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As Triad braces for surge in electric bills, Duke Energy reports $5 billion profit for shareholders

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An aerial image of Belews Creek Power Station at sunset on Jan. 14.

Walt Unks, Journal

As Triad customers anticipate unusually high utility bills after a prolonged cold snap, Duke Energy on Tuesday reported a nearly $5 billion profit for stockholders in 2025.

The Charlotte-based company, North Carolina's largest utility, disclosed $4.96 billion in net income in its earnings report on Tuesday morning.

Environmental groups and climate advocates pounced after the release.

"Duke Energy is celebrating profits with shareholders at the same time it is texting households to conserve power during freezing temperatures," said Will Scott, director of Southeast Climate and Clean Energy with the Environmental Defense Fund.

Scott was referencing Duke's recent plea to customers to limit early-morning energy use on days when temperatures plunged into the single digits in Winston-Salem, Greensboro and other Triad communities.

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Duke confirmed last week that its companies operating in North and South Carolina — Duke Energy Carolinas and Duke Energy Progress — hit an all-time high for combined energy demand between 7 a.m. and 8 a.m. Jan. 27.

Peak demand: Duke Energy customers in Carolinas hit all-time record for energy use Jan. 27

Duke’s companies operating in the two states – Duke Energy Carolinas and Duke Energy Progress – peaked at 37,308 megawatt hours of generation between 7 and 8 a.m. on Jan. 27.

The company, meanwhile, praised Tuesday's earnings report.

"We enter 2026 with incredible momentum," Harry Sideris, Duke Energy president and chief executive officer, said in a news release. "The fundamentals of our business have never been stronger, and we operate in some of the most attractive jurisdictions in the nation."

'Crushed by rising costs'

Critics, however, suggested that any momentum is coming on the backs of customers.

"Duke Energy today announced billions in profits while hard-working North Carolina families struggle to pay bills that continue to increase," said Meech Carter, Clean Energy Campaigns director with the North Carolina League of Conservation Voters.

Duke has asked North Carolina regulators for an 18% rate hike for residential customers over a two-year period beginning in 2027 as it looks to expand generating capacity in anticipation of unprecedented growth in demand.

Much of that increase is expected to come from an influx of new data centers, which use large amounts of energy.

In the Triad, Duke is considering adding as many as six new nuclear reactors – which generate no climate-warming pollution – at its Belews Creek Steam Station in Stokes County.

Those so-called small modular reactors could replace virtually all of Belews Creek's current 2,200 megawatts of combined coal and natural gas capacity. Duke says those reactors wouldn't begin to come online for more than a decade.

In the short term, the company plans to add natural gas plants and extend the lifespans of coal-fired plants to meet demand as it gradually shifts to emissions-free energy sources such as solar and wind.

Clean energy advocates continue to criticize that approach.

"While Duke Energy celebrates massive profits, hundreds of thousands of North Carolinians are being crushed by rising costs," said Jeffrey Robbins, executive director of CleanAIRE NC. "Instead of asking for a blank check to fund more expensive fossil fuel infrastructure, Duke should be using these earnings to provide relief or invest in low-cost clean energy for North Carolina families."

Duke Energy serves 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively owns 55,700 megawatts of energy capacity.

Duke's natural gas utilities serve 1.8 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

PHOTOS: Duke Energy begins transfer of coal ash to lined basins at Belews Creek

An aerial view of Duke Energy's Belews Creek Steam Station on the western shore of Belews Lake. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

A water tanker sprays water on coal ash after it has been transferred into a new lined basins at Duke Energy's Belews Creek Steam Station, July 26, 2023. The ash is sprayed to ensure it stays compacted and does not become airborne on windy days. 

Walt Unks, Journal

Coal ash is transferred from an unlined area into a new lined basin at Duke Energy's Belews Creek Steam Station on Wednesday. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station on Wednesday. The process began in May and is scheduled to be complete in 2033.

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

Coal ash is transferred into a new lined basins at Duke Energy’s Belews Creek Steam Station, Wednesday. The process began in May under a temporary permit and North Carolina Department of Environmental Quality (DEQ) granted a permanent permit to operate the ash basin cell 2 (center) on June 26.

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 on June 26. 

Walt Unks, Journal

Duke Energy hit near-record electricity demand in North and South Carolina during the region’s recent cold snap. The Belews Creek Steam Station in Stokes County is pictured.

Walt Unks, Journal

Duke Energy spokesman Bill Norton talks about how coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water in then extracted for treatment. Injection wells are small white pipes with yellow bollards placed for protecting the well. Extraction well are housed under tan protective covers. The power and instrumentation for the wells is housed in modified cargo containers. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water is then extracted for treatment. Injection wells are small white pipes with yellow bollards placed for protecting the well. Extraction wells are housed under tan protective covers. The power and instrumentation for the wells is housed in modified cargo containers. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. 

Walt Unks, Journal

Injection wells have been installed between Duke Energy's coal ash basin at Duke Energy's Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water is then extracted for treatment. 

