorológicas extremas
- Mejora en la integración de energías limpias
- Creación de aproximadamente 550 nuevos empleos
- Colaboraciones con HBCUs y colegios comunitarios para el desarrollo de la fuerza laboral
미국 에너지부는 Duke Energy (NYSE: DUK)에게 노스캐롤라이나 혁신 전송 재건 프로젝트를 위한 비용 분담 보조금으로 5,700만 달러를 수여했습니다. 이 이니셔티브의 목표는 웨이크, 존스턴 및 웨인 카운티를 가로지르는 40마일에 걸쳐 있는 230kV 리-밀버니 송전선을 복구하는 것입니다. 이 프로젝트는 약 14,000명의 고객을 위한 전력망 신뢰성을 향상시킬 것이며, 노스캐롤라이나 동부의 증가하는 전력 수요를 지원할 것입니다.
주요 이점은 다음과 같습니다:
- 극한 날씨에 대한 개선된 저항력
- 청정 에너지 통합 향상
- 약 550개의 신규 일자리 창출
- HBCU 및 커뮤니티 대학과의 협력으로 인력 개발
Le Département de l'énergie des États-Unis a accordé une subvention de partage des coûts de 57 millions de dollars à Duke Energy (NYSE: DUK) pour le projet de reconstruction innovante de transmission en Caroline du Nord. Cette initiative vise à reconstruire la ligne de transmission de 230 kV Lee-Milburnie, s'étendant sur 40 miles à travers les comtés de Wake, Johnston et Wayne. Le projet améliorera la fiabilité du réseau pour environ 14 000 clients et soutiendra la demande croissante d'électricité dans l'est de la Caroline du Nord.
Les principaux avantages comprennent:
- Résilience améliorée face aux événements météorologiques extrêmes
- Intégration améliorée des énergies renouvelables
- Création d'environ 550 nouveaux emplois
- Partenariats avec des HBCUs et des collèges communautaires pour le développement de la main-d'œuvre
Das US-Energieministerium hat Duke Energy (NYSE: DUK) einen Kostenteilungszuschuss in Höhe von 57 Millionen US-Dollar für das innovative Übertragungsrekonstruktionsprojekt in North Carolina gewährt. Diese Initiative zielt darauf ab, die 230-kV-Lee-Milburnie-Übertragungsleitung auf einer Strecke von 40 Meilen durch die Bezirke Wake, Johnston und Wayne neu zu konstruieren. Das Projekt wird die Zuverlässigkeit des Netzes für schätzungsweise 14.000 Kunden verbessern und die wachsende Nachfrage nach Elektrizität im östlichen North Carolina unterstützen.
Zu den wichtigsten Vorteilen gehören:
- Verbesserte Widerstandsfähigkeit gegen extreme Wetterbedingungen
- Erhöhte Integration von sauberen Energien
- Schaffung von etwa 550 neuen Arbeitsplätzen
- Partnerschaften mit HBCUs und Community Colleges zur Entwicklung der Arbeitskräfte
- Received $57 million in cost-share funding from the U.S. Department of Energy
- Project will improve grid reliability for an estimated 14,000 customers
- Creation of approximately 550 new jobs
- Enhanced ability to connect more clean energy sources to the grid
- Partnerships with educational institutions for workforce development
- None.
The
From an investor's perspective, this federal funding reduces Duke Energy's capital expenditure burden, potentially improving near-term cash flows. The project aligns with Duke's ambitious clean energy transition goals, which could positively impact long-term valuation. However, the true financial impact may be given Duke Energy's
Investors should monitor how effectively Duke leverages this opportunity to enhance grid performance and customer satisfaction, as these factors can influence regulatory relationships and future rate cases.
This project presents a substantial economic opportunity for North Carolina. The creation of an estimated 550 new jobs is a significant boost to local employment, particularly given the partnerships with HBCUs and community colleges. This aligns with the trend of infrastructure projects driving workforce development in the energy sector.
The involvement of Nash Community College and North Carolina A&T State University in workforce development programs is crucial. It creates a pipeline of skilled workers, addressing potential labor shortages in the rapidly evolving energy industry. This could have a multiplier effect on the local economy, potentially stimulating growth in related sectors.
Investors should consider the long-term economic benefits beyond the immediate project scope. Enhanced grid reliability could attract businesses to the region, potentially driving further economic growth and indirectly benefiting Duke Energy's customer base and revenue streams.
This project represents a strategic alignment with federal clean energy initiatives and Duke Energy's sustainability goals. The grid enhancement facilitates the integration of more renewable energy sources, supporting Duke's target of net-zero carbon emissions from electricity generation by 2050.
The focus on grid resilience against extreme weather is timely, given the increasing frequency of climate-related disruptions. This proactive approach could mitigate future costs associated with climate change impacts, a growing concern for utility investors.
However, it's important to note that while this project supports clean energy transition, it's primarily a grid infrastructure upgrade. Investors should balance this against Duke's broader portfolio of renewable energy investments and carbon reduction strategies. The project's true environmental impact will depend on how effectively it enables the integration and distribution of clean energy sources in the long term.
- Grant will help fund 40-mile transmission line rebuild in
Wake ,Johnston andWayne counties to improve reliability for an estimated 14,000 customers
"The grant announced today by the Department of Energy is a win for the communities Duke Energy serves, and signals
The Lee-Milburnie transmission line spans from the
"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
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
This North Carolina Innovative Transmission Rebuild will create robust opportunities for local economic development, including significant investments in workforce development programs at
"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
To learn more, visit the
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
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.
Contact: Logan Stewart
24-Hour: 800.559.3853
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