10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to_________

Commission File Number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Zip Code and Telephone Number	IRS Employer Identification No.
1-32853	DUKE ENERGY CORPORATION	20-2777218

(a Delaware corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

1-4928 DUKE ENERGY CAROLINAS, LLC 56-0205520

(a North Carolina limited liability company)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

1-15929 PROGRESS ENERGY, INC. 56-2155481

(a North Carolina corporation)

411 Fayetteville Street

Raleigh, North Carolina 27601

800-488-3853

1-3382 DUKE ENERGY PROGRESS, LLC 56-0165465

(a North Carolina limited liability company)

411 Fayetteville Street

Raleigh, North Carolina 27601

800-488-3853

1-3274 DUKE ENERGY FLORIDA, LLC 59-0247770

(a Florida limited liability company)

299 First Avenue North

St. Petersburg, Florida 33701

800-488-3853

1-1232 DUKE ENERGY OHIO, INC. 31-0240030

(an Ohio corporation)

139 East Fourth Street

Cincinnati, Ohio 45202

800-488-3853

1-3543 DUKE ENERGY INDIANA, LLC 35-0594457

(an Indiana limited liability company)

1000 East Main Street

Plainfield, Indiana 46168

800-488-3853

1-6196 PIEDMONT NATURAL GAS COMPANY, INC. 56-0556998

(a North Carolina corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Name of each exchange on

Registrant    Title of each class    Trading symbols        which registered

Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC

September 15, 2078

Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC

interest in a share of 5.75% Series A Cumulative

Redeemable Perpetual Preferred Stock, par value

$0.001 per share

Duke Energy    3.10% Senior Notes due 2028    DUK 28A    New York Stock Exchange LLC        

Duke Energy    3.85% Senior Notes due 2034    DUK 34    New York Stock Exchange LLC

Duke Energy    3.75% Senior Notes due 2031    DUK 31A    New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Duke Energy Corporation (Duke Energy)	Yes	☒	No	☐	Duke Energy Florida, LLC (Duke Energy Florida)	Yes	☒	No	☐
Duke Energy Carolinas, LLC (Duke Energy Carolinas)	Yes	☒	No	☐	Duke Energy Ohio, Inc. (Duke Energy Ohio)	Yes	☒	No	☐
Progress Energy, Inc. (Progress Energy)	Yes	☒	No	☐	Duke Energy Indiana, LLC (Duke Energy Indiana)	Yes	☒	No	☐
Duke Energy Progress, LLC (Duke Energy Progress)	Yes	☒	No	☐	Piedmont Natural Gas Company, Inc. (Piedmont)	Yes	☒	No	☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Duke Energy	Yes	☒	No	☐	Duke Energy Florida	Yes	☒	No	☐
Duke Energy Carolinas	Yes	☒	No	☐	Duke Energy Ohio	Yes	☒	No	☐
Progress Energy	Yes	☒	No	☐	Duke Energy Indiana	Yes	☒	No	☐
Duke Energy Progress	Yes	☒	No	☐	Piedmont	Yes	☒	No	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Duke Energy	Large Accelerated Filer	☒	Accelerated filer	☐	Non-accelerated Filer	☐	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Carolinas	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Progress Energy	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Progress	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Florida	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Ohio	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Indiana	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Piedmont	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Duke Energy	Yes	☐	No	☒	Duke Energy Florida	Yes	☐	No	☒
Duke Energy Carolinas	Yes	☐	No	☒	Duke Energy Ohio	Yes	☐	No	☒
Progress Energy	Yes	☐	No	☒	Duke Energy Indiana	Yes	☐	No	☒
Duke Energy Progress	Yes	☐	No	☒	Piedmont	Yes	☐	No	☒

Number of shares of common stock outstanding at July 31, 2024:

