Duke Energy reported strong Q1 2025 adjusted EPS of $1.76, up $0.32 from last year, driven by top-line growth across electric and gas utilities; reaffirmed 2025 EPS guidance of $6.17–$6.42 and long-term EPS growth rate of 5%–7% through 2029.
The company is experiencing unprecedented load growth, projecting more than a decade of record infrastructure build, and is advancing both new generation projects (including combined cycle units, solar, battery storage, and nuclear) and up-rate projects to increase existing capacity.
Regulatory progress includes approval to extend the Oconee nuclear station’s license by 20 years, ongoing plans to merge Duke’s DC and DEP utilities (targeting $1B+ in customer savings and a January 2027 effective date), and storm securitization initiatives in the Carolinas.
Customer and volume growth remain robust, especially in the Southeast and Indiana; weather-normal volumes increased 1.8% YoY in Q1, with residential volumes up over 3%. The economic development pipeline is strong, with nearly 1 GW of new data center agreements signed in April.
Duke remains committed to a strong balance sheet, targeting FFO-to-debt above 14% over the five-year plan, has already issued over half of its planned $1B equity for 2025, and invested $3B in capital in Q1 (on track for $15B for the year); tariff impacts are estimated at only 1–3% of the five-year capital plan.