Local Clean Energy Group Releases Report Showing Duke Energy Has Wasted Billions of Ratepayers’ Dollars
A new report released by a local clean energy advocacy group reminds us that there is more than one excellent reason not to give Duke Energy a blank check for new construction costs.
Clean energy and climate action advocates have long warned about the financial risks of pouring billions into unnecessary methane gas infrastructure. Now, new data reveals Duke Energy has already squandered $9 billion (in today’s dollars) on 19 failed nuclear plant projects. That’s $9 billion spent—with nothing to show for it. This warning feels especially urgent now, as North Carolina lawmakers consider forcing ratepayers and taxpayers to cover the costs of Duke Energy’s next round of speculative ventures.
A Cautionary Tale from South Carolina
Consider the experiences of our neighbors in South Carolina. Almost 20 years ago, SC lawmakers passed a similar law requiring residents to pre-pay for new energy infrastructure. The result? A nuclear project that never produced a single watt of power. The company behind it went bankrupt, top executives were sentenced to prison. South Carolinians were left holding a $9 billion bill for energy they never received. Many are still paying for it today.
North Carolina Could Be Next
The NC Senate’s version of the 2025 state budget includes a provision that would let Duke Energy raise rates more frequently to fund costly and unproven technologies—especially so-called “advanced” Small Modular Reactors (SMRs). Lawmakers amended the rate-setting process to allow more frequent rate increase requests to finance the design, development, and construction of these new technologies.
However, there is not a single commercial small nuclear reactor operating in the U.S., and several proposed projects have already been scrapped due to soaring costs. In other words, North Carolinians could soon be paying more on their electric bills so Duke can gamble on expensive technology.
What Can You Do?
Fortunately for ratepayers, the NC House’s version of the budget does not include these risky provisions. The two budget proposals are now headed into conference committee negotiations. The outcome remains uncertain—and the stakes are high.
As things develop, we’ll keep you posted. In the meantime, help us spread the word across North Carolina. Your support helps us do that.
