Boeing and SCE&G Announce Renewable Energy Partnership
SCE&G Contact:
Kim Asbill
843-576-8649
800-562-9308 (media line)
kim.asbill@scana.com
Boeing Contact:
Rob Gross
Boeing South Carolina
843-789-8084
843-276-8643 (mobile)
robert.g.gross2@boeing.com
NORTH CHARLESTON, S.C., April 19, 2011 - Boeing [NYSE: BA] and South Carolina Electric & Gas (SCE&G) today announced an energy partnership
that will enable Boeing South Carolina to operate as a 100 percent renewable energy site.
"This is an important announcement for Boeing and we're honored to share it with South Carolina Electric & Gas," said Jim Albaugh, President and CEO
of Boeing Commercial Airplanes. "Our 787 Dreamliner is manufactured using fewer hazardous materials and designed to consume less fuel, and produce fewer
emissions. It only makes sense that our business operations in South Carolina reflect the environmental progressiveness of the airplane we'll build here."
Renewable energy will be generated at the North Charleston site in part with thin-film solar laminate panels owned, installed and maintained by SCE&G
on the new Boeing 787 Final Assembly building roof. This solar installation will provide up to 2.6 megawatts of electrical power for the site, enough to
power approximately 250 homes. The installation will be the largest in the Southeast by production capacity, and the sixth largest in the U.S.
"South Carolina Electric & Gas is pleased to partner with Boeing and provide the energy resources needed to meet their commitment to a 100 percent
renewable energy site," said Kevin Marsh, president of SCE&G. "Customer service is one of our core values. We understand Boeing's business objectives and
commitment to the environment and are delighted we can be a partner to provide this energy solution."
Under this arrangement, SCE&G will install the solar generation system and dedicate the power from the system to the Boeing site. SCE&G will then supplement
the solar generated energy with power from its system resources, coupled with renewable energy certificates from its renewable generating facility, to meet
all of Boeing's energy requirements.
"Our customers expect that Boeing's products and services be environmentally progressive, and our communities expect that we take credible actions to
reduce our impact on the environment," said Mary Armstrong, vice president of Environment, Health and Safety for Boeing. "This partnership demonstrates
that we share those priorities, and shows that it is possible to commit to renewable energy on a large scale."
Read the original article here
at the SCANA Corporation website.
Looking At Duke Energy As A Solar Power Play
Read the original article here on Forbes.com
Duke Energy
is one of the largest electric utilities in the U.S. along with American Electric Power Company, Exelon Energy Corp, Allegheny Energy and Progress
Energy. Duke Energy has approximately 35,000 megawatts of electric generating capacity in the Carolinas and the Midwest, as well as natural gas distribution
services in Ohio and Kentucky.
Even though the firm operates in external markets, the majority of the value for the company comes from the U.S. Franchised Electric & Gas segment.
This segment alone
contributes nearly 80% of our near $18 stock value for Duke Energy,
which stands roughly in line with market value. Its commercial power business contributes
around 9% to its stock price.
Commercial power owns, operates and manages power plants and engages in the wholesale marketing and procurement of electric power, fuel and emission
allowances related to these plants as well as other contractual positions. Commercial power also has a retail sales subsidiary, Duke Energy Retail Sales, which
serves retail electric customers in certain regions of Ohio. The division is also responsible for developing and implementing customized energy solutions.
Through Duke Energy Generation Services (DEGS) and its affiliates, commercial power develops, owns and operates electric generation for
large energy consumers,
municipalities, utilities and industrial facilities. In addition, DEGS engages in the development, construction and operation of wind
and solar energy projects and is also developing transmission and biomass projects.
Initiatives for Duke Renewables
In addition to this, Duke Energy Renewables, part of Duke Energy's Commercial Businesses, is a leader in developing innovative
renewable energy solutions, including wind, solar and biopower projects, for customers throughout the United States.
Duke Energy Renewables already has two commercial solar farms in North Carolina and three nationwide. In addition to this,
it acquired the Murfreesboro project in December 2010 from SunPower Corp., which designed and will build the solar photovoltaic
system. The project is approximately 120 miles northeast of Raleigh, N.C and is expected to start this spring and wrap up in
late 2011. Once completed it is expected to generate 6.4 MWh DC (equivalent to 5MW AC) and be capable of generating enough
electricity to power about 700 average-sized homes.
This solar farm will primarily serve GreenCo Solutions and North Carolina Electric Membership Corporation, who will purchase renewable
energy certificates and electricity, respectively, from the project, under a 20 year agreement.
GreenCo Solutions, a company owned by 22 electric cooperatives, will buy all renewable energy certificates (RECs) generated by the
Murfreesboro project to assist its members in meeting their solar power requirement under the state's Renewable Energy and Energy
Efficiency Portfolio Standard. In addition to this, the electricity produced from the facility will be purchased by NCEMC, the
power supply organization for the majority of the state's electric cooperatives.
The Revenue per MWh for Commercial Power increased from around $84 in 2005 to $90 in 2008, largely due to an increase
in energy prices reflective of an increase in input costs. It declined to $80 in 2009 due to a fall in demand following
the economic downturn. Going forward, as the economic environment improves and demand picks up, we expect the Revenue
per MWh to increase to around $100 by the end of the Trefis forecast period.
However, we believe with further development of solar farm projects like the one discussed above, Duke Energy Renewables
has the potential to generate further upside to Commercial Power's Revenue per MWh. If it increases to around $120 by the
end of our forecast period, it would mean an upside of nearly 6% to our current price estimate for Duke Energy's stock.
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