EX-99.1 2 er-20201231xearningsreleas.htm EX-99.1 Document
News Release
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Media Contact: Catherine Butler
24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan
Office: 980.373.3564                                

Feb. 11, 2021    

Duke Energy reports fourth quarter and full-year 2020 financial results
▪2020 reported EPS of $1.72 and adjusted EPS of $5.12, closing year at midpoint of updated guidance range
▪Constructive regulatory settlements in North Carolina and Florida provide clarity as clean energy transformation accelerates
▪$2.05 billion minority investment in Duke Energy Indiana by GIC displaces all common equity needs in five-year plan and supports investment plan to achieve net-zero carbon by 2050
▪Affirmed 2021 adjusted EPS guidance range of $5.00 to $5.30 with $5.15 midpoint and long-term adjusted EPS growth rate of 5% to 7% through 2025, off 2021 midpoint
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2020 full-year reported EPS of $1.72, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.12. This is compared to reported and adjusted EPS of $5.06, for the full-year 2019.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between full-year 2020 reported and adjusted EPS was primarily due to charges resulting from the cancellation of ACP and the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.
Adjusted results for 2020 were higher primarily driven by rate case contributions in the Electric Utilities and Infrastructure and Gas Utilities and Infrastructure segments, complemented by growth from new renewables projects in the Commercial Renewables segment. Further, Duke Energy incurred lower O&M driven through substantial cost control efforts. These items were partially offset by impacts of the pandemic, including lower volumes and incremental expenses, mild weather, higher storm costs, the loss of ACP earnings and higher depreciation, amortization and property taxes on a growing asset base.
“I am very proud of our 2020 results — Duke Energy delivered for investors, customers and communities and these results reflect the strong commitment of our employees to work through challenges and serve our customers with excellence,” said Lynn Good, Duke Energy’s chair, president and chief executive officer. “Our strategy is clear — creating a clean energy future for our customers and communities. Underpinned by our robust $59 billion capital plan, as well as the significant progress on regulatory matters and strategic transactions during 2020


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and early 2021, we are confidently affirming our growth rate of 5 to 7% based off of the 2021 adjusted EPS midpoint of $5.15.”
Quarterly results
Duke Energy's fourth quarter 2020 reported loss per share was $(0.12), primarily reflecting the impact of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress. This compared to reported EPS of $0.88 for the fourth quarter of 2019. Duke Energy's fourth quarter 2020 adjusted EPS was $1.03, compared to $0.91 for the fourth quarter of 2019. Higher adjusted results for the quarter compared to last year were driven by similar items as the year-to-date variance described in the preceding section.
In addition to the following summary of fourth quarter 2020 business segment performance, comprehensive tables with detailed EPS drivers for the fourth quarter and full-year 2020 compared to prior year are provided at the end of this news release.
The discussion below of fourth quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized fourth quarter 2020 segment loss of $(170) million, compared to segment income of $592 million in the fourth quarter of 2019. Fourth quarter 2020 reported results included impacts of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.
On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2020 segment income of $675 million, compared to $584 million in the fourth quarter of 2019, an increase of $0.12 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily driven by contributions from rate cases (+$0.12 per share) and lower O&M (+$0.09 per share). Lower O&M is driven by lower employee-related expenses, operational efficiencies and other cost control efforts, partially offset by higher storm costs and pandemic related costs, net of deferrals.
These results were partially offset by lower rider results primarily due to the absence of a prior year favorable energy efficiency order (-$0.05 per share) and higher depreciation, amortization and property taxes on a growing asset base (-$0.05 per share).
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized fourth quarter 2020 segment income of $134 million, compared to $140 million in the fourth quarter of 2019. In addition to the drivers outlined below, lower fourth quarter 2020 results were due to costs related to the cancellation of ACP. These charges were treated as special items and excluded from adjusted earnings.


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On an adjusted basis, Gas Utilities and Infrastructure recognized fourth quarter 2020 segment income of $150 million, compared to $159 million in the fourth quarter of 2019, a decrease of $0.01 per share. Lower quarterly results were driven by the loss of ACP earnings (-$0.05 per share), partially offset by contributions from the Piedmont North Carolina rate case (+$0.03 per share) and other retail margin (+$0.01 per share).
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized fourth quarter 2020 segment income of $79 million, compared to $59 million in the fourth quarter of 2019. This represents an increase of $0.03 per share. Higher quarterly results were primarily driven by new renewable projects (+$0.03 per share).
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported and adjusted basis, Other recognized a fourth quarter 2020 net loss of $127 million, compared to a net loss of $124 million in the fourth quarter of 2019, a decrease of $0.01 per share.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2020 was 50.8% compared to 13.4% in the fourth quarter of 2019. The increase in the effective tax rate was primarily due to charges as part of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress and an increase in the amortization of excess deferred taxes.
The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2020 was 11.1% compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 12.6% in the fourth quarter of 2019. The decrease was primarily due to an increase in the amortization of excess deferred taxes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss fourth quarter 2020 financial results. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.


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The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 888.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 2307195. Please call in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until 1 p.m. ET, Feb. 21, 2021, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 2307195. An audio replay and transcript will also be available by accessing the investors section of the company’s website.
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported to adjusted (loss) earnings per share for fourth quarter and full-year 2020 and 2019 financial results:
(In millions, except per share amounts)After-Tax Amount4Q 2020 EPS 4Q 2019 EPS
EPS, as reported$(0.12)$0.88 
Adjustments to reported EPS:
Fourth Quarter 2020
Gas pipeline investments$16 0.02 
Regulatory settlements845 1.14 
Discontinued operations(7)(0.01)
Fourth Quarter 2019
Impairment charges, net(a)
$11 0.02 
Discontinued operations7 0.01 
Total adjustments$1.15 $0.03 
EPS, adjusted$1.03 $0.91 
(In millions, except per share amounts)After-Tax AmountFull-Year 2020 EPSFull-Year 2019 EPS
EPS, as reported$1.72 $5.06 
Adjustments to reported EPS:
Full-Year 2020
Gas pipeline investments$1,711 $2.32 
Regulatory settlements872 1.19 
Severance(75)(0.10)
Discontinued operations(7)(0.01)
Full-Year 2019
Impairment charges, net(a)
$(8)(0.01)
Discontinued operations7 0.01 
Total adjustments
$3.40 $— 
EPS, adjusted
$5.12 $5.06 
(a)    Refer to the Non-GAAP financial measures section for a description of Impairment charges, net excluded from 2019 adjusted diluted EPS.


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Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
•Gas Pipeline Investments represents costs related to the cancellation of the ACP pipeline and additional exit costs related to Constitution.
•Regulatory Settlements represents charges related to Duke Energy Carolinas and Duke Energy Progress coal ash settlement and the partial settlements in the 2019 North Carolina rate cases.
•Severance represents the reversal of 2018 Severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases.
•Impairment Charges in 2019 represents a reduction of a prior year impairment at Citrus County CC and an other-than-temporary impairment of the remaining investment in Constitution.
Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).


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Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income (loss) provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income (loss) and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 28,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,800 megawatts through its nonregulated Duke Energy Renewables unit.
Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve 7.9 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.
Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.


