Latest News

Duke Energy sells part of Florida unit to boost capex

Duke Energy announced on Tuesday that it would sell a 19,7% indirect stake in Florida to Brookfield Asset Management in exchange for $6 billion. This is part of an overall push to increase infrastructure investments in response to the soaring demand for electricity.

The company has also increased its capital spending plan for the next five years by $4 billion. This brings it to $87 billion. It joins a number of other major U.S. utilities who are increasing their investments to upgrade their electric grids and lines to meet the surge in power demand coming from data centers that focus on AI and electric vehicles.

The U.S. Energy Information Administration forecasts record electricity consumption for 2025 and 26.

Duke's shares rose 2% on premarket trading Tuesday after it beat the second-quarter profit estimate.

Duke will remain the majority owner and operator of the Florida utility, which serves about 2,000,000 customers. The deal is expected to close in stages starting early in 2026.

The remaining $4 billion is being used to reduce the holding company's debt. About $2 billion will go towards funding Duke's increased capital plan.

According to LSEG, the Charlotte, North Carolina utility reported adjusted earnings per share of $1.25, compared to analysts' average estimates of $1.18.

Revenue increased to $7.5 billion from $7.17billion a year ago.

Duke's electric utilities division saw its earnings adjusted to $1.19bn, up from $1.12bn in the same period of last year. This was largely due to higher retail rates.

The company's gas utilities segment reported a flat result of $6 million due to higher operating and maintenance expenses. Sumit Saha reported from Bengaluru, and Vijay Kishore edited the story.

(source: Reuters)