Customer and volume trends
Duke Energy (DUK) is expected to keep up its sales growth largely by expanding its customer base. For Duke, every 1% rise in sales growth can be translated to 2% EPS (earnings per share) growth.
Electricity demand growth kept falling after peaking in 2008 mainly due to energy efficiency programs. As a result, US electric utilities focus on expanding geographically to enhance their customer base in order to maintain revenue growth. Along with electric operations, traditional utilities (SO) (PPL) are opening up in gas distribution, midstream, and similar segments too.