DUK - Earnings call transcript Q2 2024 | Duke Energy Corporation

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Operator

Hello, everyone, and welcome to Duke Energy's Second Quarter 2024 Earnings Call. My name is Felicia, and I'll be your operator today.

Following today's presentation, there will be a Q&A session. [Operator Instructions] I will now hand you over to your host, Abby Motsinger, Vice President of Investor Relations at Duke Energy. Please go ahead, Abby.

Abby Motsinger

good and Felicia, you, morning, everyone. Thank Duke Business Update. to Energy's Second and Review Earnings XXXX Quarter Welcome Leading today Savoy, with Harry our CEO; Sideris, and call President; is Lynn and Brian CFO. Chair Good, along

use SEC Today's discussion information. results filings. materials factors differ may and non-GAAP to measures forward-looking due in and Actual statements of from disclosed will forward-looking financial in the include today's Duke Energy's

presentation reconciliation of today's include of financial appendix along the supplemental The with non-GAAP measures. information

Lynn. me turn the to call With that, over let

Lynn Good

and everyone. morning, you, thank Abby, good

Before our Hurricane a in working power. around work storm and I had caused to and moment to We in clock take the landfall customers. and crews begin, I'd weekend, team our like position outages teams recognize the XXX,XXX the restore for Florida made Debbie. are of yesterday morning to about responding The over

Along to with of of impacted our crews mitigation expected and system outages. expect flood is and storm XX% safely implementing storm to this impact track, week. customers. We're plans the Based heavy parts customer Carolinas rains. bringing restored able morning, Eastern we quickly respond staging to As its current the the and to of the forced later this be tropical we've on winds, Central

our significant quarter the the Now across let me turn to we're progress second making results and company.

shareholders. long-term for record strong Our regulatory simplified value fully regulated outcomes to portfolio Midwestern utilities of constructive track deliver us of with our Southeast combined and positions well

generation which communities to growing We focused have support clear growth and our serve. capital driven visibility investments we is billion by on grid $XX plan, the

for business; will and But quarter. through long-term operational activity update an the detailed financial results begin call, Harry outlook. the highlights Brian In on walk will provide in a from sales me the the across later regulatory with and and let our results recent moment,

across by Slide above on announced and improved These year, were driven our strong weather. share X. building $X.XX results Today, adjusted last the our $X.XX, to to electric we growth utilities per of earnings start year. Turning

the deliver momentum outcomes, to of year. carrying back half continue positive We consistent into the

our XXXX $X.XX. are to We range guidance $X.XX of reaffirming

We based rate midpoint off growth EPS are X% XXXX, $X.XX and through for also reaffirming to XXXX. our X% long-term a of

With that, hand to over like Harry. to call the I'd

Harry Sideris

X. you, Lynn. Slide on Starting Thank

have long constructive X achieve of regulatory stakeholders approximately We our that base of and continued rate for with investments or our to working with Since customers build track cases. returns history this a the deliver to on XXXX, settled $XX benefit outcomes shareholders. we've across record of billion approved rate start

contributed these outcomes increasingly our I'm meet proud clean the for of the of that to allow and infrastructure company affordable, energy reliable into The demands support customers' impressive essential higher results. investments the acknowledge future. capital to critical teams us and the across cost through ROEs now and rising

case our order our and increase efforts received reliability August rates last a the were customer we in final Just South month, to enhance The experience. system and X. updated and Carolina rate DEC order supports diversity

The a a filed settlement rate plan January. rates effective X-year in Florida also with multiyear our Florida July. case comprehensive We in reflects in rate settlement

population Hearings serve the by is the well in of to to investments growth as are year. end modernization system grid continued the renewables. order expected and this on later focuses It an and begin harden month scheduled as

including creative increases. solutions and and Carolina finding outcomes these, Florida moderate maintain With average. to tax Importantly, on focus to commitment rates customer remain solutions below the utilizing in South the we affordability like expect rates, our to continued national benefits to demonstrate low

to Slide X. Turning

jurisdictions. Carolinas, our In across process stakeholders advancing both with the collaborate the to in is IRP states. continue We

