By
Aug 4 (Reuters) – Utility Duke Energy (DUK.N) beat Wall Street estimates for second-quarter profit on Tuesday, as higher electricity demand and recovery of rate-based infrastructure investments offset rising expenses.
The Charlotte, North Carolina-based company posted an adjusted profit of $1.43 per share for the three months ended June 30, compared with analysts’ estimates of $1.30, according to data compiled by LSEG.
Here are more details:
- 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.
- Regulated utilities rely on rate case processes to set how much customers are charged for electricity.
- The company said it has signed 7.8 GW of electric service agreements with data center customers, up 0.2 GW from the previous quarter.
- It added six gas turbines under its partnership agreement with GE Vernova, bringing the total secured to 26, to support the next phase of generation build-out in its resource plans.
- Its electric utilities segment posted quarterly profit of 1.27 billion, compared with $1.19 billion a year ago.
- The segment, which serves 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, owns 51,000 megawatts of energy capacity.
- Duke said on its post earnings call that additional contracts could add a further $5 billion to $10 billion to its record five-year capital plan, driven by generation and transmission needs.
- However, interest expenses rose 6.6% to $957 million.
- The company reaffirmed its full-year adjusted profit guidance of $6.55 to $6.80 per share.
Reporting by Pranav Mathur in Bengaluru and Laila Kearney in New York
Share This:
More News Articles
