Brookfield: Inside Duke Energy’s US$87bn Capital Plan
Duke Energy and Brookfield have partnered to secure investment in Duke Energy Florida of US$6bn.
In part, this investment will support Duke Energy’s US$87bn five-year capital plan.
“For more than a century, we’ve had the privilege of serving extraordinary Florida communities, which are now some of the most dynamic and fastest growing in the nation,” says Harry Sideris, President and Chief Executive Officer of Duke Energy.
“We’re pleased to have Brookfield, a highly regarded infrastructure investor, as a long-term partner in Duke Energy Florida.
“This significant transaction at a compelling valuation best positions Duke Energy to unlock additional capital investments in Duke Energy Florida during this unprecedented growth period.
“It also materially strengthens Duke Energy’s overall credit profile, which in turn enables us to invest in our energy modernisation plans across our entire footprint – all while helping keep prices as low as possible for our customers.”
About Brookfield
Brookfield is a global investment firm with more than US$1tn of assets under management.
Headquartered in New York, US, the business is led by CEO Bruce Flatt.
Brookfield’s 2024 Sustainability Report shows that the business has more than US$126bn of renewable power and transition assets under management and a further US$202bn in infrastructure.
Brookfield owns 60% of Brookfield Renewable Partners, established in 2011 to focus on the energy transition.
It now owns almost 460,000 MW of generating capacity.
Headquartered in New York, US, the business is led by CEO Bruce Flatt.
Brookfield’s 2024 Sustainability Report shows that the business has more than US$126bn of renewable power and transition assets under management and a further US$202bn in infrastructure.
Brookfield owns 60% of Brookfield Renewable Partners, established in 2011 to focus on the energy transition.
It now owns almost 460,000 MW of generating capacity.
“We are delighted to partner with Duke Energy in a critical business and premier regulated utility like Duke Energy Florida through Brookfield’s Super-Core Infrastructure strategy,” says Sam Pollock, Chief Executive Officer of Brookfield’s Infrastructure Group.
“We look forward to supporting the continued growth of Duke Energy Florida’s regulated asset base and, accordingly, ensuring excellent service delivery for its customers.
“This transaction underscores our patient strategy of partnering with leading corporates and investing in essential infrastructure assets that underpin economic growth, and that generate stable long-term cash flows across market cycles.”
Inside Duke Energy
Duke Energy is based in Charlotte, North Carolina, US and owns 55,100 MW of energy capacity.
The company’s electric utilities serve 8.6 million customers.
Duke Energy’s website says it is “dedicated to providing clean, reliable and affordable energy in seven states in the Southeast and Midwest” and describes itself as an “industry leader in sustainable innovation”.
“Duke Energy’s commitment to our customers and communities is unwavering, driving us to continuously find innovative ways to meet the moment for our customers. This exciting partnership allows us to do just that,” says Melissa Seixas, Duke Energy Florida State President.
“This partnership will create value for all of our communities as we invest in generation, transmission and distribution enhancements that increase reliability, maintain affordability and support future economic development in our state.”
Duke Energy Florida’s five-year capital plan
Duke Energy Florida provides services to two million customers across central and western Florida.
The increase in Duke Energy Florida’s five-year capital plan boosts total investment in the state to more than US$16bn through 2026.
The company says its plan is underpinned by grid modernisation and resiliency initiatives alongside generation capacity enhancements to support the dynamic service territory.
Grid modernisation involves upgrading and transforming the existing electricity grid to improve efficiency, reliability and resilience.
New technologies, like smart grids and advanced metering infrastructure, can help to create a more flexible and responsive power network.
