- Palmetto State's population grew faster than anywhere in the
nation in 2023
- Company continues to pursue 'all of the above' generation
strategy, which provides diverse energy sources to meet state's
growing electricity demand
GREENVILLE, S.C., Jan. 31,
2024 /PRNewswire/ -- From population growth to the
expansion of manufacturing and other major economic development
wins, South Carolina is
booming.
According to the Census Bureau, the Palmetto State had the
fastest growing population in the nation in 2023, largely due to
the tremendous impact of the state's economic prosperity.
Duke Energy, a key player in supporting the region's growth,
today updated the Public Service Commission of South Carolina (PSCSC) on how expanding
customer needs call for the addition of new energy generation
resources to ensure South Carolina
continues its leadership in both economic development and the clean
energy transition.
"We're already projecting eight times the load growth we
anticipated just two years ago," said Mike
Callahan, Duke Energy's South
Carolina president. "This additional demand for energy is
unprecedented – historic in both size and speed. To meet customer
needs, we're proposing more of nearly every resource available to
us as we maintain our diverse, 'all of the above' approach to
maintain reliability and affordability."
Duke Energy's Carolinas Resource Plan – originally put forward
in August 2023 – is the company's
proposed roadmap for delivering a path to cleaner energy without
compromising grid reliability, energy affordability or the energy
demands of a growing region.
In addition to what the plan previously proposed in August, the
company has adjusted for a higher growth outlook by proposing a new
combined cycle gas plant to be built in South Carolina. The company's update also
includes the potential of wind generation off the North Carolina coast, subject to necessary
regulatory approvals and support.
The plan continues to balance traditional forms of dispatchable,
on-demand resources like advanced nuclear, natural gas and pumped
hydro storage with a growing amount of complementary renewables
that can deliver fuel-free energy, along with aggressive energy
efficiency and demand side management programs to target peak
energy use reduction of nearly 2.8 gigawatts by 2038.
"We must have a diverse energy mix to account for the coldest
winter nights and the warmest summer days," Callahan said. "We must
make sure the power is there when customers need it and it is as
affordable as possible – providing certainty as they go about their
daily lives. We need power – a lot of it – and we need to take
action today."
To learn more about how Duke Energy is planning for South Carolina's energy future, visit
duke-energy.com/CarolinasResourcePlan.
Next steps
On Jan. 25, the PSCSC approved
Duke Energy's proposal to provide this additional information and
reset the previously approved regulatory schedule for the process
that involves the evaluation of thousands of pages of testimony and
data from the company, other parties to the proceeding and
customers. That new schedule now plans for a hearing in
mid-September where this information is thoroughly evaluated, and
ultimately the PSCSC will order a path forward, likely in
November 2024.
Duke Energy Carolinas/Duke Energy
Progress
Duke Energy serves about 830,000 households and businesses in
South Carolina through two
utilities, Duke Energy Carolinas – serving primarily the Upstate
including Greenville, Spartanburg and Anderson counties – and Duke Energy Progress,
with customers in the northeastern part of the state including
Florence, Darlington and Sumter counties.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Charlotte, N.C., is one of
America's largest energy holding companies. Its electric utilities
serve 8.2 million customers in North
Carolina, South Carolina,
Florida, Indiana, Ohio
and Kentucky, and collectively own
50,000 megawatts of energy capacity. Its natural gas unit serves
1.6 million customers in North
Carolina, South Carolina,
Tennessee, Ohio and Kentucky. The company employs 27,600
people.
Duke Energy was named to Fortune's 2023 "World's Most Admired
Companies" list and Forbes' "World's Best Employers" list. More
information is available at duke-energy.com. The Duke
Energy News Center contains news releases, fact sheets, photos
and videos. Duke Energy's illumination features stories
about people, innovations, community topics and environmental
issues. Follow Duke Energy
on Twitter, LinkedIn, Instagram and Facebook.
Contact: Ryan Mosier
24-Hour: 800.559.3853
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SOURCE Duke Energy