Duke Energy Corp

Duke Energy operates one of the largest nuclear fleets in the U.S., with 11 units across four plants—Oconee, Catawba, McGuire, and Robinson—generating about 10 GW of carbon-free power, or roughly 40% of its total generation. These assets anchor its position in the Southeast's growing energy demand, supporting data centers and electrification amid the nuclear renaissance. Duke's long-term contracts and regulated returns enable stable cash flows, positioning it to capitalize on federal incentives like the Inflation Reduction Act's production tax credits, which extend plant lives beyond 60 years and fund upgrades for higher output.

In the past year, Duke advanced small modular reactor (SMR) plans by selecting Kairos Power for a potential 500 MW deployment at Belew Creek by 2030-2035, pending approvals, and invested $14 billion in grid hardening post-Hurricane Helene. It also extended Oconee's licenses to 2053 and reported Q3 2024 earnings with nuclear output up 5%. Key risks include regulatory delays on restarts like Robinson Unit 2 (out since 2023 for steam generator issues), rising uranium fuel costs amid supply constraints, and exposure to extreme weather disrupting operations in the Carolinas.

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