DUKE POWER ESTABLISHES FUND TO SUPPORT SOUTH CAROLINA ECONOMIC GROWTH
CHARLOTTE, N.C. -- Duke Power today announced the establishment of AdvanceSC – a limited liability company that will support economic growth and public assistance agencies in Duke Power’s South Carolina service area.
AdvanceSC will be funded with 50 percent of the South Carolina allocation of certain Duke Power wholesale or bulk power marketing sales (BPM) of electricity made from Jan. 1, 2004, to Dec. 31, 2007.
“Our BPM profit-sharing objectives for South Carolina customers are the same as they are for customers in North Carolina: to more aggressively drive economic growth and provide assistance to low-income customers,” said Ellen Ruff, Duke Power’s group vice president for power policy and planning. “We look forward to seeing AdvanceSC build on our partnerships with customers, educational and economic development organizations, and assistance agencies to put this money to work for South Carolina.”
Duke Power’s BPM division sells the company’s temporary excess electricity to municipal, cooperative and investor-owned utilities and other wholesale customers. The initial funding for AdvanceSC will be approximately $7 million. The funding level will vary year to year based on BPM sales, which are driven by the company’s highly efficient power plant operations and wholesale power market conditions. The sharing effort would not continue in the event of a change in base rates.
"We think Duke Power's plans to create AdvanceSC to help drive economic growth in South Carolina is an innovative idea that will bring tangible results for our economy," said Bob Faith, South Carolina Secretary of Commerce. "The board members represent a broad range of economic development perspectives and are an excellent example of the kinds of partnerships we need to grow our manufacturing sector."
AdvanceSC will share $650,000 annually with public assistance programs that currently distribute funds for Duke Power’s Share the Warmth, Cooling Assistance and Fan Relief programs. This grant will be in addition to the approximately $300,000 that The Duke Energy Foundation and Duke Power customers currently contribute to these programs in South Carolina.
The remaining BPM funds will be distributed as follows:
- Fifty percent will be allocated to strengthen existing manufacturing industries in Duke Power’s service area. Grants will be available to manufacturers investing in applications that increase productivity, efficiency, reliability and/or improve the environmental impact of their facility.
- Twenty-five percent will be allocated to funding economic development initiatives that create new sustainable manufacturing and manufacturing-related jobs in Duke Power’s service area. These funds will be available to regional economic development partnerships and key chambers and economic development groups.
- Twenty-five percent will be allocated to funding community college, technical college, university and high school programs that support manufacturing and manufacturing-related economic development.
AdvanceSC will be managed by a board of directors that will act independently of Duke Power and make all funding decisions on a quarterly basis. The board will consist of representatives from Duke Power’s service area, including representatives from industrial customers, educational institutions and governmental and economic development agencies. Grant applications will be received beginning in the third quarter of 2004. The board is expected to make its first round of grants in November.
The following have agreed to serve on the AdvanceSC board:
- David Beard, director of energy, Milliken & Company, Spartanburg, S.C.
- Richard Briere, plant manager, Solutia Inc, Greenwood, S.C.
- Merl Code, attorney, Greenville, S.C.
- Russ Darnall, vice president, S.C. Technical College System, Columbia, S.C.
- Jack Ellenburg, managing director of business development, S.C. Department of Commerce, Columbia, S.C.
- Robert Hitt, manager, public affairs, BMW Manufacturing Corporation, Spartanburg, S.C.
- Barbara Orr, vice president, power delivery, Southern region, Duke Power
- Jim Rogers, director, economic development, South Carolina, Duke Power
- Ted Schultz, vice president, large business customers, Duke Power
- Carter Smith, CEO, Spartanburg County Economic Development Corp., Spartanburg, S.C.
- Perry Stephens, chief manufacturing engineer, The Timken Company, Gaffney S.C.
- William Taylor, president, Springs Development Corp., Lancaster, S.C.
To learn more about AdvanceSC and its grant-making process, visit its Web site: http://www.advancesc.org.
Duke Power, a business unit of Duke Energy, is one of the nation’s largest electric utilities and provides safe, reliable, competitively priced electricity and value-added products and services to more than 2 million customers in North Carolina and South Carolina. In 2004, Duke Power celebrates 100 years of service. The company operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,900 megawatts. More information about Duke Power is available on the Internet at: http://www.dukepower.com.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in North America and selected international markets. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com.