preserving growing increasingly reliability customer affordability. Our base plans mix calls that and and our for a energy clean while diverse serves

investments plan North constructive as including a well our and Walmart Importantly, natural early staff, adopts reach to Carolina pleased were with action the activities gas resources. for settlement public long time we lead mid-July, as settlement near-term In in renewables development the and

in yesterday start South mid-September. in Carolina Hearings hearings North will Carolina and concluded

both states hearings X generation. will today plants to gas orders CPCN be for These reliability of advanced expect located ensuring natural gigawatts We investments our renewables. existing request class by more will significant Carolina year-end. in in coal construct begin than continued on in our in complementing units retirement, North at slated

We XXXX. the and to construction in by the all by expect from approvals, CPCN orders operational year-end units planned start NCUC pending with XXXX is

This track Florida. on the have to new in to megawatts solar keeps the system We Moving year. June. on X,XXX Florida by facilities of service placed solar end of X through us the

XXX between solar XXXX Looking plants another plan clean build we energy Florida grid. adding and of XXXX, to megawatts ahead, XX the to

We X case rate hearings additional also quarter. this have

In Indiana, last several years. Natural Gas and Both hearing our over we've are in month; made hearings serve and Piedmont system our begin based mid-September. in on strengthen customers the North Carolina, to begins investments our later cases this

on to it energy affordable turn ensuring I their every operational Before focus wanted commend and over all I our for reliable to unwavering to our day. excellence, teammates Brian, customers

mentioned, Restoration well to Hurricane power to are we many restoring impacted customers as as all our quickly are possible. and teammates Florida Debbie. efforts actively by underway, Lynn working restore As customers power our to and of committed safely to are

jurisdictions. responding summer, In addition storms, extreme to our heat we to experienced this across

of peaks In matter reached summer fact, X Carolinas the in a weeks. new record

our critical our the across share grid these that Our incredible well fleet the during the and and met I'm times. customers team and company. performed collaboration communities needs pleased employees showed to and preparation of

me to With Brian. that, the over turn let call

Brian Savoy

and Harry, morning, Thanks, everyone. good

per from had the in is X. and quarter adjusted to respectively. last a adjusted reported earnings Turning strong earnings with quarter year. $X.XX $X.XX of second We per of share This second $X.XX, share Slide up and

Utilities is up volumes depreciation. rate the XXXX. higher by expense and service in Infrastructure in were Electric second weather quarter was mild territories, was of these Within increases items driven Partially $X.XX. riders, extremely sales our interest & a the of Growth reversal segments, across complete warmer-than-normal the offsetting weather and higher which

by and depreciation. Results to Infrastructure. the Other favorable revenue finally, primarily higher & $X.XX was segment Utilities to due higher were down was expense as year Gas last to down $X.XX, interest interest Moving And compared offset expense. rider

profile moment the take year. discuss X. for a Slide earnings of our to I'd to remainder to like the Turning

As half. the in a record in first earnings atypical was assumptions. with year, agility far the aligned With measures second demonstrated which had this the an year that in with half of performance shape with reminder, the year so mild last our planning is mitigated we've weather mind, strong

delivering track our impressive for incredibly achieve on half, the and are within I'm we for guidance proud an year to full results team first range.

robust, Carolinas X.X% grew and also usage XX. our growth the with our We're year. the X.X% in first year, Florida, by were Slide pleased see half versus residential across We full to led through weather the to last see which improving volumes projection. line Customer increased jurisdictions. remains normal Turning to encouraged of year

half, industrial projections have in X% versus first volumes through up the driven exceeded and sector. industrial a were last slower by sales year, volumes the rebound our Commercial sales. strength over in Commercial offsetting commercial

second economic As online we development projects continue to the C&I half come growth of load accelerate. the to expect throughout year,

planning load in migration, some of the horizon. in most jurisdictions which growth X% CAGR the X-year X.X% operate XXXX, and over economic and load in We attractive our to X% customer conviction the forecast for provide growth both development

Turning to Slide XX.

