Duke Energy to strengthen North Carolina grid with $13bn initiative
Duke Energy has announced a $13bn worth project aimed at modernizing the North Carolina’s electric system in the US.
It has been launched to meet the challenges faced by the state’s power grid both on the technological front as well as those driven by changing consumption needs.
The modernization project, dubbed as Power/Forward Carolinas, will be carried out for 10 years. It will make the electric system withstand storms and outages better than what it has been before.
Most importantly, Power/Forward Carolinas is expected to make the state’s electric grid safer and have enhanced protection against cyber-attacks and physical threats.
The project is likely to result in creating 13,900 employment opportunity each year through its timeline. As far as revenue generation is concerned, the grid modernization project is estimated to bring in about $800m in state taxes and $550m through local taxes.
Overall, it is likely to give a total economic output of $21.5bn through the 10-year period.
Duke Energy North Carolina president David Fountain said: "Safely powering the lives of hard-working families and maintaining the vitality of our communities are our most important responsibilities.
"When we improve our energy infrastructure, we not only improve power quality and reliability for everyone, but we help grow our economy and create jobs while keeping energy at a reasonable price."
As part of the project, Duke Energy will invest on advance smart metering infrastructure to help consumers save their energy costs.
To reduce outages, Duke Energy has planned to move the targeted power lines underground. Besides, the Duke Energy's Power/Forward Carolinas will have focused investment on the sustainable growth of renewable power and newly developed technologies.
Image: Duke Energy launched a 10-year project to strengthen North Carolina's grid. Photo courtesy of Duke Energy Corporation.