Duke Energy Continues Collaboration with Chinese Energy Companies
Duke Energy continues to collaborate with some of China’s most prominent energy companies to scale up and commercialize clean energy technologies.
In November 2010, we signed an agreement with BYD — a privately held company that makes plug-in hybrid and all-electric vehicles. BYD is the largest Chinese and fourth-largest global manufacturer of rechargeable batteries. Duke Energy and BYD will collaborate on technologies for energy storage, electric transportation and smart grid applications. The two companies will also explore joint business development opportunities.
Duke Energy also has agreements signed previously with Huaneng Group, China’s largest electric utility, and ENN Group, one of China’s largest privately held, diversified energy companies.
Duke Energy and Huaneng Group continue their collaborative research on capturing and sequestering carbon dioxide emitted from coal-burning power plants, with joint projects at generation facilities in both nations.
In January 2011, Duke Energy and ENN Group announced a joint effort to develop China’s first “eco city” in Langfang, near Beijing. The objective: create a “city of tomorrow” powered by clean energy, including solar and wind, coupled with advanced energy storage and energy efficiency systems. Duke Energy will apply lessons learned in Langfang to the company’s deployment of clean energy technology in its U.S. service areas.
Duke Energy also participates in the new U.S.-China Energy Research Center, a bilateral enterprise established by President Obama and Chinese President Hu Jintao to advance clean energy technologies in the U.S. and China. The consortium will operate with a five-year, $100-million budget: $25 million from U.S. members, $25 million from the U.S. government and $50 million from China’s government.
Duke Energy foresees significant benefits resulting from research and close collaboration with fast-growing China. Among them:
- Accelerated development and deployment of low-carbon technologies in our service areas
- Recruitment of Chinese energy firms into our service areas, to create American jobs and spur economic development
- Access to low-cost Chinese capital to help us fund the investments required to modernize our generation fleet and power grid.