multiple as manufacturing We projects are as in from across data growth well demand advanced forecasting sectors unprecedented centers. power

analysis and approach. it's As to important weight we evaluate We included take of our development project to projects potential risk-adjusted level discrete remember which economic a in that resulting utilize current our to opportunities, evaluate opportunities in projections. forecast, a probability we being subset include in

into plans progress our will the when have a This continue be future. the mature. reflected that in a growth to We well robust and projects pipeline provides pipeline for of projects runway

accelerating We long-term with and that all customers. solutions to our voluntary develop investing We are Google, and new Microsoft, in Nucor recently with subject to this Amazon meet clean which energy of prioritizes cost explore forward the meet be demand would are To load territories. continued and tailored look lower MoUs in a end, we our to energy serving work rate as that customer These we approval, nonparticipating would structures any for protections to large-scale to executed commission committed to customers. service to needs all affordability open technologies. way to and the include large collaboration in stakeholders reliability programs, for

We be XX. we fund priorities sheet strong and that balance advance strategic as recognize foundational of importance to will our Slide to Turning a growth. investments our the

of We are the year, on which cushion track end XXX to this threshold. represents to basis by points of achieve XX% to FFO downgrade debt Moody's our

clear of achieving combined line outcomes, and with the regulatory to of collection constructive provide issuances, credits Our equity remaining sight balances, fuel programmatic deferred target. our of tax monetization

completed approximately target, of debt $XXX As programs. to plan We've of expect and of issuances planned disclosed our million our issue million common our XXXX. completed $XXX half over equity over February, in priced $XXX also ATM DRIP for X-year We've we year-to-date. having the via million long-term XX% annually

sheet many over unwavering and current our as years, credit we to strong ratings As objectives. priority continue commitment and balance growth our is demonstrated top to a our we've be execute will a

confident Slide in XX. business the operate guidance remain and to XXXX. constructive our to stronger We in through are of ever. growth and jurisdictions delivering than to of X% earnings $X.XX range our Moving $X.XX fundamentals We XXXX X% growing of

well combined risk-adjusted compelling growth for targets, with attractive return our dividend positioned which, achieve are a yield, to provide We shareholders. our

open the With we'll Thank you. for questions. your that, line

Operator

first from question comes Shar Pourreza Guggenheim Instructions] The from [Operator Partners.

Unknown Analyst

Shar. It's ] for here actually [ Constantine

mean but geography you're can is what point kind assumptions? obviously And economic running on the what out-of-cycle reassess plan, still the some of X% that in growth that feel capital towards year? of highlighted activities, favorable to for load going do the could just You end you development projections. and these center the X.X%, At updates data growth tail you kind of the

Brian Savoy

X to a ]. Constantin [ It's continue Thanks, and be we encouraged about. that question great

a And continue were began show clock to moved X%. we planning up to we surface X.X% economic to over load back, to our if then were -- and So CAGR the ago, horizon. we growth and we dial projecting development X.X% year opportunities

year to earnings elements outcome plans, supported growth financial update a development the to very we And that our we're the and that today, economic X%. the looking And load Duke X% growth. the in at over plan of And the capital CAGR X.X% a we're those that sales and look impressive, the at that hours XXX,XXX is high which end kind quite to Energy, from as with normal X.X% full base cadence. pipeline with say would our on to forecasting trending share per of we're February, along pleased it's see we're of I of gigawatt at with to

that We it loan the deepens growth will load to definitely as later decade. outlook. look we say keep progresses. pipeline our as update, be at time way updated is I continue And will the every in growth that the we most encouraged. as development And But you along far the economic of

we as it will load show plan the growth with coincides that roll So to time. of sense it to kind over make more XXXX,

Lynn Good

[ just we is growth Constantin is to the upon know ], this quarter, pipeline. would have Lynn. are consistent growth. with development to emphasize that development that see we economic only continued is I I thing you but first that see economic shared we've continuing in with chart touched The Brian

And a progress sense of that February, and comprehensive provide will of in so on to balance we thought but economic a both development the load you capital our continue over the is year. update give

positioned line the them. growth of really feel well of a bottom take is wealth advantage to like opportunities we So have we're and

