(The Center Square) – Investment of $129 million in additional generation capacity to serve customers in the Carolinas will be made by Duke Energy, the company and the U.S. Department of Interior said Monday.
The action is part of a settlement in which Duke Energy terminates its offshore wind lease in the Carolina Long Bay area, valued at the same amount.
Kodwo Ghartey-Tagoe, executive vice president and CEO of Duke Energy Carolinas, said in a statement, “This settlement allows Duke Energy to refocus $129 million in ways that directly benefit our customers and communities in the Carolinas. Under the agreement, Duke Energy will reinvest nearly $129 million in additional generating capacity, which may include advancing new nuclear and natural gas generation, and grid enhancements to strengthen reliability, support continued growth in the Carolinas and keep costs as low as possible.”
Duke Energy is a Fortune 150 company headquartered in Charlotte.
In a statement, Interior Secretary Doug Burgum said, “President Trump’s vision of unleashing affordable, reliable American energy for our country’s communities and using common sense to put the American people first is being implemented. Duke Energy will now be able to convert a national security concern into projects that will lower the costs for its customers in North Carolina and surrounding states. The agreement is a win-win scenario that has become a hallmark for how the Trump administration operates.”
Duke Energy, traded on the New York Stock Exchange, serves 8.7 million electricity customers in the Carolinas, Kentucky, Ohio, Indiana and Florida, and 1.6 million natural gas customers in the Carolinas, Kentucky and Ohio.