Duke Energy and Brookfield Announce $6 Billion Partnership to Enhance Florida's Energy Infrastructure

Duke Energy has entered into a definitive agreement with Brookfield, a leading global infrastructure investor, for a $6 billion investment in Duke Energy Florida. This partnership grants Brookfield a 19.7% non-controlling equity interest in Duke Energy Florida, marking a significant step towards enhancing the company's ability to meet the rapidly growing and evolving energy demands of its customers. The investment is part of Duke Energy Florida's increased $87 billion, five-year capital plan, which now includes an additional $4 billion aimed at grid modernization and resiliency initiatives, as well as generation capacity enhancements.

The transaction is structured as an all-cash deal, providing Duke Energy with an attractive and efficient form of financing. This not only supports the company's energy modernization strategy but also strengthens its balance sheet. The proceeds from the transaction will fund Duke Energy's expanded capital plan and displace holding company debt, enabling a 100 basis point increase in Duke Energy’s long-term FFO/Debt target to 15% and supporting a 5% to 7% EPS growth rate through 2029.

Harry Sideris, president and chief executive officer of Duke Energy, highlighted the importance of this partnership in positioning Duke Energy to unlock additional capital investments in Florida during this period of unprecedented growth. Sam Pollock, chief executive officer of Brookfield’s infrastructure group, expressed enthusiasm for the partnership, emphasizing Brookfield's commitment to investing in essential infrastructure assets that support economic growth and generate stable long-term cash flows.

Duke Energy Florida serves 2 million customers across central and western Florida, and the increased investment will take total investment in the state to over $16 billion through 2029. This plan is designed to enhance reliability, maintain affordability, and support future economic development in Florida. Melissa Seixas, Duke Energy Florida state president, stated that the partnership will create value for all communities by investing in generation, transmission, and distribution enhancements.

The transaction is subject to regulatory approvals and is expected to close in phases, with the first closing anticipated in early 2026. Duke Energy will retain an 80.3% interest in Duke Energy Florida and continue to operate the utility with its existing workforce and leadership team. For more information on Duke Energy's initiatives, visit https://duke-energy.com.