The DOE announces grants for Duke Energy projects, bringing total funding to nearly $96 million

• New DOE funding would be applied to critical upgrades at Duke Energy plants in Kentucky and North Carolina
• Latest funding would bring total federal support to nearly $96 million while helping keep costs down for customers
• This news builds on recent Duke Energy announcements delivering billions in customer savings

CHARLOTTE, N.C., June 5, 2026 /PRNewswire/ -- Duke Energy was selected by the U.S. Department of Energy (DOE) for new grant funding totaling up to $61.8 million to support reliability and refurbishment projects at coal-fired power plants in Kentucky and North Carolina. This news builds on a previously announced $34 million grant for Belews Creek Steam Station in North Carolina, bringing total DOE funding for Duke Energy projects at these sites to nearly $96 million. Duke Energy will now enter negotiations to finalize funding amounts. The new funding includes:

• Up to $33.4 million for East Bend Station in Kentucky
• Up to $28.4 million for Roxboro Station units 2 and 3 in North Carolina

What this means: Duke Energy filed applications requesting grant funding late last year, as these plants were identified for needed refurbishment of critical components to maintain operational reliability. As energy demand continues to grow across Duke Energy's service areas, maintaining and enhancing existing power plants remains one of the most efficient ways to deliver dependable service. DOE funding helps to offset the cost of these projects and reduce the amount that would otherwise be borne by customers.

Our view:

• "We take every opportunity at Duke Energy Kentucky to reduce costs for our customers while continuing to deliver the reliable energy they depend on, and we appreciate the partnership of the Trump administration and DOE in this regard," said Amy Spiller, president of Duke Energy's utility operations in Ohio and Kentucky. "These investments at East Bend will strengthen reliability for the communities and businesses we serve while helping lower the cost of necessary upgrades over time."
• "This funding supports previously planned critical upgrades that help ensure we can continue delivering reliable power to our North Carolina customers while keeping costs as low as possible," said Kendal Bowman, president of Duke Energy's utility operations in North Carolina. "As our state continues to grow, investments like these help us meet increasing demand, support local communities and maintain the dependable service our customers expect."

Bigger picture: Duke Energy is focused on strengthening the reliability of its generation fleet while identifying opportunities to reduce costs for customers. This announcement comes on the heels of other recent Duke Energy actions designed to reduce long-term customer costs while supporting reliability and growth:

• Recently, Duke Energy announced more than $5 billion in customer savings, including: 
  • approximately $2.3 billion in net customer savings from 2027 to 2040 through the planned combination of the company's two electric utilities in the Carolinas 
  • up to $3.1 billion in net tax credit value through a multi-year agreement covering nuclear and solar production tax credits and solar and battery investment tax credits expected to be generated between 2025 and 2028 in Florida and the Carolinas – savings that will be used to reduce customer bills
• The company announced in May that it submitted an application for loans from the U.S. Department of Energy that represent potentially billions of dollars in additional customer savings as the company strengthens the electric grid, adds capacity and reliably serves some of the fastest-growing states in the country. 
• Duke Energy Florida is implementing its third rate reduction of 2026 from June through September, lowering residential customer bills by a total of approximately $50 when compared to January, or 25%, for every 1,000 kilowatt-hours (kWh) of energy used.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities.

Contact: Riley Cook
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SOURCE Duke Energy