Businesses throughout North Carolina are leading the transition to a clean economy. They are setting ambitious goals to invest in renewable energy and reduce climate pollution. They are looking for policies and programs that support those goals and position the state as a clean energy leader. While Gov. Roy Cooper has taken important climate actions to support the clean energy transition, North Carolina’s Carbon Plan remains an essential piece of the puzzle.
A 2017 analysis shows that renewable energy and energy efficiency investments have saved U.S. companies $3.7 billion a year, freeing up significant capital that can be reinvested into facilities, research and development, employees, and the communities that they serve.
Clean energy investments also help businesses to hedge against fuel price volatility, a particular economic challenge in 2022 as Duke Energy passes hefty fuel costs directly to customers. Clean energy investments also increase businesses’ competitive advantage in a market where customers, investors, and employees increasingly expect companies to lead on sustainability.
The primary concerns among North Carolina’s business community with the Duke Energy proposal center around:
- An underinvestment in proven, affordable clean technologies;
- Exposure of ratepayers to substantial risk of future stranded assets and volatile fuel costs, and;
- Over-reliance in several portfolios on technologies that are not yet market ready.
There are also concerns with the flaws in Duke’s modeling outputs, as several intervenor testified during evidentiary hearings in September. As a result, the utility’s proposed Carbon Plan does not do enough to transform the energy system as businesses envision—and as is required by state law.
Businesses have a limited ability to choose the sources of energy that power the economy, so they are committed to working to systematically improve the emissions performance of our entire power system—as they are now advocating through the Carbon Plan process.
While Duke’s proposed Carbon Plan makes some strides to reduce carbon emissions, the Commission has the opportunity in development of its own plan to maximize renewable energy and efficiency investments in North Carolina over the next decade—and increase consumers direct access to renewable energy projects as well.
North Carolina’s business community infuses billions of dollars into the state’s economy each year, provides tens of thousands of jobs for hardworking North Carolinians, and provides goods, services and technologies to every corner of the state. It is asking the Commission to craft a plan that prioritizes least-cost resources like energy efficiency and other proven, low-cost, clean technologies including solar, wind, and battery storage.
The Commission should establish a plan that helps businesses remain competitive, enables emissions reductions, and creates a reliable and affordable energy plan for all North Carolinians. We cannot afford to miss the mark on the Carbon Plan.
Read More:Major NC employers say state regulators must adopt stronger plan for power sector
2022-12-10 12:04:00