Las Vegas, June 2026 – Duke Energy President and CEO Harry Sideris has warned that artificial intelligence and data centers are reshaping U.S. electricity demand at a pace never seen before. Speaking at the Edison Electric Institute convention, Sideris noted that Duke’s historical annual load growth of 0% to 0.5% has surged to levels ten times higher in the past year, driven by hyperscale data centers and broader electrification trends.
The comments follow Duke’s Q1 2026 earnings report, which showcased strong financial performance and a record pipeline of contracted large-load projects. Adjusted earnings per share rose to $1.93, beating consensus estimates, while operating revenues reached $9.18 billion. The standout driver was Duke’s accelerating data center momentum, with 7.6 GW of executed Electric Service Agreements (ESAs) and a late-stage pipeline of 15.4 GW. Nearly two-thirds of these projects are already under construction, with customers expected to begin taking power in 2027.
Duke’s forward guidance reflects confidence in this surge. The company reaffirmed its 2026 adjusted EPS outlook of $6.55 to $6.80 and projected long-term growth of 5% to 7% annually through 2030. Its $103 billion five-year capital plan, the largest regulated plan in the industry, underpins this trajectory. The plan includes 14 GW of new generation capacity by 2031, spanning natural gas, solar, battery storage, and optionality for small modular reactors. Duke is also modernizing 320,000 miles of transmission and distribution lines to support reliability.
Load growth forecasts highlight the AI tailwind. Enterprise-wide growth is expected at 3%–4% in 2026 and 1.5%–2% annually through 2030. In the Carolinas, projections are even stronger, with demand expected to rise 4%–5% annually. The Carolinas resource plan now shows 2035 demand 7% higher than previously forecast, driven by data centers and advanced manufacturing.
Duke’s strategy emphasizes customer protections. ESAs include provisions such as minimum billing demand and interruptibility clauses, ensuring large-load customers pay their fair share while shielding residential and commercial ratepayers from cost shifts. Sideris underscored the company’s focus on balancing growth with affordability: “We’re advancing the economies of the states we serve by making the right investments at the right time in a way that delivers value for our customers and communities.”
Compared to peers, Duke is emerging as a leader in converting AI-driven demand into firm, revenue-certain contracts. Its $103 billion capex plan outpaces competitors like NextEra, Southern Company, Dominion Energy, and AEP. While Dominion faces massive requests totaling up to 70 GW, much of this remains in the queue stage. AEP has paused new agreements due to capacity constraints, while Southern Company trails Duke’s scale of committed capital.
The outlook is clear: Duke Energy’s combination of historic load acceleration, record contracted data center volume, and the industry’s largest regulated capital plan positions it at the forefront of the AI power boom. With protections for legacy customers and generation buildout already underway, Duke is well-placed to capitalize on AI-driven demand while delivering on its earnings targets.
