May 5 (Reuters) – Utility Duke Energy (DUK.N) exceeded Wall Street expectations for first-quarter profit and revenue on Tuesday, supported by the recovery of rate-based infrastructure investments and favorable weather.
Energy companies are pushing to increase customer electricity rates in 2026 to help pay for infrastructure improvements, as power grids are strained by extreme weather and rising demand from electrification and expanding data centers.
Get the Latest US Focused Energy News Delivered to You! It’s FREE:
Regulated utilities rely on rate case processes to set how much customers are charged for electricity, natural gas and services such as private water and steam.
Duke Energy’s first-quarter revenue came in at $9.17 billion, up from $8.25 billion a year ago, beating analysts’ average estimate of $8.43 billion, according to data compiled by LSEG.
Its natural gas unit, which serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky, posted quarterly profit of $532 million, compared with $349 million a year earlier.
However, income from its electric utilities segment was $1.25 billion, down from $1.28 billion a year ago.
The segment, which serves 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, collectively owns 51,000 megawatts of energy capacity.
The Charlotte, North Carolina-based company posted adjusted profit of $1.93 per share for the three months ended March 31, compared with estimates of $1.87.
In April, Duke Energy sought approval from North Carolina regulators to raise rates to recoup more than $800 million in higher purchase costs incurred during an extreme winter cold snap.
The company had said it aimed to recover about $500 million at Duke Energy Carolinas and $309 million at Duke Energy Progress. The moves, if approved, would increase average monthly bills by roughly $6.90 and $7.88, respectively, starting June 1.
Reporting by Varun Sahay in Bengaluru; Editing by Shreya Biswas
Share This:
More News Articles
