About Lynn Good
Lynn Good, chair, president and CEO of Duke Energy, has said the company is navigating a period of significant electricity demand growth driven by data centers, artificial intelligence, and the onshoring of U.S. manufacturing. Good stated that Duke Energy sees data center load doubling by 2028 and doubling again by 2030, and described the company as a "growth industry." She said the company is working with large customers such as Amazon, Google, and Microsoft on customized solutions to fuel growth while maintaining affordability and reliability. Good noted that Duke Energy's five-year capital plan has been raised to $83 billion, with a significant portion directed toward grid investment and clean energy.
Good has stated that Duke Energy remains committed to a clean energy transition, with goals of net-zero carbon emissions by 2050 and retiring coal by 2035. She said the company is seeing an uptick in natural gas generation to meet near-term demand, which she described as a reflection of the need to maintain reliability while pursuing cleaner energy over time. Good said she does not see Duke Energy restarting coal plants, citing the age of the plants and challenges with the coal supply chain. She has emphasized the importance of nuclear power, noting that 50% of power in the Carolinas comes from nuclear, and said the company is pursuing second license renewals for its nuclear fleet. Good has also called for permitting reform to help build the infrastructure needed for the energy transition.
Source: AI-verified profile updated from Lynn Good's recent appearances.
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Transcript (11 segments)
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Host0:00
New sexy story in town. Who would have thought?
Utes, as they say.
These new notes come as Duke Energy announces some deals with Amazon, Google and Microsoft to supply clean energy in response to growing demand for data centers. Duke Energy Chair and CEO Lynn Good joins us. Great to have you.
I don't need to tell you, the street is obsessed with this notion of securing long-term energy security, and I guess in this set of memorandum of understanding, the lower rate structure, you talk about the construction and what it means?
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Lynn Good0:35
Sure. You know, this is a period of growth and the comments that you had leading into this, we're seeing growth everywhere. Artificial intelligence data centers being part of it, but at Duke, we have a more diversified growth story with chip manufacturers, battery manufacturers, pharma companies. It's a moment when the industry is really growing, and you're beginning to reflect that in the story about the utility industry. So as we face this growth and have an opportunity to work with customers like Amazon and Microsoft, Google, Newport, an existing customer, all of them existing customers at Duke, we begin talking about partnership. How can we not only power this growth but also help these companies achieve their clean energy transition in a way that is affordable and competitive? It we work together. So, I think it's an extraordinary opportunity where innovation and growth are meeting and we're excited to have an opportunity to find ways to accomplish their objectives and, frankly, Duke's objective to continue building clean energy.
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Host1:37
Can you give viewers a sense of how much of the load is data center and where that number is going to end up in five years?
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Lynn Good1:45
So, today the load is about 2% of what Duke Energy supplies. And we see a doubling by 2028 and probably doubling again by 2030. As I look at the growth that we see between now and 2028, it represents 25% of our growth. Those other items, chipmakers, battery manufacturers, the onshoring of U.S. manufacturing, is also contributing to our growth. So, it's important, it's growing, it's beyond what we've seen in decades, Carl. But it represents a piece of what is already a growing list of industrial and, frankly, population growth is also spurring growth at Duke.
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Host2:22
How much are these tech companies investing to develop this power? It reminds me of the deal we saw from Microsoft, which is investing $10 billion with Brookfield to develop renewable alternatives for powering data centers. Do you have a sense of just how much money we're talking about?
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Lynn Good2:41
I think we're early in the process. You should think of this as a framework for customized solutions for those customers coming to our area. And it can take a variety of forms. It could be direct investment. It could be innovative financing opportunities. So, the specifics will be ironed out in the weeks and months ahead. I think what this demonstrates, though, is the willingness of partnership between Duke Energy and these customers to find a way to fuel the growth, but also lower the cost of clean energy technologies over time.
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Host3:14
So, it's David. You say you're working together. I assume you have plans, then, to meet? Obviously, this is just an exploration. You've made that clear. It doesn't necessarily mean you're going to get to some sort of conclusion of some big answer.
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Lynn Good3:28
David, we've been working for a long period of time. As I said a moment ago, existing customers at Duke, we've had a relationship for a period of time. So, our hope is that this accelerates with some specifics that we can put a framework around in 2024 and then begin moving more quickly to get...
