Brian Savoy:
I truly believe we're in a once in a generation build cycle in the energy industry. I would mirror it back to when we electrified the Southeast, when Duke Energy was created in 1904. We're rebuilding that entire system, but not over 80 years. We're doing it over a decade.
[text on screen: Meeting the moment]
[text on screen over establishing shots of Charlotte/Duke Energy:
Duke Energy
Headquarters: Charlotte, NC
26,000 employees
Market cap: $95 billion]
Brian Savoy:
We're seeing just remarkable growth
[Lower Third: Brian Savoy, Chief Financial Officer, Duke Energy]
We're investing $200 billion over the next decade to modernise the system and expand the capabilities to serve this growing load.
[text on screen:
$1.1 Trillion
Forecasted US utility capital investment for rising demand from data centers and electrification
Sources: Bloomberg/Edison Electric Institute]
Brian Savoy: Every morning I’m thinking, Where’s the next best dollar going? How can it improve the customer experience, how can it lower costs for customers?
Aaron Smith:
[Lower Third: Aaron D. Smith, Group Head, Energy & Power, Wells Fargo Corporate & Investment Banking]
We cover the entire energy and power landscape, oil and gas, midstream, utilities, renewables and energy transition.
The relationship between Wells Fargo and Duke Energy is a holistic one. We’re the lead admin agent on their $10 billion credit facility. We’ve raised tens of billions across the capital markets. It’s built on bringing our best strategic thinking to the relationship.
[text on screen: $10 billion credit facility]
Brian Savoy:
And on the strategic front, Wells was our lead advisor on our commercial renewables exit.
Aaron Smith:
That divestiture was a tough one. Interest rates were rising. It was our advice to push forward with divesting of the business, and they sold it for almost $3 billion and reinvested into their utility business.
[text on screen: $2.8 billion Commercial Renewables Sale]
Brian Savoy:
They've seen us through the good times and the bad. In the 2024 hurricanes that affected our customers in a huge way and devastated the Carolinas and a lot of Florida. Wells was there for us.
Aaron Smith:
I called Brian and the CEO and I told him, Whatever it is you need, whether it's in the community, whether it's capital support that we would be there for them.
Brian Savoy:
Our massive capital plan is estimated to have a $370 billion impact and create 170,000 jobs annually. Not only are we delivering power for our customers, we’re also igniting the communities we serve.
Close with music
Sponsored by Wells Fargo Corporate & Investment Banking
The Next Horizon
Duke Energy
bloomberg.com/thenexthorizon
Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names used for the corporate banking, capital markets, and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, member of NYSE, FINRA, NFA, and SIPC, Wells Fargo Prime Services, LLC, member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A., member NFA and swap dealer registered with the CFTC and security-based swap dealer registered with the SEC, member FDIC. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC, are distinct entities from affiliated banks and thrifts. © 2025 Wells Fargo & Company.
[endit]
