Brookfield to Buy Duke Florida Stake in Phased Deal

Duke Energy has agreed to sell a 19.7% indirect stake in its Florida business to Brookfield Asset Management for $6 billion in cash, with the transaction set to be executed in phases between 2026 and 2028. The sale aims to strengthen Duke's balance sheet and fund its expanded $87 billion five-year capital plan, allocating $2 billion to capital projects and $4 billion to reduce holding company debt. Duke will retain an 80.3% ownership interest and will continue to operate the Florida segment, serving approximately two million customers. Brookfield's investment represents a significant premium over Duke's current public equity valuation. The deal supports modernization and infrastructure upgrades as utilities face rising electricity demand from AI data centers and electric vehicles. Duke also reported stronger-than-expected quarterly earnings and revenue, aided by higher retail rates in its electric utilities segment.