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Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The impact of the COVID-19 pandemic;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs;
◦Advancements in technology;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing customer expectations and demands including heightened emphasis on environmental, social and governance concerns;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;


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◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;
◦The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or equity method investment carrying values; and
◦The ability to implement our business strategy, including enhancing existing technology systems.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2020
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsGas Pipeline InvestmentsRegulatory SettlementsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$(170)$— $845 B$— $845 $675 
Gas Utilities and Infrastructure134 16 A— — 16 150 
Commercial Renewables79 — — — — 79 
Total Reportable Segment Income43 16 845 — 861 904 
Other(127)— — — — (127)
Discontinued Operations7— — (7)C(7)— 
Net Income Available to Duke Energy Corporation Common Stockholders$(77)$16 $845 $(7)$854 $777 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$(0.12)$0.02 $1.14 $(0.01)$1.15 $1.03 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).
A - Net of $4 million tax benefit. $20 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations.
B - Net of $117 million tax benefit at Duke Energy Carolinas and $138 million tax benefit at Duke Energy Progress.
•$454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.
•$494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Progress' Consolidated Statements of Operations.
C - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 742 million

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DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2020
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsGas Pipeline InvestmentsSeveranceRegulatory SettlementsDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure$2,669 $4 A$— $872 D$— $876 $3,545 
Gas Utilities and Infrastructure(1,266)1,707 B— — — 1,707 441 
Commercial Renewables286 — — — — — 286 
Total Reportable Segment Income1,689 1,711 — 872 — 2,583 4,272 
Other(426)— (75)C— (75)(501)
Discontinued Operations7 — — (7)E(7)— 
Net Income Available to Duke Energy Corporation Common Stockholders$1,270 $1,711 $(75)$872 $(7)$2,501 $3,771 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$1.72 $2.32 $(0.10)$1.19 $(0.01)$3.40 $5.12 
A - Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Consolidated Statements of Operations.
B - Net of $398 million tax benefit.
•$2,098 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Consolidated Statements of Operations.
•$7 million included within Impairment charges related to gas project materials on the Piedmont Consolidated Statements of Operations.
C - Net of $23 million tax expense. $98 million reversal of 2018 severance charges recorded within Operations, maintenance and other on the Consolidated Statements of Operations.
D - Net of $123 million tax benefit at Duke Energy Carolinas and $140 million tax benefit at Duke Energy Progress.
•$454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.
•$19 million included within Impairment charges related to the Clemson University Combined Heat and Power Plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations.
•$494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with NCUC on the Duke Energy Progress' Consolidated Statements of Operations.
•$8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations.
E - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 737 million

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DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2019
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsImpairment ChargesDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$592 $(8)A$— $(8)$584 
Gas Utilities and Infrastructure140 19 B— 19 159 
Commercial Renewables59 — — — 59 
Total Reportable Segment Income791 11 — 11 802 
Other(124)— — — (124)
Discontinued Operations(7)— 7C7 — 
Net Income Available to Duke Energy Corporation Common Stockholders$660 $11 $7 $18 $678 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$0.88 $0.02 $0.01 $0.03 $0.91 
Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).
A – Net of $3 million tax benefit. $11 million reduction of a prior year impairment at Citrus County CC recorded within Impairment charges on Duke Energy Florida's Consolidated Statements of Operations.
B – Net of $6 million tax benefit. $25 million included within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company, LLC.
C – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 731 million

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DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2019
(Dollars in millions, except per share amounts)

Special Items
Reported EarningsImpairment ChargesDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$3,536 $(27)A$— $(27)$3,509 
Gas Utilities and Infrastructure432 19 B— 19 451 
Commercial Renewables198 — — — 198 
Total Reportable Segment Income4,166 (8)— (8)4,158 
Other(452)— — — (452)
Discontinued Operations(7)— 7 C7 — 
Net Income Available to Duke Energy Corporation Common Stockholders$3,707 $(8)$7 $(1)$3,706 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$5.06 $(0.01)$0.01 $— $5.06 

Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).
A – Net of $9 million tax expense. $36 million reduction of a prior year impairment at Citrus County CC recorded within Impairment charges on Duke Energy Florida's Consolidated Statements of Operations.
B – Net of $6 million tax benefit. $25 million included within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company, LLC.
C – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 729 million


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DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
December 2020
(Dollars in millions)
Three Months Ended 
 
December 31, 2020		Year Ended 
 
December 31, 2020
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported (Loss) Income Before Income Taxes From Continuing Operations Before Income Taxes$(319)$839 
Regulatory Settlements1,100 1,135 
Gas Pipeline Investments 20 2,110 
Severance— (98)
Noncontrolling Interests87 295 
Preferred Dividends(14)(107)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$874 $4,174 
Reported Income Tax Benefit From Continuing Operations$(162)50.8 %$(236)(28.1)%
Regulatory Settlements255 263 
Gas Pipeline Investments4 399 
Severance— (23)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$97 11.1 %$403 9.7 %

Three Months Ended 
 
December 31, 2019		Year Ended 
 
December 31, 2019
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes$709 $4,097 
Impairment Charges14 (11)
Noncontrolling Interests67 177 
Preferred Dividends(14)(41)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$776 $4,222 
Reported Income Tax Expense From Continuing Operations$95 13.4 %$519 12.7 %
Impairment Charges3 (3)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$98 12.6 %$516 12.2 %
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DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2020 QTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial RenewablesOtherDiscontinued OperationsConsolidated
2019 QTD Reported Earnings Per Share$0.81 $0.20 $0.08 $(0.20)$(0.01)$0.88 
Impairment Charges(0.01)0.03 — — — 0.02 
Discontinued Operations— — — — 0.010.01 
2019 QTD Adjusted Earnings Per Share$0.80 $0.23 $0.08 $(0.20)$— $0.91 
Weather(0.01)— — — — (0.01)
Volume0.01 — — — — 0.01 
Riders and Other Retail Margin(a)
(0.04)0.01 — — — (0.03)
Rate case impacts, net(b)
0.12 0.03 — — — 0.15 
Wholesale0.01 — — — — 0.01 
Operations and maintenance, net of recoverables(c)
0.09 — — — — 0.09 
Midstream Gas Pipelines(d)
— (0.05)— — — (0.05)
Duke Energy Renewables(e)
— — 0.03 — — 0.03 
Interest Expense0.01 — — — 0.01 
Depreciation and amortization(f)
(0.03)— — — — (0.03)
Other(g)
(0.04)— — (0.01)— (0.05)
Total variance before share count$0.12 $(0.01)$0.03 $(0.01)$— $0.13 
Change in share count(0.01)— — — — (0.01)
2020 QTD Adjusted Earnings Per Share$0.91 $0.22 $0.11 $(0.21)$— $1.03 
Gas Pipeline Investments— (0.02)— — — (0.02)
Regulatory Settlements(1.14)— — — — (1.14)
Discontinued Operations— — — — 0.01 0.01 
2020 QTD Reported Earnings Per Share$(0.23)$0.20 $0.11 $(0.21)$0.01 $(0.12)
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 731 million shares to 742 million.
(a)    Driven by lower riders, primarily energy efficiency programs in DEC and DEP (-$0.05), partially offset by higher transmission revenues (+$0.01).
(b)    Electric Utilities and Infrastructure includes the net impact of the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.08), respectively, DEI base rate increases, effective August 2020 (+$0.02), the DEF SBRA and multi-year rate plan (+0.01) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019.
(c)    Primarily due to lower employee related expenses, operational efficiencies and other savings, partially offset by higher storm costs and COVID-19 related expenses in excess of deferrals.
(d)    Primarily the loss of ACP earnings.
(e)    Primarily due to new renewable projects.
(f)    Excludes rate case impacts.
(g)    Electric Utilities and Infrastructure includes higher property taxes on a growing asset base.
14

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2020 YTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial RenewablesOtherDiscontinued OperationsConsolidated
2019 YTD Reported Earnings Per Share$4.85 $0.60 $0.27 $(0.65)$(0.01)$5.06 
Impairment Charges(0.04)0.03 — — — (0.01)
Discontinued Operations— — — — 0.01 0.01 
2019 YTD Adjusted Earnings Per Share$4.81 $0.63 $0.27 $(0.65)$— $5.06 
Weather(0.21)— — — — (0.21)
Volume(0.02)— — — — (0.02)
Riders and Other Retail Margin(a)
(0.05)0.03 — — — (0.02)
Rate case impacts, net(b)
0.23 0.09 — — — 0.32 
Wholesale0.05 — — — — 0.05 
Operations and maintenance, net of recoverables(c)
0.25 0.01 — — — 0.26 
Midstream Gas Pipelines(d)
— (0.12)— — — (0.12)
Duke Energy Renewables(e)
— — 0.12 — — 0.12 
Interest Expense0.01 — — 0.05 — 0.06 
Depreciation and amortization(f)
(0.20)(0.02)— — — (0.22)
Preferred Dividends— — — (0.07)— (0.07)
Other(g)
(0.01)— — (0.03)— (0.04)
Total variance before share count$0.05 $(0.01)$0.12 $(0.05)$— $0.11 
Change in share count(0.05)— — — — (0.05)
2020 YTD Adjusted Earnings Per Share$4.81 $0.62 $0.39 $(0.70)$— $5.12 
Gas Pipeline Investments— (2.32)— — — (2.32)
Severance— — — 0.10 — 0.10 
Regulatory Settlements(1.19)— — — — (1.19)
Discontinued Operations— — — — 0.01 0.01 
2020 YTD Reported Earnings Per Share$3.62 $(1.70)$0.39 $(0.60)$0.01 $1.72 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 729 million shares to 737 million.
(a)    Primarily driven by lower retail margin due to lower late payment fee revenue, net of deferrals (-$0.04), a prior year favorable true-up of purchased power (-$0.03) and lower energy efficiency rider revenues (-$0.02), partially offset by grid modernization rider programs (+$0.03).
(b)    Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.11), and the DEC and DEP South Carolina rate cases effective June 2019 (+0.03), the DEF SBRA and multi-year rate plan (+0.04), DEI base rate increases, effective August 2020 (+0.03) and DEK base rate increases (+0.02). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019.
(c)    Primarily due to lower employee-related expenses, outage costs, customer delivery charges and other savings, partially offset by increased COVID-19 expenses, net of deferrals, and higher storm costs. For the year ended December 31, 2020, the Duke Energy Registrants incurred -$0.12 of incremental COVID-19 O&M costs, the company has deferred +$0.07 of these incremental costs.
(d)    Primarily related the loss of ACP earnings and a prior year favorable income tax adjustment for equity method investments.
(e)    Primarily due to new renewable projects.
(f)    Excludes rate case impacts.
(g)    Other includes income tax true-ups, lower interest income and lower results from investments, partially offset by tax optimization and prior year contributions to the Duke Energy Foundation.
15

