Duke Energy Beats Q1 Estimates as Demand Surges, Nuclear Output Rises
Boosted by cold weather, higher retail rates and growing power demand from data centers, the utility posts stronger-than-expected results.
Representational Photo
CHARLOTTE, N.C., May 6, 2025 — Duke Energy Corp. on Tuesday reported first-quarter earnings and revenue that exceeded Wall Street estimates, driven by higher electricity rates, stronger retail demand and an unseasonably cold winter.
The Charlotte-based utility posted adjusted earnings of $1.76 per share for the three months ended March 31, topping the average analyst forecast of $1.60 per share, according to data from LSEG. Revenue rose to $8.25 billion, surpassing the $8.06 billion consensus estimate.
Adjusted earnings from its electric utilities segment rose to $1.28 billion, compared to $1.02 billion during the same period last year. Its gas utilities division also showed improvement, with profits climbing to $349 million from $284 million a year earlier.
Colder-than-expected weather throughout its service regions contributed to higher energy consumption, as residential and commercial customers turned up heating systems fueled by both electricity and natural gas.
Duke also highlighted structural demand growth, noting that expanding data center footprints and domestic manufacturing are driving long-term energy needs. In April, the utility signed letters of agreement for 1 gigawatt of new data center projects.
“These are very cost-efficient investments,” said Chief Financial Officer Brian Savoy, referring to the company’s plans to expand capacity by upgrading existing assets and extending the operating lives of nuclear facilities.
In March, the U.S. Nuclear Regulatory Commission renewed the operating licenses of Duke’s Oconee Nuclear Station for an additional 20 years. The company’s six nuclear plants generated more than 50% of the electricity delivered to customers in the Carolinas in 2024 and represented 96% of Duke’s clean energy output.
Duke expects electricity demand to remain strong as AI infrastructure, industrial electrification, and large-scale computing continue to grow. The U.S. Energy Information Administration projects record power consumption in 2025 and 2026, a trend expected to benefit large utilities with a broad mix of energy sources.
Duke said it plans to meet future demand not only through new construction, but by investing in existing infrastructure and pursuing regulatory approvals for long-term projects that enhance system reliability and grid resilience.
Shares of Duke Energy were up slightly in afternoon trading following the earnings announcement.
These are very cost-efficient investments.