Unknown Analyst

Yes.

importance And be understood. our the a mindful that timing targets any update towards some and get should other we of? on great. maybe monetization metric perspective, given can pieces from nuclear just credit Totally play they Sounds and PTCs of an maybe separately,

Brian Savoy

], Constantin is This well. Brian. take as [ Thanks, that I'll

financial nuclear to the obviously on elements issue On extremely of not that and on by $XXX see plants the actively will of year. these in have to were are market The this June. about nuclear million that guidance nuclear our That's we of our hoping say in well And of still these have continues has low-cost by treasury third in and for through the monetizing the expect formal transpired. end the guidance the out. that week guidance And we We test the that PTCs recorded nuclear XX I to over half statements. And IRA. plants operate PTCs, the very the plans But earned see year. delivered midyear, we quarter. first week PTCs PTCs

impact on the in will the us on like feel So early you the any but that XXXX. expect report we guidance year, credit later our in don't delay from expectations in to our have could

Operator

Nick comes Campanella The next question from Barclays. from

Nicholas Campanella

of you on you those Good hearings case I think just about end the in to can hearing see month, do settlement at should evidentiary Florida. of was we this DEI that wondering potential? and settle ahead think the with that how

Harry Sideris

is closer that discussions. continue to as the development in those We're have put customer always the opportunities hearings Thanks we look open hearing, get discussions. we've to very for this investments feel settlement Harry. we in This Indiana month also we'll benefits, later That that for Nick. But question, growth strong the and economic the together, case for to Indiana. strong to about and that

So outcome. a we constructive feel either on comfortable path

Lynn Good

keep we'll get closer Nick, to case gearing. move as So through indicated, But you the Indiana. . informed, strong we a and Harry to

Nicholas Campanella

That's I Slide interest forward, of your is kind fourth which of be some you wondering path. how pressure to think load program. I until on watching I higher then tracking great. growth guess, are We'll I equity not X% sensitivities conceptualize stock kind the rates you're when laid it. is within X% some EPS on know XX, X% When And assumption the roll kind mention about this quarter, up, the glide did your out of the just of also which kind to accretion helps to try and your X% of that you down, just of

should the in what tracking to And like what versus I kind headwinds of you outlined right considering X%? be X% we are where there? Just then

Brian Savoy

is This No, thanks, Nick. Brian, again.

provide So as more a the definitely and accelerating headwinds, that load plans that tailwinds more This growth by our jurisdictions provides the for X-year back plan, and investment or supported consistent plan, environment. a in come we years through rate of our multiyear we clearly towards tailwind, end are right? look growth pointed multiple see critical to across interest and infrastructure transparent riders grid that rate stabilizing approved

the affects a Frankly, any also but the confidence of watch end to the high extending would things at in those economic range that downturn, that X degree an in to a say things utility. will give to that, us I earn of That presents later minimum, X% the opportunity be top X% period. the at right?

communities affect that It would demand. our customer and affect our would we serve

So with what definitely are they if something But probably understanding on pulse pressures add -- we that? that I don't where that's to you our Lynn, anything know keep the would finger customers, our they're seeing. that and

Lynn Good

given feel positioned are through like positioned X% you say would development strongly I to to at within a comfortably of Nick, X% it's we period when the X% this 'XX. look economic and you for X% sustained

the that a economic in indicated, Brian As see growth we lot of development pipeline. 'XX-'XX period with

at that us And our range. we the the been higher If if the of gives which So mature in them, end those the to earn to experience certainly opportunity at projects expect. has pace here XXXX. add we continue

give balance will to only step you February capital. way economic to lot chance the provide flow. The XXXX in in of this but to seen cash development update we'll well. So we've continue are strengthening a and an every as 'XX, produced in that a sheet not update also us anxious We've is capture of update

the future. So we're optimistic about very

Operator

from [indiscernible] from comes question next Jefferies. The

Unknown Analyst

excluded. on then following comment the here, time do versus on mean, that projection imagine load growth. you in guys to 'XX-'XX? incremental up you MoUs that industrial on of it's substantively growth in about can just Maybe reaching line you this is finality, I remaining And MoU I which the on outlined how these expense this if reflected think will? you very focus