Year Ended December 2020
QUARTERLY HIGHLIGHTS
(Unaudited)
Three Months EndedYears Ended
December 31,December 31,
(In millions, except per share amounts and where noted)2020201920202019
Earnings Per Share – Basic and Diluted
(Loss) Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$(0.13)$0.89 $1.71 $5.07 
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$0.01 $(0.01)$0.01 $(0.01)
Net (loss) income available to Duke Energy Corporation common stockholders
Basic and Diluted$(0.12)$0.88 $1.72 $5.06 
Weighted average shares outstanding
Basic742 730 737 729 
Diluted742 731 738 729 
INCOME (LOSS) BY BUSINESS SEGMENT
Electric Utilities and Infrastructure(a)
$(170)$592 $2,669 $3,536 
Gas Utilities and Infrastructure(b)
134 140 (1,266)432 
Commercial Renewables79 59 286 198 
Total Reportable Segment Income43 791 1,689 4,166 
Other(c)
(127)(124)(426)(452)
Income (Loss) from Discontinued Operations7 (7)7 (7)
Net (Loss) Income Available to Duke Energy Corporation common stockholders$(77)$660 $1,270 $3,707 
CAPITALIZATION
Total Common Equity (%)44 %44 %
Total Debt (%)56 %56 %
Total Debt$62,736 $61,261 
Book Value Per Share$63.96 $65.42 
Actual Shares Outstanding769 733 
CAPITAL AND INVESTMENT EXPENDITURES
Electric Utilities and Infrastructure$1,992 $2,171 $7,629 $8,263 
Gas Utilities and Infrastructure376 410 1,309 1,539 
Commercial Renewables325 491 1,219 1,423 
Other44 19 264 221 
Total Capital and Investment Expenditures$2,737 $3,091 $10,421 $11,446 
(a)    Includes costs related to regulatory settlements for Duke Energy Carolinas and Duke Energy Progress of $1.1 billion (after tax of $845 million) for the three months ended December 31, 2020, and $1.1 billion (after tax $872 million) for the year ended December 31, 2020, and a $5 million (after tax $4 million) impairment charge related to gas pipeline interconnections for the year ended December 31, 2020. Additionally, EUI includes a reduction of a prior year impairment at Citrus County CC of $11 million (after tax $8 million) for the three months ended December 31, 2019, and $36 million (after tax $27 million) for the year ended December 31, 2019.
(b)    Includes costs related to exit obligations for gas pipeline investments of $20 million (after tax $16 million) for the three months ended December 31, 2020, and $2.1 billion (after tax $1.7 billion) for the year ended December 31, 2020. Additionally, GUI includes $25 million (after tax $19 million) of costs related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company for the three months and year ended December 31, 2019.
(c)    Includes a $98 million (after tax $75 million) reversal of 2018 severance costs due to the partial settlement of the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases for the year ended December 31, 2020.
16

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
Years Ended December 31,
202020192018
Operating Revenues
Regulated electric$21,461 $22,615 $22,097 
Regulated natural gas1,642 1,759 1,773 
Nonregulated electric and other765 705 651 
Total operating revenues23,868 25,079 24,521 
Operating Expenses
Fuel used in electric generation and purchased power6,051 6,826 6,831 
Cost of natural gas460 627 697 
Operation, maintenance and other5,788 6,066 6,463 
Depreciation and amortization4,705 4,548 4,074 
Property and other taxes1,337 1,307 1,280 
Impairment charges984 (8)402 
Total operating expenses19,325 19,366 19,747 
Gains (Losses) on Sales of Other Assets and Other, net10 (4)(89)
Operating Income4,553 5,709 4,685 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates(2,005)162 83 
Other income and expenses, net453 430 399 
Total other income and expenses(1,552)592 482 
Interest Expense2,162 2,204 2,094 
Income Before Income Taxes839 4,097 3,073 
Income Tax (Benefit) Expense(236)519 448 
Income From Continuing Operations1,075 3,578 2,625 
Income (Loss) From Discontinued Operations, net of tax7 (7)19 
Net Income1,082 3,571 2,644 
Add: Net Loss Attributable to Noncontrolling Interests295 177 (22)
Net Income Attributable to Duke Energy Corporation1,377 3,748 $2,666 
Less: Preferred Dividends107 41 $— 
Net Income Available to Duke Energy Corporation Common Stockholders$1,270 $3,707 $2,666 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$1.71 $5.07 $3.73 
Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$0.01 $(0.01)$0.03 
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.72 $5.06 $3.76 
Weighted average shares outstanding
Basic737 729 708
Diluted738 729 708


17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)December 31, 2020December 31, 2019
ASSETS
Current Assets
Cash and cash equivalents$259 $311 
Receivables (net of allowance for doubtful accounts of $29 at 2020 and $22 at 2019)1,009 1,066 
Receivables of VIEs (net of allowance for doubtful accounts of $117 at 2020 and $54 at 2019)2,144 1,994 
Inventory3,167 3,232 
Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs)1,641 1,796 
Other (includes $296 at 2020 and $242 at 2019 related to VIEs)462 764 
Total current assets8,682 9,163 
Property, Plant and Equipment
Cost155,580 147,654 
Accumulated depreciation and amortization(48,827)(45,773)
Generation facilities to be retired, net29 246 
Net property, plant and equipment106,782 102,127 
Other Noncurrent Assets
Goodwill19,303 19,303 
Regulatory assets (includes $937 at 2020 and $989 at 2019 related to VIEs)12,421 13,222 
Nuclear decommissioning trust funds9,114 8,140 
Operating lease right-of-use assets, net1,524 1,658 
Investments in equity method unconsolidated affiliates961 1,936 
Other (includes $81 at 2020 and $110 at 2019 related to VIEs)3,601 3,289 
Total other noncurrent assets46,924 47,548 
Total Assets$162,388 $158,838 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$3,144 $3,487 
Notes payable and commercial paper2,873 3,135 
Taxes accrued482 392 
Interest accrued537 565 
Current maturities of long-term debt (includes $472 at 2020 and $216 at 2019 related to VIEs)4,238 3,141 
Asset retirement obligations718 881 
Regulatory liabilities1,377 784 
Other 2,936 2,367 
Total current liabilities16,305 14,752 
Long-Term Debt (includes $3,535 at 2020 and $3,997 at 2019 related to VIEs)55,625 54,985 
Other Noncurrent Liabilities
Deferred income taxes9,244 8,878 
Asset retirement obligations12,286 12,437 
Regulatory liabilities15,029 15,264 
Operating lease liabilities1,340 1,432 
Accrued pension and other post-retirement benefit costs969 934 
Investment tax credits687 624 
Other (includes $316 at 2020 and $228 at 2019 related to VIEs)1,719 1,581 
Total other noncurrent liabilities41,274 41,150 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2020 and 2019973 973 
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2020 and 2019989 989 
Common stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2020 and 733 million shares outstanding at 20191 1 
Additional paid-in capital43,767 40,881 
Retained earnings2,471 4,108 
Accumulated other comprehensive loss(237)(130)
Total Duke Energy Corporation stockholders' equity47,964 46,822 
Noncontrolling interests1,220 1,129 
Total equity49,184 47,951 
Total Liabilities and Equity$162,388 $158,838 
18

