Duke Energy Corporation (DUK)

RTO Insider reported on 29 October 2026 that Duke Energy is readying a large load tariff proposal for its South Carolina operations and sees “broad agreement” on key principles, according to a recent regulatory filing 7.

Duke Energy says its data center electric service agreements carry protections that align the costs of serving new large-load customers with the customers driving those investments 2. Demand from data center development remains a significant contributor to projected load growth, the company says 2.

The newest results are for the second quarter of 2026, announced on 4 August: earnings per share were $1.38 as reported and $1.43 adjusted, against $1.25 a year earlier 1. The company reaffirmed its 2026 adjusted EPS guidance of $6.55 to $6.80 1.

Third-quarter results are due on 5 November, with an analyst call at 10 in the morning Eastern time, the company said on 6 October 5. The board also added Joyce Mullen, a former Insight Enterprises chief executive, as a director on 28 September 4.

The open question is regulatory: the North Carolina rate settlement for Duke Energy Carolinas still needs approval from the state utilities commission 8.

Duke Energy was incorporated on 3 May 2005 and is an energy company headquartered in Charlotte, North Carolina 3. Its electric businesses are the sole supplier of electricity in their territories, with prices set by state commission-approved rates that include a reasonable return on invested capital 3.

Revenue fell to $23.9 billion in 2020 from $25.1 billion in 2019, as Duke Energy filed it 15.

In July 2020 Duke Energy and Dominion announced the cancellation of the Atlantic Coast Pipeline, saying litigation risks and delays presented too much uncertainty 15. Net income available to common stockholders dropped to $1,270 million from $3,707 million, with the cancellation and coal ash settlements among the causes 15.

Revenue then climbed to $28.8 billion in 2022 from $24.6 billion in 2021 16. The electric segment reported a $2,332 million increase in fuel revenues, mainly from higher fuel prices and retail sales volumes 16.

Fuel costs are recovered primarily through cost recovery clauses, so much of that rise passed through to customers rather than adding profit 3. Reported earnings per share still fell to $3.17 in 2022 from $4.94, mainly because of the estimated impairment on the sale of the Commercial Renewables business 16.

Duke Energy closed the sale of substantially all the Commercial Renewables assets to an affiliate of Brookfield Renewable Partners on 25 October 2023 for proceeds of $1.1 billion 2. Reported earnings per share recovered to $3.54 in 2023 from $3.17 17.

In 2024 revenue rose to $30.4 billion from $29.1 billion, and reported earnings per share reached $5.71 3. The electric segment credited a $684 million increase from higher pricing in rate cases, meaning state regulators let it charge more to recover its investments 18.

Revenue grew again in 2025, to $32.2 billion, and reported and adjusted earnings per share were both $6.31, against $5.71 reported and $5.90 adjusted in 2024 3. Rate cases added $951 million, and storm recovery revenues at Duke Energy Florida added $753 million 3.

Leadership changed in 2025: Harry Sideris became president and chief executive on 1 April 2025, and Ted Craver became independent chair of the board the same day 14. In August 2025 Duke Energy agreed to take $6 billion from Brookfield Super-Core Infrastructure Partners for a minority stake in Duke Energy Florida's parent 3.

Regulated electric utilities

The core segment, Electric Utilities and Infrastructure, sells electricity to approximately 8.7 million customers across about 90,000 square miles in six states, with an estimated population of 27 million 3.

In 2025 the segment had operating revenues of $29,357 million and segment income of $5,337 million, and sold 264,008 gigawatt-hours of electricity 3. Its second-quarter 2026 adjusted segment income was $1,310 million, against $1,194 million a year earlier 1.

The power comes mostly from natural gas and fuel oil at 33.5 percent of generation, nuclear at 27.5 percent and coal at 14.5 percent in 2025 3. Purchased power made up 22.5 percent of the energy delivered 3.

The owned fleet totals 55,713 megawatts: 9,404 nuclear, 40,099 fossil, 3,762 hydro and 2,448 renewable 3. Duke Energy Carolinas owns 20,901 megawatts, Duke Energy Progress 14,068, Duke Energy Florida 12,765, Duke Energy Indiana 6,806 and Duke Energy Ohio 1,173 3.

Natural gas utilities

Gas Utilities and Infrastructure delivers natural gas through Piedmont, Duke Energy Ohio and Duke Energy Kentucky 3. In 2025 it had operating revenues of $3,003 million, up from $2,390 million, and segment income of $559 million 3.

On 31 March 2026 Duke Energy closed the sale of Piedmont's Tennessee business to Spire for approximately $2.5 billion in cash 2. Its gas utilities now serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky 1.

