S&P 500 wavers, UnitedHealth lifts Dow: Live updates

Power demand is growing at a pace not seen since the 1980s due to the onshoring of battery and chip manufacturing in the U.S., according to Duke Energy CEO Lynn Good. 'We are seeing demand at a pace that we have not seen probably since the 80s or 90s in the Carolinas,' Good said at the Columbia Global Energy Summit Tuesday. The CEO said demand is expected to grow 1.5% to 2% or more in the near term, compared to flat growth in the past.

The growing number of domestic chip and battery manufacturers as well as data centers supporting artificial intelligence require power round the clock, the CEO said. Duke is targeting 30,000 megawatts of renewables and 10,000 megawatts of batteries across its system by 2035, Good said. But natural gas will also play an important role in meeting the growing power demand until hydrogen and new nuclear technologies are commercialized, Good said.

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