Dive Brief:
- Duke Energy's Carolinas utility has filed a proposal to build a 750 megawatt (MW) natural gas-fired combined-cycle power plant with South Carolina regulators.
- Duke has not yet decided built the plant at its Lee power station but wants to get the regulatory process started in case the utility needs the plant.
- The plan was filed in conjunction with North Carolina Electric Membership Corp., which owns 100 MW of the build.
Dive Insight:
Very few utilities are building new nuclear or coal-fired power plants under current market conditions. Natural gas' near-term prospects look good as the abundance of the fuel has led to its low price. Renewables, on the other hand, look like a good long-term option (particularly if grid-scale storage becomes economically feasible). Duke doesn't seem to be crazy about renewables, however, and sees natural gas providing significantly more of its future electricity mix in North Carolina (from 16% today to 23% in 2028).