Business
Duke Energy Sells 19.7% of Florida Business for $6 Billion

Duke Energy, a leading U.S. electric utility, has agreed to sell a 19.7% stake in its Florida operations to Brookfield Asset Management for $6 billion in cash. This strategic move aims to support Duke’s ambitious capital spending plan over the next five years. The agreement involves Brookfield investing in Florida Progress, the entity that owns all of Duke Energy Florida, with the transaction expected to unfold in several phases.
Under the terms of the deal, Brookfield will begin its investment with $2.8 billion at the first closing, anticipated in early 2026. An additional $200 million will follow by the end of 2026, with further payments of $2 billion in 2027 and the remaining $1 billion in 2028. Notably, Brookfield retains the option to expedite the total investment of $6 billion if desired.
The proceeds from this transaction will significantly bolster Duke Energy’s capital plan, which totals $87 billion over the next five years. Of this amount, $2 billion will be allocated to support the increased spending, while the remaining $4 billion will be utilized to mitigate holding company debt.
Duke Energy Florida is a vertically integrated utility serving approximately 2 million customers across central and western Florida. The state president, Melissa Seixas, emphasized the partnership’s potential to enhance community value. “This partnership will create value for all of our communities as we invest in generation, transmission, and distribution enhancements that increase reliability, maintain affordability, and support future economic development in our state,” Seixas stated.
The move comes at a time when U.S. electric utilities are ramping up capital investments, with many announcing multi-billion-dollar plans in response to growing demands, particularly from the technology sector. As artificial intelligence and data center expansions drive electricity needs, utilities are preparing to invest heavily in new power capacities. According to the Financial Times, U.S. electric utilities are poised to increase spending by 22.3% this year alone, highlighting the urgency of securing reliable electricity supply for emerging technologies.
Duke Energy serves a total of 8.6 million customers across several states, including North Carolina, South Carolina, Indiana, Ohio, and Kentucky. The company’s ongoing investments aim not only to meet current demand but also to pave the way for sustainable growth and development in the energy sector.
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