I right? that Just Nucor risk to know there's some ability you time, presumably, on risk you with what ensuring you would SMR think your within some an sharing? guys? that to like relative of do counterparties. How structure here; to look clarify appropriate about sort there's that of of ahead dollars about you think for do the sharing these that, how directly risk And mentioned leverage

Lynn Good

[ Julian thanks. ],

Harry I'm will take a shot. to me something to add and it. Let Brian have sure

data think So grows. XX% about to as But we development XX% shared with as 'XX, we centers pipeline. you period this the that get represent we've that and XXXX economic pipeline of beyond, about over that through out

a pipeline lot see data beyond. into centers moving we economic growth so the in and And already XXXX of for development

in think but might an service on pipeline, their this find way that in our sustainability, hope So that will we also expanding MoU meet bringing serve those customers the on. we also a are interest further our not only territories about customers in how continue needs I have as would to to as but catalyzing is resources

So are early. the discussions

a clear we we're a in couple do so there's that time meet trying sustainability understanding their trying trying the protects lines. way think I trying meet load. do that trying to are their We're a to things goals, retail here. to customers, we're to of meet We're to

that and of discussion sharing talking the say very in something we're of with notion constructive. risk And on experience lots is about. very would I is And clear customers have the

I going think -- discussion the those well so of And as well. that element is

So to we'll something you of we'll pipeline be these economic keep mature that's more as into on the agreements some definitive, update go. and will start we you informed we there as development to disclosure continue

I'll Harry Brian to has anything there So or add. and like he'd see pause if

Harry Sideris

[ of add, -- it. piece energy up customers I of MoU constructiveness real on discussions tariffs, is lot and the a ], for would excitement their clean end these Julian the just of these really the ACE with our

we going work So into think dividends future. this is with them pay I to the as closer

Unknown Analyst

idea it. would some comprises? the you some or kind just of think specifically offtake the Got either customers, here that selecting of MoU SMR what clean kind the not being energy about And when impact offtake

Lynn Good

Yes.

interest, generation option. ], a represents number recognize all about. Julian talk structures the we're around about when have nuclear [ talking They are of in an we're early there obviously, we carbon-free development. an and But you of So that nuclear, stages in

equity premium partnership? sooner pace the method because development perhaps some a Is Is there Is a there of structure more the of there at that So encourage or is a rapid there pricing? a investment? would structure? some

is talk explored that to of them all as we're anxious and to it. continue being So with develop we

thing you're of I note, plan A generation lot this I the of, think SMRs. the aware generation would is other [ of ], moving carbon-free already Julian the on like Carolinas. discussion which course, through

in every reach with also they're also we customers. would But positive process states on expect with a exploring economic for sure structure. that or bringing would to of that fact because go agreements element doing for way we're so very also We win-win to it's tech reflects of energy protection and they that retail would through the comfortable have that these the development make that commission for been the a companies clean discussions the Nucor the a

Operator

The next question comes JPMorgan. from Jeremy Tonet from

Jeremy Tonet

to and on back in, the I wanted Just year as the prepared out how back laid on what load you're commercial and industrial versus the expectations over seeing remarks guess, as far dive in are of tracking as trends half that the just today trends ground here there? you and the

Brian Savoy

Jeremy. Yes,

years, on which So added growth year, of growth top of growth XX,XXX the than XXXX. any XXXX, we in putting is load has our of guided at recent our looked the and the any first half X.X% The of X% to We've we've been customers X% kind tracking added to more in to about line right in customers in half system that. we're robust. retail residential in in half kind with for residential first first

that healthcare, supporting the seen regions. have sector. than has came data our that mix commercial, year is higher this much center largely been and are of broad thinking a commercial in And a just And universities, a the combination modest we -- our higher higher commercial in but growth this we've Commercial demands population in more are usage, companies into expectations. of

has as sector industrial we rebounded as The fast anticipated. not

a dialogue is with recession they're overextended. to out We the taking stance. fear in our don't continue customers and cautionary And be industrial of you there, want to just get

been has market labor The tight.

