AdvanceSC is a limited liability company established by Duke Energy in 2004 to support communities in Duke Energy’s South Carolina service area through grants for public assistance and economic development programs. In general, AdvanceSC concentrates on advancing education to support industry, assisting other economic development organizations to attract and retain industries in Duke Energy's service territory and enhancing the competitive position of manufacturers in Duke Energy’s service territory.
Duke Energy provides funding for AdvanceSC with 50 percent of its profits from certain wholesale or Bulk Power Marketing (BPM) sales of electricity allocable to South Carolina. Profits from BPM sales from January 1, 2004 through December 31, 2010 or the effective date of rates approved by the Public Service Commission of South Carolina after a general rate case, which ever is earlier, are used to fund AdvanceSC. The funding amount will vary from year to year, based on wholesale sales profits.
AdvanceSC is managed by a board of directors that is independent of Duke Energy. The board makes all funding decisions and is responsible for fund administration, including the selection and oversight of the fund administrator, Wells Fargo Philanthropic Services, located in Greenville, S.C.