Senate Bill 261, sponsored by top Republican Senate leaders, including former Duke Energy executive Sen. Paul Newton, seeks to eliminate Duke Energy’s obligation to meet the state’s 2030 carbon reduction goal. The bill, which is being fast-tracked in the GOP-controlled legislature, would also allow utilities to charge customers for new natural gas or nuclear plants while they are still under construction, a financing approach that has led to financial losses for ratepayers in other states. Bill sponsors argue that removing the interim carbon reduction deadline will help keep energy costs affordable, but critics warn it undermines North Carolina’s climate policies and could slow the transition to cleaner energy sources.
The proposed legislation marks a significant departure from the 2021 House Bill 951 agreement, which granted Duke Energy more freedom to raise rates in exchange for a commitment to phase out coal and cut carbon emissions by 70% by 2030. While Duke has recently stated that it cannot meet the 2030 goal and has already received a two-year extension from regulators, Senate Bill 261 would eliminate the deadline entirely, leaving only the 2050 carbon neutrality target. Environmental advocates argue the bill could lead to higher costs for consumers and delay the adoption of renewable energy solutions like solar and battery storage. Meanwhile, Duke Energy maintains that the changes will allow the company to make necessary infrastructure investments while ensuring energy reliability and affordability for North Carolinians.
Read the full story on WRAL: https://www.wral.com/story/nc-lawmakers-gave-duke-energy-new-climate-goals-4-years-ago-now-they-want-to-undo-them/21903006/
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