Financial Data and Key Metrics Changes - Duke Energy reported earnings per share (EPS) of $6.31 for 2025, reflecting a 7% increase from 2024 and exceeding the midpoint of their guidance range [3][12] - The company introduced 2026 EPS guidance of $6.55-$6.80 and extended its long-term EPS growth rate of 5%-7% through 2030 [3][4] Business Line Data and Key Metrics Changes - The electric segment is expected to drive most of the growth in 2026, supported by multi-year rate plans in North Carolina and Florida, and new rates from South Carolina [12] - The gas segment will see growth from Piedmont Integrity Management riders and new rates at Duke Energy Kentucky [12] Market Data and Key Metrics Changes - The company signed electric service agreements (ESAs) for an additional 1.5 GW of new data centers, bringing the total to approximately 4.5 GW secured under ESAs [14][88] - Data centers are projected to comprise about 75% of the economic development profile by the end of 2030, indicating a growing component of load growth [88] Company Strategy and Development Direction - Duke Energy's capital plan has increased to $103 billion, the largest among regulated utilities, driving 9.6% earnings-based growth through 2030 [4][16] - The company is focused on maintaining affordability while investing in critical energy infrastructure and advancing its all-of-the-above generation strategy, including natural gas, battery storage, and potential nuclear projects [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the top half of the EPS growth range starting in 2028, driven by load growth from data centers and ongoing investments [4][20] - The company emphasized its commitment to keeping rates below inflation and managing costs effectively to protect customers from rising energy bills [4][8] Other Important Information - Duke Energy's credit profile improved, with a reported 14.8% funds from operations (FFO) to debt ratio in 2025, and a forecast of approximately 14.5% for 2026 [17][18] - The company is on track to close the sale of its Piedmont Tennessee business and expects to strengthen its credit profile through this transaction [18] Q&A Session Summary Question: Costs or impacts from recent storms - Management confirmed that costs from the recent storms are still being compiled but do not anticipate any impact on guidance for 2026 [28][32] Question: North Carolina rate case strategy - Management indicated a focus on delivering reliable and affordable energy and expressed confidence in reaching a constructive settlement, similar to past cases [34][35] Question: CapEx outlook and data center opportunities - Management expressed confidence in the growth outlook supported by signed ESAs, with a robust pipeline of projects [45][46] Question: FFO to debt targets - Management stated that achieving the 15% FFO to debt target relies on executing the current plan without needing changes in regulatory policy [55][57] Question: Generation build cycle and EPC contracts - Management confirmed that they have planned for the supply chain and are using a programmatic approach with EPC vendors to ensure timely project delivery [62] Question: Data center load growth impact - Management indicated that data centers are becoming a larger component of load growth, with significant contributions expected by 2030 [88][90]