After a contentious summer of debates, state regulators approved Duke Energy鈥檚 plans to supply more energy while lowering emissions. The decision left utility leaders optimistic about the Carolinas鈥� energy future and its returns for investors.
Looking ahead to 2025, Duke expects residential energy consumption to drop slightly, while commercial and industrial growth picks up. Last year, utilities across the U.S. sold less power 鈥� but they made more money per kilowatt-hour than the year before.
Energy revenue per kilowatt-hour increased the most of any state in North Carolina, jumping 13.4% on average.
鈥淎s we think about the strategy of Duke Energy, it is a strategy that has been built to really serve customers for decades,鈥� said Duke CEO Lynn Good.
Good, who is retiring, appeared last week for her final earnings call with the company. She offered an optimistic take on the new federal administration.
鈥淚f we look at this particular administration, we have shared aspirations with the federal administrations but frankly, with our states as well,鈥� Good said.
Duke president Harry Sideris will succeed Good next month. Sideris, also present on the call, emphasized the utility鈥檚 investments in new fossil fuel infrastructure. These investments and investments in distribution and transmission helped Duke achieve around $4.4 billion in profits despite expenses from Hurricane Helene's damage.
鈥淚n the Carolinas, we have started construction on over 2 gigawatts of natural gas generation that was approved last year,鈥� Sideris said.
Duke Energy plans to spend $83 billion on new energy infrastructure and raise earnings per share by 2% over the next five years. Most investments will fund improvements to the grid and carbon-free energy generation.
