Duke Energy Corp. must clean up its coal-ash ponds in North Carolina by 2024 due to environmental and public health safety risks, state regulators said in a proposal that could be scaled back at a later date.
Duke must dig up and close coal ash pits at eight sites by 2019 and at 25 locations by 2024 under a proposal issued Wednesday by the North Carolina Department of Environmental Quality. The agency also asked for changes to the state’s coal ash law that will allow for a reconsideration of the safety risks in 18 months after Duke has time to make repairs to its facilities, according to a statement.
Duke fell as much as 1.5 percent to $77.52 and traded at $78.31 as of 1:49 p.m. in New York. The company said its coal ash basins are operating safely.
Charlotte, North Carolina-based Duke has been under pressure to address the way it stores coal waste from power generators after its 2014 ash spill into the Dan River. Duke said two years ago that the cost of closing and excavating all of its ponds could be as much as $10 billion.
If the proposed recommendations are not revised, “the state will have chosen the most extreme closure option that will have a significant impact on customer costs and hinder economic development,” Duke said in a statement Wednesday. There would be “significant risk” in meeting excavation deadlines by 2024, Duke said.
Topics North Carolina
Was this article valuable?
Here are more articles you may enjoy.
Berkshire’s ‘Most Important’ Biz Drives Q1 Results; GEICO Still Behind on Tech 
Billionaire Ellison Is Moving Oracle to Nashville From Texas 
Viewpoint: The 10 Major Risks Shaping Insurance Today 
Berkshire’s Jain on Cyber: ‘The Mindset Should Be You’re Not Making Money’ 
