Duke Energy Corporation (DUK) for its first wind farm in Hutchinson, Kansas will use Siemens AG (SI) turbines. For the project Duke Energy will use 73 Siemens wind turbines, each capable of generating 2.3 megawatts of emission-free electricity.
Duke Energy Renewables, a commercial business unit of Duke Energy, will build, own and operate the 168-megawatt (MW) Ironwood Windpower Project in Ford County – approximately 150 miles west of Wichita. Topeka-based Westar Energy will purchase all of the electricity and associated renewable energy credits produced by the site under a 20-year agreement.
Duke Energy Renewables plans to start construction of the Ironwood Windpower Project in the fall of 2011. The wind farm – expected to reach commercial operation by mid-2012 – will be capable of generating enough electricity to power more than 50,000 homes.
Duke Energy Renewables owns nearly 1,000 MW of generating capacity at nine U.S. wind farms – four in Wyoming, three in Texas, one in Colorado and one in Pennsylvania. Since 2007, Duke Energy has invested more than $1.5 billion to grow its commercial wind and solar power businesses.
Earlier, Duke Energy reported a strong first quarter 2011. Earnings in the most recent quarter surpassed both the year-ago results and the Zacks Consensus expectation mainly on the back of a strong performance at Duke Energy International.
Duke Energy expects its adjusted earnings per share for 2011 to be in the range of $1.35 to $1.40. The Zacks Consensus Estimate for 2011 is presently at $1.37 per share.
We believe the overseas partnership is a win-win deal for both the companies. Besides developing green cities, this venture will enable Duke Energy to further develop and deploy green energy technologies in other cities.
Duke Energy Corporation currently retains a Zacks #3 Rank (short-term Hold rating). The company competes with American Electric Power Co. Inc. (AEP) and Constellation Energy Group Inc. (CEG). Over the long run we are Neutral on the company.
Based in Charlotte, North Carolina, Duke Energy is an energy company. The company operates through three segments: U.S. Franchised Electric and Gas, Commercial Power, and International Energy.
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