Tell NC Utilities Commission to make Duke put people over profits

Duke’s New Plan – Spend More, Make More, Pollute More

Duke’s latest carbon reduction plan is currently being considered by the NC Utilities Commission. It is the opposite of least cost and most reliable, and definitely doesn’t help us effectively transition to clean, renewable energy.

What This Means for You

Higher energy bills. More pollution. That’s what happens when a greedy monopoly utility operates without appropriate oversight.

Background on the Carbon Plan

By law (HB 951), Duke Energy is required to put forward a carbon reduction plan every two years that provides the lowest cost and most reliable energy possible, while achieving a seventy percent (70%) reduction in emissions of carbon dioxide (CO2) emitted from electric generating facilities owned or operated by electric public utilities from 2005 levels by the year 2030 and carbon neutrality by the year 2050.

What is the lowest cost and most reliable way to meet the requirements of the law? More clean, renewable energy and battery storage.

By taking advantage of tax credits provided by the Biden Affordable Clean Energy Plan, a study by the clean energy think tank RMI shows that utilizing clean energy is cheaper than more than 90% of proposed gas plants.

Similarly, a study Duke commissioned from the National Renewable Energy Laboratory revealed that Duke could most economically meet the carbon reduction targets mandated by the law by tripling the proposed solar on its grid by 2030.

Instead, Duke has proposed the largest buildout of dirty fossil gas in the nation¹, along with incredibly expensive, unproven, small modular nuclear reactors². Why?

The More Duke Spends, The More Duke Makes

Graphic by Environmental Defense Fund

Duke Energy is a monopoly regulated by the NC Utilities Commission, which sets rates and approves spending plans submitted by Duke for energy generation and grid improvements, including the profit margin. Duke Energy is also a publicly-traded corporation whose primary goal is to make money for its investors. Duke is guaranteed a nearly 10% profit on its capital investments³, while the cost of those investments and any increases in fuel costs are passed directly to customers. Duke also received the largest rate increase in history last year⁴. So how did that work out for Duke? In 2023, Duke Energy made $4.3 Billion⁵ and their CEO was paid $21 Million in 2022⁶.

Tell The NC Utilities Commission to Make Duke Put People Over Profits

Please make your voice heard. You can sign our petition and/or contact the Utilities Commission by calling 866-380-9816 or by submitting written comments here, docket number: E 100 Sub 190 / E 100 Sub 190 CS. Please email Michelle (Meech) Carter at meech@nclcv.org if you have any questions.

REFERENCES

Tell NC Utilities Commission to make Duke put people over profits​