Duke Energy, Southern Company and Warren Buffett’s growing utility empire all are embracing wind and solar generation in a big way, according to the Wall Street Journal.
“Power companies are investing in more wind and solar farms because they can sell renewable electricity to other utilities at higher prices than conventional coal and natural gas-fired plants, under contracts up to 25 years long,” the newspaper reported.
Southern plans to plow $5 billion into renewables in the next three years – double its planned expenditures on new nuclear, gas and coal-fired generation.
Duke plans to invest $3 billion in wind and solar projects over five years, the Journal reported.
Berkshire Hathaway is committed to spending $2.1 billion in renewables in 2015 and an additional $2 billion through 2020.
“Berkshire Hathaway Energy generates 28 percent of its power from wind and sun, up from 25 percent a year ago, and isn’t investing in any new generation that isn’t renewable, the Journal said.