Duke Energy Corp. DUK, +0.01% said Wednesday that it targets energy generated from coal to be just 5% of total energy generation by 2030, and aims at a full exit from coal by 2035. Currently, the company coal fuel represents about 27% of its total energy generation. The electric utility said the targets are part of an expansion of its clean energy action plan, in which its 2050 net-zero goals now include Scope 2 and Scope 3 emissions. Scope 2 emissions include indirect emissions from power the company purchases from others and Scope 3 emissions include indirect emissions from others in the company’s value chain. The company said it has already retired 56 coal units, representing 7,500 megawatts, since 2010, and expects to retire an additional 862 megawatts by 2024. Duke Energy’s stock, which tacked on 0.2% in afternoon trading, has gained 2.7% over the past 3 months, while the SPDR Utilities Select Sector ETF [s:xlu] has advanced 3.3% and the S&P 500 SPX, +1.35% has slipped 2.3%.
