Interior Announces an Energy Agreement to Strengthen American Energy Security and Lower Costs in North Carolina

WASHINGTON – Today, the Department of the Interior announced a settlement agreement with Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina and one of America’s largest energy holding companies, to provide affordable, reliable power that will reduce costs and advance President Donald Trump’s Energy Dominance Agenda.

As part of the settlement agreement, Duke will voluntarily terminate its offshore wind lease located in the Carolina Long Bay area valued at $129 million and reinvest that same amount in additional generating capacity to better serve its customers in the Carolinas. The agreement will assist Duke in executing an energy modernization strategy and keeping customer value as the main priority.

This landmark settlement agreement provides partial reimbursement for an offshore wind lease that was very early stage and the funds will be redeployed to meet America’s energy demands of today and of tomorrow. The settlement agreement promotes mutually beneficial projects designed to deliver strong results for American taxpayers and encourages investment in reliable, cost-effective energy sources.

“President Trump’s vision of unleashing affordable, reliable American energy for our country’s communities and using common sense to put the American people first is being implemented,” said Secretary of the Interior Doug Burgum. “Duke Energy will now be able to convert a national security concern into projects that will lower the costs for its customers in North Carolina and surrounding states. The agreement is a win-win scenario that has become a hallmark for how the Trump administration operates.”

“This settlement allows Duke Energy to refocus $129 million in ways that directly benefit our customers and communities in the Carolinas,” said Kodwo Ghartey-Tagoe, Executive Vice President and Chief Executive Officer of Duke Energy Carolinas. “Under the agreement, Duke Energy will reinvest nearly $129 million in additional generating capacity, which may include advancing new nuclear and natural gas generation, and grid enhancements to strengthen reliability, support continued growth in the Carolinas and keep costs as low as possible.”

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