"We are very close to reaching a settlement in South Carolina," CEO James Rogers told Reuters at the sidelines of the EXNET Utility M&A Conference in New York.
NEW YORK (Reuters) - Duke Energy Corp's innovative proposal to get paid for driving power usage lower is making head winds in South Carolina, said the company's chief executive on Monday.
"We are very close to reaching a settlement in South Carolina," CEO James Rogers told Reuters at the sidelines of the EXNET Utility M&A Conference in New York.
The proposal, entitled "save-a-watt" by Duke Energy, would reward companies for driving energy saving similar to the way they benefit from building new power plants.
Currently, utilities such as Duke Energy earn returns from spending capital on power plants. To meet electricity demand, state regulators approve new generation build and increase the company's rate base to compensate for new investment.
!ADVERTISEMENT!The company has filed for approval for its energy efficiency model with regulators in South Caroline, North Caroline and Indiana.
(Reporting by Lisa Lee; Editing by Andre Grenon)
