30 Mins Ago
Duke CEO says power demand growing at pace not seen since 1980s
Power demand is growing at a pace not seen since the 1980s due to the onshoring of battery and chip manufacturing in the U.S., according to Duke Energy CEO Lynn Good.
“We are seeing demand at a pace that we have not seen probably since the 80s or 90s in the Carolinas,” Good said at the Columbia Global Energy Summit Tuesday. The CEO said demand is expected to grow 1.5% to 2% or more in the near term, compared to flat growth in the past.
“Over the last 18 months, the expansion of demand has expanded far beyond electrification,” Good said. The growing number of domestic chip and battery manufacturers as well as data centers supporting artificial intelligence require power round the clock, the CEO said.
Duke is targeting 30,000 megawatts of renewables and 10,000 megawatts of batteries across its system by 2035, Good said. But natural gas will also play an important role in meeting the growing power demand until hydrogen and new nuclear technologies are commercialized, Good said. Gas has helped Duke reduce carbon dioxide emissions by 45% since 2005 as coal is phased out, she said.
“We need a bridge fuel – we used to call it a bridge fuel – we need the fuel to get from here to the future,” Good said.
— Spencer Kimball
An Hour Ago
Healthcare ETF rises
An Hour Ago
Dow rises at open
The Dow kicked off Tuesday higher, on pace for its first positive session in seven.
The 30-stock index climbed 0.6% shortly after 9:30 a.m. ET. The S&P 500 traded around flat, while the Nasdaq Composite slipped 0.1%.
— Alex Harring
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Industrial production up 0.4% in March, matching estimate
Industrial production rose 0.4% in March, in line with market expectations, though it fell 1.8% for the first quarter of 2024, the Federal Reserve reported Tuesday.
The Fed also said capacity utilization, a measure of total output potential, was at 78.4%, up 0.2 percentage point from February but slightly below the Dow Jones estimate for 78.5%. The measure held below its long-run average of 79.6%.
—Jeff Cox
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Fed’s…
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