Charlotte-based Duke Energy just unveiled the largest spending plan in company history — a staggering $103 billion through 2030 — as artificial intelligence and data centers drive what executives describe as unprecedented electricity demand, according to their latest earnings release. Even more striking, the utility has already locked in 4.5 gigawatts of new data center load, with another 9 gigawatts waiting in the pipeline.
The record-breaking capital plan represents a 13.7% increase — or $16 billion more — than Duke’s previous five-year outlook. Company leaders said the surge in demand, particularly from AI-powered data centers across the Carolinas and Southeast, is forcing utilities to scale faster than ever before.
Duke reported fourth-quarter revenue of $4.9 billion, up 7% year over year. Executives told investors that energy-hungry data centers are now one of the fastest-growing parts of their customer base.
To meet that demand, Duke plans massive investments in generation, grid upgrades, and transmission infrastructure. However, the expansion also means higher borrowing levels. The company acknowledged it will rely heavily on long-term financing to fund the buildout, while aiming to maintain credit stability and steady earnings growth.
Duke Energy projected adjusted 2026 earnings between $6.55 and $6.80 per share and expects annual earnings growth near 9% through 2030.
The biggest takeaway from the report is clear: AI is reshaping the power industry. Data centers now represent one of the most significant load growth stories in decades, and Duke Energy is positioning itself to become one of the primary power providers fueling that digital expansion across the Carolinas.
