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Duke Energy's largest nuclear plant receives approval to extend operations; supports growing energy demand, helps keep customer costs as low as possible

1. NRC extends Oconee Nuclear Station's license by 20 years through 2054. 2. Duke's six nuclear plants provide over 50% of Carolinas' electricity. 3. Oconee's renewal supports Duke's strategy for cleaner energy and reliability. 4. Nuclear energy represents over 96% of Duke's clean energy output. 5. Plans to renew licenses for other Duke plants are underway.

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Why Bullish?

The license extension enhances operational longevity, boosting Duke's stable revenue from nuclear power. Historically, similar regulatory approvals have positively impacted utility stocks.

How important is it?

The NRC's approval decisively impacts Duke's operational capacity and long-term strategic goals. Given nuclear energy's significant role in Duke's portfolio, this represents a substantial enhancement in future earnings potential.

Why Long Term?

The renewal provides a secured energy production level for another two decades, ensuring continuous revenue streams. This long-term assurance in energy supply becomes crucial as energy demands rise.

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The Nuclear Regulatory Commission (NRC) approves extending Oconee Nuclear Station's operating licenses by 20 years Duke Energy's six nuclear plants generate half of the Carolinas' electricity , /PRNewswire/ -- The U.S. Nuclear Regulatory Commission (NRC) has renewed the operating licenses for Duke Energy's Oconee Nuclear Station for an additional 20 years.  Oconee Nuclear Station The approval of its subsequent, or second, renewed licenses enables Oconee, located in Seneca, S.C., to operate through 2053 and 2054, supporting the company's "all of the above" strategy to deliver a path to cleaner energy while protecting reliability and affordability for customers as regional electricity demand continues to grow. Nuclear generation is a vital part of Duke Energy's generation portfolio and is the only clean energy source that is always on and available 24 hours a day. "Affordable and reliable energy is the key to South Carolina's continued economic prosperity, and nuclear power must play a key role as we work to shape our energy future," said South Carolina Gov. Henry McMaster. "The approval to extend Oconee Nuclear Station's operations for another 20 years is a critical step in ensuring South Carolina's energy generation keeps pace with our rapid development." Oconee is the first of Duke Energy's nuclear facilities to reach the significant milestone of extending its license and receiving approval to operate for 80 years. Duke Energy is working toward extending the life of all of its existing nuclear units, with plans to submit a license renewal application for Robinson Nuclear Plant in Hartsville, S.C., in April of this year.Maintaining safe and reliable operations is Duke Energy's primary focus, and the company invests heavily in maintenance and upgrades at its nuclear facilities to ensure they can operate through midcentury. At Oconee, the company has replaced its reactor vessel heads, steam generators, turbines, transformers, pumps, valves and other equipment to support longevity. In 2024, Oconee added a combined 45 megawatts by implementing power uprate improvement projects on all three units. Learn more about Oconee's road to subsequent license renewal and the team that made it possible.Value of License Renewal Nuclear energy has safely and reliably provided electricity to Duke Energy's Carolinas customers for more than 50 years. In 2024, its six plants provided more than 50% of Carolinas customers' electricity and more than 96% of the company's clean energy.Duke Energy's nuclear sites benefit customers and communities by reliably generating large amounts of electricity with low operating costs, while also providing thousands of well-paying jobs and producing economic and tax benefits for local communities. The federal nuclear production tax credit incentivizes our existing plants, like Oconee, to operate as cost-efficiently as possible, further lowering the cost of nuclear energy for our customers. "This is very good news for Duke Energy customers. The renewal of the nuclear licenses at Oconee will ensure reliable, non-emitting nuclear power continues to be supplied throughout our state. The Oconee nuclear plant is well run, safe and efficient, and it has been an invaluable employer to Upstate South Carolina," said U.S. Sen. Lindsey Graham. "I'm glad it will continue to operate for decades to come." Nuclear energy has and will continue to play an essential role in meeting Duke Energy's customers' rapidly growing and evolving energy demands. The company's expertise in and commitment to the continued safe and reliable operation of its existing nuclear plants are foundational to Duke Energy's energy transition. "Approval to extend Oconee Nuclear Station's licenses is a significant milestone for Duke Energy and provides significant learnings to use in completing license applications for our other plants," said Duke Energy Chief Nuclear Officer Kelvin Henderson. "As we address growth, modernize the fleet and invest in cleaner technologies, subsequent license renewal helps ensure nuclear energy continues to be a vital part of Duke Energy's generation portfolio."  Licensing Background U.S. nuclear facilities are licensed by the NRC and were originally licensed to operate for 40 years based on economic considerations, not limitations of the technology. The process to renew a license for an additional 20 years requires a comprehensive analysis and evaluation to ensure the plant can safely be operated for the period of extended operation.All Duke Energy nuclear plants have received initial license renewal to achieve up to 60 years of operation. Subsequent license renewal allows up to 80 years of operation. Oconee's original 40-year license: 1973/1974-2013/2014 Oconee's 20-year license renewal: 2013/2014-2033/2034 Oconee's subsequent 20-year license renewal: 2033/2034-2053/2054 Duke Energy's Nuclear Fleet  Station  Location  Capacity  Brunswick  Brunswick County, N.C.    1,870 MW   Catawba*  York County, S.C.    2,310 MW   Harris  Wake County, N.C.       964 MW   McGuire  Mecklenburg County, N.C.    2,316 MW   Oconee  Oconee County, S.C.    2,554 MW   Robinson  Darlington County, S.C.       759 MW  *Catawba is jointly owned by North Carolina Municipal Power Agency Number One, North Carolina Electric Membership Corporation, Piedmont Municipal Power Agency and Duke Energy Additional Resources  Visit Duke Energy's subsequent license renewal webpage. illumination: The road to Oconee's subsequent license renewal and the team that made it possible. Visit Duke Energy News Center for downloadable B-roll and high-resolution images of Duke Energy's nuclear plants. 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 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.More information is available duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.Contact: Mikayla Kreuzberger24-Hour: 800.559.3853SOURCE Duke Energy WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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