Regulators approve Duke Energy's proposal for new natural gas generation to support South Carolina's growing energy needs

Rhea-AI Summary

Duke Energy (NYSE: DUK) received approval from the Public Service Commission of South Carolina to build a new combined-cycle natural gas plant in Anderson County. The ~1,365 MW facility is expected to start construction in summer 2027 and serve customers by early 2031, and includes ownership stakes for two cooperatives.

The project is expected to support >2,200 construction jobs annually, deliver an $84 million annual statewide economic impact once operating, and use advanced technologies that cut water use by 90% versus traditional wet cooling.

Positive

• ~1,365 MW nominal combined-cycle capacity announced
• Project supports 2,200+ jobs annually during construction
• Projected $84 million annual statewide economic impact once operational
• 90% less water use versus traditional wet cooling technology

Negative

• Construction not expected to begin until summer 2027, delaying benefits
• Commercial service targeted only by early 2031, extending capital deployment and timeline
• 195 MW of capacity owned by partners (95 MW and 100 MW), reducing Duke's standalone nominal share

News Market Reaction – DUK

+0.95%

1 alert

+0.95% News Effect

On the day this news was published, DUK gained 0.95%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Construction jobs supported: 2,200 jobs annually Local construction jobs: 746 jobs Annual economic impact: $84 million +5 more

8 metrics

Construction jobs supported 2,200 jobs annually Ernst & Young survey – multi‑year construction period

Local construction jobs 746 jobs Construction jobs located in Anderson County

Annual economic impact $84 million Projected statewide impact once facility is operational

Operational jobs 125 jobs Jobs supported annually once the facility is operational

Annual labor income $10 million Projected statewide labor income from the facility

Water use reduction 90% less water Compared with traditional wet cooling technology

Plant nominal capacity 1,365 MW Approximate nominal capacity of the combined cycle facility

Duke Energy Carolinas capacity 20,800 MW Owned energy capacity serving NC and SC customers

Market Reality Check

Price: $130.94 Vol: Volume 3,231,341 is below...

low vol

$130.94 Last Close

Volume Volume 3,231,341 is below the 20-day average of 4,918,136 (relative volume 0.66x). low

Technical Price at 128.16, trading above 200-day MA at 122.15 and 4.7% below the 52-week high of 134.49.

Peers on Argus

DUK gained 0.61% while key peers were mixed: SO +0.07%, NGG +0.18%, EXC +0.12%, ...

DUK gained 0.61% while key peers were mixed: SO +0.07%, NGG +0.18%, EXC +0.12%, AEP -0.89%, D -0.13%. No broad, one-direction sector move is evident.

Historical Context

5 past events · Latest: Mar 25 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 25	Customer bill relief	Positive	+0.6%	Storm cost charges removed and expanded bill assistance for Florida customers.
Mar 20	Usage alert tools	Positive	-2.3%	Promotion of usage alerts and tools to help customers manage summer bills.
Mar 19	Storm prep grants	Positive	-0.8%	Announcement of $500,000 in grants to strengthen NC storm preparedness.
Mar 19	Workforce partnership	Positive	-0.8%	Funding for Florida college lineworker programs to build utility talent pipeline.
Mar 18	Solar project launch	Positive	-1.6%	Ebbie Solar 10‑MW project placed in service under Green Source Advantage program.

Pattern Detected

Recent community and customer-focused news skew positive in tone, but four of the last five releases with such themes saw negative next-day price moves, indicating a tendency toward mild negative or contrarian reactions to incremental operational/community updates.

Recent Company History

Over the last weeks, Duke Energy has emphasized community support, customer tools and clean energy in the Southeast. Releases included bill assistance in Florida, energy usage alerts, a $500,000 storm-preparedness grant program, college partnerships for lineworker training, and commissioning of the 10‑MW Ebbie Solar project in South Carolina. Despite mostly positive community and sustainability narratives, four of these five items saw negative 24‑hour price reactions, while only the most recent bill assistance release aligned with a positive move of 0.61%.

