In keeping with its commitment to provide clean and renewable electricity, Corning Incorporated GLW entered into a 25-year Power Purchase Agreement with Duke Energy Renewables, a unit of Duke Energy, which develops wind and solar projects.
The Solar Project will be constructed by Duke Energy Renewables in Conetoe, N.C. Duke Energy stated that it will be the largest solar farm to be completed east of the Mississippi River.
Per the deal, Corning will purchase nearly 62.5% of the power generated from the new facility, estimated to be 120,300 megawatt hours per year, beginning first-quarter 2016. The electricity is equivalent to the annual power used by approximately 10,000 U.S. homes.
This agreement is another step toward Corning’s long-term goal of developing, generating and purchasing more green energy.
Solar and wind are gradually transforming the way energy is produced and consumed, driving the ongoing global energy transition. With regulatory authorities encouraging renewable energy generation, the dependence on fossil fuels is gradually declining.
As per the U.S. Energy Information Administration (EIA), electricity generated from renewable sources is projected to increase to 18% by 2040 in the U.S. Per the EIA’s latest reports, nearly 9 gigawatts of new solar generation will come online in the U.S. in the 2014–2016 timeframe.
Corning is a worldwide provider of connectivity solutions. In the second quarter, the company reported strong core earnings of 34 cents, matching the Zacks Consensus Estimate. However, revenues of $2.72 billion dropped 3% sequentially and 10.6% year over year due to weakness in the Display and Life Sciences segments.
Corning currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry are AudioCodes Ltd. AUDC, Communications Systems Inc. JCS and ShoreTel, Inc. SHOR. All the stocks sport a Zacks Rank #1 (Strong Buy).
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