Duke Energy profits rise to $4.2 billion amid Charlotte growth and data centers

Duke Energy reported $4.2 billion in profits during the first three quarters of this year, marking an 11.2% increase from the same period last year, according to WFAE and whqr.org.

The utility attributed this growth in part to the rapid population increase in Charlotte, which is the fastest-growing city in the U.S., as well as ongoing power plant construction and new data center developments in the area.

Duke Energy's president highlighted the company's investments in transmission, distribution, and generation to meet the rising demand from Charlotte's expanding population and economic projects.

Despite recent midterm election results favoring Democrats, Duke Energy stated that the political changes will not impact its plans to supply power to new data centers. The company noted alignment with elected officials on goals for reliable and affordable power.

Duke Energy has worked with data center developers to create rate structures intended to cover some upfront costs of serving these facilities. However, state regulators have yet to approve these large load tariff proposals.