Registrant	Description	Shares
Duke Energy	Common stock, $0.001 par value	772,201,706
Duke Energy Carolinas	All of the registrant's limited liability company member interests are directly owned by Duke Energy.	N/A
Progress Energy	All of the registrant's common stock is directly owned by Duke Energy.	100
Duke Energy Progress	All of the registrant's limited liability company member interests are indirectly owned by Duke Energy.	N/A
Duke Energy Florida	All of the registrant's limited liability company member interests are indirectly owned by Duke Energy.	N/A
Duke Energy Ohio	All of the registrant's common stock is indirectly owned by Duke Energy.	89,663,086
Duke Energy Indiana	All of the registrant's limited liability company member interests are owned by a Duke Energy subsidiary that is 80.1% indirectly owned by Duke Energy.	N/A
Piedmont	All of the registrant's common stock is directly owned by Duke Energy.	100

This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.

Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.

TABLE OF CONTENTS

	Cautionary Statement Regarding Forward-Looking Information
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Duke Energy Corporation Financial Statements	9
	Duke Energy Carolinas, LLC Financial Statements	15
	Progress Energy, Inc. Financial Statements	19
	Duke Energy Progress, LLC Financial Statements	23
	Duke Energy Florida, LLC Financial Statements	27
	Duke Energy Ohio, Inc. Financial Statements	31
	Duke Energy Indiana, LLC Financial Statements	35
	Piedmont Natural Gas Company, Inc. Financial Statements	39
	Combined Notes to Condensed Consolidated Financial Statements
	Note 1 – Organization and Basis of Presentation	43
	Note 2 – Dispositions	45
	Note 3 – Business Segments	47
	Note 4 – Regulatory Matters	49
	Note 5 – Commitments and Contingencies	55
	Note 6 – Debt and Credit Facilities	57
	Note 7 – Asset Retirement Obligations	59
	Note 8 – Goodwill	60
	Note 9 – Related Party Transactions	61
	Note 10 – Derivatives and Hedging	62
	Note 11 – Investments in Debt and Equity Securities	68
	Note 12 – Fair Value Measurements	72
	Note 13 – Variable Interest Entities	77
	Note 14 – Revenue	81
	Note 15 – Stockholders' Equity	87
	Note 16 – Employee Benefit Plans	88
	Note 17 – Income Taxes	90
	Note 18 – Subsequent Events	90
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	108
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	109
Item 1A.	Risk Factors	109
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
	Signatures	115

GLOSSARY OF TERMS

Glossary of Terms 

The following terms or acronyms used in this Form 10-Q are defined below:

Term or Acronym	Definition
2015 CCR Rule	A 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the management and disposal of CCR from coal-fired power plants
2021 Settlement	Settlement Agreement in 2021 among Duke Energy Florida, the Florida Office of Public Counsel, the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PSC Phosphate and NUCOR Steel Florida, Inc.
2024 CCR Rule	The EPA's Legacy CCR Surface Impoundments rule issued in April 2024, which significantly expands the scope of the 2015 CCR Rule
AFUDC	Allowance for funds used during construction
ARM	Annual Review Mechanism
Bison	Bison Insurance Company Limited
Brookfield	Brookfield Renewable Partners L.P.
CCR	Coal Combustion Residuals
CEP	Capital Expenditure Program
CPCN	Certificate of Public Convenience and Necessity
the Company	Duke Energy Corporation and its subsidiaries
Commercial Renewables Disposal Groups	Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, separated into the utility-scale solar and wind group, the distributed generation group and the remaining assets
COVID-19	Coronavirus Disease 2019
CRC	Cinergy Receivables Company, LLC
Crystal River Unit 3	Crystal River Unit 3 Nuclear Plant
DEFR	Duke Energy Florida Receivables, LLC
DEPR	Duke Energy Progress Receivables, LLC
DERF	Duke Energy Receivables Finance Company, LLC
DOE	U.S. Department of Energy
Duke Energy	Duke Energy Corporation (collectively with its subsidiaries)
Duke Energy Ohio	Duke Energy Ohio, Inc.
Duke Energy Progress	Duke Energy Progress, LLC
Duke Energy Carolinas	Duke Energy Carolinas, LLC
Duke Energy Florida	Duke Energy Florida, LLC
Duke Energy Indiana	Duke Energy Indiana, LLC
Duke Energy Registrants	Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDIT	Excess deferred income tax
EPA	United States Environmental Protection Agency
EPS	Earnings (Loss) Per Share
ERCOT	Electric Reliability Council of Texas
ETR	Effective tax rate
EU&I	Electric Utilities and Infrastructure
Exchange Act	Securities Exchange Act of 1934
FERC	Federal Energy Regulatory Commission
FPSC	Florida Public Service Commission
FTR	Financial transmission rights

