Duke Energy

What Duke Energy does

Duke Energy Corporation (NYSE: DUK) is a vertically integrated regulated utility headquartered in Charlotte, North Carolina, serving residential, commercial, and industrial customers across six states — North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky. The company operates through wholly-owned subsidiaries including Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana, and Piedmont Natural Gas (acquired 2016), and provides electricity generation, transmission, distribution, and natural gas distribution services within exclusive service territories granted by state utility commissions. With 10,000+ employees and origins tracing to 1916 (the current entity was formed through the 2012 merger with Progress Energy), Duke executes what it describes as the largest regulated capital plan in the utility industry at over $103 billion over five years and roughly $200 billion over the next decade, with planned generation capacity increases of 14 GW by 2030.

Duke's technology footprint spans a diversified generation portfolio including nuclear, natural gas, solar, wind, hydroelectric, and battery energy storage systems. Notable technology investments include a 50 MW battery energy storage system activated at the former Allen coal plant in 2026, an early site permit application for 600 MW of advanced nuclear/SMR capacity at Belews Creek targeting 2037, a Smart Meter Gateway enabling customer-side energy monitoring, and the DeBary Hydrogen Production Storage System — the first U.S. end-to-end green hydrogen demonstration. The company has achieved a 44% carbon emissions reduction since 2005 with a net zero commitment by 2050.

Duke's business model is anchored in regulated rate recovery, generating the majority of revenue through electricity sales approved by state utility commissions, with additional revenue from natural gas distribution through Piedmont Natural Gas. A growing share of revenue and contracted load comes from hyperscale data center operators and advanced manufacturing facilities, with cumulative contracted large-load agreements exceeding 4.5 gigawatts. Customer-facing digital products include the Duke Energy mobile app, Duke Energy One platform, paperless billing, prepaid billing, outage management with SMS/text alerts, and income-qualified assistance programs. Recent strategic activity includes a settlement to merge the Duke Energy Carolinas and Duke Energy Progress subsidiaries (targeting January 1, 2027), antitrust litigation settlement with NTE Carolinas, and continued debt financing through convertible senior notes to fund the multi-year capital plan.

Name

Duke Energy

Legal name

Duke Energy Corporation

Website

https://duke-energy.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Duke Energy is a vertically integrated regulated electric and natural gas utility serving residential, commercial, and industrial customers across six U.S. states. It generates revenue through state commission-approved rates and is executing the industry's largest $103B+ five-year capital plan to expand generation and modernize the grid.

Ownership category

akta.pro rank

Product category

Electric and Natural Gas Utility Services

NAICS

Natural Gas Distribution (2212), Electric Power Generation, Transmission and Distribution (2211), Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924), Electric Services (4911), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Natural Gas Retail Supply (Residential & SMB) (EUAGAGAD)

akta.pro secondary industries

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA), Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB)

Keywords

• Electric utility services
• Natural gas distribution
• Regulated power generation
• Grid infrastructure services
• Utility customer programs

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Regulated Electric Utility Revenue: Duke Energy generates the majority of its revenue through regulated electricity sales to residential, commercial, and industrial customers across its six-state service territory. Revenue is determined by state regulatory commissions through rate cases that allow recovery of capital investments and operational costs plus a return on equity. The company executed electric service agreements for multiple hyperscale data centers representing cumulative contracted load of over 4.5 gigawatts.
2. Natural Gas Distribution Revenue: Duke Energy (through Piedmont Natural Gas) provides natural gas distribution services to customers in North Carolina and other territories, generating regulated revenue from natural gas delivery.
3. Infrastructure Investment Revenue: The company is executing a more than $103 billion five-year capital plan (the largest regulated capital plan in the industry) to add new generation, harden equipment, and modernize the grid, with costs recovered through regulated rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Duke Energy is a vertically integrated regulated utility that generates, transmits, and distributes electricity and distributes natural gas to residential, commercial, industrial, and government customers across six U.S. states (North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky). The company operates the nation's largest regulated energy grid through wholly-owned subsidiaries (Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Indiana) and distributes natural gas through Piedmont Natural Gas. Customer-facing offerings include digital account management, billing, outage management, energy efficiency, clean energy, and EV programs delivered through a regulated franchise model with rates approved by state utility commissions.

Product overview

Duke Energy operates as a vertically integrated utility (VIU) providing electric and natural gas services through multiple regional subsidiaries. The core product portfolio includes electric power generation, transmission, and distribution through Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, and Duke Energy Indiana, plus natural gas distribution through Piedmont Natural Gas. Customer-facing digital products include the Duke Energy mobile app, Duke Energy One platform for account management, paperless billing, online payment services, prepaid billing (Prepaid Advantage), outage management tools with real-time alerts via SMS/text, smart meter gateway for energy monitoring, and special assistance programs. The company also offers clean energy and EV programs, energy efficiency initiatives, and income-qualified services. These products work together to provide comprehensive energy management from power generation through end-user delivery and billing.

