Duke Energy to Raise $10B in Equity for Gas, Data Center Growth
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- Duke Energy plans to issue $10 billion in common equity between 2027 and 2030 to fund its $103 billion capital plan, having already priced $600 million in at-the-market offerings for settlement at the end of 2027.
- Duke Energy will build 15 GW of new generation capacity by 2031, including 7.5 GW of new gas plants paired with 4.5 GW of battery storage, but no new nuclear — only a 300 MW upgrade to its existing nuclear fleet, CEO Harry Sideris said.
- Duke Energy has signed 7.8 GW of electric service agreements with data center customers and expects 15.4 GW signed by the first half of 2027, with more than 5 GW of new data centers already under construction in its six-state service territory.
- Duke Energy adopted a 'customer protection plus' commitment requiring large energy users to pay the cost of serving their facilities, a move Sideris said could save existing customers billions over time and could be reflected on electric bills.
- NC Warn, a climate and energy justice advocacy group, accused Duke of exaggerating growth projections and recruiting large-load customers to justify its spending, calling for a moratorium on data center development in North Carolina and alleging electricity use has declined in the state despite population growth.
- Duke Energy negotiated settlements in North Carolina authorizing $1.1 billion of its original $1.7 billion 2027-2028 base rate increase request, while separately facing an Indiana dispute where the state ratepayer advocate accused Duke of over-collecting more than $89 million.
Why it matters: Duke's $10 billion equity raise funds a 7.5 GW gas build-out to serve data center demand, but critics argue the company is recruiting large-load customers to justify a $103 billion spending plan that has already triggered rate disputes in North Carolina and Indiana.
