Duke Energy responds to constructive carbon plan decision by North Carolina Utilities Commission

CHARLOTTE, N.C., Dec. 30, 2022 /PRNewswire/ — Duke Power issued the next assertion in response to as we speak’s order by the North Carolina Utilities Fee (NCUC) on its carbon plan, an end result prescribed by North Carolina state regulation (Power Options for North Carolina, HB951).

Background
On Might 16, 2022, Duke Power filed a proposed Carolinas Carbon Plan with the North Carolina Utilities Fee (NCUC). Our proposal was formed by important stakeholder enter, together with engagement with greater than 300 organizations from each North Carolina and South Carolina. After evaluating our proposal, together with alternate proposals from intervenors, enter from public hearings, and an in depth evidentiary listening to, the NCUC issued its last plan as we speak. As outlined in North Carolina regulation, the ultimate plan might be reviewed and adjusted each two years going ahead.

At present’s order requires us to refresh our modeling – together with impacts of the Inflation Discount Act, Infrastructure Funding Jobs Act, and different future legislative adjustments and altering situations – and file a brand new proposal with the NCUC by Sept. 1, 2023.

In August 2023, we will even file an Built-in Useful resource Plan with the Public Service Fee of South Carolina, which is able to consider the carbon plan, the Inflation Discount Act and Infrastructure Funding Jobs Act, and different elements related to useful resource planning.

Duke Power assertion
“We consider this can be a constructive end result that advances our clear vitality transition, supporting a various, ‘all the above’ method that’s important for long-term useful resource planning. We have already made unbelievable progress, retiring two-thirds of our ageing coal crops in North Carolina and South Carolina and decreasing emissions by greater than 40% since 2005 – we are going to proceed this ongoing work of decreasing carbon emissions to scale back threat for our clients whereas balancing affordability and reliability.

“The communities we serve are already seeing the advantages of this transition. Prospects in each states deserve a clear vitality plan that helps communities and retains charges as little as doable, whereas making certain the continued financial competitiveness that the Carolinas depend upon. We sit up for completely reviewing the NCUC order and incorporating it into our useful resource planning, together with our filings in South Carolina in August 2023.”

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Highlights of the carbon plan could be discovered right here in an NCUC information launch.

Duke Power

Duke Power (NYSE: DUK), a Fortune 150 firm headquartered in Charlotte, N.C., is one in all America’s largest vitality holding firms. Its electrical utilities serve 8.2 million clients in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively personal 50,000 megawatts of vitality capability. Its pure fuel unit serves 1.6 million clients in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The corporate employs 28,000 folks.

Duke Power is executing an aggressive clear vitality transition to attain its objectives of net-zero methane emissions from its pure fuel enterprise by 2030 and net-zero carbon emissions from electrical energy era by 2050. The corporate has interim carbon emission targets of a minimum of 50% discount from electrical era by 2030, 50% for Scope 2 and sure Scope 3 upstream and downstream emissions by 2035, and 80% from electrical era by 2040. As well as, the corporate is investing in main electrical grid enhancements and vitality storage, and exploring zero-emission energy era applied sciences reminiscent of hydrogen and superior nuclear.

Duke Power was named to Fortune’s 2022 “World’s Most Admired Corporations” listing and Forbes’ “World’s Finest Employers” listing. Extra data is accessible at duke-energy.com. The Duke Power Information Middle accommodates information releases, reality sheets, images and movies. Duke Power’s illumination options tales about folks, improvements, group matters and environmental points. Observe Duke Power on Twitter, LinkedIn, Instagram and Fb.

Contact: Invoice Norton
24-hour media line: 800.559.3853

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SOURCE Duke Power