Duke Energy faces criticism for $22M in CEO pay as it seeks rate increases
Advocacy groups are raising questions about Duke Energy’s executive pay as the utility seeks higher rates. But Duke says most of that compensation is tied to long-term performance and customer-focused outcomes.
Duke disclosed in its latest 2026 shareholder presentation that its new CEO earned about $13.6 million in 2025, a report that comes as the utility faces mounting criticism over rising electricity costs and requests for rate increases across North Carolina. While the compensation total reflects a mix of salary, stock and performance-based incentives, the timing of the disclosure has intensified scrutiny from advocates and customers already frustrated by high energy bills. Harry Sideris became CEO in April 2025, meaning the compensation reflects a partial year in the role.
The filing also shows total compensation for Duke Energy’s top leadership was higher when factoring in the company’s CEO transition. Former CEO Lynn Good received about $8.3 million in 2025 before stepping down, bringing the combined compensation for the company’s current and former CEOs that year to nearly $22 million.
A report from the Energy and Policy Institute found Duke Energy ranked among the top utilities for CEO pay last year, with the combined compensation placing the company in the top 10. The highest-paid utility CEO leads American Electric Power and earned about $36.6 million.
“Duke Energy’s CEO is shamelessly making millions, while North Carolinians are faced with impossible choices between paying the power bill or putting food on the table,” Luis Martinez, southeast director for climate and energy with the Natural Resources Defense Council said in a statement. “Harry Sideris should prioritize affordable, clean energy that will keep the lights on and our bills down instead of padding his own pockets.”
How is the CEO’s compensation determined?
Duke Energy said about 90% of Sideris’ compensation is performance-based or tied to stocks and is designed to align pay with reliability, customer outcomes and long-term performance, according to Madison McDonald, Duke Energy’s senior communications manager.
As disclosed in Duke Energy’s statement to shareholders, Sideris’ 2025 total compensation was calculated under federal rules and reflects what the company described as the “scope, complexity, and accountability” of leading one of the nation’s largest electric and gas utilities.
Stock included in that total are not paid out all at once. Duke said some stock incentives vest gradually over about three years, while others are tied to goals and are only paid if those targets are met.
“Affordability is a critical issue for many customers, and Duke Energy’s leadership and the Board consider that context carefully,” Duke Energy said in a statement to The Charlotte Observer. “As we make critical investments to strengthen the grid, our leadership and Board carefully weigh keeping costs as low as possible – maintaining rates below the national average – and delivering safe, reliable energy for North Carolina customers.”
Customers could see higher bills
The compensation disclosure, released in March, comes as Duke Energy is pursuing multiple changes that could increase what customers pay for electricity.
The company is asking state regulators to approve a roughly 16% rate increase for residential customers over the next several years. Separately, Duke has also requested approval to recover about $800 million in fuel and power costs from this winter, which could raise monthly bills by about $6.90 to $7.88 for typical households if approved.
Those proposals follow a winter in which many customers reported unusually high bills, prompting backlash and calls for greater scrutiny of the utility’s costs and pricing. Thousands of residents have signed a petition calling for an independent audit of Duke Energy, arguing that recent spikes in electricity bills have strained household budgets.
Advocacy groups say the new compensation figures contribute to broader concerns about affordability.
“Duke Energy is demanding double-digit rate hikes from working families while handing a $13.7 million pay package to a new CEO who hasn’t even worked in the role for a full year,” Will Scott, North Carolina policy director with the Environmental Defense Fund, said in a statement. “This isn’t just bad business, it’s a betrayal of public trust by a state-granted monopoly.”
State regulators ultimately decide what utilities can charge customers, after reviewing detailed filings, testimony and public input. Executive compensation is not directly tied to customer rates. Duke has said it cannot exceed profit levels set by regulators and must return excess earnings to customers.
Duke also emphasized that its rates in North Carolina remain below the national average and said it is working to balance long-term investments in the grid with near-term affordability concerns. Those investments, the company says, are necessary to maintain reliable service. Duke also pointed to programs aimed at helping customers manage costs, including millions of dollars in assistance distributed through its Share the Light Fund and other community initiatives.
