Investing in Renewables
Duke Energy launched several initiatives to bolster its renewable energy portfolio in 2007.
- In May, we acquired the wind power assets of Tierra Energy, a leading development company located in Austin, Texas. The purchase included more than 1,000 MW of wind assets under development in the western and southwestern U.S. Duke Energy plans to spend approximately $430 million in 2008 to complete the first three wind development projects acquired from Tierra. We recently made purchase commitments for 155 wind turbines, with a total capacity of 240 MW, to support this effort into 2010.
- We issued a request for proposals (RFP) for up to 2,100 MW of renewable energy in the Carolinas in April 2007. Many bids were received, and the evaluations are underway.
- Duke Energy Indiana also issued an RFP in October 2007 for up to 200 MW of renewable energy. Those bids are due in early 2008 and will take several months to evaluate. This is in addition to the 100 MW of wind power that Duke Energy Indiana will begin purchasing in 2008 based on agreements that were finalized in 2006.
- Duke Energy Carolinas completed successful tests of biomass co-firing in 2007 and assessed the availability of commercial quantities of biomass near our fossil stations.
From its roots in 1904 as a hydroelectric station operator along the Catawba River, Duke Energy is today the second largest investor-owned hydroelectric operator in the U.S. And, we have more than 3,100 MW of hydroelectric capacity in South America.