At a meeting with analysts in New York, the Charlotte, N.C.-based power company said it now expects earnings per share will rise 5 to 7 percent annually over the next five years, according to a company statement. That compares with a previous growth forecast of 4 to 6 percent through 2009.

The estimate is calculated off of Duke's 2007 employee incentive per-share target of $1.15. Assuming weather remains normal, Duke expects to beat the target this year.

The company also laid plans to boost average capital spending to $4.5 billion annually from 2008 to 2012. The company previously forecast capital spending of $3.5 billion per year from 2007 through 2009.

Duke raised the estimate to account for $23 billion in infrastructure investments the company plans to make, Chairman, President and CEO Jim Rogers said in a statement.

Duke shares fell 13 cents to $18.58 in afternoon trading.