Duke Energy to sell part of Florida unit for $6 billion, boosts capex
The company also increased its five-year capital spending plan by $4 billion to $87 billion, joining a host of major U.S. utilities that are bolstering investments for upgrading their electric lines and grids to meet surging power demand from AI-focused data centers and electric vehicles.
The U.S. Energy Information Administration has forecast record power consumption in 2025 and 2026.
Duke also beat second-quarter profit estimates on Tuesday, sending its shares up 2% in premarket trade.
The deal for the Florida business, a utility serving about 2 million customers, will close in phases starting in early 2026, with Duke remaining the majority owner and operator.
About $2 billion of the total proceeds will go toward funding the increase in Duke's capital plan, while the remaining $4 billion will be used to reduce holding company debt.
The Charlotte, North Carolina-based utility posted adjusted earnings of $1.25 per share, compared with analysts' average estimate of $1.18, according to LSEG data.
Revenue rose to $7.5 billion, up from $7.17 billion a year earlier.
On an adjusted basis, earnings from Duke's electric utilities segment climbed to $1.19 billion, from $1.12 billion in the same period last year, helped by higher retail rates.
The company said its gas utilities segment posted flat results of $6 million, pressured by higher operating and maintenance costs.
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