Two of the United States' largest energy companies, Duke Energy (NYSE:DUK) and FPL Group, Inc. (NYSE:FPL) have partnered together in an initiative to transition all their company vehicles to plug-in electric hybrids (PHEVs) or electric vehicles by 2020.
This plan represents around 10,000 vehicles and could reduce greenhouse gas emissions by 125,000 metric tons in the next ten years. Additionally, it offers a $600 million USD opportunity for an automobile manufacturer that can produce viable PHEVs or electric cars.
The initiative will start in January, 2010. Passenger vehicles and smaller trucks have already been planned for by Duke and FPL Group. However, starting in 2011 and 2012 both companies will work closely with manufacturers to design, test, and measure the effectiveness of plug-in hybrid electric and electric bucket truck prototypes.
It is estimated that electric vehicles can reduce carbon emissions by 70% (100% if charged with renewable energy) and reduce fuel consumption by 80%.
With this in mind, Duke and FPL Group urged other corporations to join them in greening their vehicle fleets: "the more organizations that join this initiative, the more we can develop a sustainable transportation future. This commitment will help lead the way to carbon reductions in the second largest source of emissions in the U.S. economy."
Read the full story at FPL Group: FPL Group and Duke Energy Investing $600 Million to Convert Vehicles to Plug-in Hybrid or Electric by 2020
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