Duke Energy earned $2.6 billion worth of profits in the first half of the year, up almost 12% from a year ago. Tuesday’s earnings call comes weeks after Duke Energy Carolinas partially backed off its rate-hike request and slashed its return-on-equity demand.
“While a proposed settlement in the pending rate case offers a badly needed course correction from Duke’s original excessive rate hike request, the Commission's decision this fall must prioritize customers by advancing cost-effective clean energy solutions that lower bills over the long term - not bloated utility profits at the expense of NC households and working families,” said David Kelly, N.C.state director of the Environmental Defense Fund, in a written statement. The EDF has signed on to the recent rate case settlement agreement.
Other consumer advocacy groups, including the North Carolina Attorney General’s Office, are still holding out for lower rates. Residential rates would still increase under the new proposal, but Duke’s return rate for investors would decrease. State regulators are expected to rule on the rate case in November.
The company plans to add about 15 gigawatts of new demand to its grids by 2031.
“To meet this record demand and to continue value for our customers, communities and shareholders, we’re executing on the industry’s largest, regulated capital plan, deploying more than $1 billion per month,” said Duke Energy CEO Harry Sideris during Tuesday’s earnings call.
He said that new demand isn’t split evenly across its territories.
“I would say the majority of it is in Florida and Indiana, but we have not broke it down specifically,” Sideris said. “There are still some additional opportunities in the Carolinas as well as Ohio and Kentucky.”
The year 2028 will be key for Duke, as new hyperscale data centers ramp up and new power plants come online. New natural gas-fired plants in Catawba and Person counties will begin operation in North Carolina in 2028.
