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(Reuters) – Utility firm Duke Energy forecast a higher current-year profit on Tuesday on the back of strong power demand.
The rapid buildout of AI data centers and accelerating power consumption across homes and businesses were set to drive U.S. demand to record highs in 2026, the U.S. Energy Information Administration said.
The utility firm was also considering adding large nuclear reactors to its fleet and extending the life of some coal plants as part of a long-term energy plan aimed at meeting sharply rising electricity demand in the Carolinas.
“With the largest regulated capital plan in the industry, a balance sheet prepared for growth, and contracted demand from AI and advanced manufacturing, we are well-positioned to deliver 5% to 7% EPS growth through 2030,” CEO Harry Sideris said in a statement.
Duke Energy now expects an adjusted profit of $6.55 to $6.80 per share for 2026, compared with $6.31 last year.
However, the midpoint of the forecast fell below Wall Street expectations of $6.70 per share, according to data compiled by LSEG.
The Charlotte, North Carolina-based company also posted an adjusted profit of $1.50 per share for the three months ended December 31, beating estimates by 1 cent per share.
Its electric utilities and infrastructure segment reported a profit of $1.21 billion for the quarter, flat from a year earlier, while profit in its gas utilities and infrastructure segment rose about 22% to $230 million.
Duke Energy’s electric utilities serve 8.6 million customers in the Carolinas, Florida, Indiana, Ohio and Kentucky, and its natural gas utilities serve 1.7 million customers in the Carolinas, Tennessee, Ohio and Kentucky.
Reporting by Tanay Dhumal in Bengaluru; Editing by Maju Samuel
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