Duke Energy outlines 10-year plan in company’s first online shareholder meeting
Duke Energy CEO Lynn Good recently announced that the company would invest in natural gas, renewable energy and grid modernization during the next 10 years in the company’s first online shareholder meeting.
“The new format gave small shareholders like me, who live outside Charlotte, a chance to participate in the meeting for the first time,” Lester Schwartzman, a long-time Duke Energy shareholder of Boynton Beach, Florida, said. “The webcast allowed me to hear directly from Lynn Good about the company’s strategy, and I was really happy to hear about the investments in the natural gas business.”
Duke Energy plans to invest $11 billion in natural gas and renewable energy over the next decade, Good told shareholders. The company expects natural gas to make up 35 percent and renewable energy to make up 10 percent of its electricity generation portfolio after the next 10 years. The company plans to invest $25 billion in grid modernization projects.
Good also announced a new goal of reducing carbon emissions by 40 percent from 2005 levels by 2030.
“By retiring coal plants and bringing on more natural gas and renewables, we have already reduced our carbon emissions by nearly 30 percent since 2005,” she said. “Today, we are among the top five companies in terms of renewable capacity, and we are committed to doing more.”
Also at the meeting, shareholders rejected three non-binding shareholder proposals, provided an annual report on Duke Energy’s lobbying expenses as well as a report on the public health risk of Duke Energy’s coal use, and prepared an assessment of the impacts on Duke Energy’s portfolio of climate change.
The shareholders also rejected a company-sponsored corporate governance proposal and elected the 14 board of director nominees.
