Powering a Growing Region

Making smart investments in our energy future is a priority for Duke Energy – one that focuses on delivering reliable, affordable service every day to the customers and communities we serve, and on transitioning to cleaner energy options and a lower carbon future.

The Carolinas are experiencing tremendous near-term growth in electric demand, fueled by economic development successes in both North Carolina and South Carolina, as well as population growth and ongoing electrification needs to support the expansion of electric vehicles.

The enduring appeal of the Carolinas as a place to live, work and grow has resulted in continued demand growth. Duke Energy is working hard to stay ahead of that growth, with a diverse mix of generation sources to continue powering lives and ongoing economic success in the region.

The Carolinas have an urgent need for new electric infrastructure to meet growing energy demand. Much of that new demand comes from manufacturing and technology projects that have grown across the Carolinas, including many associated with the electric transportation sector.

Over the next 15 years, annual electric use by Duke Energy customers in the Carolinas (retail and wholesale) is projected to increase by around 58,000 gigawatt-hours – more than the annual electric consumption of five states combined: Delaware, Hawaii, Maine, New Hampshire and Wyoming. (Source: EIA 2022 State Electricity Profiles.)

Those forecasts continue to grow. The company’s fall 2023 load growth forecast is around 50 percent higher than the spring forecast, and 8 times higher than the 2022 forecast.

Given the economic growth that this region is enjoying, new generation that’s available 24/7 – in all weather conditions – will be needed in both South Carolina and North Carolina within the coming decade.

Frequently Asked Questions

Solar plays an important role in our diverse energy mix, and we have proposed more than 16 gigawatts, or 16,000 megawatts, of new solar and battery storage by 2035, along with the potential for wind sources. But we will also need more around-the-clock generation, including carbon-free nuclear and highly efficient natural gas, to reliably meet growing energy needs.

Natural gas and nuclear are also available 24/7 in every type of weather. Solar output varies by time of day and weather, which is why storage will be so important to help shift solar generation to times of the day when it is actually needed most. Today, that storage is limited to around 4-6 hours before the batteries need recharging – not enough to carry customers through a cold winter’s night or multiple days of cloud cover.

That’s why we need a balanced mix of diverse resources in addition to solar and storage. This all-of-the-above approach will help Duke Energy reliably serve growing energy needs while also providing electricity that is cleaner than ever.
The energy transition has a cost that will impact all utilities nationwide – and all utility customers. We’re in a stronger position than most because our rates are below the national average. We’re doing everything we can to ensure that remains the case, including taking full advantage of federal funding to help offset the costs of the energy transition for our customers.

Getting out of coal by 2035 helps limit future risks for our customers. We need to ensure we proceed at a thoughtful pace that protects customers from reliability risks and price spikes, reduces carbon, and meets growing energy needs – all under careful oversight by state regulators.
Our first step is identifying appropriate new generation options and the locations where those options could make sense – particularly focusing on existing plant communities to lower the cost of the energy transition by leveraging existing transmission, workforce and infrastructure. Once that takes place, we conduct a comprehensive evaluation process to determine the suitability of potential sites for a new facility. We also seek public input on those plans as part of a comprehensive review and application process under regulator oversight before new generation plants are constructed. We remain committed to keeping local plant communities informed throughout the process.