Duke Energy files 2025 Carolinas Resource Plan, continues modernizing energy infrastructure to support future growth

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Duke Energy (NYSE:DUK) has filed its 2025 Carolinas Resource Plan, outlining significant infrastructure modernization to meet unprecedented growth in electricity demand across the Carolinas. The plan projects customer bill impacts of 2.1% annually over the next decade, below inflation and lower than previously approved plans.

Key elements include evaluation of new nuclear generation (both large light-water reactors and small modular reactors), 5 combined-cycle and 7 combustion turbine natural gas units, 4,000 MW of solar by 2034, and expanded battery storage to 5,600 MW by 2034. The company is also considering 2-4 year extensions for certain coal units with dual-fuel capability.

The plan responds to regional economic growth, with companies announcing over 25,000 new jobs and $19 billion in investments in North Carolina in 2025 alone. Energy needs over the next 15 years are expected to grow at eight times the rate of the previous 15 years.

Positive

• Customer bill impacts projected at only 2.1% annually, below inflation rate
• Significant capacity expansion with 4,000 MW solar and 5,600 MW battery storage by 2034
• Potential $1 billion in future cost savings through utility combination
• Added 300 MW of clean capacity through nuclear station upgrades
• Strong regional economic growth with $19 billion in new investments

Negative

• Delayed pumped storage hydro project at Bad Creek from 2034 to 2040
• Extension of coal unit operations by 2-4 years
• Wind power deemed not economically viable through 2040

News Market Reaction

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On the day this news was published, DUK declined 1.10%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

• Update to the long-range plan approved by North Carolina and South Carolina regulators last year supports economic success of both states
• Plan meets significant growth while saving customers money – future bill impacts are below inflation

CHARLOTTE, N.C., Oct. 1, 2025 /PRNewswire/ -- Duke Energy today filed its biennial long-range energy modernization plan for its dual-state system with the North Carolina Utilities Commission.

The 2025 Carolinas Resource Plan is Duke Energy's road map to serve customer growth needs while protecting reliability and keeping costs as low as possible. Customer bill impacts for the proposed plan are projected to average 2.1% annually over the coming decade – lower than the rate of inflation and significantly less than projected costs for the previously approved plan.

Our view:

"North Carolina is the top state for business, and our focus is on ensuring Duke Energy's low energy rates continue to support this region's economic success," said Kendal Bowman, Duke Energy's North Carolina president. "By expanding our diverse generation portfolio and maximizing our existing power plants to meet growth needs, we will ensure reliable energy while saving all our customers money."

The big picture: 

The plan reflects rising electricity demand across the Carolinas at an unprecedented pace, driven by the economic success of North Carolina and South Carolina. So far in 2025, companies have announced new projects delivering more than 25,000 jobs and $19 billion in investments in North Carolina, most of which are for new manufacturing facilities.

Across the Carolinas, customer energy needs over the next 15 years are expected to grow at eight times the growth rate of the prior 15 years. To put this in perspective, that projected increase in energy use is more than double the growth forecasted when the 2023 Carolinas Resource Plan was initially filed.

The 2025 Carolinas Resource Plan also adapts to significant policy changes at state and federal levels. Recent energy legislation in both states emphasizes reliability, while changes in federal regulations and tax credits support advanced nuclear and battery storage and provide flexibility for existing coal and new natural gas generation.

To minimize the plan's future costs for customers while maintaining reliability and powering growth, the company's recommended energy mix has evolved accordingly. Compared to the prior plan, changes in proposed resource actions include:

• Nuclear: added large light-water reactor (LLWR) technology for evaluation in addition to small modular reactors (SMRs), targeting potential 2037 in service for new nuclear generation at either Belews Creek, N.C. (SMR) or the W.S. Lee site in Cherokee County, S.C. (LLWR), expanding license activities to include both LLWR and SMR sites to preserve optionality.
• Natural gas: maintained the five combined-cycle (CC) units called for in 2023 modeling for baseload generation and increased the number of combustion turbines (CT) for peak needs by two to a total of seven, helping meet continued load growth; added enhanced liquified natural gas storage to reduce fuel cost volatility and boost reliability.
  • Locations: CCs – Person County, N.C. (2), Anderson County, S.C. (1), third site to be determined (2); CTs – Catawba County, N.C. (2), Rowan County, N.C. (2), Richmond County, N.C. (1), fourth site to be determined (2).
• Solar: targeted 4,000 megawatts (MW) by 2034, maintaining the 2025 procurement target to maximize customer benefits of the remaining federal energy tax credits for solar.
  • Locations: to be determined through annual competitive bidding process.
• Battery storage: expanded to 5,600 MW targeted by 2034 – an increase of 2,900 MW over the 2023 plan's projection through 2031 – to meet near-term growth and leverage tax credits that provide savings for customers.
  • Locations: across the Carolinas, including the Allen, Riverbend and Mayo coal plant sites.
• Wind: not an economically viable resource for customers through 2040 but will be reassessed at next plan update.
• Pumped storage hydro: limited near-term development of a second power block at Bad Creek to preserve optionality and take advantage of tax credits; deferred in-service target from 2034 to 2040 to reduce grid upgrade costs and accelerate in-service dates for crucial near-term projects including solar already in development, natural gas, hydro and batteries.
• Coal: following federal actions that eased restrictions on coal generation, targeted potential two- to four-year extensions of units that have dual-fuel capability (Belews Creek, Cliffside, Marshall). Maintaining an orderly exit from coal as approved by state regulators, while extending the operational life of these fuel-flexible assets for a short time, will help meet load growth.

Yes and:

"We've also made further progress in maximizing the value of existing resources, making them more efficient and able to deliver more electricity to meet near-term growth needs while minimizing costs to customers," Bowman said.

For example, the company is:

• Adding nearly 300 MW of clean capacity to the grid – the equivalent of a new SMR – through power uprate projects at four nuclear stations.
• Already upgraded the capacity of Bad Creek pumped storage by another 280 MW and is recommending upgrades to seven other emissions-free hydro plants.
• Upgrading its natural gas fleet in a manner that reduces fuel costs and emissions.

As is the case with this two-year update, all resource amounts and target dates will be updated in future filings, allowing Duke Energy to continue adapting to technological advances, federal and state incentives and policy changes, and other factors beneficial to customers.

Flashback: 

The plan builds upon the 2023 Carolinas Resource Plan approved by North Carolina and South Carolina regulators in 2024. Since that time, Duke Energy filed plans with regulators to combine its two electric utilities operating in each state, Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP). If approved, the combination is projected to save customers more than $1 billion in future costs – in large part by needing to build fewer resources to meet growth needs than would be required if DEC and DEP continue as separate utilities.

What's next:

The North Carolina Utilities Commission will hold hearings on the resource plan in 2026 – dates are still to be determined – and issue an order by Dec. 31, 2026. Later this year, Duke Energy will also file a resource plan update with the Public Service Commission of South Carolina, incorporating information from the 2025 Carolinas Resource Plan.

Duke Energy Carolinas 

Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,800 megawatts of energy capacity, supplying electricity to 2.9 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.  

Duke Energy Progress 

Duke Energy Progress, a subsidiary of Duke Energy, owns 13,800 megawatts of energy capacity, supplying electricity to 1.8 million residential, commercial and industrial customers across a 28,000-square-mile service area in North Carolina and South Carolina. 

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. 

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. 

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. 

Contact: Bill Norton
24-hour media line: 800.559.3853

 

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SOURCE Duke Energy

FAQ

What are the main components of Duke Energy's 2025 Carolinas Resource Plan?

The plan includes evaluation of new nuclear generation, 5 combined-cycle and 7 combustion turbine natural gas units, 4,000 MW of solar by 2034, and 5,600 MW of battery storage by 2034. It projects customer bill impacts of 2.1% annually.

How much will Duke Energy's (DUK) new plan impact customer bills?

The plan projects customer bill impacts to average 2.1% annually over the next decade, which is below inflation and less than costs projected in the previously approved plan.

What is driving Duke Energy's (DUK) expansion in the Carolinas?

Unprecedented economic growth, with over 25,000 new jobs and $19 billion in investments announced in North Carolina in 2025. Energy needs are projected to grow at eight times the rate of the previous 15 years.

What are Duke Energy's plans for nuclear power in the Carolinas?

Duke Energy is evaluating both large light-water reactors and small modular reactors, targeting potential 2037 service at either Belews Creek, N.C. (SMR) or the W.S. Lee site in Cherokee County, S.C. (LLWR).

How much renewable energy is included in Duke Energy's 2025 plan?

The plan targets 4,000 MW of solar by 2034 and 5,600 MW of battery storage. Wind power was deemed not economically viable through 2040.

When will Duke Energy's 2025 Carolinas Resource Plan be approved?

The North Carolina Utilities Commission will hold hearings in 2026 and issue an order by December 31, 2026.