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Years Ended December 31,
202020192018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$1,082 $3,571 $2,644 
Adjustments to reconcile net income to net cash provided by operating activities
7,774 4,638 4,542 
Net cash provided by operating activities8,856 8,209 7,186 
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities(10,604)(11,957)(10,060)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities1,731 3,730 2,960 
Net (decrease) increase in cash, cash equivalents and restricted cash(17)(18)86 
Cash, cash equivalents and restricted cash at beginning of period573 591 505 
Cash, cash equivalents and restricted cash at end of period$556 $573 $591 

19

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, 2020
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$5,124 $— $— $— $(65)$5,059 
Regulated natural gas— 551 — — (24)527 
Nonregulated electric and other— 3 124 24 40 191 
Total operating revenues5,124 554 124 24 (49)5,777 
Operating Expenses
Fuel used in electric generation and purchased power1,425 — — — (19)1,406 
Cost of natural gas— 160 — — 1 161 
Operation, maintenance and other1,500 118 81 (27)(26)1,646 
Depreciation and amortization1,045 65 51 55 (8)1,208 
Property and other taxes303 30 3 (1)(1)334 
Impairment charges948 — — — — 948 
Total operating expenses5,221 373 135 27 (53)5,703 
Losses on Sales of Other Assets and Other, net— — (1)— 1 — 
Operating (Loss) Income(97)181 (12)(3)5 74 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates2 (13)5 4 1 (1)
Other income and expenses, net101 14 2 33 (7)143 
Total Other Income and Expenses103 1 7 37 (6)142 
Interest Expense329 32 17 159 (2)535 
(Loss) Income from Continuing Operations Before Income Taxes(323)150 (22)(125)1 (319)
Income Tax (Benefit) Expense from Continuing Operations(153)16 (13)(13)1 (162)
(Loss) Income from Continuing Operations(170)134 (9)(112)— (157)
Add: Net Loss (Income) Attributable to Noncontrolling Interest— — 88 (1)— 87 
(Loss) Income from Continuing Operations Attributable to Duke Energy Corporation(170)134 79 (113)— (70)
Less: Preferred Dividends— — — 14 — 14 
Segment (Loss) Income$(170)$134 $79 $(127)$— $(84)
Income from Discontinued Operations, net of tax7 
Net Income Available to Duke Energy Corporation Common Stockholders$(77)
Segment (Loss) Income$(170)$134 $79 $(127)$— $(84)
Special Items845 16 — — — 861 
Adjusted Earnings(a)
$675 $150 $79 $(127)$— $777 

(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings.

20

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Year Ended December 2020
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$21,720 $— $— $— $(259)$21,461 
Regulated natural gas— 1,737 — — (95)1,642 
Nonregulated electric and other— 11 502 97 155 765 
Total operating revenues21,720 1,748 502 97 (199)23,868 
Operating Expenses
Fuel used in electric generation and purchased power6,128 — — — (77)6,051 
Cost of natural gas— 460 — — — 460 
Operation, maintenance and other5,391 430 285 (208)(110)5,788 
Depreciation and amortization4,068 258 199 209 (29)4,705 
Property and other taxes1,188 112 27 11 (1)1,337 
Impairment charges971 7 6 — — 984 
Total operating expenses17,746 1,267 517 12 (217)19,325 
Gains (Losses) on Sales of Other Assets and Other, net11 — (1)— — 10 
Operating Income (Loss)3,985 481 (16)85 18 4,553 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates(1)(2,017)— 13 — (2,005)
Other income and expenses, net345 56 7 79 (34)453 
Total Other Income and Expenses344 (1,961)7 92 (34)(1,552)
Interest Expense1,320 135 66 657 (16)2,162 
Income (Loss) from Continuing Operations Before Income Taxes3,009 (1,615)(75)(480)— 839 
Income Tax Expense (Benefit) from Continuing Operations340 (349)(65)(162)— (236)
Income (Loss) from Continuing Operations2,669 (1,266)(10)(318)— 1,075 
Add: Net Loss (Income) Attributable to Noncontrolling Interest— — 296 (1)— 295 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation2,669 (1,266)286 (319)— 1,370 
Less: Preferred Dividends— — — 107 — 107 
Segment Income (Loss)$2,669 $(1,266)$286 $(426)$— $1,263 
Income from Discontinued Operations, net of tax7 
Net Income Available to Duke Energy Corporation Common Stockholders$1,270 
Segment Income (Loss)$2,669 $(1,266)$286 $(426)$— $1,263 
Special Items876 1,707 — (75)— 2,508 
Adjusted Earnings(a)
$3,545 $441 $286 $(501)$— $3,771 

(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings.
21

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, 2019
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$5,450 $— $— $— $(58)$5,392 
Regulated natural gas— 552 — — (24)528 
Nonregulated electric and other— 3 125 24 31 183 
Total operating revenues5,450 555 125 24 (51)6,103 
Operating Expenses
Fuel used in electric generation and purchased power1,618 — — — (20)1,598 
Cost of natural gas— 176 — — — 176 
Operation, maintenance and other1,540 121 86 4 (22)1,729 
Depreciation and amortization1,027 64 45 53 (5)1,184 
Property and other taxes276 22 5 (6)(2)295 
Impairment charges8 — — — — 8 
Total operating expenses4,469 383 136 51 (49)4,990 
Gains (Losses) on Sales of Other Assets and Other, net1 — (3)(2)— (4)
Operating Income (Loss)982 172 (14)(29)(2)1,109 
Other Income and Expenses
Equity in (losses) earnings of unconsolidated affiliates(2)13 — 15 (1)25 
Other income and expenses, net88 8 2 32 (8)122 
Total Other Income and Expenses86 21 2 47 (9)147 
Interest Expense341 31 17 169 (11)547 
Income (Loss) from Continuing Operations Before Income Taxes727 162 (29)(151)— 709 
Income Tax Expense (Benefit) from Continuing Operations135 22 (21)(41)— 95 
Income (Loss) from Continuing Operations592 140 (8)(110)— 614 
Add: Net Loss Attributable to Noncontrolling Interest— — 67 — — 67 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation592 140 59 (110)— 681 
Less: Preferred Dividends— — — 14 — 14 
Segment Income/Other Net Loss$592 $140 $59 $(124)$— $667 
Loss from Discontinued Operations, net of tax(7)
Net Income Available to Duke Energy Corporation Common Stockholders$660 
Segment Income/Other Net Loss$592 $140 $59 $(124)$— $667 
Special Items(8)19 — — — 11 
Adjusted Earnings(a)
$584 $159 $59 $(124)$— $678 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.

22

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Year Ended December 31, 2019
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$22,831 $— $— $— $(216)$22,615 
Regulated natural gas— 1,854 — — (95)1,759 
Nonregulated electric and other— 12 487 95 111 705 
Total operating revenues22,831 1,866 487 95 (200)25,079 
Operating Expenses
Fuel used in electric generation and purchased power6,904 — — — (78)6,826 
Cost of natural gas— 627 — — — 627 
Operation, maintenance and other5,497 446 297 (65)(109)6,066 
Depreciation and amortization3,951 256 168 178 (5)4,548 
Property and other taxes1,175 106 23 4 (1)1,307 
Impairment charges(8)— — — — (8)
Total operating expenses17,519 1,435 488 117 (193)19,366 
Gains (Losses) on Sales of Other Assets and Other, net1 — (3)(2)— (4)
Operating Income (Loss)5,313 431 (4)(24)(7)5,709 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates9 114 (4)43 — 162 
Other income and expenses, net344 26 9 102 (51)430 
Total Other Income and Expenses353 140 5 145 (51)592 
Interest Expense1,345 117 95 705 (58)2,204 
Income (Loss) from Continuing Operations Before Income Taxes4,321 454 (94)(584)— 4,097 
Income Tax Expense (Benefit) from Continuing Operations785 22 (115)(173)— 519 
Income (Loss) from Continuing Operations3,536 432 21 (411)— 3,578 
Add: Net Loss Attributable to Noncontrolling Interest— — 177 — — 177 
Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation3,536 432 198 (411)— 3,755 
Less: Preferred Dividends— — — 41 — 41 
Segment Income/Other Net Loss$3,536 $432 $198 $(452)$— $3,714 
Loss from Discontinued Operations, net of tax(7)
Net Income Available to Duke Energy Corporation Common Stockholders$3,707 
Segment Income/Other Net Loss$3,536 $432 $198 $(452)$— $3,714 
Special Items(27)19 — — — (8)
Adjusted Earnings(a)
$3,509 $451 $198 $(452)$— $3,706 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.




