Duke Energy is a large regulated electric and gas utility headquartered in Charlotte, North Carolina. Duke Energy generates and delivers electricity to approximately 8.7 million retail customers across six states — North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky — and distributes natural gas to approximately 1.8 million customers through its Piedmont subsidiary and other regulated operations. Duke Energy generates electricity from a diversified fuel mix including natural gas, nuclear, coal, hydro, and solar, owning roughly 55,713 MW of generation capacity and operating the largest regulated nuclear fleet in the U.S. Duke Energy's business model is a classic regulated utility: it invests capital in generation, transmission, and distribution infrastructure and earns a regulated return on that capital base, with rates set by state utility commissions. Cost recovery mechanisms — including multi-year rate plans, grid riders, and fuel pass-throughs — reduce regulatory lag and support cash flow. Duke Energy is executing a $103B five-year capital plan, the largest among U.S. regulated utilities, focused primarily on adding approximately 14 GW of new generation capacity, predominantly natural gas combined-cycle plants in the Carolinas and Indiana. Load growth is an increasingly important earnings driver: data centers now represent roughly 75% of Duke Energy's economic development pipeline, with approximately 4.5 GW of signed service agreements with customers including Microsoft, AWS, and Digital Realty, and a reported pipeline of roughly 9 GW in development.