Q&A: Duke Energy CEO on juggling data center demand and affordability
Duke Energy CEO Harry Sideris discussed the unprecedented surge in electricity demand, largely driven by data centers, across its six-state service territory. The utility plans $103 billion in investments over five years to meet this demand while facing public pressure over rising bills, particularly in North Carolina where Gov. Josh Stein has criticized rate increases. Sideris defended the utility's rates and reiterated its commitment to net-zero by 2050.
Duke Energy CEO Harry Sideris discussed the immense challenges posed by an unprecedented surge in electricity demand, primarily from new manufacturing plants and data centers, across the company's six-state service territory. During an interview at the Edison Electric Institute’s annual conference in Las Vegas, Sideris revealed that Duke Energy has signed agreements for 7.6 GW of data center demand, with another 15 GW in the late-stage pipeline. The utility plans to invest $103 billion over the next five years, a 63 percent increase from five years prior, to expand its generation capacity by 14 GW, including natural gas plants, to meet this rapid growth.
Sideris addressed public and political pressure over rising utility bills, noting criticism from North Carolina Gov. Josh Stein regarding an $800 million fuel cost recovery and rate increase requests. He defended Duke's rates as below the national average and rising slower than inflation, while also pointing to $5 billion in cost-cutting measures. Despite the increased reliance on natural gas to meet demand, Sideris affirmed the utility's aspiration to achieve net-zero emissions by 2050, highlighting current progress and investments in nuclear, solar, and battery technologies. He acknowledged that the path to net-zero is non-linear and more challenging with current load growth.