Duke Energy continued to advance its energy modernization strategy in 2024 by investing in infrastructure and collaborating with stakeholders to achieve positive outcomes across its jurisdictions, as stated by President and CEO Harry Sideris during the company’s annual shareholder meeting. Sideris emphasized the company's commitment to value delivery for shareholders and meeting customer energy demands.
“The path forward is clear as we navigate this decade of record infrastructure build and load growth. We remain focused on delivering value to our shareholders while meeting our customers' energy demands – now and into the future,” said Sideris.
Significant milestones were highlighted during the meeting. These include a capital plan detailing $83 billion of investments over the next five years aimed at meeting growing demand while enhancing reliability and affordability. Sideris noted the successful implementation of innovative grid improvements, which helped avoid over 2.3 million customer outages and more than 11 million hours of outage time in the past year. Additionally, the company secured constructive outcomes in four rate cases across the Carolinas, Florida, and Indiana, resulting in $45 billion of approved rate-based investments, furthering value creation for customers and shareholders.
Duke Energy also reported progress in new generation plans, such as the integration of resources in North Carolina, South Carolina, Indiana, and Kentucky, alongside plans to add 5 gigawatts of new natural gas generation by 2029. The company is actively partnering with TVA, GE Hitachi, and other industry entities to develop emerging technologies, including small modular reactors.
Sideris reinforced that the company's strategic progress relies on a strong foundation of safety and operational excellence, particularly highlighted during a historically significant hurricane season. Sideris acknowledged the commitment of 26,000 employees and utility partners, as well as efforts in strategic preparation, including multi-level collaborations and grid resiliency investments over the past three years.
During the meeting, Sideris and Board Chair Ted Craver addressed a range of shareholder questions, promising to post responses online. Shareholders elected all 14 Director nominees and supported a proposal to amend the company’s certificate of incorporation but did not back a similar proposal on net-zero-related activities and progress. A replay of the meeting will be made available on Duke Energy’s investors page.
Duke Energy, headquartered in Charlotte, North Carolina, is one of the largest energy holding companies in the United States. It provides electric utilities services across numerous states and executes a significant energy transition, focusing on customer reliability and value while investing in electric grid upgrades and cleaner energy solutions.
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