Duke Energy plans to invest $121M to study carbon dioxide storage sites in Indiana
Associated Press
07/06/09 7:00 PM EDT
CHARLOTTE, N.C. — Duke Energy said Monday that it plans to invest about $121 million to study carbon dioxide storage sites in southwest Indiana.
The three-year project would result in an average customer rate increase of about 1 percent that would be phased in between 2010 and 2013.
Duke, one of the nation's largest power generators, said it has filed testimony with the Indiana Utility Regulatory Commission describing the proposed project. The company plans to study storage options for some carbon dioxide emissions from its Edwardsport coal gasification power plant, which is under construction.
Duke said it has applied for a Department of Energy grant that could potentially offset some of the project's cost. The company said any funds received would be used to reduce customer rate increases.
Duke noted that the U.S. House of Representatives passed legislation in June to control carbon emissions, which have been linked to global warming. The Senate is also expected to take up the bill.
Duke Energy shares rose 21 cents to $14.61 on Monday.