Walt Unks, Journal

Construction continues on the coal ash basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water in then extracted for treatment. Injection wells are small white pipes with yellow bollards placed for protecting the well. Extraction well are housed under tan protective covers. The power and instrumentation for the wells is housed in modified cargo containers. 

Walt Unks, Journal

Duke Energy wants to build a nuclear reactor at the Belews Creek Steam Station. In the distance is Hanging Rock State Park.

Walt Unks, Journal

A bulldozer moves coal at Duke Energy's Belews Creek Steam Station, July 26, 2023. The plant can both coal and natural gas, depending on the price of each commodity.

Walt Unks, Journal

Construction continues on the coal ash basin at Duke Energy's Belews Creek Steam Station, July 26, 2023.

Walt Unks, Journal

Construction continues on the coal ash basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

A bulldozer moves coal at Duke Energy's Belews Creek Steam Station, July 26, 2023. The plant can both coal and natural gas, depending on the price of each commodity. 

Walt Unks, Journal

A view from the top of Duke Energy's Belews Creek Steam Station, July 26, 2023 looking southwest toward the company's Craig Road landfill where new production ash is stored for resale for products like concrete. 

Walt Unks, Journal

A bulldozer moves coal at Duke Energy's Belews Creek Steam Station, July 26, 2023. The plant can both coal and natural gas, depending on the price of each commodity. 

Walt Unks, Journal

An aerial view of Duke Energy's Belews Creek Steam Station on the western shore of Belews Lake. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

A water tanker sprays water on coal ash after it has been transferred into a new lined basins at Duke Energy's Belews Creek Steam Station, July 26, 2023. The ash is sprayed to ensure it stays compacted and does not become airborne on windy days. 

Walt Unks, Journal

Coal ash is transferred from an unlined area into a new lined basin at Duke Energy's Belews Creek Steam Station on Wednesday. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station on Wednesday. The process began in May and is scheduled to be complete in 2033.

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

Coal ash is transferred into a new lined basins at Duke Energy’s Belews Creek Steam Station, Wednesday. The process began in May under a temporary permit and North Carolina Department of Environmental Quality (DEQ) granted a permanent permit to operate the ash basin cell 2 (center) on June 26.

Walt Unks, Journal

Coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 on June 26. 

Walt Unks, Journal

Duke Energy spokesman Bill Norton talks about how coal ash is transferred into a new lined basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. The North Carolina Department of Environmental Quality (DEQ) granted a permit to operate the ash basin cell 2 (center) on June 26. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water in then extracted for treatment. Injection wells are small white pipes with yellow bollards placed for protecting the well. Extraction well are housed under tan protective covers. The power and instrumentation for the wells is housed in modified cargo containers. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water is then extracted for treatment. Injection wells are small white pipes with yellow bollards placed for protecting the well. Extraction wells are housed under tan protective covers. The power and instrumentation for the wells is housed in modified cargo containers. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. 

Walt Unks, Journal

Injection wells have been installed between Duke Energy's coal ash basin at Duke Energy's Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water is then extracted for treatment. 

Walt Unks, Journal

Construction continues on the coal ash basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

A system of injection and extraction wells have been installed between Duke Energy's coal ash basin at the Belews Creek Steam Station and the Dan River. The system, part of Duke Energy's corrective action plan, injects clean water into the ground to flush groundwater toward nearby extraction wells. Any contaminated water in then extracted for treatment. Injection wells are small white pipes with yellow bollards placed for protecting the well. Extraction well are housed under tan protective covers. The power and instrumentation for the wells is housed in modified cargo containers. 

Walt Unks, Journal

The coal ash basins at Duke Energy's Belews Creek Steam Station are pictured (center) beyond the stacks of coal at the plant, July 26, 2023. In the distance is Hanging Rock State Park. 

Walt Unks, Journal

A bulldozer moves coal at Duke Energy's Belews Creek Steam Station, July 26, 2023. The plant can both coal and natural gas, depending on the price of each commodity.

Walt Unks, Journal

Construction continues on the coal ash basin at Duke Energy's Belews Creek Steam Station, July 26, 2023.

Walt Unks, Journal

Construction continues on the coal ash basin at Duke Energy's Belews Creek Steam Station, July 26, 2023. 

Walt Unks, Journal

A bulldozer moves coal at Duke Energy's Belews Creek Steam Station, July 26, 2023. The plant can both coal and natural gas, depending on the price of each commodity. 

Walt Unks, Journal

A view from the top of Duke Energy's Belews Creek Steam Station, July 26, 2023 looking southwest toward the company's Craig Road landfill where new production ash is stored for resale for products like concrete. 

Walt Unks, Journal

A bulldozer moves coal at Duke Energy's Belews Creek Steam Station, July 26, 2023. The plant can both coal and natural gas, depending on the price of each commodity. 

Walt Unks, Journal

John Deem covers the Triad for the Winston-Salem Journal and Greensboro News & Record. Contact him at joun.deem@lee.net

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Belews Creek

An aerial image of Belews Creek Power Station at sunset on Jan. 14.