Duke Energy Unveils $103B Capital Plan Driven by AI and Data Centers
Duke Energy has increased its five-year capital spending plan by 18%, raising it to $103 billion for 2026–2030, according to its fourth-quarter and full-year 2025 earnings presentation. Approximately 65% of the planned spending will go toward grid infrastructure and power generation, with investment in these segments expected to continue through 2035.
CEO Harry Sideris said the plan will support 9.6% earnings growth through 2030 and is “the largest fully regulated capital plan in the industry, focused on critical energy infrastructure investments.”
The company highlighted data center demand as a key driver of its project pipeline, currently backed by 4.5 GW of electric service agreements in construction, with an additional 9 GW in the late-stage pipeline. CFO Brian Savoy noted these projects are expected to begin coming online in late 2027, ramping up significantly in 2028.
As part of its “all of the above” generation strategy, Duke Energy plans to add roughly 14 GW of capacity by 2031, including expansions to gas, nuclear, hydro, and battery storage units. Notably, about 20% of the capital plan supports gas-fired units capable of co-firing hydrogen, while the company continues to evaluate small modular reactors for future nuclear development.
For 2025, Duke Energy reported net income of $4.96 billion, up from $4.52 billion in 2024, citing infrastructure investment recovery and service territory growth as key contributors.
The plan positions Duke Energy for 5%–7% EPS growth through 2030, supported by its balance sheet and growing demand from AI and advanced manufacturing data centers.
Source: charlotteobserver.com
