Thursday, clean energy company FPL Group, Inc. (FPL) and electric power holding company Duke Energy Corp. (DUK), during the Clinton Global Initiative's fifth annual meeting in New York City, announced that they are investing $600 million to transition their company cars and trucks to plug-in hybrid or all-electric vehicles. The companies noted that the transition will help to reduce overall carbon emissions by up to 70% and will lower fuel costs by about 80%. The companies aim to convert all new fleet vehicles to plug-in electric vehicles or plug-in hybrid electric vehicles and the initiative for the committed transition will begin on January 1, 2010, and the project is scheduled for completion by the end of December 2020.
Jim Rogers, chairman, president and chief executive officer Duke Energy said, "A 10-year commitment gives us time to adopt, test and integrate new technology into fleets as a wider range of vehicles are developed."
Duke Energy and FPL noted that the joint commitment related to the transition represents more than 10,000 vehicles and will result in potential revenues of at least $600 million for plug-in electric vehicles manufacturers. In addition, it is anticipated that the conversion has the potential to reduce greenhouse gas emissions by more than 125 thousand metric tons over the next 10 years. Duke Energy and FPL added that this commitment will help lead the way to carbon reductions, as plug-in electric vehicles will reduce overall carbon emissions by up to 70% and will lower fuel costs by about 80%. Lew Hay, FPL Group chairman and chief executive officer commented, "The more organizations that join this initiative, the more we can develop a sustainable transportation future." Hay said that the Clinton Global Initiative continues to serve as a catalyst for bold commitments to address serious challenges such as energy security and climate change.
FPL is currently trading at $53.98, up $0.11 or 0.20%, on a volume of 79 thousand shares.
DUK trades at $15.74, up $0.02 or 0.13% on 315 thousand shares.
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