Duke Energy Announces $6 Billion Common Stock Offering Program

Duke Energy (NYSE: DUK) Corp (CIK: 1326160) has filed a prospectus supplement to facilitate the sale of common stock with a par value of $0.001 per share. The company intends to raise an aggregate gross amount of up to $6 billion through an at-the-market equity offering. This program supplements a base prospectus originally dated September 23, 2025.

The offering will be conducted via an equity distribution agreement involving multiple sales agents. Under this framework, Duke Energy may sell shares directly to agents acting as principals or through agents to the public. Additionally, the company may enter into forward sale agreements with forward purchasers.

In the event of a forward transaction, the forward purchaser will borrow shares from third-party lenders to hedge the agreement. Duke Energy will not receive immediate proceeds from these borrowed share sales. Instead, the company expects to receive cash upon the physical settlement of the forward contracts on or before their respective maturity dates.

The filing outlines two primary forward structures: initially priced forward transactions and collared forward transactions. The final proceeds from these arrangements will be subject to price adjustments, including deductions for commissions and expected dividends during the term of the forward agreement.

The equity distribution program is scheduled to terminate on September 23, 2028, unless the $6 billion maximum is reached earlier. Duke Energy or the participating sales agents also maintain the right to terminate the agreement at any time by providing two days' written notice.