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Ending weeks of speculation, Charlotte investment banker Erskine Bowles today plans to announce his candidacy for the U.S. Senate seat being vacated by fellow Democrat John Edwards.

Bowles, who lost the 2002 Senate race to Republican Elizabeth Dole, leaked the news in an e-mail to supporters on Wednesday.

"I am excited about this campaign," he wrote. "I look forward to talking with folks across the state and you can be sure that I will devote every ounce of energy and ability I have to this race."

Bowles' entry finally gives the Democrats a candidate. For months, Republican U.S. Rep. Richard Burr of Winston-Salem had the race to himself as Edwards ran for president while refusing to take himself out of the Senate contest.

Backed by the White House and state party leaders, Burr has what appears to be a smooth ride to his party's nomination on May 4. Whether Bowles will is unclear.

Two would-be rivals, state Treasurer Richard Moore and Secretary of State Elaine Marshall, have ruled out the race. Former House Speaker Dan Blue, who finished second in last year's primary, said Wednesday that he expects to decide in October.

"I have not talked to all of the people I really need to talk to," he said. "I've talked to a good number of folks who are encouraging."

Bowles, a chief of staff to former President Clinton, could not be reached Wednesday. In his e-mail to supporters, he said he'd begun organizing his campaign after Edwards announced this month he would drop out.

"I am running because I want to serve," wrote Bowles, 58. "I want to do all I can to create an environment that gets our economy going and makes the people of North Carolina feel secure again ... I want to provide leadership in the U.S. Senate that makes good common sense, that really helps people and that puts North Carolina values ahead of knee-jerk partisanship."

Last year, Bowles got 45 percent of the vote against Dole, who brought a celebrity profile as a former Cabinet secretary, presidential candidate and American Red Cross president. Supporters say next year will be different.

"I don't think we're running against somebody who has the status of a rock star," said former Charlotte Mayor Harvey Gantt, a two-time Senate nominee. "Erskine is a seasoned campaigner now. He's been out there. I do not know Mr. Burr very well, but I would not think he has the status of a Liddy Dole."

A poll last week in Raleigh's News & Observer showed Burr leading Bowles by 43 percent to 37 percent, with 20 percent undecided. Days earlier, a poll commissioned by Bowles showed him leading Burr by 43 percent to 35 percent.

Edwards would have brought incumbency, wealth and proven campaign ability to the race. But he also would have faced an electorate frustrated by the amount of time he was spending out of state as he runs for president.

Burr adviser Paul Shumaker said Bowles' entry doesn't change his candidate's plans.

"It has no impact on us one way or another," he said. "Each candidate (Bowles and Edwards) has his own strength; each candidate has his own weaknesses. At the end of the day I think it's a wash ... It leaves us focused on our own campaign plan."

A big part of that is money.

Burr has reportedly raised more than $4 million. This month, Vice President Dick Cheney headlined a fund-raiser for Burr that brought in $230,000. But Burr, a former appliance salesman, has no personal wealth.

Bowles, by contrast, is a multimillionaire. Last year, he put nearly $7 million of his own money into a $13 million campaign.

"He's willing to do what it takes to win, but he's going to be very interested in mounting a major fund-raising effort," said Bowles adviser Mac McCorkle.

A new wrinkle for both campaigns is an obscure provision of last year's McCain-Feingold campaign reform law.

The "Millionaire's Amendment" is designed to level the field for federal candidates facing wealthy opponents. It allows them under some circumstances to raise up to six times the maximum from individual donors, or as much as $12,000.

It involves a series of complicated caveats and formulas. But at its simplest, it could mean that once a Senate candidate's personal contributions reach a specific threshold -- in North Carolina, $778,000 -- an opponent can raise $6,000 from individuals, not the normal $2,000.

And once an N.C. candidate spends $1.56 million of his own money, an opponent could tap individual donors for up to $12,000.

"It does help level the playing field for Richard Burr against a multimillionaire candidate like Erskine Bowles," Shumaker said.

McCorkle said the provision plays into Bowles strategy as well.

"It just gives Erskine more determination to raise the money," he said.