Dukes Energy, one of the world’s largest utility companies, is considering making a big change in the way it manages its power assets.
The Duke Energy Corp. announced Monday that it would stop buying power from coal-fired plants and instead buy power from wind and solar.
“We’re going to look at the grid, we’re going see what’s the best technology for the grid and then we’ll go from there,” Duke Energy CEO Jim Bell said in a call with reporters.
He said Duke Energy has already identified a number of solar and wind farms, and has set a target of 100 megawatts of solar power on its power lines.
We’ll have the ability to do that at the right price, he said.
Duke Energy will buy power through the grid as a “third party,” which means it will not have any control over the price it pays for power.
That means it won’t be able to set a price on its energy, which it has been able to do for decades.
Bell said Duke has been a major energy customer of the U.S. since the 1940s.
It was the largest U.K. power company until 2008, when it merged with EDF.
Bell said he has not yet had an official meeting with E.ON CEO John Hyslop, but said they are in talks about the future of the power companies.
Duke will be the first major utility to stop buying from the coal-burning power plants that power the U and U.N. facilities in New York and New Jersey.
Under the Duke Energy contract with EDA, the utility will pay the company an annual “fee” for power delivered to the U of N and New York, the New York Times reported.
That fee is estimated at about $2.3 billion a year.
According to a U. New York analysis, Duke Energy currently owns about 5% of the electric grid, but it has not bought power from other generators, the Times reported in 2015.
Bell said in the interview that Duke Energy is also exploring other options for its power.
He said it could build a network of smaller power plants, which would have to be paid for through the system, or it could use other technologies, like batteries, to deliver power.
“It’s a very complex question, but we have a very clear vision of what we’re looking for and we’re willing to go there,” he said, adding that Duke is also looking into buying solar power.
Bell is in a tough spot.
His company has been the target of a number other utility companies for not paying as much as it is supposed to, and that has made it more expensive to keep its lights on.
In November, the U New York report said that Duke has not paid enough on its $2 billion debt.
The U. of New York said that the utility was “on pace to repay all of its $7 billion of debt in the next three years.”
Bell said the Duke deal is an important step in the company’s effort to become a sustainable energy producer.
“This is something that is going to help us achieve that goal,” he told reporters.
The Associated Press contributed to this report.