Duke Energy Holds Gas-Heavy Plan Despite Election Result

Duke Energy says its growth plan has not moved after an election in which many voters backed candidates promising to rein in data centers. CEO Harry Sideris told analysts on the third-quarter earnings call that the company sees no change in its focus.

A pipeline that has barely moved

Duke's large-load pipeline stands at 15.4 GW, virtually unchanged since the first quarter of 2026. Of that, 7.8 GW is covered by signed electric service agreements, up 200 MW over the quarter. The other 7.6 GW is still being worked on.

An analyst asked what it would take to get that remainder over the line. Sideris said the company operates in a "dynamic environment" and that the talks are going well but taking longer because of complexities.

Sideris also said Duke has a record of working with both parties. He said elected officials share the company's goal of making sure large customers pay their fair share.

Gas at the center of $103 billion

The company is pursuing a $103 billion spending plan that leans heavily on natural gas. By 2031 it plans to build 4.8 GW of battery storage and more than 10 GW of new gas generation, and about 5 GW of that gas capacity is already under construction in North Carolina and Indiana. Turbines and gas supply for the new projects are under contract.

Duke is also looking at pairing a 2.8 GW gas project in North Carolina with a liquefied natural gas storage facility. Sideris said that would give more supply flexibility and reduce exposure to price swings.

The money is large and arrives soon. CFO Brian Savoy said Duke is spending about $1.5 billion a month on planned projects and expects to raise that to $2 billion a month from next year. About a third of the $10 billion in equity the company plans to issue has been secured.

Regulators have pushed back once

North Carolina regulators have already turned down one piece of the plan. They denied a certificate for a 255 MW gas unit, citing its "staggering" cost and uncertain need. Sideris called it a small project and a low-cost answer to generation needs in the state.

Third-quarter electric utility earnings rose by $159 million from a year earlier. The gain came from warm weather, a 2% rise in retail electric sales and newly finalized rate cases and riders.

Rate decisions are still ahead. Settlements in North Carolina would raise rates at Duke Energy Carolinas by $496 million and at Duke Energy Progress by $338 million over two years. Hearings in January will take up a requested $90 million increase in Ohio, and an initial multi-year rate plan is due in Indiana later this year. Florida rates are to stay flat in 2027.

Duke is also advancing large-load tariff proposals in North Carolina, Florida, Indiana and Ohio. Company documents say a North Carolina settlement could lead to approval of that state's tariff by the middle of this month.

Source: Utility Dive