Boston, MA 05/01/2014 (wallstreetpr) – Duke Energy Corp (NYSE:DUK), a $53 billion organization and the largest electric utility in the U.S., has been a frequent target on environmental issues. As the company meets is shareholders May 1, the meeting has already been termed “extraordinary” as several rally groups are expected to hold demonstrations. The company is vilified over its management of the coal ash spill into Dan River earlier this year.
Coal as a source of energy has been an issue with environmentalists calling for speedy reduction of coal-fired power generation activities. Instead, adoption of renewable energy sources such as solar, wind, biomass are touted as viable and clean energy options that utilities can take advantage of to reduce the impact on the environment.
Duke is already doing as much in addressing environmental issues around its operations. In a report released recently, the CEO Lynn Good observed that the company increased its renewable energy generation to more than 2,620 megawatts in 2013. Therefore, the company is right on track to hitting 6,000 megawatts of clean energy.
However, the company still operates coal-fired power plants.
Demand for power
The complex issue as Duke Energy Corp (NYSE:DUK) addressed in this year’s sustainability report is the surging demand for energy at a time when construction of new plants is likely to scale up carbon dioxide emission. Though the report noted that the company is winning the war in efforts to reduce the amount of carbon it needs in electricity production, shutdown of coal plants alone might not lead to the desired results as construction of new plants and power demand could still increase carbon emission.
Addressing the problem
As such, the company believes that, alongside efforts to adopt renewable energy, it plans to invest more in digital grids that will improve service. Therefore, Duke Energy Corp (NYSE:DUK) said it invested $1 billion in digital grid.
Furthermore, the company announced resolution to up its recycling and coal ash management. The new environmental goals will see the company boost its solid waste recycling to 80 percent by 2018, up from 69 percent in the past year.
It remains to be seen what the company tells the shareholders about its environmental management success and challenges and how such efforts can impact financial performance.