23

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2020
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial
Renewables		OtherEliminations/
Adjustments		Duke Energy
Current Assets
Cash and cash equivalents$87 $3 $5 $163 $1 $259 
Receivables, net617 259 114 20 (1)1,009 
Receivables of variable interest entities, net2,144 — — — — 2,144 
Receivables from affiliated companies78 341 655 1,286 (2,360)— 
Notes receivable from affiliated companies— — — 1,876 (1,876)— 
Inventory2,954 82 98 33 — 3,167 
Regulatory assets1,389 154 — 99 (1)1,641 
Other153 41 186 81 1 462 
Total current assets7,422 880 1,058 3,558 (4,236)8,682 
Property, Plant and Equipment
Cost133,709 12,759 6,760 2,453 (101)155,580 
Accumulated depreciation and amortization(43,594)(2,657)(1,218)(1,359)1 (48,827)
Generation facilities to be retired, net29 — — — — 29 
Net property, plant and equipment90,144 10,102 5,542 1,094 (100)106,782 
Other Noncurrent Assets
Goodwill17,379 1,924 — — — 19,303 
Regulatory assets11,201 702 — 518 — 12,421 
Nuclear decommissioning trust funds9,114 — — — — 9,114 
Operating lease right-of-use assets, net1,104 20 122 277 1 1,524 
Investments in equity method unconsolidated affiliates105 215 534 107 — 961 
Investment in consolidated subsidiaries566 4 1 63,159 (63,730)— 
Other1,979 302 115 1,840 (635)3,601 
Total other noncurrent assets41,448 3,167 772 65,901 (64,364)46,924 
Total Assets139,014 14,149 7,372 70,553 (68,700)162,388 
Segment reclassifications, intercompany balances and other(789)(300)(656)(66,955)68,700 — 
Segment Assets$138,225 $13,849 $6,716 $3,598 $— $162,388 

24

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

December 31, 2020
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		Commercial
Renewables		OtherEliminations/
Adjustments		Duke Energy
Current Liabilities
Accounts payable$2,333 $283 $87 $441 $— $3,144 
Accounts payable to affiliated companies559 39 757 938 (2,293)— 
Notes payable to affiliated companies1,262 585 — — (1,847)— 
Notes payable and commercial paper— — 91 2,782 — 2,873 
Taxes accrued506 10 (130)96 — 482 
Interest accrued360 42 2 133 — 537 
Current maturities of long-term debt2,138 188 167 1,749 (4)4,238 
Asset retirement obligations718 — — — — 718 
Regulatory liabilities1,262 115 — 1 (1)1,377 
Other1,493 1,002 64 422 (45)2,936 
Total current liabilities10,631 2,264 1,038 6,562 (4,190)16,305 
Long-Term Debt34,509 3,305 1,569 16,337 (95)55,625 
Long-Term Debt Payable to Affiliated Companies618 7 59 — (684)— 
Other Noncurrent Liabilities
Deferred income taxes10,349 1,127 (560)(1,671)(1)9,244 
Asset retirement obligations12,074 62 150 — — 12,286 
Regulatory liabilities13,555 1,451 — 24 (1)15,029 
Operating lease liabilities1,012 19 127 182 — 1,340 
Accrued pension and other post-retirement benefit costs414 37 (27)545 — 969 
Investment tax credits685 2 — — — 687 
Other837 193 344 532 (187)1,719 
Total other noncurrent liabilities38,926 2,891 34 (388)(189)41,274 
Equity
Total Duke Energy Corporation stockholders' equity54,330 5,682 3,456 48,038 (63,542)47,964 
Noncontrolling interests— — 1,216 4 — 1,220 
Total equity54,330 5,682 4,672 48,042 (63,542)49,184 
Total Liabilities and Equity139,014 14,149 7,372 70,553 (68,700)162,388 
Segment reclassifications, intercompany balances and other(789)(300)(656)(66,955)68,700 — 
Segment Liabilities and Equity$138,225 $13,849 $6,716 $3,598 $— $162,388 

25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended December 31, 2020
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$1,599 $1,215 $1,291 $335 $725 $(41)$5,124 
Operating Expenses
Fuel used in electric generation and purchased power356 406 446 81 190 (54)1,425 
Operation, maintenance and other515 358 321 96 196 14 1,500 
Depreciation and amortization372 283 179 51 154 6 1,045 
Property and other taxes86 38 91 66 24 (2)303 
Impairment charges454 494 — — — — 948 
Total operating expenses1,783 1,579 1,037 294 564 (36)5,221 
Gains on Sales of Other Assets and Other, net— — 1 — — (1)— 
Operating (Loss) Income(184)(364)255 41 161 (6)(97)
Other Income and Expenses, net(b)
49 23 17 4 9 1 103 
Interest Expense117 66 81 23 47 (5)329 
(Loss) Income Before Income Taxes(252)(407)191 22 123 — (323)
Income Tax (Benefit) Expense(87)(113)40 (3)12 (2)(153)
Segment Loss$(165)$(294)$151 $25 $111 $2 $(170)
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $16 million for Duke Energy Carolinas, $7 million for Duke Energy Progress, $4 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $5 million for Duke Energy Indiana.

26

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Year Ended December 2020
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$7,015 $5,422 $5,188 $1,405 $2,795 $(105)$21,720 
Operating Expenses
Fuel used in electric generation and purchased power1,682 1,743 1,737 339 767 (140)6,128 
Operation, maintenance and other1,781 1,350 1,120 346 755 39 5,391 
Depreciation and amortization1,462 1,116 702 200 569 19 4,068 
Property and other taxes299 167 381 265 81 (5)1,188 
Impairment charges476 499 (4)— — — 971 
Total operating expenses5,700 4,875 3,936 1,150 2,172 (87)17,746 
Gains on Sales of Other Assets and Other, net1 8 1 — — 1 11 
Operating Income1,316 555 1,253 255 623 (17)3,985 
Other Income and Expenses, net(b)
177 75 53 11 37 (9)344 
Interest Expense487 269 326 85 161 (8)1,320 
Income Before Income Taxes1,006 361 980 181 499 (18)3,009 
Income Tax Expense (Benefit)80 (40)201 19 85 (5)340 
Segment Income
$926 $401 $779 $162 $414 $(13)$2,669 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $62 million for Duke Energy Carolinas, $29 million for Duke Energy Progress, $12 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $23 million for Duke Energy Indiana.
27

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2020
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents$21 $39 $11 $10 $7 $(1)$87 
Receivables, net247 132 94 88 55 1 617 
Receivables of variable interest entities, net696 500 401 — — 547 2,144 
Receivables from affiliated companies124 50 3 87 112 (298)78 
Inventory1,010 911 464 96 473 — 2,954 
Regulatory assets473 492 265 24 125 10 1,389 
Other19 60 41 (4)37 — 153 
Total current assets2,590 2,184 1,279 301 809 259 7,422 
Property, Plant and Equipment
Cost50,640 35,759 22,123 7,395 17,382 410 133,709 
Accumulated depreciation and amortization(17,453)(12,801)(5,560)(2,105)(5,661)(14)(43,594)
Generation facilities to be retired, net— 29 — — — — 29 
Net property, plant and equipment33,187 22,987 16,563 5,290 11,721 396 90,144 
Other Noncurrent Assets
Goodwill— — — 596 — 16,783 17,379 
Regulatory assets2,996 3,976 1,799 357 1,203 870 11,201 
Nuclear decommissioning trust funds4,977 3,500 637 — — — 9,114 
Operating lease right-of-use assets, net110 346 344 20 55 229 1,104 
Investments in equity method unconsolidated affiliates— — 1 — — 104 105 
Investment in consolidated subsidiaries50 15 2 222 1 276 566 
Other1,188 740 334 54 253 (590)1,979 
Total other noncurrent assets9,321 8,577 3,117 1,249 1,512 17,672 41,448 
Total Assets45,098 33,748 20,959 6,840 14,042 18,327 139,014 
Segment reclassifications, intercompany balances and other(303)(114)(76)(225)(86)15 (789)
Reportable Segment Assets$44,795 $33,634 $20,883 $6,615 $13,956 $18,342 $138,225 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company.

