Duke Energy is planning to issue a total of $10 billion in common equity between 2027 and 2030 to help finance its capital expenditures. This move is part of a larger strategy to seize growth opportunities and expand its generation fleet, which includes building 15 GW of new generation capacity by 2031. The company has already priced $600 million in at-the-market offerings this year, settling at the end of 2027, to take advantage of attractive pricing and de-risk future equity needs.
In addition to the equity offerings, Duke Energy has also announced a proposed offering of $1.5 billion aggregate principal amount of convertible senior notes due 2026. The net proceeds from this offering are intended to repay a portion of its commercial paper and for general corporate purposes. Earlier, Duke Energy also announced a public offering of 25 million shares of its common stock with a forward component.
The company's ambitious $103 billion spending plan, which includes building 7.5 GW of new gas plants paired with 4.5 GW of battery storage and expanding its existing nuclear fleet by 300 MW, has faced criticism. In North Carolina, Duke Energy originally requested $1.7 billion in additional revenue via base rate increases for 2027 and 2028, though negotiated settlements are expected to authorize $1.1 billion. Opponents argue that the company has exaggerated its growth projections and is recruiting large load customers, such as data centers, to justify its spending plan, leading to calls for a moratorium on data center development in the state.
