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Duke Energy (NYSE:DUK) +1.1% in early trading Monday as the utility said it completed upgrades at the Bad Creek pumped storage facility in South Carolina, adding 320 MWh of energy to the company's system to meet growing electricity demand in the Carolinas.
The upgrades bring the total capacity of the station to 1,680 MWh, which can power more than 1.3M homes, the company said.
The units were upgraded in phases, adding 80 MW of capacity to each new pump turbine; unit 2 was completed in 2020, unit 1 was completed in 2021, unit three was finished in 2023, and unit 4 was wrapped up this month.
Pumped storage hydro plants store and generate carbon-free energy by moving water between two reservoirs at different elevations.
Duke Energy (DUK) also said it is working to extend the license of the Bad Creek facility, which is set to expire in 2027, and is evaluating the potential to add a second powerhouse at Bad Creek, which if pursued could be in service as early as 2034.