By Stephen Nakrosis
Duke Energy Corp. on Monday said it filed its proposed Carolinas Carbon Plan with the North Carolina Utilities Commission.
Duke said under the proposed plan, the company will achieve 70% carbon dioxide emissions reduction by 2030 and carbon neutrality by 2050.
Customers would see "minimal costs from carbon plan implementation over the next two years," Duke said. "Depending upon the portfolio, the average annual bill impact from the plan is projected to range from about 1.9% to 2.7% each year through 2035," according to the company.
Duke said under the plan calls for over three times the current level of solar, diversification of renewables with wind resources and significant growth in energy storage by 2035.
The company also said it has retired two-thirds of its coal plants in the Carolinas, and plans to use a mix of "solar, storage, natural gas, wind and small modular nuclear generation, as well as energy efficiency programs and other measures to help customers reduce their energy use," as it works to retire the remaining plants. Duke said since 2010, it retired 7,500 megawatts of coal and is targeting a full exit by 2035
Over 500 individuals representing more than 300 organizations from both North and South Carolina participated in the company's stakeholder engagement process between January and March, Duke said.
In its 2021 ESG summary, Duke said it has already reduced Scope 1 carbon emissions by 44% since 2005. The company also said it "developed a Sustainable Financing Framework to help fund investments in eligible green and social projects, while providing greater transparency around our investments and priorities."
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(END) Dow Jones Newswires