Duke Energy Advances U.S. Natural Gas Generation Buildout

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Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

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Summary

Industrial Info Resources is tracking $38 billion worth of active and proposed projects from Duke Energy, which comes as the company advances its natural gas-generation buildout.

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Duke's Big Buildout

According to Industrial Info Resources data, there is $38 billion worth of active and proposed projects from Duke Energy, which comes as the company advances its planned natural gas-generation buildout. Subscribers to the Industrial Info Resources Global Market Intelligence (GMI) Power Project Database can learn more by viewing the related project reports. The company's plans are buoyed by strong data center demand.

On Tuesday, Duke Energy held its first-quarter earnings results call, which reiterated the company is in the middle of a $103 billion five-year capital plan (2026-2030).

In the call, Chief Executive Officer Harry Sideris said natural gas generation will support growing demand for data centers; 5 gigawatts (GW) of new demand are under construction, while an additional 2.5 gigawatts are in development.

In March, state regulators approved Duke's application for a 1.4-gigawatt (GW), two-unit natural gas power plant in Anderson County, South Carolina. Construction is expected to begin in 2027.

Sideris said GE Vernova is in the process of building the first turbines for Duke's 1.3-GW combined-cycle plant in Person County, North Carolina, with delivery expected in the second half of the year. View detailed information on the project, which is currently in the site preparation phase.

That's welcome news amid a years-long wait for gas turbines. Britt Burt, senior director of power industry research for Industrial Info Resources, said recently three major turbine equipment manufacturers, GE Vernova, Siemens and Mitsubishi, are backlogged through 2030. Delivery times are in the range of five years or longer, he added.

This is one headwind facing U.S. data center construction, although Industrial Info Resources recently reported the GMI database shows approximately $2.4 trillion worth of capital investments in U.S. data centers over the 2026-2030 period. For more information on this, see May 6, 2025, article - Actual, Planned Capital Investments in U.S. Data Centers Soar.

Sideris continued, "We have agreements in place to secure the long lead time equipment and workforce needed" for the company's 14 GW of overall dispatchable generation planned over the next five years.

Industrial Info Resources' Global Market Intelligence (GMI) Electric Power Plant and Project database is tracking billions' worth of active and proposed gas-generation projects from Duke.

Data Center Agreements

Duke has 7.6 GW of electric service agreements (ESA) in place with data center customers. Sideris said that's after adding 2.7 GW of ESAs in the first quarter, nearly two-thirds of which are already under construction.

Chief Financial Officer Brian Savoy added the 2.7 GW was more than half of the total amount signed for all of last year.

Duke in February reported about 4.5 GW of agreements in place.

Savoy said Duke expects the 2.7 GW, "as well as any incremental projects signed," will begin receiving power late in the five-year window to 2030 and ramp up into the early- to-mid-2030s.

Jump in Net Income

The company reported first-quarter 2026 net income of $1.5 billion, up from $1.37 billion year-over-year.

"Higher first-quarter 2026 adjusted results were driven by recovery of infrastructure investments to reliably serve customers in our growing jurisdictions, along with favorable weather," Duke said in the earnings press release. "These items were partially offset by higher O&M [operations & maintenance] expenses, including storm costs, as well as higher depreciation on a growing asset base."

Duke also expects to meet its earnings per share (EPS) guidance range of $6.55-$6.80 for 2026 and deliver 5% to 7% EPS growth through 2030.

Duke's Overall Power Generation Buildout

Duke serves 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky; its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

The company's plan to add 14 GW of dispatchable power generation by 2031 includes advancing its nuclear footprint. Sideris said 300 megawatts (MW) of upgrades are underway, while the U.S. Nuclear Regulatory Commission recently approved Duke's application to operate the Robinson nuclear plant in South Carolina until 2050. He also said the company plans to seek similar extensions for all of its remaining reactors.

But for new nuclear development, he said "we will not make any moves" until there's clarity around three risks: technology, supply chain and workforce, and potential cost overruns.

Key Takeaways

• According to Industrial Info Resources data, there is $38 billion worth of active and proposed projects from Duke Energy.
• The company is focused on building out its gas-fired fleet.
• $1.5 billion: first-quarter 2026 net income is up from $1.37 billion year-over-year.
• Data center demand is driving growth plans, although construction is facing some headwinds.
• Nuclear plant upgrades are underway, but new development is being evaluated.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).