Duke Energy Proposes Gas Expansion to Power Amazon’s $10B Data Center

Duke Energy has proposed the addition of a new natural gas generation unit to support Amazon's massive $10 billion data center project in Richmond County. This expansion is driven by the surging power demand from large-scale data centers, forcing utilities to scale up their infrastructure rapidly. To fund these new generation projects, the company is seeking regulatory approval for rate increases, which has triggered public hearings before the North Carolina Utilities Commission. While the expansion signals robust demand growth for Duke Energy, the company faces hurdles regarding environmental scrutiny and the approval of higher rates for consumers. The project is critical for ensuring the necessary energy infrastructure for Amazon's regional operations. Investors are closely monitoring DUK and the XLU utilities sector to gauge the long-term impact of these capital expenditures on profitability.