How Duke Energy Plans To Power the Carolinas' Energy Growth

NORTHAMPTON, MA / ACCESSWIRE / April 2, 2024 / Duke Energy
By Gina DiPietro | illumination Staff Writer

From population growth to the expansion of manufacturing and the clean energy economy, the Carolinas are enjoying unprecedented success in recent years. And it's driving the need for a lot more electricity.

Foto: Accesswire

Many companies coming to North Carolina are associated with the electric transportation sector, further solidifying the state's position as an emerging "battery belt."

South Carolina is enjoying similar success, where the growth rate for the state's manufacturing sector is more than double the national average. Gov. Henry McMaster said they, too, want to attract additional investment. And with that comes the need for greater energy generation.

"Over the next 15 years, electric use by Duke Energy customers in the Carolinas is projected to surge," said Mike Callahan, Duke Energy's South Carolina president. "We need power, and a lot of it - and we need to take action today."

In a recent update to North Carolina and South Carolina regulators, Duke Energy proposed significant investments in solar, energy storage, and nuclear, along with more hydrogen-capable natural gas facilities. The most recent supplemental modeling also calls for 2,400 megawatts (MW) of offshore wind by 2035, subject to necessary regulatory approvals and support. This all-of-the-above strategy is needed to meet increased energy demand and keep costs low for customers, while enabling a transition out of coal.

More than half of Duke Energy's coal fleet in the Carolinas is retired, but another 8,400 MW of coal-fired capacity is nearing the end of its operational life. To get out of coal reliably, the company needs new generation that is available 24/7, in any type of weather.

Duke Energy has proposed new natural gas, a reliable and flexible resource that is cleaner than coal (about half the emissions). Natural gas offers a stable energy supply that supports the expansion of renewable energy - another key piece of Duke Energy's plan to support load growth in the region.

Without these investments, it could be difficult to sustain the economic success both states are enjoying. Companies need reliable power. And many are attracted by Duke Energy's ability to provide it at a competitive price.

"The largest investments coming to the Carolinas, manufacturing and technology, are energy-intensive industries attracted by our low-carbon energy mix and rates well below the national average," said Kendal Bowman, president of Duke Energy's utility operations in North Carolina. "Growing our diverse energy mix is what will keep our momentum strong."

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