Duke Energy announces nearly $1.6 billion in profit, courts new data center development in the Carolinas

Duke Energy announced a significant first-quarter profit of $1.58 billion in 2026, an increase of $180 million from the previous year, primarily fueled by the growing demand from data center development. The utility's president, Harry Sideris, highlighted the company's efforts to capitalize on regional growth driven by innovation, AI technologies, and advanced manufacturing, with a pipeline of 7.6 gigawatts of new data center demand in its multi-state territories, 5 gigawatts of which are already under construction. Despite Duke Energy's aggressive strategy to attract data centers, several North Carolina municipalities and counties have already passed moratoriums on data center construction, while others, including Charlotte, are considering them. These actions are prompted by the need to update local ordinances and potentially establish state-level protections. Lee County resident Sheila Sherrick specifically advocated for a temporary ban to her county commissioners, questioning the economic benefits of data centers given Duke's proposed rate hikes. Sideris also noted recent regulatory successes, including the approval of Duke's merger of its two Carolina utilities and the renewal of the license for the Robinson Nuclear Plant in Hartsville, South Carolina, extending its operation through 2050. The company's financials also reflected a 20% increase in natural gas fuel costs, which, under state regulations, are passed directly to ratepayers without affecting Duke's profits.