Duke Energy said it earned $4.9 billion last year, or $6.31 per share, compared with $4.54 billion a earlier year.
Revenue increased 6.1% to $32.2 billion, reflecting increasing demand for power as more AI data centers open across the regulated utility’s six-state region.
“With the largest regulated capital plan in the industry, a balance sheet prepared for growth, and contracted demand from AI and advanced manufacturing, we are well-positioned to deliver 5% to 7% EPS growth through 2030,” CEO Harry Sideris said in a statement.
Duke has said it will invest about $103 billion over the next five years to add generating capacity and modernize its grid. It may add large nuclear reactors to serve homes and businesses, while it extends the operating life of some coal plants, according to its strategic energy plan. The company is also investing heavily in gas-burning generation plants in North Carolina.
The company said it expects to earn from $6.55 to $6.80 per share this year, reflecting an increase of as much as 7.8%.
Late last year, Duke asked state regulators to approve an additional $1.7 billion in revenue from its Duke Energy Carolinas and Duke Energy Progress customers, reflecting average rate increases of 15%. As part of the filing, the company is seeking a 10.95% return on equity, compared with current approved levels of about 10%. The changes would take effect in 2027.
N.C. Attorney General Jeff Jackson and Governor Josh Stein have objected to the rate hikes. The five-member Utilities Commission will decide the rates later this year.
Duke’s North Carolina rates increased by an average of about 7% in 2023-24, 3.4% in 2024 and about 3.2% in 2025. Rate increases take effect at different times for the Carolinas and Progress units. Under the company’s planned increases, a residential customer consuming 1,000 kilowatt-hours of electricity per month will be paying about $190 in 2029, versus $140 in 2023, according to Carolina Forward, a progressive-leaning Raleigh-based advocacy group.
In today’s earnings release, CEO Sideris noted that Duke Energy rates are below the national average and “rate changes below inflation.” He said that the company “met every financial goal, progressed our economic development pipeline, broke ground on 5 gigawatts of new dispatchable generation resources and continued to deliver value for our customers.”
Last year, Sideris succeeded Lynn Good, who stepped down after 11 years leading the business.
Duke Energy shares declined about 1% in initial trading after the earnings were released. Shares have increased 5% in the past year and 28% over the past five years.
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.