28

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

December 31, 2020
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Liabilities
Accounts payable$1,000 $454 $465 $225 $188 $1 $2,333 
Accounts payable to affiliated companies200 217 85 21 88 (52)559 
Notes payable to affiliated companies506 295 196 114 131 20 1,262 
Taxes accrued78 86 82 207 63 (10)506 
Interest accrued117 99 69 23 51 1 360 
Current maturities of long-term debt506 603 823 24 70 112 2,138 
Asset retirement obligations264 283 — 3 168 — 718 
Regulatory liabilities473 530 110 37 111 1 1,262 
Other546 411 375 66 82 13 1,493 
Total current liabilities3,690 2,978 2,205 720 952 86 10,631 
Long-Term Debt11,412 8,505 7,092 2,445 3,871 1,184 34,509 
Long-Term Debt Payable to Affiliated Companies300 150 — 18 150 — 618 
Other Noncurrent Liabilities
Deferred income taxes3,889 2,310 2,192 698 1,228 32 10,349 
Asset retirement obligations5,086 5,352 514 65 1,008 49 12,074 
Regulatory liabilities6,535 4,394 658 357 1,628 (17)13,555 
Operating lease liabilities97 323 300 20 53 219 1,012 
Accrued pension and other post-retirement benefit costs73 242 231 84 171 (387)414 
Investment tax credits236 132 146 3 168 — 685 
Other626 102 63 63 29 (46)837 
Total other noncurrent liabilities16,542 12,855 4,104 1,290 4,285 (150)38,926 
Equity13,154 9,260 7,558 2,367 4,784 17,207 54,330 
Total Liabilities and Equity45,098 33,748 20,959 6,840 14,042 18,327 139,014 
Segment reclassifications, intercompany balances and other(303)(114)(76)(225)(86)15 (789)
Reportable Segment Liabilities and Equity$44,795 $33,634 $20,883 $6,615 $13,956 $18,342 $138,225 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

29

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended December 31, 2020
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$129 $426 $— $(1)$554 
Operating Expenses
Cost of natural gas27 132 — 1 160 
Operation, maintenance and other33 87 1 (3)118 
Depreciation and amortization18 47 — — 65 
Property and other taxes14 16 — — 30 
Total operating expenses92 282 1 (2)373 
Operating Income (Loss)37 144 (1)1 181 
Other Income and Expenses
Equity in losses of unconsolidated affiliates— — (13)— (13)
Other income and expenses, net2 14 — (2)14 
Total other income and expenses2 14 (13)(2)1 
Interest Expense4 29 — (1)32 
Income (Loss) Before Income Taxes35 129 (14)— 150 
Income Tax Expense (Benefit)7 14 (6)1 16 
Segment Income$28 $115 $(8)$(1)$134 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.

30

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Year Ended December 2020
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$453 $1,297 $— $(2)$1,748 
Operating Expenses
Cost of natural gas73 386 — 1 460 
Operation, maintenance and other110 318 5 (3)430 
Depreciation and amortization78 180 — — 258 
Property and other taxes59 53 — — 112 
Impairment charges— 7 — — 7 
Total operating expenses320 944 5 (2)1,267 
Operating Income (Loss)133 353 (5)— 481 
Other Income and Expenses
Equity in losses of unconsolidated affiliates— — (2,017)— (2,017)
Other income and expenses, net6 51 — (1)56 
Total other income and expenses6 51 (2,017)(1)(1,961)
Interest Expense17 118 — — 135 
Income (Loss) Before Income Taxes122 286 (2,022)(1)(1,615)
Income Tax Expense (Benefit)26 19 (394)— (349)
Segment Loss$96 $267 $(1,628)$(1)$(1,266)
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
31

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

December 31, 2020
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Assets
Cash and cash equivalents$3 $— $— $— $3 
Receivables, net9 250 — — 259 
Receivables from affiliated companies5 61 356 (81)341 
Inventory14 68 — — 82 
Regulatory assets1 153 — — 154 
Other21 19 1 — 41 
Total current assets53 551 357 (81)880 
Property, Plant and Equipment
Cost3,627 9,131 — 1 12,759 
Accumulated depreciation and amortization(908)(1,748)— (1)(2,657)
Net property, plant and equipment2,719 7,383 — — 10,102 
Other Noncurrent Assets
Goodwill324 49 — 1,551 1,924 
Regulatory assets268 302 — 132 702 
Operating lease right-of-use assets, net— 20 — — 20 
Investments in equity method unconsolidated affiliates— — 210 5 215 
Investment in consolidated subsidiaries— — — 4 4 
Other16 270 16 — 302 
Total other noncurrent assets608 641 226 1,692 3,167 
Total Assets3,380 8,575 583 1,611 14,149 
Segment reclassifications, intercompany balances and other— (57)5 (248)(300)
Reportable Segment Assets$3,380 $8,518 $588 $1,363 $13,849 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.
32

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

December 31, 2020
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Liabilities
Accounts payable$53 $230 $— $— $283 
Accounts payable to affiliated companies2 62 63 (88)39 
Notes payable to affiliated companies55 530 — — 585 
Taxes accrued30 22 (42)— 10 
Interest accrued8 34 — — 42 
Current maturities of long-term debt26 160 — 2 188 
Regulatory liabilities26 88 — 1 115 
Other5 69 928 — 1,002 
Total current liabilities205 1,195 949 (85)2,264 
Long-Term Debt570 2,620 — 115 3,305 
Long-Term Debt Payable to Affiliated Companies7 — — — 7 
Other Noncurrent Liabilities
Deferred income taxes292 805 28 2 1,127 
Asset retirement obligations42 20 — — 62 
Regulatory liabilities393 1,044 — 14 1,451 
Operating lease liabilities— 19 — — 19 
Accrued pension and other post-retirement benefit costs29 8 — — 37 
Investment tax credits2 — — — 2 
Other31 154 8 — 193 
Total other noncurrent liabilities789 2,050 36 16 2,891 
Equity1,809 2,710 (402)1,565 5,682 
Total Liabilities and Equity3,380 8,575 583 1,611 14,149 
Segment reclassifications, intercompany balances and other— (57)5 (248)(300)
Reportable Segment Liabilities and Equity$3,380 $8,518 $588 $1,363 $13,849 
(a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

33

Electric Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
Gigawatt-hour (GWh) Sales(a)
Residential19,050 19,743 (3.5 %)2.1 %84,867 86,088 (1.4 %)2.6 %
General Service17,673 18,864 (6.3 %)(4.1 %)72,936 78,192 (6.7 %)(5.5 %)
Industrial12,182 12,384 (1.6 %)0.9 %47,765 50,864 (6.1 %)(5.5 %)
Other Energy Sales149 144 3.5 %n/a570 580 (1.7 %)n/a
Unbilled Sales949 (766)223.9 %n/a730 (455)260.4 %n/a
Total Retail Sales
50,003 50,369 (0.7 %)(0.5)%206,868 215,269 (3.9 %)(2.3 %)
Wholesale and Other9,761 9,996 (2.4 %)39,448 41,795 (5.6 %)
Total Consolidated Electric Sales – Electric Utilities and Infrastructure
59,764 60,365 (1.0 %)246,316 257,064 (4.2 %)
Average Number of Customers (Electric)
Residential6,909,529 6,779,122 1.9 %6,863,679 6,740,566 1.8 %
General Service1,007,851 995,165 1.3 %1,002,533 991,955 1.1 %
Industrial17,242 17,315 (0.4 %)17,281 17,335 (0.3 %)
Other Energy Sales31,312 30,788 1.7 %31,111 29,656 4.9 %
Total Retail Customers
7,965,934 7,822,390 1.8 %7,914,604 7,779,512 1.7 %
Wholesale and Other40 43 (7.0 %)44 48 (8.3 %)
Total Average Number of Customers – Electric Utilities and Infrastructure
7,965,974 7,822,433 1.8 %7,914,648 7,779,560 1.7 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal11,856 12,187 (2.7 %)45,057 55,900 (19.4 %)
Nuclear17,831 18,250 (2.3 %)73,721 73,948 (0.3 %)
Hydro1,052 479 119.6 %3,596 2,551 41.0 %
Natural Gas and Oil18,298 17,132 6.8 %77,883 75,398 3.3 %
Renewable Energy260 135 92.6 %1,154 654 76.5 %
Total Generation(d)
49,297 48,183 2.3 %201,411 208,451 (3.4 %)
Purchased Power and Net Interchange(e)
14,088 15,691 (10.2 %)58,529 61,976 (5.6 %)
Total Sources of Energy63,385 63,874 (0.8 %)259,940 270,427 (3.9 %)
Less: Line Loss and Other3,621 3,509 3.2 %13,624 13,363 2.0 %
Total GWh Sources59,764 60,365 (1.0 %)246,316 257,064 (4.2 %)
Owned Megawatt (MW) Capacity(c)
Summer50,807 51,144 
Winter54,248 54,853 
Nuclear Capacity Factor (%)(f)
94 95 
(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

