Author: Jordan Blum Published: 4/25/2026 Fortune
Duke Energy is launching a $103 billion, five-year capital plan—the largest in the regulated utility sector—focused on meeting surging power demand from AI data centers and growing populations. About 60% of the spending will go toward new generation, including gas, solar, battery storage, and future nuclear, while the rest targets grid expansion and modernization. CEO Harry Sideris says demand will keep rising, making this “not just a blip” but a long-term growth trajectory.
Rate hikes stir political and public pushback
Duke Energy has requested a 15% rate increase and $800 million in fuel costs, prompting criticism from North Carolina Governor Josh Stein, who accuses the company of shifting costs to regular customers. Sideris argues that hyperscale data centers pay for their own infrastructure and that rate hikes are driven by population influx—200,000 new residents annually in Duke’s service area—and the need to harden systems against severe weather. Critics remain concerned about affordability and environmental impacts. Fortune
Customer frustration over soaring bills
Customers in the Carolinas have reported steep increases in their Duke Energy bills, in some cases exceeding $800 for combined properties, despite minimal electricity use in certain cases. Company representatives attribute the spikes largely to colder-than-average winter weather in January, which increased heating demand, alongside a small rate increase at the start of the year. A North Carolina Court of Appeals ruling found a 2024 fuel rate hike was improperly approved, but a new law prevents refunds for those charges. WFMY-TV Greensboro + 1
Merger and modernization for long-term savings
Duke Energy is moving to merge its Duke Progress and Duke Carolinas operations by 2027, aiming to streamline services and cut costs. A settlement with advocacy groups requires measurable customer benefits and annual reporting until merger costs are recovered. The company also runs neighborhood-scale energy efficiency programs for low-income households, offering free home upgrades and education to reduce long-term energy use. WSOC Charlotte + 1