Duke Energy Proposes Gas Power Plant in South Carolina

Duke Energy Corporation (NYSE:DUK) is one of the 12 Best Natural Gas Stocks to Buy According to Analysts.

Duke Energy Corporation (NYSE:DUK) recently revealed that it intends to apply to the Public Service Commission of South Carolina (PSCSC) to construct a new natural gas-fired power plant in Anderson County. The company hopes to begin construction in 2027 and put the 1.4 GW facility into operation by 2031.

The gas turbines and related equipment for the Anderson plant will be provided by GE Vernova, which recently signed a partnership with Duke Energy Corporation (NYSE:DUK) to provide the latter with up to 11 gas turbines and associated equipment for its future power plants. The deal is expected to help Duke meet an anticipated record increase in power demand from advanced manufacturing, data centers, and population growth.

The development is consistent with Duke Energy Corporation (NYSE:DUK)’s Carolinas Resource Plan, in which the energy provider identified a need for 6.8 GW of new combined-cycle gas generation and about 2.125 GW of combustion turbine gas generation as part of its recommended portfolio.

Duke Energy Corporation (NYSE:DUK) engages in the distribution of natural gas and energy-related services. The company’s electric utilities serve 8.4 million customers across six states, while its natural gas utilities provide gas to 1.7 million customers across five states in the US.

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