U.S. markets open in 7 hours 6 minutes
  • S&P Futures

    -34.00 (-0.92%)
  • Dow Futures

    -219.00 (-0.74%)
  • Nasdaq Futures

    -111.25 (-0.98%)
  • Russell 2000 Futures

    -16.70 (-0.99%)
  • Crude Oil

    -0.97 (-1.23%)
  • Gold

    -10.70 (-0.65%)
  • Silver

    -0.37 (-1.96%)

    -0.0035 (-0.36%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • Vix

    +2.57 (+9.40%)

    -0.0225 (-2.07%)

    +0.4950 (+0.35%)

    -283.37 (-1.49%)
  • CMC Crypto 200

    -15.09 (-3.39%)
  • FTSE 100

    -140.92 (-1.97%)
  • Nikkei 225

    -722.28 (-2.66%)

Duke Energy (DUK) Arm Adds 2 Lithium-Ion Battery Facilities

·3 min read

Duke Energy Corp’s DUK subsidiary, Duke Energy Florida, recently unveiledthe completion of two new lithium-ion battery facilities in the Alachua and Hamilton counties, thus highlighting its increased focus on investing in modern and advanced technology to deliver clean energy.

Details of Battery Sites

Duke Energy Florida, which already has 10,300 megawatts (MW) of energy capacity at its discretion, further aided its electric services by adding the Micanopy battery site in Alachua County, which boasts a capacity of 8.25 MW. The other facility on the Florida-Georgia border has a capacity of 5.5 MW.

Duke Energy Florida’sInvestment in Battery Technology

Duke Energy Florida has been consistently boosting its renewable portfolio by investing in innovative and advanced technology that can enhance its capability to deliver reliable and clean energy to its customers and improvise its grid operations.

Before these developments, the company added three battery projects in the Gilchrist, Gulf and Highlands counties this year only. Such expansion strategies in the battery storage arena form an integral part of Duke Energy's pledge to have six battery sites in operation in Florida this year. This boasts a storage capacity addition of 50 MW.

These apart, the company aims to further bolster its battery storage capabilities in Florida by adding a 3.5-MW solar-plus-storage microgrid site at Pinellas County's John Hopkins Middle School.

Such massive investments in battery technology highlight the company’s commitment to continuously upgrade its energy generation capabilities that can efficiently align with the energy of the future.

Peer Moves

Alongside Duke Energy, major utility companies, such as PG&E Corporation PCG and Consolidated Edison ED and NextEra Energy NEE, have carved out a position in the battery storage market.

In January 2022, PG&E Corporation proposed nine new battery energy storage projects totaling approximately 1,600 MW to further integrate renewable energy resources and improve the reliability of the California electric system.

PCG boasts a long-term earnings growth rate of 2.5%. The Zacks Consensus Estimate for PG&E Corporation’s 2022 earnings is pegged at $1.09 per share, suggesting a growth rate of 0.9% from the prior-year period. PCG shares have returned 33.5% in the past year.

In March 2022, Consolidated Edison announced the installation of a battery system in the Woodside area. The battery system can provide 1 MW or a million watts for customers. The Woodside system is the third battery project that Consolidated Edison and Endurant Energy installed at customers’ properties under an innovative demonstration project.

The long-term earnings growth rate for Consolidated Edison is pegged at 2%. ED shares have returned 31.3% in the past year.

NextEra Energy has more than 180 MW of battery energy storage systems in operation. Its Babcock Ranch Solar Energy Center is the largest combined solar-plus-storage facility in the country and boasts a 10-MW battery storage project into the operations of a 74.5-MW solar power plant.

NextEra boasts a long-term earnings growth rate of 9.3%. NEE shares have returned 6.9% in the past year.

Price Movement

In the past year, Duke Energy’s shares have rallied 4.7% compared with the industry’s growthof 11.4%.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank

Duke Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report
Duke Energy Corporation (DUK) : Free Stock Analysis Report
Consolidated Edison Inc (ED) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research