Duke Energy traces its roots to the Catawba Power Company, formed around 1900 by Dr. W. Gill Wylie. Engineer William States Lee designed its hydro plants, and from 1905 James B. Duke financed the Southern Power Company to electrify Carolinas textile mills. The company became Duke Power in 1924.
How the regulated model works
Duke is the franchised provider in most of its territories. Regulators set rates that recover its costs and allow a return on its rate base, so earnings grow when approved investment grows. In 2025 Duke reported $32.2 billion of revenue, $5.0 billion of net income and adjusted EPS of $6.31.
Built by mergers
After retreating from merchant power in the early 2000s, Duke grew through regulated deals: Cinergy in 2006, Progress Energy in 2012 and Piedmont Natural Gas in 2016. The 2014 Dan River coal ash spill led to federal guilty pleas and a $102 million settlement in 2015.
The 2026 capital cycle
Under CEO Harry K. Sideris, Duke raised its 2026-2030 capital plan to $103 billion, driven by data center and manufacturing load. To fund it, Duke sold Piedmont's Tennessee gas business to Spire for $2.48 billion and is selling 19.7% of Duke Energy Florida to Brookfield for $6 billion.
