Duke Energy (DUK) Company Report

Extremely cold temperatures across the East Coast are driving unusually high energy demand, prompting Duke Energy to ask Carolinas customers to voluntarily reduce usage between 4–10 a.m. on Feb. 2 to help prevent outages.
Customers are advised to lower thermostats, avoid major appliances such as washers and dryers during peak hours, and turn off unnecessary devices; electric vehicle owners should charge midday when demand is lower.
Duke Energy is maximizing its generation and power purchases and coordinating with large commercial and industrial customers through demand response programs to maintain grid reliability.
The company’s electric utilities serve 8.6 million customers and its natural gas utilities serve 1.7 million customers, with a combined 55,100 MW of generation capacity across six states.

3 days ago

Press Release

Duke Energy names Kelvin Henderson chief generation officer

DUK

Management Change

New Projects/Investments

Executive VP and Chief Generation Officer Preston Gillespie will retire after 40 years, remaining through March 1, 2027 to guide new-nuclear decisions; Kelvin Henderson will succeed him as Senior VP and Chief Generation Officer effective March 1, 2026.
Kelvin Henderson, Duke’s current Chief Nuclear Officer and a 35+-year nuclear industry veteran, will join the senior management committee and report to CEO Harry Sideris.
Steven Capps will be promoted to Senior VP and Chief Nuclear Officer, ensuring continuity in Duke’s nuclear operations.
Leadership describes the transition as talent-driven to preserve operational continuity amid a $95 billion–$105 billion 2026–2030 CAPEX plan targeting ~8.5% rate-base growth and 30%–50% incremental equity funding.
Analysts at UBS, Morgan Stanley and J.P. Morgan have trimmed near-term price targets to about $126 on concerns over high leverage and heavy capital spending.

Jan 15, 2026, 4:23 PM

Morningstar

Duke Energy Florida removes storm cost recovery charge early

DUK

Duke Energy Florida will remove the storm cost recovery charge from customer bills in February, one month ahead of schedule, after fully recovering approximately $1.1 billion in storm-related costs.
Residential customers will see a $33 reduction per 1,000 kWh starting in February and an additional $11 decrease in March, totalling $44 per 1,000 kWh versus January.
Commercial and industrial customers’ bills will be reduced by 9.6% to 15.8% compared to January, depending on individual usage and factors.
Efficiency improvements at natural gas plants saved customers $340 million in fuel costs, new solar sites saved $750 million, and $65 million in tax credits were passed on to customers.

Jan 14, 2026, 9:14 PM

Press Release

Duke Energy brings grid battery online at former Allen coal plant

DUK

New Projects/Investments

Duke Energy has commissioned a 50-MW, four-hour battery energy storage system at its former Allen coal plant for $100 million, entering service in November with final testing in January 2026.
Construction of a 167-MW, four-hour system—the company’s largest BESS—will begin in May 2026 on the same site.
Both battery projects qualify for 40% federal investment tax credits, including a 10% bonus for reinvestment in an energy community.
Duke Energy’s 2025 Carolinas Resource Plan forecasts adding 6,550 MW of battery storage by 2035 to support regional growth and reliability.

Jan 14, 2026, 4:00 PM

Press Release

Duke Energy Florida unveils green hydrogen production system

DUK

New Projects/Investments

Duke Energy Florida launched the DeBary Hydrogen Production Storage System, the first U.S. demonstration capable of end-to-end production, storage and combustion of up to 100% green hydrogen.
The system uses solar-powered electrolyzers to produce hydrogen, stores it safely, and powers an upgraded GE Vernova combustion turbine on a natural gas–hydrogen blend or pure hydrogen to meet peak demand.
By integrating green hydrogen, Duke Energy Florida aims to diversify its generation mix, enhance grid flexibility, and support renewable energy expansion for its 2 million customers in a 13,000-square-mile service area.