34

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential6,084 6,486 (6.2 %)27,963 28,861 (3.1 %)
General Service6,560 7,089 (7.5 %)27,637 29,628 (6.7 %)
Industrial4,981 5,174 (3.7 %)19,593 21,300 (8.0 %)
Other Energy Sales85 79 7.6 %314 320 (1.9 %)
Unbilled Sales628 (46)1,465.2 %210 (215)197.7 %
Total Retail Sales
18,338 18,782 (2.4 %)(1.4 %)75,717 79,894 (5.2 %)(2.6 %)
Wholesale and Other2,191 2,119 3.4 %8,857 10,026 (11.7 %)
Total Consolidated Electric Sales – Duke Energy Carolinas
20,529 20,901 (1.8 %)84,574 89,920 (5.9 %)
Average Number of Customers
Residential2,324,382 2,275,136 2.2 %2,306,162 2,260,939 2.0 %
General Service369,593 363,479 1.7 %366,952 362,174 1.3 %
Industrial6,088 6,120 (0.5 %)6,099 6,123 (0.4 %)
Other Energy Sales23,115 22,668 2.0 %22,939 21,581 6.3 %
Total Retail Customers
2,723,178 2,667,403 2.1 %2,702,152 2,650,817 1.9 %
Wholesale and Other17 19 (10.5 %)21 19 10.5 %
Total Average Number of Customers – Duke Energy Carolinas
2,723,195 2,667,422 2.1 %2,702,173 2,650,836 1.9 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal3,152 4,511 (30.1 %)14,739 20,927 (29.6 %)
Nuclear10,673 11,097 (3.8 %)44,315 45,244 (2.1 %)
Hydro728 291 150.2 %2,511 1,714 46.5 %
Natural Gas and Oil3,842 3,109 23.6 %16,817 15,694 7.2 %
Renewable Energy42 35 20.0 %174 158 10.1 %
Total Generation(d)
18,437 19,043 (3.2 %)78,556 83,737 (6.2 %)
Purchased Power and Net Interchange(e)
3,109 3,058 1.7 %10,630 11,088 (4.1 %)
Total Sources of Energy21,546 22,101 (2.5 %)89,186 94,825 (5.9 %)
Less: Line Loss and Other1,017 1,200 (15.3 %)4,612 4,905 (6.0 %)
Total GWh Sources20,529 20,901 (1.8 %)84,574 89,920 (5.9 %)
Owned MW Capacity(c)
Summer20,280 20,192 
Winter21,127 21,127 
Nuclear Capacity Factor (%)(f)
95 97 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,098 1,143 (3.9 %)2,833 2,873 (1.4 %)
Cooling Degree Days51 94 (45.7 %)1,525 1,935 (21.2 %)
Variance from Normal
Heating Degree Days(12.1 %)(8.9 %)(11.7 %)(10.5 %)
Cooling Degree Days25.7 %161.5 %(1.2 %)27.1 %
(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

35

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential3,882 4,070 (4.6 %)17,587 18,177 (3.2 %)
General Service3,411 3,644 (6.4 %)14,312 15,452 (7.4 %)
Industrial2,534 2,516 0.7 %10,122 10,534 (3.9 %)
Other Energy Sales19 19 — %77 77 — %
Unbilled Sales302 (60)603.3 %155 (50)410 %
Total Retail Sales
10,148 10,189 (0.4 %)(0.2 %)42,253 44,190 (4.4 %)(1.9 %)
Wholesale and Other5,580 6,095 (8.4 %)22,987 24,166 (4.9 %)
Total Consolidated Electric Sales – Duke Energy Progress
15,728 16,284 (3.4 %)65,240 68,356 (4.6 %)
Average Number of Customers
Residential1,385,743 1,356,540 2.2 %1,375,190 1,348,989 1.9 %
General Service240,429 237,210 1.4 %239,099 236,549 1.1 %
Industrial3,998 4,011 (0.3 %)4,000 4,026 (0.6 %)
Other Energy Sales1,415 1,417 (0.1 %)1,415 1,416 (0.1 %)
Total Retail Customers
1,631,585 1,599,178 2.0 %1,619,704 1,590,980 1.8 %
Wholesale and Other9 9 — %9 12 (25.0 %)
Total Average Number of Customers – Duke Energy Progress
1,631,594 1,599,187 2.0 %1,619,713 1,590,992 1.8 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal1,332 2,070 (35.7 %)5,934 9,554 (37.9 %)
Nuclear7,158 7,153 0.1 %29,406 28,704 2.4 %
Hydro256 130 96.9 %880 673 30.8 %
Natural Gas and Oil5,407 5,524 (2.1 %)21,642 21,349 1.4 %
Renewable Energy54 51 5.9 %247 253 (2.4 %)
Total Generation(d)
14,207 14,928 (4.8 %)58,109 60,533 (4.0 %)
Purchased Power and Net Interchange(e)
2,066 1,995 3.6 %9,289 9,973 (6.9 %)
Total Sources of Energy16,273 16,923 (3.8 %)67,398 70,506 (4.4 %)
Less: Line Loss and Other545 639 (14.7 %)2,158 2,150 0.4 %
Total GWh Sources15,728 16,284 (3.4 %)65,240 68,356 (4.6 %)
Owned MW Capacity(c)
Summer12,533 12,994 
Winter13,594 14,175 
Nuclear Capacity Factor (%)(f)
93 92 
Heating and Cooling Degree Days
Actual
Heating Degree Days933 1,000 (6.7 %)2,366 2,600 (9.0 %)
Cooling Degree Days91 118 (22.9 %)1,761 2,072 (15.0 %)
Variance from Normal
Heating Degree Days(17.1 %)(11.6 %)(18.8 %)(11.3 %)
Cooling Degree Days50.0 %109.7 %4.3 %24.4 %
(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

