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Duke Energy (New York Stock Exchange:duck) +1.1% As announced by the power company in early trading on Monday. Completed upgrade Budd Creek Pumped Storage Plant in South Carolina adds 320 MWh of energy to company's system to meet growing electricity demand In the Carolinas.
The company says the renovation will bring the station's total capacity to 1,680MWh, capable of powering more than 1.3 million homes.
The units were upgraded in stages, with each new pump turbine adding 80 MW of capacity. Unit 2 was completed in 2020, Unit 1 was completed in 2021, Unit 3 was completed in 2023, and Unit 4 was completed this month.
Pumped storage power plants store and produce carbon-free energy by moving water between two reservoirs at different elevations.
Duke Energy (duck) is also working to extend the license for its Budd Creek facility, which expires in 2027, and is evaluating the possibility of adding a second power plant at Budd Creek, which could be completed as early as 2034 if pursued. He said it could be operational in 2020.