Jan 7, 2026, 5:45 PM

Press Release

Duke Energy gets SC approval for bill changes and reliability investments

DUK

New Projects/Investments

Debt Issuance

South Carolina regulators approved changes to Duke Energy Carolinas and Duke Energy Progress customer bills to recover Hurricane Helene recovery, grid resilience and plant upgrade costs via securitization, saving DEC customers over $140 million on storm expenses.
Typical residential DEP bills (1,000 kWh) will rise $11.20 to $165.02 starting Feb. 1, and DEC bills will rise $0.84 to $148.86 starting Mar. 1.
Grid upgrades include nearly tripling coverage of self-healing technology—now benefiting 70% of South Carolina customers—and anticipated nuclear tax credits to generate hundreds of millions in annual customer savings beginning in 2026.
A proposed 2026 combination of DEC and DEP could save Carolinas customers over $1 billion in future costs if approved.

Jan 2, 2026, 2:10 PM

Press Release

Duke Energy submits early site permit application for potential nuclear development

DUK

New Projects/Investments

Duke Energy submitted an Early Site Permit (ESP) application to the U.S. Nuclear Regulatory Commission for a site near its Belews Creek Steam Station, following two years of preparatory work.
The technology-neutral ESP covers six reactor designs—including four small modular reactors and two non-light-water options—excluding large light-water reactors.
Approval of the ESP would mitigate licensing and construction risks and provide optional future development of new nuclear units at the site.
If further evaluations favor small modular reactors, Duke Energy aims to add 600 MW by 2037, with the first SMR expected online in 2036.

Dec 30, 2025, 1:58 PM

Press Release

Duke Energy Florida infrastructure investments to save customers over $1 billion

DUK

New Projects/Investments

Duke Energy Florida’s 2025 grid and generation upgrades will deliver over $1 billion in customer savings through reduced fuel and operating costs.
Residential bills are projected to drop by $44 per 1,000 kWh (≈22%) by March 2026 versus January levels.
Completion of three new solar sites in 2025 will save an estimated $750 million in displaced fuel costs, with eight more sites due by end of 2027.
Power plant enhancements replicate the output of a new facility, yielding $350 million in fuel savings and cutting bills by $10 per month.
Storm hardening (2,000+ poles replaced) and expanded self-healing technology prevented over 215,000 hours of outages in 2025.

Dec 29, 2025, 3:59 PM

Press Release

Duke Energy joins DOE-backed SMR deployment project

DUK

New Projects/Investments

DOE announced a $400 million grant to TVA for deploying GE Vernova Hitachi’s BWRX-300 small modular reactor, with Duke Energy participating in the cost-share project to advance its nuclear strategy.
The collaboration with TVA and GVH aims to develop a standardized SMR design, leveraging industry lessons to reduce costs and risks.
Duke Energy plans to submit an early site permit application for potential SMR deployment at its Belews Creek site by year-end.
SMRs are expected to enhance grid reliability and support economic growth while aligning with Duke Energy’s goal of delivering reliable, affordable, carbon-free energy.

Dec 4, 2025, 5:20 PM

Press Release

Duke Energy files 2025 rate cases for Carolinas utilities

DUK

On November 20, 2025, Duke Energy Carolinas (DEC) and Duke Energy Progress (DEP) filed 2025 rate case applications with the North Carolina Utilities Commission seeking Performance Based Regulation mechanisms, including a 2-year Multi-Year Rate Plan, residential decoupling, performance incentive mechanisms and an earnings sharing mechanism.
If approved, DEC’s net retail revenue would increase by $727 million (10.9%) in year one and $275 million (4.1%) in year two (total 15.0%), while DEP’s request totals $528 million (10.9%) and $200 million (4.1%) (total 15.1%).
Both utilities propose an ROE of 10.95% with a 53% equity component (overall rate of return of 7.92%), seek recovery of deferred coal ash closure costs and establishment of storm reserves.
The companies requested an effective date for the new rates of January 1, 2027, with hearings expected to commence in Q3 2026.