a been staffed to shifts all challenge there's appropriately. the So get

just So feel back maybe expectations. be in in might opportunity some rebound better growth a top we our but the little customers 'XX still of or but like early or a have to 'XX on signaling bit. is mix than a our the taken the little different, pull 'XX, They're later

Lynn Good

feeling to into volume track. and influenced with interest been paper And our I would by we're industries I exactly later development industrial the textile would we 'XX-'XX industrial economic of that add this also primarily, and legacy pressure hearing expecting we're of what are of continue pushing only all thing that has rebound is that the customers. from what that to on track it's call, rates, Jeremy, is from kind it's

Carolinas, it's bit that a bullish So the said old growth little a we're development year. and many for bit the on And we're tracking as we've feel an in industry, new industry of in times, But the story overall, particular, in seeing Indiana. to the economic pipeline. little

Jeremy Tonet

there. to That's Got helpful here. to go And wanted November then just it.

North could with have any if thoughts IRP regards expect race just coming Carolina just to or could elections up, We change? too so stakeholder and wouldn't lot a impact agreement a share has different there's you the here you wondering of and outcomes much

Lynn Good

energy. matter keep happens which and that We clean customers no November, rulings election our reliable, in Indiana to receive expect Carolinas Piedmont or Jeremy, the objective an or the is on increasingly have with same, don't what serving to impact would we in case. the well is in affordable our

know -- served sides every that our utility aisle as continue election. our and a energy has just into be will this we policy working time, companies posture should to approach on and you both for move well well of that we bipartisan the reaffirming believe over And

add you on progress? would Harry, So IRP anything

Harry Sideris

which aligns was week very spend commission time to there settlement Yes. our that process staff very doing. what the and energy public We I I parties. to some into transition we're wrapped It last constructive and up intervening to think providing the engaged helped very the in was entered Carolinas with efficient. we up. got In other reliably a IRP this July, and customers, affordably yesterday. And speed some

on we that. forth to of that and customers work like we'll needs this feel year North meets in our Carolina, we the our set an So later see plan order

Operator

from The from next comes question Mizuho. Crowdell Anthony

Anthony Crowdell

guess. I Just couple of a questions,

over -- X. laid just out regulatory there. on You I'm nice impressive execution. went it very Harry curious Slide it on the

over the X Just there in -- maybe been strategy company's a change just it and great the regulatory in been the is have years, given track like Or record, I'll strong there. has a X outcomes years? last how it's curious, the leave last

Lynn Good

an because excellence When it about our outcomes, operational it Anthony, we thank that. think of absolutely I day you that includes every well reliably energy in and affordably. legislature sure go It an we how the that in that is expectation includes also regulatory work for assignment the to customers serve Energy future. clear and appreciating policy make Duke of to is have

It's that includes includes customers, stakeholder leaders, et that engagement that policymakers, includes cetera. community

change Florida, clarity think undergo saw and us Midwest ago place and in around I roles organizational regulatory continue So area. few around Alex and a we where to bit and engagement CEOs you responsibilities approach the of to our fine-tune Julie an CEOs stakeholder and of the of really in a years put Carolinas

take the helpful and job And Duke to fairly history environment. and responsibility And we has seriously at we been customers environment, well, us. been company Energy, long-standing believe do Duke of we treated think in be this well very we will it's additional at serving every constructively day if the a that's first that that And the but regulatory complex often polarized focus appreciating the and Energy.

moving our And the to day those please energy states. that to responsibility hard of our have that we work have respect well policy in oversight and serve to deepest our keep policymakers the and every for and for those customers commissions awesome

Anthony Crowdell

Brian, guys Duke said language, X%. it then given about the of load you appreciate to X.X% mean, obviously, talk and I growth, And on the Great. moving of I footprint you it,

planning the that, to whether on condense Given frequent system have X- growth is load the now? that the more or start that given the the seeing a asset IRP right long-lived might cycle required, that's company cycle and X-year in changes believe does that filings you'll seeing

