- Revenue: $30.36 billion (2024)
- Market Capitalization: $95 billion (December 2025)
- Employees: 29,000
- Customers Served: 8.6 million electric and 1.7 million natural gas
- Service Territory: 104,000 square miles across six U.S. states
Duke Energy Corp. stands as the largest electric power holding company in the United States. The company delivers electricity and natural gas to customers across North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky.
Duke Energy operates nuclear power plants, coal-fired facilities, natural gas turbines, and a growing portfolio of renewable energy assets. The company ranked 141st on the Fortune 500 list in 2024.
Headquartered in Charlotte, North Carolina, Duke Energy traces its origins to the hydroelectric power industry of the early 1900s. The company continues to invest in grid modernization and clean energy infrastructure.
Duke Energy History
Duke Energy Co-founders
A physician and engineer from Chester, South Carolina, Wylie pioneered hydroelectric power development along the Catawba River. He founded Catawba Power Company in 1900 and convinced James Buchanan Duke to invest in the Southern Power Company.
A wealthy tobacco industrialist, Duke provided critical funding for the hydroelectric network. His $8 million investment in 1905 enabled the construction of power plants across the Carolinas. The company was renamed Duke Power in his honor in 1924.
The chief engineer who designed and built the hydroelectric infrastructure. Lee developed innovative power generation systems that transformed the Piedmont region from an agricultural economy into an industrial center.
Duke Energy Competitors
Duke Energy operates in a competitive utility market alongside several major electric power companies. The company faces competition from integrated utilities serving overlapping wholesale markets and from independent power producers.
| Company | Headquarters | Market Position |
|---|---|---|
| NextEra Energy | Juno Beach, Florida | Largest U.S. utility by market cap, renewable energy leader |
| Southern Company | Atlanta, Georgia | Major Southeast utility, nuclear and natural gas operations |
| Dominion Energy | Richmond, Virginia | East Coast utility with electric and gas distribution |
| Exelon Corporation | Chicago, Illinois | Largest nuclear fleet operator in the United States |
| American Electric Power | Columbus, Ohio | Largest transmission network in the United States |
| Xcel Energy | Minneapolis, Minnesota | Midwest and Western utility focused on renewables |
| Consolidated Edison | New York City, New York | Primary utility serving New York metropolitan area |
| PG&E Corporation | Oakland, California | Largest utility in California by customer count |
| Entergy Corporation | New Orleans, Louisiana | Gulf Coast utility with nuclear generation assets |
| FirstEnergy Corp. | Akron, Ohio | Midwest and Mid-Atlantic transmission and distribution |
Duke Energy Marketcap
Duke Energy maintains a market capitalization of approximately $95 billion as of December 2025. The company ranks among the 15 largest utilities globally by market value.
Stable dividend payments and regulated utility operations attract long-term investors. Institutional investors hold approximately 69% of outstanding shares.
Duke Energy Revenue
Duke Energy generated $30.36 billion in revenue during 2024, representing a 4.5% increase from the prior year. The company serves approximately 8.6 million electric customers and 1.7 million natural gas customers.
Revenue growth reflects rate increases approved by state utility commissions and expanding customer demand from data centers and manufacturing facilities.
Duke Energy Acquisitions
Duke Energy has grown through strategic acquisitions that expanded its geographic footprint and customer base. The company focuses on acquiring regulated utilities with stable cash flows and growth potential.
The 1997 merger with PanEnergy Corporation transformed Duke Power into an integrated energy company with natural gas operations. This deal valued at $7.7 billion created one of the first combined electric and gas utilities in the United States.
Duke Energy completed its acquisition of Cinergy Corporation on April 3, 2006. The $9 billion transaction added 1.5 million electric customers and 500,000 gas customers in Ohio, Indiana, and Kentucky. Cinergy operated coal-fired and natural gas power plants that increased Duke Energy’s generation capacity.
The July 2012 merger with Progress Energy created the largest U.S. utility by customer count. This $32 billion deal added 3.1 million customers in Florida and the Carolinas. The combined company retained the Duke Energy name and Charlotte headquarters.
In October 2016, Duke Energy acquired Piedmont Natural Gas for $4.9 billion. This acquisition added 1 million natural gas customers across North Carolina, South Carolina, and Tennessee. The deal strengthened Duke Energy’s position in the natural gas distribution market.
Duke Energy continues to evaluate acquisition opportunities that align with its clean energy transition strategy. The company invests in renewable energy projects and grid modernization as alternatives to traditional utility acquisitions.
FAQs
Who founded Duke Energy?
Dr. Walker Gill Wylie founded the company as Catawba Power Company in 1900. James Buchanan Duke provided major funding in 1905, and the company was renamed Duke Power in his honor in 1924.
Where is Duke Energy headquarters located?
Duke Energy is headquartered in Charlotte, North Carolina. The company has maintained its headquarters in Charlotte since the formation of Duke Power in the 1920s.
How many customers does Duke Energy serve?
Duke Energy serves approximately 8.6 million electric customers and 1.7 million natural gas customers across six states in the Southeast and Midwest regions of the United States.
What states does Duke Energy operate in?
Duke Energy provides electric service in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky. Natural gas distribution operates in Ohio, Kentucky, Tennessee, and the Carolinas.
Is Duke Energy a Fortune 500 company?
Duke Energy ranks 141st on the Fortune 500 list as of 2024. This represents the company’s highest-ever placement on the annual ranking of largest U.S. corporations by revenue.