Duke Energy provides resource plan update to South Carolina regulators that reflects state's booming population, economy

• 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
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SOURCE Duke Energy