RALEIGH, N.C. — Monday, Republican senators introduced a bill entitled “Energy Security and Affordability Act,” SB 261, which would repeal state requirements for Duke Energy to meet carbon reduction by 2030.
HB 951, which passed with bipartisan support in 2021, required Duke Energy to meet two deadlines for reducing CO2 emissions. By 2030, the utility must reduce emissions by 70% of 2005 levels and by 2050, Duke Energy’s emissions must be carbon neutral.
SB 261 eliminates the first deadline, though still requires carbon neutrality by 2050.
In the latest iteration of its carbon plan, Duke Energy said it will not meet the 2030 deadline, due to reliability concerns and an expected dramatic increase in energy demand.
“As North Carolina continues to experience unprecedented growth, we’re focused on making substantial investments in our critical infrastructure to ensure reliability and keep costs as low and predictable as possible for our customers. We are supportive of policies that enable us to meet the state’s growing energy needs, including those that advance efficient and always-on baseload generation resources,” the company stated.
HB 951 allowed some leeway on the midterm deadline if was necessary to ensure affordability and reliability of the grid and if the utility was working on long-term nuclear or offshore wind development. Duke Energy’s long-term plan includes both in the 2030s.
In November, the North Carolina Utilities Commission waived that deadline requesting Duke Energy take “all reasonable steps” to meet the 70% reduction by “the earliest possible date.” The utility claims it will meet that goal by 2035 at the earliest. Should SB 261 pass, this would no longer be required. The bill eliminates a deadline for 70% emissions reductions entirely.
The bill would also allow Duke Energy to raise base rates outside of the typical regulatory process if the NCUC determines construction of a new baseload power plant will offer cost-savings for customers over its lifetime.
SB 261′s primary sponsors include Senate President Pro Tempore Phil Berger (R-Rockingham), Senate Majority Leader and former N.C. president for Duke Energy, Paul Newton (R-Cabarrus), and Senator Lisa Barnes (R-Nash).
The North Carolina Sustainable Energy Association Matt Abele responded by saying:
“North Carolina ratepayers have already seen significant savings as a result of HB951, which focuses on guaranteeing affordability and reliability. Energy resources like solar and battery storage continue to be the lowest cost home-grown options available in North Carolina. The bill introduced today would hinder connecting more affordable resources to the grid in favor of technologies that pose a greater financial risk to ratepayers. Maintaining the bipartisan law set by the NC General Assembly in 2021 is imperative to keeping monthly electric bills more affordable for North Carolina’s residents, businesses, and manufacturers.”
VIDEO: Duke Energy will not meet carbon emission goals by 2030
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