Nuclear, hydro and new gas plants

Duke Energy owns, wholly or partly, 11 operating nuclear reactors at six stations 3. In April 2026 the Nuclear Regulatory Commission issued a subsequent license renewal for Robinson, extending operations through 2050 2.

Industrial Info reported in May 2026 that regulators approved a 1.4-gigawatt, two-unit gas plant in Anderson County, South Carolina, with construction expected to begin in 2027 11. It also reported a 1.3-gigawatt combined-cycle plant in Person County, North Carolina, whose first turbines are due in the second half of 2026 11.

People

Harry Sideris is president and chief executive, and Brian Savoy is chief financial officer 1. On 31 December 2025 the company had 26,441 full-time, part-time and temporary employees, including 5,027 represented by labor unions 3.

Rivals and current problems

Duke Energy competes with other utilities and merchant generators for bulk power sales, and private solar and other distributed generation compete in its regulated retail business 3. In South Carolina, RTO Insider's headline says Dominion Energy plans continued reliance on individual contracts for large loads 7.

In North Carolina, Duke Energy Carolinas settled on a return of 9.8 percent, down from the 10.95 percent it first requested 8. WFAE said residential rates would rise 5.9 percent in 2027 and 3.6 percent in 2028 if approved 8. Advocates said the settlement still lacked a large load tariff 8.

Winter Storm Fern hit all of Duke Energy's territories in late January 2026 and affected approximately 200,000 customers 2. Total restoration costs for the company are estimated at $268 million 2.

The umbrella, in words

The brands are the utilities themselves 3. Duke Energy Carolinas, Progress, Florida, Indiana and Ohio sell electricity, and Piedmont, Duke Energy Ohio and Duke Energy Kentucky sell gas 3.

Exhibit 21 to the annual report lists certain subsidiaries owned 50 percent or more, among them Cinergy Corp. and Duke Energy Carolinas, LLC; the exhibit does not say which are listed on an exchange 13. Duke Energy owns 80.1 percent of Duke Energy Indiana Holdco, and GIC owns the other 19.9 percent as a minority investor 3.

An affiliate of Brookfield Super-Core Infrastructure Partners invested in Florida Progress, the parent of Duke Energy Florida 2. On 3 March 2026 it received 9.19 percent for approximately $2.8 billion, and up to 19.7 percent for $6 billion in all 2.

Duke Energy owns 7.5 percent of the Sabal Trail gas pipeline and 17.5 percent of National Methanol Company, a Saudi Arabian petrochemical venture 3. Piedmont owns 21.49 percent of the Cardinal pipeline and 45 percent of the Pine Needle storage facility 3.

The proxy statement names three holders of 5 percent or more as of 31 December 2025 14. Vanguard has 77,841,964 shares or 10 percent, BlackRock 58,022,212 or 7.52 percent, and State Street 41,821,025 or 5.42 percent 14.

Duke Energy will post third-quarter 2026 results on 5 November, and the board declared a quarterly dividend of $1.085 per share payable on 16 December to holders of record on 13 November 56.

The company reaffirmed 2026 adjusted EPS guidance of $6.55 to $6.80 and long-term growth of 5% to 7% a year through 2030 off the 2025 midpoint of $6.30 1. It also expressed confidence to earn in the top half of the range beginning in 2028 1.

Industrial Info reported on 11 February 2026 that Duke Energy raised its five-year capital plan for 2026 to 2030 by 18 percent to $103 billion 10. Chief executive Harry Sideris called it the largest fully regulated capital plan in the industry, on the company's earnings call 10.

The company plans to combine Duke Energy Carolinas and Duke Energy Progress on 1 January 2027, with both state regulators having approved 2. A spokesperson told WFAE that nothing changes for current customers on that date and that regulators control the pace of merging the two sets of rates 9.

Duke Energy said it would add about 14 gigawatts of capacity by 2031, according to Industrial Info, and Sideris said on the first-quarter call that 14 gigawatts of dispatchable generation was planned over five years 1011.

For nuclear, the company filed an early site permit application for a site near Belews Creek on 30 December 2025, and the NRC's review is anticipated to take approximately 18 months 3. Any decision on advanced nuclear will be made later, after weighing financial and technical risk, the company says 3.

The Brookfield agreement calls for an additional $200 million no later than 31 December 2026 and $500 million no later than 30 June 2027 2. The August 2026 equity units obligate holders to buy common stock no later than 1 August 2029 12.

In South Carolina, Duke Energy is preparing a large load tariff proposal, RTO Insider reported on 29 October 2026 7.