Duke Energy to Invest $76 Million in Electric Car Chargers

Duke Energy Corp. plans to spend $76 million to add 2,500 charging stations for electric vehicles in North Carolina at a time when drivers can have a hard time finding a place to recharge as the industry expands.

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Along with charging stations, the money will fund adoption of electric school buses and public transportation, according to a company statement on Monday. North Carolina already has more than 10,000 plug-in hybrid and all-electric vehicles and about 600 public charging stations. The proposal to state regulators comes as automakers worldwide prepare to spend $255 billion through 2023 to develop battery-powered models. Even drivers in California, the largest U.S. electric vehicle market, have difficulties finding places to recharge. Drivers face similar frustrations in China and Europe. “This initiative will help accelerate public and private EV use while also reducing carbon emissions,” Lang Reynolds, Duke Energy’s director of electrification strategy, said in the company statement.Market Reaction

Shares of Duke Energy fell by 0.82 percent to $89.26 at 9:34 a.m. in New York. The company’s stock has fallen by less than 1 percent in the past year.Get More

Automakers are ramping up investments in charging states across Europe, the U.S. and in China. Drivers in the biggest EV markets still find it hard to find a place to plug in.