Duke Energy prepares for record load growth while delivering value to stakeholders and customers, CEO tells shareholders at annual meeting

Rhea-AI Summary

Duke Energy (NYSE: DUK) highlighted its strategic progress and future plans during its annual shareholder meeting. CEO Harry Sideris announced a substantial $83 billion capital investment plan over the next five years, focusing on infrastructure modernization and load growth. The company achieved significant milestones in 2024, including securing approvals for $45 billion in rate-based investments across multiple states and preventing over 2.3 million customer outages through grid improvements. Duke Energy plans to add 5 gigawatts of natural gas generation through 2029 and is partnering with TVA and GE Hitachi to advance small modular reactor technology. The company successfully managed the most significant hurricane season in its history, supported by $10 billion in grid resiliency investments over the past three years.

Positive

• Secured approval for $45 billion in rate-based investments across multiple jurisdictions
• Implementing substantial $83 billion capital investment plan over next five years
• Successfully prevented 2.3 million customer outages through grid improvements
• Plans to add 5 gigawatts of new natural gas generation through 2029
• Invested $10 billion in grid resiliency and storm hardening over past three years

Negative

• None.

• Simplified business model, solid strategy and modernized regulatory constructs position company to meet growing and dynamic energy demand
• Reliability, resiliency and affordability remain cornerstones of success

CHARLOTTE, N.C., May 1, 2025 /PRNewswire/ -- In 2024, Duke Energy (NYSE: DUK) continued to make meaningful progress on its energy modernization strategy, investing in new infrastructure and collaborating with stakeholders to achieve constructive outcomes across its jurisdictions, President and Chief Executive Officer Harry Sideris told investors during the company's annual shareholder meeting today.   

"The path forward is clear as we navigate this decade of record infrastructure build and load growth," he said. "We remain focused on delivering value to our shareholders while meeting our customers' energy demands – now and into the future."

Sideris cited several milestones:

• "Our capital plan reflects $83 billion of investments over the next five years – one of the largest in the regulated industry – to meet growing demand while increasing reliability and affordability for our customers."
• "We invested in innovative grid improvements to enhance reliability and resiliency, which helped to avoid more than 2.3 million customer outages and more than 11 million hours of total outage time over the course of the year."
• "We delivered constructive outcomes in four rate cases in the Carolinas, Florida and Indiana. These rulings approve $45 billion of historic and future rate-based investments to create value for customers and shareholders."
• "We advanced new generation through our integrated resource plans in North Carolina, South Carolina, Indiana and Kentucky."
• "We moved forward with plans to add 5 gigawatts of new natural gas generation across our jurisdictions through 2029."
• "And we partnered with TVA, GE Hitachi and others in the industry to help advance emerging technologies, including small modular reactors."

Operational excellence and safety underpin Duke Energy's strategic progress

In his first shareholder meeting as CEO, Sideris also reinforced the strength of the company's fundamentals.

"All of our strategic progress in 2024 was underpinned by a strong foundation and track record of safety and operational excellence, including our response to the most significant hurricane season we have ever experienced in our company's history," said Sideris.

He attributed the company's successful response to back-to-back hurricanes to the unwavering commitment of its 26,000 employees and utility partners, enhanced communications with customers and stakeholders, and strategic preparation.

"These efforts included increasing our collaboration with state, local and federal officials and investing more than $10 billion in grid resiliency and storm hardening across our jurisdictions over the last three years," he added.  

Other business

Also at today's meeting:

• Sideris and Chair of the Duke Energy Board of Directors Ted Craver fielded shareholder questions on a range of topics. The company will post responses to questions on its website.
• Shareholders elected all 14 Director nominees to the company's Board of Directors.
• A nonbinding shareholder proposal regarding a request to amend the company's certificate of incorporation to remove a supermajority vote requirement received the support of a majority of votes represented.
• A second nonbinding shareholder proposal requesting that Duke Energy report annually to shareholders on its net-zero-related activities and progress did not receive the support of a majority of votes represented.

A replay of the meeting will be posted on Duke Energy's investors page.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Media Contact: Gillian Moore
24-Hour: 800.559.3853

Analysts Contact: Abby Motsinger
Office: 704.382.7624

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SOURCE Duke Energy

FAQ

What is Duke Energy's (DUK) capital investment plan for the next five years?

Duke Energy plans to invest $83 billion over the next five years, representing one of the largest investment plans in the regulated utility industry, focused on meeting growing demand while increasing reliability and affordability.

How much did Duke Energy (DUK) invest in grid resiliency and storm hardening?

Duke Energy invested more than $10 billion in grid resiliency and storm hardening across its jurisdictions over the last three years.

What rate case approvals did Duke Energy (DUK) secure in 2024?

Duke Energy secured approvals for $45 billion of historic and future rate-based investments through constructive outcomes in four rate cases across the Carolinas, Florida, and Indiana.

What are Duke Energy's (DUK) plans for natural gas generation expansion?

Duke Energy plans to add 5 gigawatts of new natural gas generation across its jurisdictions through 2029.

How many customer outages did Duke Energy (DUK) prevent through grid improvements?

Duke Energy's innovative grid improvements helped avoid more than 2.3 million customer outages and more than 11 million hours of total outage time over the course of the year.