Duke Energy to stay course on data center-fueled growth plan after ‘historic’ election

The company’s large-load pipeline of 15.4 GW has remained virtually unchanged since the first quarter of 2026 as it pursues a $103 billion spending plan heavily focused on new natural gas generation.

Despite a “historic” election night in which large swaths of the public voted for candidates promising to rein in data centers, Duke Energy's vision for the growth of the company remains unchanged, CEO Harry Sideris said during a third quarter earnings call Thursday.

The company’s large-load pipeline of 15.4 GW has remained virtually unchanged since the first quarter of 2026 as it pursues a $103 billion spending plan, heavily focused on natural gas, to meet demand.

“We have a track record of... working with both sides of the aisle,” Sideris said. “We don't see any changes in that focus or any changes in our ability to work with those that were recently elected.”

He said his company shares elected officials’ goals of ensuring reliable, affordable service and “making investments that help grow the state” and create jobs.

“They share our goal, too, of protecting our customers and making sure these large loads pay for their fair share,” he added.

The company said its 15.4 GW large-load pipeline includes 7.8 GW of signed electric service agreements — up 200 MW from the first quarter of the year.

In response to an analyst question about what it would take to get the remaining 7.6 GW over the finish line, Sideris said the company was operating in a “dynamic environment.”

“They're going very well, but it's taking longer because of the complexities,” he said.

By 2031, Duke plans to construct 4.8 GW of battery storage and more than 10 GW of new natural gas generation, about 5 GW of which is already under construction in North Carolina and Indiana. The company has secured about one-third of the $10 billion in equity it plans to issue to support the plan, CFO Brian Savoy said.

Turbines and gas supply for the new projects are already under contract, and the company is exploring pairing a 2.8 GW gas generation project in North Carolina with a liquefied natural gas storage facility that Sideris said would “provide greater supply flexibility and diversity while reducing exposure to price volatility.”

“Our resource plan makes clear the important role natural gas will play in the near term to ensure reliability,” he said.

16 GW New generation and storage planned by 2031, including more than 10 GW of natural gas.

15.4 GW “High-confidence” large-load pipeline — unchanged since Q1 2026.

The gas-focused expansion plan has already met some resistance in North Carolina, where regulators denied an application for a Certificate of Public Convenience and Necessity to build a 255 MW gas generating unit citing its “ staggering ” cost and uncertain need.

“We still feel very confident that that's a good project,” Sideris said. “It's a small project, but it is a low-cost solution to help the generation need that we have in the state to serve our customers reliably and affordably.”

Savoy said the company is currently spending about $1.5 billion per month on planned projects, and plans to step up the pace of spending to $2 billion per month beginning next year.

“The capital plan is moving up in a sizable way,” Savoy said.

Third quarter electric utility earnings grew $159 million year-over-year thanks to warm weather, a 2% increase in retail electric sales and a number of newly finalized rate cases and riders. Settlements under consideration in North Carolina would raise rates at Duke Energy Carolinas and Duke Energy Progress, respectively, by $496 million and $338 million over two years, while hearings are set for January for a $90 million requested increase in Ohio and an initial multi-year rate plan will be filed in Indiana later this year. The company plans to keep rates in Florida flat in 2027.

The company also continues to advance a slate of large-load tariff proposals, including in North Carolina, Florida, Indiana and Ohio. A settlement in North Carolina could result in the approval of a large-load tariff in that state by the middle of this month, according to company documents.

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