36

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential5,170 4,943 4.6 %21,459 20,775 3.3 %
General Service3,706 3,835 (3.4 %)14,601 15,425 (5.3 %)
Industrial791 760 4.1 %3,147 2,963 6.2 %
Other Energy Sales6 6 — %23 24 (4.2 %)
Unbilled Sales(303)(452)33.0 %241 (84)386.9 %
Total Retail Sales
9,370 9,092 3.1 %0.4 %39,471 39,103 0.9 %(0.8 %)
Wholesale and Other730 613 19.1 %3,019 3,070 (1.7 %)
Total Electric Sales – Duke Energy Florida
10,100 9,705 4.1 %42,490 42,173 0.8 %
Average Number of Customers
Residential1,667,816 1,633,362 2.1 %1,654,976 1,624,629 1.9 %
General Service205,840 203,626 1.1 %204,902 203,104 0.9 %
Industrial1,988 2,013 (1.2 %)2,000 2,025 (1.2 %)
Other Energy Sales1,495 1,492 0.2 %1,494 1,499 (0.3 %)
Total Retail Customers
1,877,139 1,840,493 2.0 %1,863,372 1,831,257 1.8 %
Wholesale and Other9 10 (10.0 %)9 12 (25.0 %)
Total Average Number of Customers – Duke Energy Florida
1,877,148 1,840,503 2.0 %1,863,381 1,831,269 1.8 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal867 1,249 (30.6 %)3,287 4,300 (23.6 %)
Natural Gas and Oil8,472 7,570 11.9 %36,361 35,218 3.2 %
Renewable Energy160 44 263.6 %706 215 228.4 %
Total Generation(d)
9,499 8,863 7.2 %40,354 39,733 1.6 %
Purchased Power and Net Interchange(e)
930 1,171 (20.6 %)4,234 4,833 (12.4 %)
Total Sources of Energy10,429 10,034 3.9 %44,588 44,566 — %
Less: Line Loss and Other329 329 — %2,098 2,393 (12.3 %)
Total GWh Sources10,100 9,705 4.1 %42,490 42,173 0.8 %
Owned MW Capacity(c)
Summer10,287 10,259 
Winter11,301 11,347 
Heating and Cooling Degree Days
Actual
Heating Degree Days207 105 97.1 %427 376 13.6 %
Cooling Degree Days624 674 (7.4 %)3,853 3,622 6.4 %
Variance from Normal
Heating Degree Days1.8 %(46.8 %)(5.1 %)(34.8 %)
Cooling Degree Days41.0 %43.0 %20.7 %13.5 %
(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

37

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential1,927 2,084 (7.5 %)8,838 9,005 (1.9 %)
General Service2,143 2,308 (7.1 %)8,736 9,461 (7.7 %)
Industrial1,364 1,403 (2.8 %)5,342 5,721 (6.6 %)
Other Energy Sales26 27 (3.7 %)105 108 (2.8 %)
Unbilled Sales137 (127)207.9 %83 (49)269.4 %
Total Retail Sales
5,597 5,695 (1.7 %)(0.2 %)23,104 24,246 (4.7 %)(2.3 %)
Wholesale and Other124 75 65.3 %380 483 (21.3 %)
Total Electric Sales – Duke Energy Ohio
5,721 5,770 (0.8 %)23,484 24,729 (5.0 %)
Average Number of Customers
Residential783,494 775,532 1.0 %782,324 772,065 1.3 %
General Service89,403 88,872 0.6 %89,122 88,409 0.8 %
Industrial2,474 2,480 (0.2 %)2,485 2,469 0.6 %
Other Energy Sales3,445 3,420 0.7 %3,441 3,399 1.2 %
Total Retail Customers
878,816 870,304 1.0 %877,372 866,342 1.3 %
Wholesale and Other1 1 — %1 1 — %
Total Average Number of Customers – Duke Energy Ohio
878,817 870,305 1.0 %877,373 866,343 1.3 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal436 398 9.5 %2,269 3,166 (28.3 %)
Natural Gas and Oil15 5 200.0 %55 138 (60.1 %)
Total Generation(d)
451 403 11.9 %2,324 3,304 (29.7 %)
Purchased Power and Net Interchange(e)
5,686 6,401 (11.2 %)23,379 24,141 (3.2 %)
Total Sources of Energy6,137 6,804 (9.8 %)25,703 27,445 (6.3 %)
Less: Line Loss and Other416 1,034 (59.8 %)2,219 2,716 (18.3 %)
Total GWh Sources5,721 5,770 (0.8 %)23,484 24,729 (5.0 %)
Owned MW Capacity(c)
Summer1,076 1,076 
Winter1,164 1,164 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,671 1,766 (5.4 %)4,497 4,684 (4.0 %)
Cooling Degree Days21 49 (57.1 %)1,198 1,408 (14.9 %)
Variance from Normal
Heating Degree Days(9.0 %)(4.1 %)(8.5 %)(4.5 %)
Cooling Degree Days(4.0 %)172.2 %7.9 %28.0 %
(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

38

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20202019%
Inc.(Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential1,987 2,160 (8.0 %)9,020 9,270 (2.7 %)
General Service1,853 1,988 (6.8 %)7,650 8,226 (7.0 %)
Industrial2,512 2,531 (0.8 %)9,561 10,346 (7.6 %)
Other Energy Sales13 13 — %51 51 — %
Unbilled Sales185 (81)328.4 %41 (57)(171.9 %)
Total Retail Sales
6,550 6,611 (0.9 %)0.3 %26,323 27,836 (5.4 %)(4.0 %)
Wholesale and Other1,136 1,094 3.8 %4,205 4,050 3.8 %
Total Electric Sales – Duke Energy Indiana
7,686 7,705 (0.2 %)30,528 31,886 (4.3 %)
Average Number of Customers
Residential748,094 738,552 1.3 %745,027 733,944 1.5 %
General Service102,586 101,978 0.6 %102,458 101,719 0.7 %
Industrial2,694 2,691 0.1 %2,697 2,692 0.2 %
Other Energy Sales1,842 1,791 2.8 %1,822 1,761 3.5 %
Total Retail Customers
855,216 845,012 1.2 %852,004 840,116 1.4 %
Wholesale and Other4 4 — %4 4 — %
Total Average Number of Customers – Duke Energy Indiana
855,220 845,016 1.2 %852,008 840,120 1.4 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal6,069 3,959 53.3 %18,828 17,953 4.9 %
Hydro68 58 17.2 %205 164 25.0 %
Natural Gas and Oil562 924 (39.2 %)3,008 2,999 0.3 %
Renewable Energy4 5 (20.0 %)27 28 (3.6 %)
Total Generation(d)
6,703 4,946 35.5 %22,068 21,144 4.4 %
Purchased Power and Net Interchange(e)
2,297 3,066 (25.1 %)10,997 11,941 (7.9 %)
Total Sources of Energy9,000 8,012 12.3 %33,065 33,085 (0.1 %)
Less: Line Loss and Other1,314 307 328.0 %2,537 1,199 111.6 %
Total GWh Sources7,686 7,705 (0.2 %)30,528 31,886 (4.3 %)
Owned MW Capacity(c)
Summer6,631 6,623 
Winter7,062 7,040 
Heating and Cooling Degree Days
Actual
Heating Degree Days1,822 1,991 (8.5 %)4,964 5,349 (7.2 %)
Cooling Degree Days19 37 (48.6 %)1,151 1,261 (8.7 %)
Variance from Normal
Heating Degree Days(7.6 %)1.0 %(6.0 %)1.2 %
Cooling Degree Days9.1 %135.9 %5.0 %15.0 %
(a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

39

Gas Utilities and Infrastructure
Quarterly Highlights
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019%
Inc. (Dec.)		20202019%
Inc. (Dec.)
Total Sales
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)
129,209,733 133,517,816 (3.2 %)490,071,039 511,243,774 (4.1 %)
Duke Energy Midwest LDC throughput (Mcf)25,589,579 26,747,349 (4.3 %)84,160,162 89,025,972 (5.5 %)
Average Number of Customers – Piedmont Natural Gas
Residential1,010,287 980,623 3.0 %1,003,214 979,210 2.5 %
Commercial104,864 103,827 1.0 %104,983 103,991 1.0 %
Industrial968 976 (0.8 %)969 972 (0.3 %)
Power Generation19 17 11.8 %19 16 18.8 %
Total Average Number of Gas Customers – Piedmont Natural Gas
1,116,138 1,085,443 2.8 %1,109,185 1,084,189 2.3 %
Average Number of Customers – Duke Energy Midwest
Residential497,602 491,566 1.2 %495,688 489,942 1.2 %
General Service43,169 43,651 (1.1 %)43,320 43,350 (0.1 %)
Industrial1,567 1,591 (1.5 %)1,571 1,578 (0.4 %)
Other 130 133 (2.3 %)131 135 (3.0 %)
Total Average Number of Gas Customers – Duke Energy Midwest
542,468 536,941 1.0 %540,710 535,005 1.1 %
(a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.



Commercial Renewables
Quarterly Highlights
Year Ended December 2020
Three Months Ended December 31,Years Ended December 31,
20202019% Inc. (Dec.)20202019% Inc. (Dec.)
Renewable Plant Production, GWh2,544 2,046 24.3 %10,204 8,574 19.0 %
Net Proportional MW Capacity in Operation(a)
n/an/a3,937 3,485 13.0 %
(a)    Includes 100% tax equity project capacity.

40