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

Duke Energy has entered into a significant partnership with Brookfield, a global leader in infrastructure investment, to secure a $6 billion investment in Duke Energy Florida. This collaboration marks a pivotal step towards enhancing the energy infrastructure in Florida, addressing the rapidly growing and evolving energy demands of the region. Brookfield will acquire a 19.7% non-controlling equity interest in Duke Energy Florida, with the transaction structured to support a $4 billion increase in Duke Energy Florida’s five-year capital plan, bringing total investments in the state to over $16 billion through 2029.

The partnership is designed to strengthen Duke Energy's balance sheet and fund ongoing capital needs, enabling the company to modernize its energy infrastructure. This includes grid modernization, resiliency initiatives, and generation capacity enhancements. The investment is expected to support Duke Energy's long-term financial goals, including a 100 basis point increase in its FFO/Debt target to 15% and sustaining a 5% to 7% EPS growth rate through 2029.

Harry Sideris, president and chief executive officer of Duke Energy, emphasized the importance of this partnership in meeting the energy needs of Florida's dynamic and fast-growing communities. Sam Pollock, chief executive officer of Brookfield’s infrastructure group, highlighted the transaction as a testament to Brookfield's strategy of investing in essential infrastructure assets that support economic growth and generate stable long-term cash flows.

The transaction is subject to regulatory approvals, including from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. 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. This partnership not only underscores Duke Energy's commitment to its customers and communities but also positions the company to invest in a smarter energy future for Florida.

For more details on Duke Energy's initiatives, visit https://duke-energy.com.