Duke Energy Corporation (DUK) entered into an agreement with China based ENN Group to form an EcoPartnership between the city of Charlotte, North Carolina, and the Chinese city of Langfang in Hebei Province.
This EcoPartnership follows an agreement signed by these companies in January this year to collaborate on the development of technologies to help build greener cities in China and the United States.
The venture will not only focus on generating green energy but also implement smart grid technology, look ways for energy storage, provide efficient energy solutions and create electric vehicle infrastructure in these two cities.
The U.S. Department of State and the People's Republic of China's National Development and Reform Commission (NDRC) will jointly administer the EcoPartnership program. It would encourage public-private collaboration with a view to innovate and sustain economic development.
Duke Energy and the Chinese firm had earlier worked together, in September 2009, to develop low-carbon and clean energy technologies. They continue to work in tandem in the U.S. developing commercial solar projects.
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).
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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