Duke Energy’s NC state president retiring, regulatory attorney set to take top spot
Stephen De May, the president of Duke Energy’s operations in North Carolina, is retiring, the Charlotte-based utility announced Monday.
Duke also announced that Kendal Bowman, the company’s vice president of regulatory affairs and policy for North Carolina, will succeed De May. The changes will be effective Jan. 1.
Under De May’s leadership since 2018, Duke has struck agreements with regulators and environmental groups to excavate the remaining coal ash basins across North Carolina. The company also played a pivotal role in negotiating House Bill 951, which requires the N.C. Utilities Commission to create a carbon dioxide reduction plan that would cut Duke’s emissions 70% by 2030 and reach net zero by 2050.
Duke Energy has about 3.7 million electricity customers in North Carolina, served through its Duke Energy Carolinas and Duke Energy Progress subsidiaries. The company also services about 786,000 natural gas customers.
De May, whose background is in finance, has worked at Duke Energy for 33 years.
When he started in 1990, De May was the director of real estate accounting and finance for Crescent Resources, Duke’s former real estate development subsidiary. In 1994, De May shifted to corporate finance and started to ascend the company’s ranks, becoming the vice president of business unit finance before becoming vice president of energy and environmental policy in 2004.
From 2007 to 2018, De May served as Duke’s treasurer, a role he held until being named president.
In a prepared statement, Lynn Good, Duke’s CEO, said, “Through his work, (De May) consistently positioned Duke Energy for success, whether through financing the company’s growth cost-effectively, advocating for our customers’ interests during federal tax reform, or advancing our clean energy transition in North Carolina together with our many stakeholders.”
Bowman’s career started with Progress Energy in 1999.
There, she oversaw federal legal and regulatory affairs, including decisions the Federal Energy Regulatory Commission made that impacted Progress Energy Carolinas and Progress Energy Florida. Bowman also served as the associate general counsel for Progress Energy in the Carolinas.
After Duke Energy and Progress Energy merged in 2012, Bowman managed state regulatory affairs for Duke Energy in North Carolina.
In her most recent role as vice president for regulatory affairs and policy, Bowman participated in North Carolina’s Clean Energy Plan and has guided process by which Duke decided how it would meet the emissions targets set out in last year’s House Bill 951
Duke Energy needs to cut its annual carbon dioxide emissions by about 16 million tons to meet the state’s goal of a 70% reduction by 2030, Bowman said during an appearance in April at the N.C. State Energy Conference.
Bowman outlined a three-pronged approach to meeting that target that includes finding ways to convince customers to use less energy; adding carbon-free resources like wind, solar or small modular nuclear reactors; and ensuring reliability by adding some gas-powered turbines and battery storage.
Environmental groups and ratepayer advocates have criticized Duke’s approach, arguing the company’s proposals delay meeting the goals; rely on unproven technologies like small modular nuclear reactors and hydrogen; and could keep rates lower by developing more solar.
Julie Janson, Duke’s executive vice president and CEO for Duke Energy Carolinas, wrote, “Advancing the clean energy transition will require steadfast collaboration and addressing challenges in new ways, and I’m thrilled Kendal will be at the helm for Duke Energy in North Carolina.”
This story was produced with financial support from 1Earth Fund, in partnership with Journalism Funding Partners, as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work.
