Duke Energy invested nearly $1 billion with North Carolina-based suppliers in 2025, a move designed to support local businesses while securing the essential equipment and services required to maintain energy reliability for its extensive customer base. This initial investment signals a broader strategy, with projections indicating that Duke Energy’s continued engagement with North Carolina suppliers could reach nearly $5 billion over the next five years. Such spending is anticipated to foster job growth, invigorate local economies, and help meet the escalating energy demands across the Carolinas.
The utility’s commitment to domestic sourcing is substantial, with more than 97% of its $17.2 billion in annual procurement supporting U.S.-based suppliers. This approach is intended to fortify domestic manufacturing capabilities, mitigate supply chain vulnerabilities, and keep crucial grid equipment closer to operational centers. These investments are critical for preparing the energy infrastructure for rising demand and enhancing overall grid reliability.
Gary Salamido, President and CEO of the N.C. Chamber, underscored the significance of these partnerships, stating that North Carolina’s business community thrives when companies invest in one another. He highlighted Duke Energy’s leadership in directing substantial funds to state-based suppliers, emphasizing that such investments strengthen communities, bolster local businesses, and reinforce the supply chains vital for North Carolina’s continued growth.
Beyond supplier spending, Duke Energy is embarking on a comprehensive infrastructure overhaul through its Power/Forward Carolinas initiative, a $13 billion, 10-year project aimed at modernizing the state’s electric system. These upgrades are designed to harden the grid against severe weather events and outages, enhance its security against cyber-attacks and physical threats, and facilitate the expansion of renewable energy sources. The initiative is projected to generate an average of 13,900 jobs annually, contribute $10.4 billion in salaries and wages, and yield approximately $800 million in state taxes and $550 million in local taxes. The total economic output over the decade is estimated at $21.5 billion.
Key components of the grid modernization plan include moving targeted power lines underground to reduce outage frequency, implementing advanced grid technologies that can self-identify problems and reroute power, and upgrading smart metering infrastructure to provide customers with more tools to manage their energy consumption. The initiative also prioritizes protecting the grid against physical and cybersecurity threats and supporting the sustainable integration of renewable energy and emerging technologies.
To meet growing energy demand, Duke Energy has outlined plans for new generation capacity, primarily in North Carolina. This includes a 1,360-megawatt combined-cycle generator in Person County, slated for service in 2028. Additionally, two combustion turbines with a cumulative capacity of 850 megawatts are planned for the Marshall Steam Station in Catawba County, also projected to be in service by 2028. Further enhancing power generation, the utility aims for nearly 300 megawatts of nuclear power uprates by 2031.
In a strategic move to streamline operations and reduce costs, Duke Energy is planning to file for a merger of its two primary operating companies, Duke Energy Progress and Duke Energy Carolinas. If approved, this consolidation, expected to take effect in January 2027, would create a single unified utility with consistent rates across its service territory. The company projects that this merger could save customers more than $1 billion through 2038 by reducing the resources needed to meet electric demands compared to maintaining separate entities.
In November 2025, Duke Energy filed Multiyear Rate Plan requests with the North Carolina Utilities Commission, seeking a combined annual revenue increase of approximately $1.729 billion across Duke Energy Carolinas and Duke Energy Progress. This request, based on a 10.95% return on equity and a 53% equity ratio, would result in proposed increases for typical 1,000 kWh residential bills. Starting January 1, 2027, bills could rise by $17.22 for Duke Energy Carolinas customers and $23.11 for Duke Energy Progress customers. A further increase to $162.20 is proposed for January 1, 2028. The rate plan also includes significant investments, with $1.7 billion allocated for battery storage projects and approximately $400 million for solar and solar-paired storage projects.
These investments and proposed rate adjustments come as rate hikes and economic development have contributed to the utility’s profits. Duke Energy has actively courted new commercial customers and power-intensive data centers, such as the $10 billion Amazon data center investment in North Carolina. The company has also engaged in significant financial transactions, including Brookfield’s acquisition of a non-controlling share of Duke Energy’s Florida company for $6 billion and the planned sale of its Piedmont Tennessee Natural Gas business for $2.4 billion.
### Why it matters in Rock Hill
The extensive investments by Duke Energy in grid modernization, new generation, and supply chain resilience have direct consequences for residents and businesses in Rock Hill. As a key service area for Duke Energy, the city relies on a robust and reliable electrical grid to support its growing population and economic activity. Institutions such as Piedmont Medical Center, a major employer and critical healthcare provider, depend on uninterrupted power to deliver essential services. The improvements in grid hardening, smart technologies, and increased generation capacity across the Carolinas translate into greater stability for Rock Hill’s infrastructure, reducing the likelihood of outages and ensuring a consistent power supply for homes, schools like Winthrop University, and local businesses such as Comporium Inc. These regional investments are foundational to supporting Rock Hill’s continued development and quality of life. The proposed merger and rate adjustments will also directly impact the cost and structure of electricity for customers throughout the city and York County.
