Duke Energy Applies for Department of Energy Loans That Company Says Represent Potentially Billions of Dollars in Customer Savings

Duke Energy announced it submitted an application for loans from the U.S. Department of Energy (DOE) that company officials said represent potentially billions of dollars in customer savings as Duke Energy strengthens the electric grid, adds capacity and reliably serves some of the fastest-growing states in the country.

Company officials said the application to the DOE is the first step in a process to negotiate the final loan amount and stipulations.

The officials said Duke Energy is applying for DOE loans to support planned investments to reliably meet rising energy demand at the lowest cost to customers.

Duke Energy's state-regulated, integrated utility model enables reduced financing costs to flow directly to customers while supporting reliable service and measurable value. 

Company officials said coordinated planning and operation of the entire electric system under strong regulatory oversight help ensure investments are prudent and keep customer costs down. As a result of this structure, rates in all of our vertically integrated states are below the national average.

The officials said the announcements represent the company's latest effort to leverage federal support and other measures to save customers money. This month, the company announced it was delivering more than $5 billion in cost-saving benefits to customers from the combination of its Carolinas utilities and tax-credit savings, including nuclear and solar production tax credits and investment tax credits expected to be generated between 2025 and 2028 in Florida and the Carolinas.

"Delivering reliable power at the lowest possible cost is central to every decision we make," said Harry Sideris, president and CEO of Duke Energy. "That means pursuing every opportunity like federal loans when they can help reduce costs for customers. As energy demand continues to grow, our focus is on strengthening the system, investing responsibly and ensuring customers see the benefit of those investments now and into the future."