Differentiator

Problem solved

Functional benefit

Products and services

• Duke Energy Electric Service Regulated vertically integrated electric utility service spanning power generation, transmission, and distribution to residential, commercial, and industrial customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky through wholly-owned subsidiaries Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, and Duke Energy Indiana.
• Piedmont Natural Gas Natural gas distribution service operated by Duke Energy subsidiary Piedmont Natural Gas Company, Inc., serving residential, commercial, and industrial customers across Duke Energy's service territory including North Carolina.
• Duke Energy Mobile App Standalone mobile application for Duke Energy customers to manage accounts, view and pay bills, report and track outages, access usage analysis, and receive outage and billing alerts; available on iOS and Android.
• Duke Energy One Online customer account management platform providing integrated access to Duke Energy services, account information, billing tools, payments, and usage data for residential and business customers.

Quantifiable outcome

• 44% carbon emissions reduction since 2005, with net zero by 2050 commitment
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Smart Electric Power Alliance (SEPA)coreStrategic or Co-development Partner · 23 December 2025Jeff Guldner from Duke Energy Corporation was reappointed to SEPA's Board of Directors, effective January 1, 2026. SEPA is a Smart Electric Power Alliance that brings together utilities and stakeholders to advance clean energy. This board position indicates strategic alignment and thought leadership in the utility sector.
• North Carolina Public StaffcoreStrategic or Co-development PartnerParty to the settlement agreement for the proposed merger of Duke Energy Carolinas and Duke Energy Progress. Represents residential consumer interests in regulatory proceedings.
• WalmartminorStrategic or Co-development PartnerParty to the settlement agreement for the proposed merger of Duke Energy Carolinas and Duke Energy Progress. Participated as a stakeholder in regulatory proceedings.
• GoogleminorStrategic or Co-development PartnerParty to the settlement agreement for the proposed merger of Duke Energy Carolinas and Duke Energy Progress. Participated as a stakeholder in regulatory proceedings.
• NucorminorStrategic or Co-development PartnerParty to the settlement agreement for the proposed merger of Duke Energy Carolinas and Duke Energy Progress. Participated as a stakeholder in regulatory proceedings.
• South Carolina Customer GroupscoreStrategic or Co-development PartnerSettlement agreement parties for the proposed combination of Duke Energy Carolinas and Duke Energy Progress, guaranteeing customer savings through more efficient operations and reduced capital costs.
• U.S. Nuclear Regulatory CommissioncoreStrategic or Co-development PartnerDuke Energy submitted an early site permit application for potential new nuclear development at Belews Creek. The NRC is reviewing the application for site suitability for nuclear generation.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Eversource Energy: New England electric, natural gas, and water utility serving Connecticut, Massachusetts, and New Hampshire. Comparable electric and gas distribution footprint, comparable regulatory framework, and similar clean energy transition exposure.
• American Electric Power: Large multi-state regulated electric transmission and distribution utility serving 11 states. Comparable regulated rate base, comparable capex intensity, and similar reliance on transmission as a growth vector.
• NextEra Energy: Largest US electric utility by market cap with regulated FPL operations and a large renewable generation arm. Comparable vertically integrated model, similar customer scale, and shared exposure to data center demand growth.
• Southern Company: Vertically integrated regulated electric utility serving Georgia, Alabama, and Mississippi with a similar mix of natural gas, nuclear, and renewable generation and a comparable multi-state capital plan. Closest peer to Duke in scale, regulatory structure, and customer mix.
• Xcel Energy: Vertically integrated electric and natural gas utility serving eight Midwestern and Western states. Comparable generation mix transformation, comparable climate-related capex, and similar exposure to data center load growth.
• DTE Energy: Vertically integrated electric and natural gas utility serving Michigan with similar generation mix and significant capital modernization plans. Comparable regulatory structure and customer profile.
• CenterPoint Energy: Regulated electric transmission and distribution and natural gas utility serving Indiana, Texas, Minnesota, Ohio, and Mississippi. Comparable combined electric and gas LDC operations and similar capital plan execution model.
• Consolidated Edison: Vertically integrated electric, gas, and steam utility serving New York City and Westchester. Comparable regulated monopoly model with combined electric and gas distribution, and similar premium service territory dynamics.
• Dominion Energy: Vertically integrated regulated utility with electric and natural gas operations across Virginia, the Carolinas, and Utah. Directly comparable geographic overlap in the Carolinas, similar data center exposure, and significant gas LDC operations.
• Exelon: Pure-play regulated electric transmission and distribution utility serving customers in Illinois, Pennsylvania, Maryland, New Jersey, and DC. Comparable regulated rate base scale and T&D investment thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/DukeEnergy
• YouTubeyoutube.com/user/DukeEnergyMediaCtr
• Facebookfacebook.com/duke.energy
• LinkedInlinkedin.com/company/duke-energy-corporation
• Instagraminstagram.com/duke_energy
• TikToktiktok.com/@duke_energy

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries5 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments68 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Duke Energy