Duke Energy s Belews Creek Steam Station in Stokes County will be one of the company’s final two holdouts in the shift from emission-heavy coal-fired power production.
The latest settlement would reduce coal ash costs included in the pending rate requests by 60%, which Duke Energy believes will provide immediate customer savings if approved.
“This settlement affirms that the current closure strategy remains prudent and in the best interests of customers and communities in the Carolinas,” read a statement from Duke Energy.
Most of the remaining expenditures are expected to occur over the next 15-20 years.
The Utilities Commission still needs to make a final decision on Monday s proposed rate requests and the proposed settlement agreement.
In January 2020, Duke Energy signed an agreement to close its remaining nine coal ash basins in the state.