USA: Duke Energy plans to raise $10 B in common equity between 2027 and 2030 to finance a major expansion of its generation fleet as electricity demand from data centres continues to grow.
President and CEO Harry Sideris said Duke is currently deploying more than $1 B per month under its $103 B regulated capital programme. The company says the investment is needed to meet record demand while maintaining reliable power and controlling costs for customers.
More than 5 GW of new data centres are already under construction across Duke Energy’s six-state service territory. The utility has signed 7.8 GW of electric service agreements with data centre customers and expects that figure to reach 15.4 GW by the first half of 2027.
To support the additional load, Duke plans to build 15 GW of new generation capacity by 2031. Its plans include approximately 7.5 GW of new gas-fired generation and 4.5 GW of battery storage.
The company is not currently planning new nuclear generation, although it intends to expand and upgrade its existing nuclear fleet by around 300 MW. Sideris said discussions about potential new nuclear projects with the federal government and other stakeholders are continuing.
Duke has also introduced its “customer protection plus” commitment, designed to ensure large energy users pay the costs associated with serving their facilities. The company is considering rate structures that could return savings from large-load contracts directly to existing customers.
Duke has already priced $600 M in at-the-market equity offerings, which are expected to settle at the end of 2027.
Source: Utility Dive
