Duke Energy has submitted its 2025 Carolinas Resource Plan to the North Carolina Utilities Commission, outlining strategies to address increasing electricity demand in North and South Carolina. The plan is designed to support economic growth in both states while maintaining reliability and keeping customer costs below inflation rates.
According to Duke Energy, the proposed plan projects average annual bill increases of 2.1% over the next decade, which is lower than the rate of inflation and less than what was projected under the previous plan. Kendal Bowman, Duke Energy’s North Carolina president, stated, “North Carolina is the top state for business, and our focus is on ensuring Duke Energy’s low energy rates continue to support this region’s economic success. By expanding our diverse generation portfolio and maximizing our existing power plants to meet growth needs, we will ensure reliable energy while saving all our customers money.”
The updated resource plan responds to a significant rise in electricity demand across the Carolinas. In 2025 alone, new projects have been announced that are expected to bring more than 25,000 jobs and $19 billion in investments to North Carolina, with much of this activity focused on manufacturing facilities. Over the next 15 years, customer energy needs are forecasted to grow at eight times the rate seen in the previous 15 years.
Duke Energy’s plan adapts to recent policy changes at both state and federal levels. State legislation has placed greater emphasis on reliability, while federal regulations and tax credits now provide more support for advanced nuclear technology and battery storage as well as increased flexibility for coal and natural gas generation.
Key elements of the recommended energy mix include evaluating large light-water reactor (LLWR) nuclear technology alongside small modular reactors (SMRs), targeting potential new nuclear capacity by 2037 at sites in North Carolina or South Carolina. The company plans to maintain five combined-cycle natural gas units for baseload generation and increase combustion turbines for peak demand from five to seven units. Enhanced liquified natural gas storage will also be added.
For renewable sources, Duke Energy aims for 4,000 megawatts (MW) of solar capacity by 2034 through competitive bidding processes and plans to expand battery storage targets from previous projections up to 5,600 MW by 2034. Wind resources were found not economically viable through 2040 but will be reassessed during future updates.
The company also intends limited near-term development of a second power block at Bad Creek pumped storage hydro facility—deferring its service target from 2034 to 2040—to help manage grid upgrade costs while prioritizing other near-term projects such as solar installations already underway.
Following changes in federal policy easing restrictions on coal generation, Duke Energy may extend operations of some dual-fuel coal units by two-to-four years before an orderly exit approved by regulators.
Bowman noted further efforts: “We’ve also made further progress in maximizing the value of existing resources, making them more efficient and able to deliver more electricity to meet near-term growth needs while minimizing costs to customers.” Examples include adding nearly 300 MW of clean capacity through uprates at four nuclear stations; upgrading Bad Creek pumped storage by another 280 MW; recommending upgrades at seven hydro plants; and modernizing its natural gas fleet.
All resource amounts and timelines will be updated regularly as technology advances or incentives change.
This filing builds upon the prior Carolinas Resource Plan approved last year by state regulators. Since then, Duke Energy has sought regulatory approval for combining its two electric utilities operating within each state—Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP). If approved, this merger could save customers over $1 billion mainly by reducing infrastructure needs compared with separate operations.
Hearings on this resource plan are expected in North Carolina during 2026 with an order anticipated by year-end; a similar update will be filed with South Carolina regulators later this year.
