June 1, 2018:This morning Sierra Club, EDF and the NC Sustainable Energy Association reached a settlement agreement with Duke Energy Carolinas on their proposed grid modernization program. Originally, Duke's Power/Forward Carolinas project would have cost customers $13 billion over 10 years, with the vast bulk of that funding going to the undergrounding of wires, new poles, vegetation management and other projects that would hardly be considered "modern."
This settlement agreement shrinks the size of the program to $2.5 billion, and shifts the investments heavily towards 21st century technologies. If approved, the deal will lead to a $25 million dollar investment in EV infrastructure, 300 MW of storage capacity added to the grid, expanded energy usage data access for customers and other technologies that will lower carbon emissions, allow easier integration of wind and solar and lower customer bills when compared to Duke's business as usual plan.
Both the EV and the storage commitments would represent the largest commitments by a utility in the Southeast to date. While we are no California, this should help North Carolina remain the regional leader in the clean energy economy.
Additionally, Duke has agreed to initiate an integrated distribution planning process which should increase transparency and allow non-wires alternatives to compete to solve distribution challenges on the grid. And Duke shareholders will donate $4 million to low energy income assistance programs to help defray the impact of any rate hike on those customers who can least afford it.