DUKE ENERGY CORPORATION

(DUK)
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Delayed Nyse  -  04:03 2022-06-24 pm EDT
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Duke Energy : Sustainable Solutions announces construction of Idaho's largest solar project

04/28/2022 | 10:24am EDT
  • 120-megawatt Jackpot Solar project will be company's first renewable energy facility in the state.

CHARLOTTE, N.C. - Duke Energy Sustainable Solutions, a nonregulated commercial brand of Duke Energy (NYSE: DUK), today announced the start of construction of the 120-megawatt (MW) Jackpot Solar project in Twin Falls County, Idaho.

This is the organization's first utility-scale renewable energy project in the state and, once complete, it will be the largest solar facility in operation in Idaho.

Jackpot Solar, which is expected to achieve commercial operation by the end of 2022, will provide energy to Idaho Power through a 20-year power purchase agreement.

Idaho Power is working toward its Clean Today, Cleaner Tomorrow® goal of providing 100% clean energy by 2045. When the company buys certified renewable energy as it's doing here, it sells the associated renewable energy credits (RECs) to offset power supply costs and to keep customer prices low.

"We're excited to enter into the Idaho market and be a part of the state's transition toward a cleaner energy future," said Chris Fallon, president of Duke Energy Sustainable Solutions. "Jackpot Solar will help diversify the state's energy infrastructure, bring additional economic benefits to the state and Twin Falls County, while also supporting Idaho Power's clean energy goals."

"Providing 100% clean energy is an important goal for Idaho Power, and more and more customers are telling us it is important to them, too," Idaho Power President and CEO Lisa Grow said. "We have a great head start, thanks to our clean hydropower plants that remain our largest source of energy."

Swinerton Renewable Energy is doing the engineering and construction for the project, which will be located on 952 rural acres south of the city of Twin Falls. Duke Energy Sustainable Solutions will own and operate the project.

The project is expected to employ approximately 200 workers at peak construction. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, the Jackpot Solar facility will also have a positive economic impact on the local community by providing significant tax revenues for the Filer Consolidated School District.

Additionally, the Duke Energy Foundation awarded a $15,000 grant to the Shoshone Basin Rangeland Fire Protection Association to support the organization's efforts to enhance the safety of the citizens in rural areas of Twin Falls County, Idaho.

"Safety is a top priority for us," said Fallon. "We're proud to be a part of this community and help fund the equipment and services that will enable the Shoshone Basin emergency responders to continue to maintain the safety of area residents and businesses."

As one of the nation's top renewable energy providers, last year Duke Energy reached more than 10,000 MW of solar and wind energy, and the company has set a goal of reaching 16,000 MW of renewables by 2025 and 47,000 MW by 2050.

Duke Energy Sustainable Solutions

Duke Energy Sustainable Solutions is a leader in sustainable energy, helping large enterprises reduce power costs, lower emissions and increase resiliency. The team provides wind, solar, resilient backup power and managed energy services to over 1,000 projects across the U.S., with a total electric capacity of more than 5,100 megawatts of nonregulated renewable energy.

Duke Energy Sustainable Solutions is a nonregulated commercial brand of Duke Energy (NYSE: DUK), a Fortune 150 company and one of the largest energy holding companies in the U.S., headquartered in Charlotte, N.C.

The brand includes the following subsidiaries of Duke Energy Corporation that are registered to transact business in various states and may be branded as Duke Energy Sustainable Solutions for marketing purposes: Duke Energy One, Inc.; Duke Energy Commercial Enterprises, Inc.; Duke Energy Renewables, Inc.; Duke Energy Renewables Commercial, LLC; Duke Energy Renewable Services, LLC.; Duke Energy Renewables Storage, LLC; Duke Energy Renewables Wind, LLC.; Duke Energy Renewables Solar, LLC.; and REC Solar Commercial Corporation.

Idaho Power

Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile area in Idaho and Oregon. The company's goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydroelectric projects at the core of its diverse energy mix, Idaho Power's residential, business and agricultural customers pay among the nation's lowest prices for electricity. Its 2,000 employees proudly serve more than 600,000 customers with a culture of safety first, integrity always and respect for all.

IDACORP Inc. (NYSE: IDA), Idaho Power's independent publicly traded parent company, is also headquartered in Boise, Idaho. To learn more, visit idahopower.com or idacorpinc.com.

Cautionary Language Concerning Forward-Looking Statements

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media contact: Jennifer Garber
800.559.3853

Disclaimer

Duke Energy Corporation published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 14:22:02 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 26 585 M - -
Net income 2022 4 126 M - -
Net Debt 2022 70 974 M - -
P/E ratio 2022 19,4x
Yield 2022 3,83%
Capitalization 80 478 M 80 478 M -
EV / Sales 2022 5,70x
EV / Sales 2023 5,74x
Nbr of Employees 27 605
Free-Float 95,0%
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Lynn J. Good Chairman, President & Chief Executive Officer
Steven K. Young Chief Financial Officer & Executive Vice President
Bonnie Titone Chief Information Officer
Dhiaa M. Jamil Chief Operating Officer & Executive Vice President
Melissa Feldmeier Chief Ethics & Compliance Officer, Vice President
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