Study cites $23B in new fuel costs, 40% hike in gas generation
A bill that would release Duke Energy from its pledge to reduce carbon emissions by 2030 will lead to an additional $23 billion in fuel costs for ratepayers and increase natural gas generation by almost 40 percent between 2030 and 2050, a new study from N.C. State University finds.
The study adds further urgency to the need for Gov. Josh Stein to veto Senate Bill 266, an ill-considered measure rushed through the legislature that threatens Duke Energy residential customers with unpredictable jumps in their bills and an unfair shift in their share of covering the cost of purchased power.
In 2021, Duke Energy negotiated with lawmakers and stakeholders to pass legislation that called for the utility to reduce its carbon emissions by 70 percent based on 2005 levels by 2030, and reach net zero emissions by 2050. In return for the bipartisan support from the General Assembly and Gov. Roy Cooper, Duke won an easier path to raising its rates – a glide path it has since used.
Statement from Chris Herndon, Chapter Director, N.C. Sierra Club:
"This new information adds to the concern we had all along, that SB266 is dangerous for the financial stability and health of North Carolinians. It's cruel and wrong to allow any company to place a $23 billion energy burden on families already suffering under crippling inflation. We again ask Governor Stein to do what the legislature hasn't done: Protect and serve our families and communities by vetoing this harmful bill. We can only hope that our elected legislators can now see clearly the harm this bill will do to their constituents, and embrace the opportunity to do right by the people they represent ."