Duke Energy was ranked as the largest gas and electric utility in the United States in 2024, based on revenue. The company generated approximately billion U.S. dollars in the financial year 2024. The utility was also considered one of the largest electric utilities in the country based on market value and is headquartered in North Carolina. Southern Company followed second in the ranking, with revenue of billion U.S. dollars.
Duke Energy as a utility
In 2024, electric utilities and infrastructure constituted the vast majority of Duke Energy's operating revenue by segment. The electric and gas utility supplies energy to North and South Carolina, Florida, Ohio, and Indiana. Duke Energy sales amounted to over terawatt-hours in 2024, the largest share coming from the utility subdivisions Duke Energy Carolinas and Duke Energy Progress, supplying electricity to Carolina and Florida.
What do utilities do?
A utility maintains the infrastructure that provides a public service, such as electricity and water, and is regulated by public entities ranging from local community groups to statewide government monopolies. An electric utility is generally involved in the generation and distribution of electricity for sale to customers. Globally, U.S. based Sempra Energy is one of the largest natural gas utilities with a market value of billion U.S. dollars as of May 2023.