Regulatory & Risk Context

Active S-3 Shelf · $4,000,000,000

Shelf Active

Active S-3 Shelf Registration 2025-09-30

$4,000,000,000 registered capacity

An effective Form S-3ASR dated September 30, 2025 registers up to $4,000,000,000 of PremierNotes, with a maximum net aggregate principal amount outstanding at any time of $2,000,000,000. The notes are unsecured, floating-rate demand instruments, and at least one 424B3 update was filed on December 22, 2025 reflecting rate changes.

Market Pulse Summary

This announcement highlights regulatory approval for a major combined‑cycle natural gas plant in And...

Analysis

This announcement highlights regulatory approval for a major combined‑cycle natural gas plant in Anderson County with about 1,365 MW of nominal capacity. The project is expected to support more than 2,200 construction jobs annually and deliver an $84 million annual economic impact plus $10 million in labor income once operational. Construction is anticipated to start in 2027, with service by early 2031. Investors may track permitting progress, cost execution, and how this fits alongside Duke Energy’s broader grid and clean‑energy investments.

Key Terms

combined cycle, Energy Security Act, natural gas generation, megawatts (MW)

4 terms

combined cycle technical

"The state-of-the-art combined cycle plant is first to be approved"

A combined cycle is a power-generation setup that pairs a gas turbine with a steam turbine so the hot exhaust from the gas turbine is reused to make steam and produce additional electricity. For investors, it matters because this “use what would be waste” approach raises fuel efficiency, lowers operating costs and emissions per megawatt-hour, and can improve profit margins and competitiveness compared with single-process plants.

Energy Security Act regulatory

"first to be approved after enactment of Energy Security Act"

A law called an Energy Security Act is legislation that aims to keep a region’s energy supply reliable, affordable, and resilient by guiding production, storage, infrastructure upgrades, or emergency plans. For investors, it matters because such laws can change the rules of the game—shifting subsidies, permitting, or grid investments—much like a city deciding to repair and reinforce its roads, which affects which contractors, suppliers and services get more business and less risk.

natural gas generation technical

"approved plans by Duke Energy to construct new natural gas generation in Anderson County"

Electricity produced by burning natural gas in power plants or by using gas-driven turbines; think of it like a home stove or car engine scaled up to run generators that feed the electric grid. Investors watch it because it links power company profits and utility bills to natural gas prices, plant operating costs, and environmental rules—so shifts in fuel cost, demand for electricity, or emissions policy can directly affect revenues and valuations.

megawatts (MW) technical

"will own 95 megawatts (MW) and 100 MW, respectively, of the combined cycle's"

A megawatt (MW) is a unit that measures how much electrical power something can produce or use at a given moment — one megawatt equals one million watts. For investors, MWs are a quick way to compare the size of power plants, solar or wind projects, or industrial electricity demand: more megawatts generally mean greater potential revenue or higher operating costs, much like engine size suggests a car’s capability.

AI-generated analysis. Not financial advice.

• The facility in Anderson County builds on decades of partnership and investment in the region; creates thousands of construction jobs and millions of dollars in annual property tax revenue
  
  
• The state-of-the-art combined cycle plant is first to be approved after enactment of Energy Security Act and will be company's first new generation in the Palmetto State in a decade
  
  
• Construction is anticipated to begin in summer 2027 and the facility would serve customers by early 2031

GREENVILLE, S.C., March 26, 2026 /PRNewswire/ -- The Public Service Commission of South Carolina (PSCSC) has approved plans by Duke Energy to construct new natural gas generation in Anderson County, a project that will help support the energy needs of a growing region while significantly contributing to the community's economic success in the years ahead.

The approval comes after a thorough and very public process that included a public hearing in Anderson before the PSCSC. In addition, Duke Energy invited members of the community to participate in two open house events where company experts shared details of the project, answered questions and collected feedback.

Why it matters: South Carolina is one of the fastest growing states in the nation. As populations grow and businesses relocate to or expand in the state, new and diverse sources of energy are needed to power that growth. That's why state leaders enacted the Energy Security Act in 2025, to provide a comprehensive path forward for energy policy that will guide South Carolina's continued success for many years to come. Committing to building this modern energy facility in Anderson County is a critical piece of that strong energy future for the region.

