Press Release: Controversial SB 261 Could Shift North Carolina’s Energy Future
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Raleigh, NC – A new bill, SB 261, introduced by Duke Energy, proposes allowing the utility to request rate increases every 12 months to recover costs for building “baseload” plants, primarily gas facilities. Experts warn that this “single-issue ratemaking” could prove detrimental to consumers, lacking a comprehensive view of the utility’s financial status while potentially elevating electricity costs.
Critics, including Justin Somelofske from the North Carolina Sustainable Energy Association, suggest the bill may hinder aspirations for nuclear energy and prolong reliance on carbon-based power sources. Duke’s current plans do not include large nuclear reactors, with small modular reactors expected by 2035. With anticipated increases in demand for gas plants, advocates argue this may degrade incentives for developing renewables like solar and wind energy.
Furthermore, the bill seeks to eliminate a 2030 carbon emission reduction target, a move that could limit nuclear and renewables’ deployment, intensifying fossil fuel dependency. Despite concerns from various stakeholders, including consumer advocates and industry groups, political dynamics could see the bill advance with amendments to better protect consumers.
The fate of SB 261 remains uncertain as discussions continue in the General Assembly.
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