{"id":2312878,"date":"2024-07-01T12:30:22","date_gmt":"2024-07-01T17:30:22","guid":{"rendered":"https:\/\/vxartnews.com\/?p=2312878"},"modified":"2024-07-01T12:30:25","modified_gmt":"2024-07-01T17:30:25","slug":"duke-carbon-plan-harms-ratepayers-slows-transition-while-boosting-company-profits-theres-a-better-path-forward","status":"publish","type":"post","link":"https:\/\/vxartnews.com\/2024\/07\/01\/duke-carbon-plan-harms-ratepayers-slows-transition-while-boosting-company-profits-theres-a-better-path-forward\/","title":{"rendered":"Duke carbon plan harms ratepayers, slows transition while boosting company profits. There\u2019s a better path forward."},"content":{"rendered":"\n

The following commentary was written<\/em> by Sagar Sane, an advisory board member with the Environmental Defense Fund in North Carolina<\/em>. See our commentary guidelines<\/a>\u00a0for more information.<\/em><\/p>\n\n\n\n

Western North Carolina is no stranger to the\u00a0increasingly-felt effects of climate change. From devastating and historic flooding in Canton last August, to wildfires that ravaged more than\u00a05,500 acres<\/a>\u00a0in Cherokee County in 2023, it all hits uncomfortably close to home.\u00a0The good news? There are steps we can take to address how much worse climate change gets. The bad news? Not everyone is committed to taking those steps. Case in point: Duke Energy.<\/p>\n\n\n\n

Proceedings are underway now for Duke Energy to present its Carbon Plan to the North Carolina Utilities Commission. Many groups across the state have already reviewed Duke\u2019s plan and are pushing back against it. Hundreds of members of the public showed up at public meetings in the spring. Energy experts, including those representing Environmental Defense Fund, submitted\u00a0testimony<\/a>\u00a0detailing the faults in Duke\u2019s plans and offered data to support an alternative path. Those experts will get their \u201cday in court\u201d to share their perspectives with the commission in July.<\/p>\n\n\n\n

So what\u2019s the big problem with Duke\u2019s proposed Carbon plan?<\/p>\n\n\n\n

First, the company is relying heavily \u2014 much too heavily \u2014 on risky and expensive natural gas, with plans for one of the largest gas plant\u00a0buildouts\u00a0in the country. Even though Duke knows there are cleaner, more affordable, more sustainable options that won\u2019t be as burdensome for customers, the company is stubbornly standing by natural gas.<\/p>\n\n\n\n

Second, the Duke plan comes with a hefty dose of sticker shock for ratepayers, and no financial obligation on Duke\u2019s end. It not only gets to recoup every dollar of the power plant construction costs from ratepayers,\u00a0it also gets to pocket a return of about 10% on top. While current state law entitles Duke to this perk, it means the company will likely prioritize more spending and building,\u00a0in an effort to\u00a0generate greater returns for their shareholders.<\/p>\n\n\n\n

Third, under the proposed plan, we as the power bill payers would also be forced to cover every single dollar of the costs associated with fueling the plants themselves.<\/p>\n\n\n\n

Fourth, Duke\u2019s Carbon plan fails<\/a> to fully leverage the Energy Infrastructure Reinvestment Program, an existing source of federal funding allowing utilities to refinance loans for their retiring coal plants, which in turn could help significantly lower ratepayer costs. <\/p>\n\n\n\n

Simply put: under Duke\u2019s plan, our state\u2019s clean energy transition is slowed, our power bills go up \u2014 and the company makes even more profit.<\/p>\n\n\n\n

Frustratingly, Duke Energy is still backing its proposal despite the factits own data shows that gas costs have been the\u00a0primary driver of residential bill increases<\/a>\u00a0in recent years. But instead of supporting\u00a0predictably-priced\u00a0clean energy options that save us real money on our bills, they want to pursue a course that would maximize their short-term profits.<\/p>\n\n\n\n

Thankfully, there is a better path forward.<\/p>\n\n\n\n

For customers, it would be a huge relief if we had low-cost or no-cost fuel sources. If Duke instead moved forward with more offshore wind on a faster timeline, we could be saving meaningfully on our monthly power bills. Just last year in Virginia, Dominion Energy began implementing an offshore wind program anticipated to generate over $3 billion in saving<\/a>s for customers over the next decade. Here in North Carolina, sources like this exist in abundance \u2014 but Duke\u2019s current proposal\u00a0doesn\u2019t take advantage<\/a>\u00a0of those options, at least not to the extent they could.<\/p>\n\n\n\n

Protecting North Carolinians from suboptimal investments is part of the Utility Commission\u2019s remit, and ratepayers should demand our\u00a0Commissioners\u00a0hold Duke accountable. By forcing Duke to rethink and modify its proposed Carbon plan to include a cleaner, more predictable and more affordable mix of power sources, the Utilities Commission can help accelerate our state\u2019s clean energy transition, while also protecting ratepayers' wallets.<\/p>\n","protected":false},"excerpt":{"rendered":"

Duke Energy needs to revamp its Carbon Plan to ensure it benefits ratepayers, leverages federal funding, and advances clean energy.<\/p>\n","protected":false},"author":5625271,"featured_media":2312883,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"_jetpack_memberships_contains_paid_content":false,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"footnotes":""},"categories":[20006],"tags":[],"coauthors":[23185],"apple_news_notices":[],"yoast_head":"\nDuke carbon plan harms ratepayers, slows transition | Vxartnews<\/title>\n<meta name=\"description\" content=\"Duke Energy needs to revamp its Carbon Plan to ensure it benefits ratepayers, leverages federal funding, and advances clean energy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vxartnews.com\/2024\/07\/01\/duke-carbon-plan-harms-ratepayers-slows-transition-while-boosting-company-profits-theres-a-better-path-forward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Duke carbon plan harms ratepayers, slows transition | Vxartnews\" \/>\n<meta property=\"og:description\" content=\"Duke Energy needs to revamp its Carbon Plan to ensure it benefits ratepayers, leverages federal funding, and advances clean energy.\" \/>\n<meta property=\"og:url\" content=\"http:\/\/vxartnews.com\/2024\/07\/01\/duke-carbon-plan-harms-ratepayers-slows-transition-while-boosting-company-profits-theres-a-better-path-forward\/\" \/>\n<meta property=\"og:site_name\" content=\"Vxartnews\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Vxartnews\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-01T17:30:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-01T17:30:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vxartnews.com\/wp-content\/uploads\/2024\/07\/5447608003_f3599bba60_k.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1299\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sagar Sane\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@vxartnews_us\" \/>\n<meta name=\"twitter:site\" content=\"@vxartnews_us\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sagar Sane\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/vxartnews.com\/2024\/07\/01\/duke-carbon-plan-harms-ratepayers-slows-transition-while-boosting-company-profits-theres-a-better-path-forward\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/vxartnews.com\/2024\/07\/01\/duke-carbon-plan-harms-ratepayers-slows-transition-while-boosting-company-profits-theres-a-better-path-forward\/\"},\"author\":{\"name\":\"Kathryn Krawczyk\",\"@id\":\"https:\/\/vxartnews.com\/#\/schema\/person\/a1f7c02f2e1d78aca706864ab090144b\"},\"headline\":\"Duke carbon plan harms ratepayers, slows transition while boosting company profits. 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