Duke Energy told investors Tuesday that it has locked in roughly 2.7 gigawatts of new electric service agreements for data centers, a single-quarter surge that pumps its total contracted data center load to about 7.6 gigawatts. The jump, disclosed during the company’s first-quarter earnings, shows how hyperscale AI and cloud projects are quickly reshaping power demand across Duke’s multi-state territory and particularly in and around Charlotte.
Executives said the additional 2.7 GW was signed since the prior quarter and that about two thirds of those new agreements are already under construction, with some projects expected to begin taking power as early as the second half of 2027, according to Duke Energy’s Q1 earnings transcript on The Motley Fool. The company told investors that the new signings bring its cumulative contracted data center load to roughly 7.6 GW.
In a company news release, Duke said its large-load electric service agreements “feature minimum demand provisions, credit support, refundable capital advances and termination charges” so that the steep costs of connecting hyperscale campuses land on those customers rather than on typical residential ratepayers. Duke Energy has framed those contract protections as part of a broader strategy to shield customers while it ramps up generation and grid capacity.
What This Means For Charlotte And The Carolinas
On the ground, that surge of signed deals translates into more substation work, transmission upgrades and long lead-time construction, as developers nail down sites in University City and elsewhere, according to industry trackers. As reported by the Charlotte Business Journal and local public radio, Duke’s expanding data center pipeline has become a central issue in regional planning, zoning and permitting talks.
Speed To Power And Timetable
Duke told investors it is building out “speed to power” infrastructure so that new data center customers can ramp up quickly rather than waiting years for the grid to catch up. Management said some of those customers could begin taking power as early as the second half of 2027, with larger loads ramping through the early to mid 2030s, according to Duke’s Q1 earnings transcript on The Motley Fool. The company also described a broader, high-confidence pipeline of potential projects that could top 15 GW, underscoring both the scale and the pace of the buildout.
Who's On The Hook?
Some of the deals behind the rising totals surfaced earlier this year, when Duke confirmed contracts to power Microsoft and Compass data center campuses in North Carolina, a move that helped swell the utility’s contracted load, according to Bloomberg. Local public radio reporting points to names such as Amazon and Digital Realty among projects in the pipeline, according to WUNC.
Duke says this wave of hyperscale demand supports a record capital plan, including a five-year program near $103 billion, to fund new gas, solar and storage that executives say will keep power flowing for data center giants while protecting everyday ratepayers, as reported by Fortune. Regulators and local planners will be watching closely as those ESAs move from contract language to energized facilities over the next decade.
