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Duke Energy (NYSE:DUK) said Wednesday it signed agreements with Amazon, Google, Microsoft and Nucor to develop new power contract terms aimed at supporting carbon-free energy generation investments in North Carolina and South Carolina through innovative financing structures that address project risk to reduce the cost of emerging technologies.
In memorandums of understanding signed this month, Duke Energy (DUK) and the other companies proposed developing new rate structures, or "tariffs," designed to lower the long-term costs of investing in clean energy technologies such as new nuclear and long-duration storage through early commitments.
Duke Energy (DUK) said the tariffs would facilitate beneficial on-site generation at customer facilities, participation in load flexibility programs and investments in clean energy assets.
The technology industry has been driving the rapid expansion of energy intensive data centers, which could consume as much as 9% of U.S. electricity generation by the end of the decade, according to a recent study by the Electric Power Research Institute.