Duke Energy Will Seek To Renew Nuclear Plant Licenses To Support Its Carbon Reduction Goals

• Nuclear fleet generates half of its Carolinas customers' electricity, carbon-free
• Company intends to renew the operating licenses of 11 reactors for an additional 20 years
• License application for Oconee Nuclear Station in Seneca, S.C., will be first submitted

Charlotte, NC /PRNewswire/ - Duke Energy (NYSE: DUK) announced today it will seek to renew the operating licenses of the 11 reactors it operates at six nuclear stations in the Carolinas for an additional 20 years.

"Our nuclear power plants have safely and reliably provided electricity to our Carolinas customers for decades," said Preston Gillespie, Duke Energy's chief nuclear officer. "These plants generate clean and cost-effective power, provide thousands of well-paying jobs, and produce substantial economic benefits for the Carolinas. Renewing the licenses of these plants is important for our customers, communities and environment."

The first Duke Energy nuclear power plants will approach the end of their current operating licenses in the early 2030s. Rigorous, ongoing preventive maintenance programs across the nuclear fleet and technology upgrades and investments over the years at all stations have contributed to their continuing strong operating performance. In 2018, Duke Energy's nuclear fleet marked its 20th consecutive year with a fleet capacity factor – a measure of reliability – greater than 90%.

The company expects to submit the license renewal application for Oconee Nuclear Station in 2021, followed by its other nuclear stations. Oconee is the company's largest nuclear station, with three generating units that produce more than 2,500 megawatts (MW).

Critical component in reducing carbon emissions
Duke Energy's nuclear fleet plays an important role in the company's efforts to lower carbon emissions. In 2018, the Duke Energy nuclear fleet generated more than 72 billion kilowatt-hours of electricity and avoided the release of about 54 million tons of carbon dioxide – equivalent to keeping more than 10 million passenger cars off the road. The company has set aggressive carbon reduction goals of at least 50% by 2030 and net-zero by 2050, and keeping its nuclear fleet operating is key to achieving these goals.

Significant economic benefits
Renewing the nuclear licenses will provide significant value to Duke Energy customers, as well as continue to support Carolinas communities through jobs, tax revenues and partnerships. Duke Energy employs about 5,000 workers in its nuclear group, with additional contract workers supporting refueling outages and project work.

In 2018, the company also paid more than $300 million in property and payroll taxes associated with the nuclear stations, benefiting local governments and school districts. In addition, nuclear employees support the communities where they live and work by donating time and funds through sponsorships and volunteer activities.

License renewal process
U.S. nuclear facilities are licensed by the U.S. Nuclear Regulatory Commission and were originally licensed to operate for 40 years based on economic considerations, not technology limitations. Regulations allow nuclear licensees to renew their licenses for up to 20 years at a time. All Duke Energy-operated nuclear units have received one renewed license for an additional 20 years. The process to renew licenses for a second 20 years requires a comprehensive analysis and evaluation to ensure the units can safely operate for the extended operation period. The review process begins with an acceptance review of the application once received, with a goal to complete the subsequent license renewal application review within 18 months of docketing.

Duke Energy's nuclear fleet

* Catawba is jointly owned by North Carolina Municipal Power Agency Number One, North Carolina Electric Membership Corporation, Piedmont Municipal Power Agency and Duke Energy

For photos and fact sheets for each of Duke Energy's six nuclear sites, visit the Duke Energy News Center.

Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit's regulated utilities serve approximately 7.7 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to more than 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Forward-looking information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.