By the numbers:

• According to a survey by Ernst & Young, the project is expected to support more than 2,200 jobs annually during the multi-year construction period, with 746 construction jobs located in Anderson County. Once operational, the facility is projected to have an annual $84 million impact statewide, supporting 125 jobs and $10 million in annual labor income. 
  
  
• The project will be one of the most efficient natural gas plants on Duke Energy's system and will include state-of-the-art environmental control technologies to minimize plant emissions. The facility will use 90% less water than traditional wet cooling technology, will not have a vapor plume, will eliminate the need to treat water chemically, and will have a longer life span than prior natural gas technology.
  
  
• Central Electric Power Cooperative and North Carolina Electric Membership Corporation will own 95 megawatts (MW) and 100 MW, respectively, of the combined cycle's approximate 1,365 MW nominal capacity.
  
  
• Construction is anticipated to begin in summer 2027 and the facility would serve customers by early 2031.

More info: Additional details about the project can be found here.

What they're saying

• Gov. Henry McMaster: "As South Carolina continues to attract new businesses and new residents at a record pace, the need for dependable energy has never been more urgent. Duke Energy has long been a strong partner in our state, and this project reflects the kind of forward-thinking planning that will ensure we meet those needs with reliable, efficient power for years to come."
  
  
• Speaker of the House Murrell Smith: "Today's approval of Duke Energy's new facility in Anderson County shows South Carolina is growing the right way. As one of the fastest-growing states, we need reliable, affordable American energy to support jobs, attract business, and help families thrive. This project will create thousands of construction jobs, generate millions in local tax revenue, and reflects the impact of the Energy Security Act in securing our future."
  
  
• Senate President Thomas Alexander: "Being competitive means South Carolina must have reliable, affordable energy ready when we need it. The Public Service Commission's approval of Duke Energy's combined-cycle gas plant is a major step forward, ensuring our state has the capacity to meet our needs, attract jobs, and stay competitive."
  
  
• Sen. Mike Gambrell and Rep. Craig Gagnon: "Duke Energy has been a valued partner in Anderson County for many years. This new facility will help meet our community's growing energy needs for decades, and this significant investment will deliver lasting benefits for our schools, our local economy, and our quality of life. We're proud of what this means for Anderson County and look forward to continuing our strong collaboration with the men and women of Duke Energy."
  
  
• Duke Energy South Carolina President Tim Pearson: "We appreciate the commission's recognition that the Anderson County combined cycle natural gas power plant is the right resource at the right time at the right site. Adding proven new natural gas technology to the electric grid acknowledges and responds to the efforts of state leaders to address tremendous electricity generation needs as part of a reliable and diverse energy mix that includes new and existing nuclear technology, renewables, battery storage, additional natural gas and energy efficiency programs."

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

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: Ryan Mosier
24-hour media line: 800.559.3853

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SOURCE Duke Energy

FAQ

What capacity will Duke Energy's new Anderson County plant (DUK) have and who owns it?

The plant will have approximately 1,365 MW nominal capacity, with 95 MW and 100 MW owned by cooperatives. According to Duke Energy, the combined-cycle facility includes those third-party ownership stakes.

When will construction and commercial service for Duke Energy's Anderson County project (DUK) occur?

Construction is expected to begin in summer 2027, with the facility serving customers by early 2031. According to Duke Energy, that is the planned timeline after regulatory approval.

How many jobs and what economic impact will the Anderson County project (DUK) create?

The project is expected to support more than 2,200 jobs annually during construction and $84 million annual statewide impact once operating. According to Duke Energy, 746 construction jobs will be in Anderson County.

What environmental or efficiency features does Duke Energy cite for the Anderson County plant (DUK)?

The plant will use state-of-the-art controls and cooling that cut water use by 90% versus traditional wet cooling and will eliminate vapor plume. According to Duke Energy, this reflects advanced combined-cycle technology.

How does the Anderson County approval relate to South Carolina energy policy and Duke Energy (DUK)?

The approval follows South Carolina's Energy Security Act (2025) and aims to support growing electricity demand with reliable generation. According to Duke Energy, the project aligns with the state's policy and regional growth needs.