Brian Savoy

It's a good question, Anthony.

load every pretty on well. every as frequent in the a in time we August see IRPs, year year, updated pretty frequent to what in then in saw Carolinas real-time. XX-year the this We we commissions a horizons are because the it felt Carolinas, think Florida, and there's already like plan we it's cadence which and But that other year; and in an this various need Midwest, increasing I January had did we that have We site filing. growth

So more to do could resources each need to plan full generation maybe and execute over updates but plenty up of gear load these you and we frequent growth plans filing year, time IRP more see the about appropriate every learn not lead a because them. we as time

Lynn Good

the about there's that a and coming state the discussions development needed only that then what's have and and Yes, part like so of the to what's updating on us lot filings of opportunity state is of follow IRP thing I very with that. Energy a of so other partnership notion on-the-ground understanding regulatory gives development, the that an so states on transmission work and generation would IRP, the we it's the Duke between economic add with a the closely engines on each of and economic

to we really our we continue states as stay to So go forward. intend linked with closely

Operator

Goldman The Davenport Sachs. Carly next from from comes question

Carly Davenport

Carolina of month, next South on piece the as is process. to starting the the towards the I Carolinas quickly follow previous potential any as Just for wanted up a a North Carolina hearing look couple the just IRP. color you Appreciate guess settlement all comments on there with well? there on

Lynn Good

that Carly, I appreciate question.

South in the as to think states our in Harry the serves early and then benefits on states scale indicated, needs Carolina I we've of offered both occur deliver objective little times, their And is on mid-September. schedule their over and fingerprints objectives in plan in the of set where have to Energy of is Carolina, of has that a requirements week-or-so, and we middle there's the testimony as out said that a hearings way tell. the a to customers the rebuttal in many that goes a in a both continues Duke to period buttal meet in opportunity both to put we've this that give states time. We're procedural plan that process believe a South due it's server still put forward long

you So procedural Carolina into we'll get a process, informed keep but is bit. deeper lacking the South as we

Carly Davenport

it. Got

on follow-up nuclear nuclear appreciate of I some comments a thoughts you know And was have the in the nuclear place then side. technology on us on latest Okay. and you the process? just for to just but made planning on sort could before, refresh resource that. timing potentially I the the new guys your

Lynn Good

talk is bit Carly, approached the we the you a included. Harry, with IRP? do want it how to SMR about little

Harry Sideris

lead Yes, that plans we Carolina, long action included have near-term absolutely. our these item In North for projects in SMRs. like

XXX IRP in station. online to We Blue Creek in at come have it XXXX our megawatts our slated

So as commission we're those well for and move filing selected, as and a those we're working settlement this with needs, agreed but site all And through the to we public waiting there, selection technology actions, has have the that continue in from has that through construction staff process. development other the work the approval IRP to as we and forward items. to

Lynn Good

think Carly, appreciate And Carolinas that Duke add, would I units. long-standing I you a XX history just in has here the nuclear

that have future. a customers are We interested sustainable both in also in states

represented the development We have communities. the for nuclear has appreciate states that who economic investment

conversation the that bit nuclear a of whether sense I of there's at Carolinas I will a that way, as we're I could here nuclear manage thoughtful continued That, Indiana we'll work frankly, and disciplined part little say, do is we the probably lagging in into in we XXXXs nuclear some could So beyond. very a it but the and some into on timing, as through but get . And program. believe point hearing future, recognition a be could on expansion make a this think way. in that well would fit in

Operator

have further We questions. no

the turn Lynn to I'll Good remarks. closing back for So call

Lynn Good

for and and investment available, team Energy. the your we can if much. Thanks so Duke as Relations questions your really and you, follow-up for and I Duke that thank investment appreciate everyone, in said, and of in thanks, Well, appreciate, any members today Energy. there's Investor for engagement questions We're provide the today your

Operator

attending. all This for Thank concludes call. today's you

You may your disconnect now lines.

Duke Energy (DUK) 6 Aug 242024 Q2 Earnings call transcript