Days after an election in which many voters backed candidates who want to slow data center growth, Duke Energy told investors on 5 November that its own plan does not change. The utility, with 8.7 million electric customers, still counts a large-load pipeline of 15.4 GW and is still building gas generation to serve it, Utility Dive reports from the third-quarter call.
Signed Load Moves Slowly
Of the 15.4 GW, Duke has 7.8 GW under signed electric service agreements, only 200 MW more than at the end of the first quarter. The pipeline itself is practically where it was in spring. Chief executive Harry Sideris said the talks with the remaining customers are going well but take longer because the deals are more complex. Large-load tariffs are in progress in North Carolina, Florida, Indiana and Ohio; a settlement in North Carolina could bring approval there within November, according to the report.
On the election, Sideris said Duke has always worked with both parties and sees no change in its ability to work with the newly elected officials, who in his words also want large loads to pay their fair share.
More Than 10 GW Of Gas By 2031
The generation side of the plan adds up to roughly 16 GW by 2031: 4.8 GW of battery storage and more than 10 GW of new natural gas capacity. About 5 GW of the gas is already under construction in North Carolina and Indiana, and the turbines and gas supply for the new projects are under contract, Utility Dive writes. Duke is also looking at a 2.8 GW gas project in North Carolina paired with an LNG storage facility, which Sideris said would give more supply flexibility and less exposure to price swings.
The money behind it is a $103 billion spending plan. Finance chief Brian Savoy said the company spends about $1.5 billion a month now and expects about $2 billion a month from next year; Duke plans to raise $10 billion in new equity and has secured about a third of it. Not everything goes through: in September North Carolina regulators refused a permit for a 255 MW gas unit on cost grounds, a project Sideris still defends.
The quarter itself was solid. According to the earnings release, adjusted earnings per share were $1.99 against $1.81 a year earlier, and the 2026 guidance range was narrowed to $6.70 to $6.80.
The Gap Between Pipeline And Contract
For anyone selling into or planning a campus in Duke territory, the useful number is the difference: about half the pipeline is signed, half is not. The utility's plants arrive on its own schedule, with much of the new gas due by 2031, while the data center wants power on the day the halls are finished. That gap is where on-site engine plants, bridging gensets and backup generation get specified, and where the questions about site heat, noise and permits are settled. Our data centers page explains how those plants sit on a campus; a comparable utility picture is in our report on Entergy.
Sources: Utility Dive, Duke Energy (SEC filing)
