Duke Energy (DUK) Company Report

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.

15 hours ago

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.

Nov 20, 2025, 9:33 PM

8-K

Duke Energy proposes North Carolina rate increase and grid investments

DUK

New Projects/Investments

Duke Energy filed with the North Carolina Utilities Commission for a 15% revenue increase, requesting $1 billion for Duke Energy Carolinas and $729 million for Duke Energy Progress based on a 10.95% return on equity and 53% equity structure.
If approved, monthly bills for typical residential customers (1,000 kWh/mo) would rise by $17.22 for Carolinas and $23.11 for Progress starting Jan 1, 2027, with further increases in 2028.
The 2027–2028 multiyear rate plan includes $1.7 billion in battery storage and $400 million in solar projects, alongside grid-hardening upgrades—self-healing technology now covers 75% of customers, avoiding over 1.1 million outages in the first 10 months of 2025.
Duke Energy Carolinas and Progress jointly serve 4.7 million customers with 34,600 MW of capacity; a proposed merger of the two utilities could yield over $1 billion in future cost savings.

Nov 20, 2025, 9:29 PM

Press Release

Duke Energy Carolinas reaches settlement in South Carolina rate case

DUK

Legal Proceedings

On November 11, 2025, Duke Energy Carolinas and intervening parties filed a partial settlement resolving all revenue requirement issues in its South Carolina base rate proceeding initiated July 1, 2025.
The stipulation provides for a $74 million annual customer rate increase before PTC flow-back, and a $19 million net increase (average 1.0% across retail customers).
Agreed financial terms include a 9.99% ROE based on a 53% equity/47% debt capital structure, a 7.41% overall rate of return, and a South Carolina retail rate base of $7.9 billion.
The agreement calls for $100 million of Production Tax Credit flow-back over 22 months, shifting in 2028 to a four-year amortization of actual PTCs.

Nov 12, 2025, 11:30 AM

8-K

Duke Energy reports Q3 2025 results

DUK

Earnings

Guidance Update

New Projects/Investments

Duke Energy delivered adjusted EPS of $1.81, up from $1.62 a year ago, representing 11% year-over-year growth in Q3 2025.
The company narrowed full-year 2025 EPS guidance to $6.25–$6.35 and reaffirmed its long-term EPS growth target of 5%–7% through 2029, with the top half of that range expected beginning in 2028.
Duke Energy’s five-year capital plan was increased to $95 billion–$105 billion, primarily to support an ambitious generation build that will add over 13 GW of capacity and drive more than 8.5% earnings base growth through 2030.
In 2025, Duke signed ~3 GW of energy service agreements with data centers and secured $11 billion in capital commitments from other commercial and industrial customers, underpinning projected load growth and job creation.
The company issued North Carolina storm securitization bonds—projected to save customers up to 18% versus traditional recovery—and expects South Carolina bonds by year-end; Duke Energy targets >14% FFO/debt by year-end and 15% long-term.

Nov 7, 2025, 3:00 PM

Transcript

Duke Energy reports Q3 2025 results and updates guidance

DUK

Earnings

Guidance Update

New Projects/Investments

Adjusted EPS of $1.81, up 11% year-over-year from $1.62, and narrowed full-year 2025 EPS guidance to $6.25–$6.35
Reaffirmed long-term EPS growth goal of 5–7% through 2029, with confidence in the top half of the range starting in 2028
Raised five-year capital plan to $95–$105 billion to fund an ambitious 13 GW generation and grid modernization build
Secured ~3 GW of data center ESAs and $11 billion of industrial commitments, supporting 25,000 jobs in 2025
Issued/planned storm securitization bonds in the Carolinas to save customers up to 18%, targeting >14% FFO/debt in 2025 and 15% long-term

Nov 7, 2025, 3:00 PM

Transcript

Duke Energy announces Q3 2025 results

DUK

Earnings

Guidance Update

New Projects/Investments

Reported and adjusted Q3 2025 EPS of $1.81, up from $1.62 in Q3 2024; YTD adjusted EPS of $4.81 vs. $4.24 a year ago.
Narrowed 2025 adjusted EPS guidance to $6.25–$6.35 and reaffirmed a 5–7% EPS growth rate through 2029, targeting the top half of the range beginning in 2028.
Unveiled a $95 billion 2026–2030 capital plan (up from $87 billion for 2025–2029) and expects earnings base growth of ~8.5%+.
Strengthened balance sheet by issuing ~$1 billion of North Carolina storm securitization bonds, targeting 14%+ FFO/Debt by end-2025 and maintaining a 3.4% dividend yield.

Nov 7, 2025, 3:00 PM

Presentation

Duke Energy announces Q3 2025 results

DUK

Earnings

Guidance Update

New Projects/Investments

Duke Energy reported adjusted EPS of $1.81 for Q3 2025, up from $1.62 a year ago, and narrowed its full-year guidance to $6.25–$6.35.
The company outlined a $95–$105 billion five-year capital plan to add over 13 GW of capacity, reaffirming 5–7% EPS growth through 2029 with top-half performance from 2028.
Duke signed 3 GW of electric service agreements with data centers and secured $11 billion in other commercial and industrial commitments, supporting accelerated load growth.
Financial actions include North Carolina storm securitization bonds (South Carolina expected by year-end) and full recovery of Florida storm costs by Feb 2026 (−$40/month customer bills), targeting >14% FFO/debt in 2025 and 15% long-term.

Nov 7, 2025, 3:00 PM

Transcript

Duke Energy reports Q3 2025 results and updates five-year capital plan

DUK

Earnings

Guidance Update

New Projects/Investments

Duke Energy delivered adjusted EPS of $1.81, up 11% year-over-year, and narrowed full-year EPS guidance to $6.25–$6.35.
Revised five-year capital plan increased to $95–$105 billion, funding a record generation build of >13 GW over the next five years.
Reaffirmed long-term EPS growth target of 5–7% through 2029, with confidence to earn in the top half of that range beginning in 2028.
Expect >14% FFO-to-debt by year-end 2025 and are targeting 15% long-term, with 30–50% of incremental capital funded by equity to preserve credit quality.
Economic development momentum includes 3 GW of signed data-center ESAs and $11 billion in commercial/industrial commitments in 2025, supporting 25,000 new jobs.

Nov 7, 2025, 3:00 PM

Transcript

Duke Energy reports third-quarter 2025 results

DUK

Earnings

Guidance Update

New Projects/Investments

Duke Energy delivered reported and adjusted EPS of $1.81 in Q3 2025, a year-over-year increase of over 11% from adjusted EPS of $1.62 in Q3 2024.
The company narrowed its 2025 adjusted EPS guidance to $6.25–$6.35 and reaffirmed a long-term adjusted EPS growth target of 5%–7% through 2029.
Electric Utilities & Infrastructure posted Q3 2025 adjusted segment income of $1,658 M (versus $1,464 M in Q3 2024), Gas Utilities & Infrastructure recorded an adjusted loss of $26 M (flat YoY), and Other’s adjusted loss widened to $225 M from $206 M.
The consolidated adjusted effective tax rate improved to 10.8% in Q3 2025 from 11.6% in Q3 2024.
Duke Energy plans to announce a $95–$105 billion capital investment plan for 2026–2030 in February.

Nov 6, 2025, 10:48 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Duke Energy.

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