Duke Energy proposes new programs to help grow South Carolina economy by helping customers use 100% renewable energy

Rhea-AI Summary

Duke Energy has proposed innovative renewable programs for South Carolina customers, facilitating access to 100% renewable power. The initiative aims to support businesses with decarbonization goals, including the new Renewable Choice program that allows large-load customers to match their energy use with carbon-free sources. Proposed expansions of existing programs like Green Source Advantage will enable customers to contract for up to 100% renewable energy. These efforts reflect Duke Energy's commitment to leading the clean-energy transformation in the U.S.

Positive

• Introduction of Renewable Choice and expanded Green Source Advantage programs to enable 100% renewable energy access for customers.
• Programs designed to attract businesses focused on sustainability and decarbonization goals.
• Leadership in clean energy transformation with over 4,600 megawatts of solar capacity.

Negative

• None.

• Feedback from diverse stakeholders was – and will continue to be – critical in developing renewable options for customers
• Nation-leading proposals are designed to help recruit and retain companies looking to achieve their own clean energy goals

GREENVILLE, S.C., Oct. 5, 2022 /PRNewswire/ -- Duke Energy has proposed the creation of innovative customer renewable programs and a major expansion of an existing one to allow South Carolina customers the option to supplement their power usage with 100% renewable power – a critical need for many businesses seeking to relocate or expand operations in the Palmetto State.

Details were spelled out today in filings with the Public Service Commission of South Carolina.

"Many of our largest customers prioritize renewable power sources and are making decarbonization a long-term part of their business plans," said Lon Huber, Duke Energy's senior vice president of pricing and customer solutions. "Duke Energy is proud to offer these customers a wide range of options including the ability to match their hourly use with carbon-free energy in one of the country's first 24x7 clean energy programs."

That program – Renewable Choice – would allow large-load customers to contract with either of Duke Energy's South Carolina utilities to provide locally sourced environmental attributes, including renewable energy certificates (REC), generated from both utility-owned generation assets as well as third-party owned generation assets and could include energy-storage options. This program is designed to meet the needs of the companies most advanced in their sustainability journey. If approved, South Carolina would have one of the first tariffed programs for time-aligned clean energy in the country.

These proposals come after extensive conversations with customers, developers and advocate groups to learn more about what they need to achieve their carbon and sustainability goals.

"A majority of South Carolina's leading employers have explicit decarbonization goals, and the carbon intensity of electricity suppliers is top-of-mind for economic development prospects too," said Mike Callahan, Duke Energy's South Carolina state president. "Recruiting the next big employer to South Carolina may hinge on helping achieve their corporate sustainability goals. We believe these programs and the stakeholder feedback that helped create them will be critical in attracting and retaining companies in the 21st century."

Another innovative program being proposed – Clean Energy Impact – is ideal for non-residential customers that want to claim a certain percentage of renewable energy through environmental attribute purchases in support of corporate sustainability goals, or for residential customers that would like to support the local renewable energy industry.

Changes are also being requested for an existing program – Green Source Advantage – an option that allows large customers to offset their power purchases by securing renewable energy from projects connected to the Duke Energy grid. The customer may count the renewable energy generated to satisfy sustainability or carbon-free goals.

Proposed changes include the ability for customers to contract for up to 100% of their energy use compared to the current approximately 30%, as well as expanding the number of solar resources available to customers under the program. As with Renewable Choice, customers can also combine energy storage with their project – allowing them to align the production of renewable energy with their energy load.

These programs are to be sourced from solar generation currently going through the companies' competitive procurement processes. If approved, both current customers and customers who are in the process of locating their business to South Carolina can sign up for these programs in advance.

To learn more about these programs, business customers can visit duke-energy.com/emerging, while residential customers can find more information at duke-energy/emergingprograms.

A leader in renewable energy

Duke Energy is leading the largest clean-energy transformation in the United States. It maintains more than 4,600 megawatts of solar power on its energy grid in the Carolinas. That could power about 850,000 homes and businesses at peak output. The company also operates more than 45 solar facilities in the Carolinas. With nuclear, hydro and renewable energy, more than half of its energy mix is carbon-free.

Duke Energy

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 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America'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
24-Hour: 800.559.3853

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SOURCE Duke Energy

FAQ

What is Duke Energy's new renewable program in South Carolina?

Duke Energy proposed new renewable programs allowing South Carolina customers to access 100% renewable power to support decarbonization efforts.

What is the <b>Renewable Choice</b> program by Duke Energy?

Renewable Choice allows large customers in South Carolina to contract for carbon-free energy aligned with their hourly usage.

How will Duke Energy's proposals affect the South Carolina economy?

The proposals are designed to attract and retain businesses in South Carolina by supporting their clean energy goals, thus stimulating economic growth.

What expansion is happening with the <b>Green Source Advantage</b> program?

The Green Source Advantage program will allow customers to contract for up to 100% of their energy use from renewable sources, up from approximately 30%.