GLOSSARY OF TERMS

GAAP	Generally accepted accounting principles in the U.S.
GAAP Reported Earnings	Net Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPS	Basic Earnings Per Share Available to Duke Energy Corporation common stockholders
GHG	Greenhouse Gas
GU&I	Gas Utilities and Infrastructure
GWh	Gigawatt-hours
HB 951	The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
IMR	Integrity Management Rider
IRA	Inflation Reduction Act
IRS	Internal Revenue Service
IURC	Indiana Utility Regulatory Commission
JDA	Joint Dispatch Agreement
KPSC	Kentucky Public Service Commission
LLC	Limited Liability Company
MW	Megawatt
MWh	Megawatt-hour
NCUC	North Carolina Utilities Commission
NDTF	Nuclear decommissioning trust funds
NPNS	Normal purchase/normal sale
OPEB	Other Post-Retirement Benefit Obligations
the Parent	Duke Energy Corporation holding company
PBR	Performance-based regulation
Piedmont	Piedmont Natural Gas Company, Inc.
Progress Energy	Progress Energy, Inc.
PSCSC	Public Service Commission of South Carolina
PTC	Production Tax Credit
PUCO	Public Utilities Commission of Ohio
RTO	Regional Transmission Organization
Subsidiary Registrants	Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUC	Tennessee Public Utility Commission
U.S.	United States
VIE	Variable Interest Entity

FORWARD-LOOKING STATEMENTS

CAUTIONARY STATEMENT REGARDING 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 ability to implement our business strategy, including our carbon emission reduction goals;

◦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, asset retirement and construction costs related to carbon emissions reductions, 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;

◦The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦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, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, 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, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, 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 investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto;

◦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 United States 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 or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, 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;

◦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, an individual utility’s generation mix, 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;

FORWARD-LOOKING STATEMENTS

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, 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 businesses and the success of efforts to invest in and develop new opportunities;

◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;

◦The impact of United States 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;

◦Asset or business acquisitions and dispositions may not yield the anticipated benefits; and

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.

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.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Operating Revenues
Regulated electric	$	6,746	$	6,176	$	13,478	$	12,500
Regulated natural gas	347		331		1,213		1,213
Nonregulated electric and other	79		71		152		141
Total operating revenues	7,172		6,578		14,843		13,854
Operating Expenses
Fuel used in electric generation and purchased power	2,228		2,039		4,563		4,416
Cost of natural gas	78		79		310		377
Operation, maintenance and other	1,320		1,375		2,699		2,685
Depreciation and amortization	1,409		1,333		2,796		2,560
Property and other taxes	393		353		779		742
Impairment of assets and other charges	43		—		44		8
Total operating expenses	5,471		5,179		11,191		10,788
Gains on Sales of Other Assets and Other, net	6		31		18		38
Operating Income	1,707		1,430		3,670		3,104
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	21		20		38		40
Other income and expenses, net	167		147		336		298
Total other income and expenses	188		167		374		338
Interest Expense	824		727		1,641		1,447
Income From Continuing Operations Before Income Taxes	1,071		870		2,403		1,995
Income Tax Expense From Continuing Operations	140		119		318		274
Income From Continuing Operations	931		751		2,085		1,721
Loss From Discontinued Operations, net of tax	(10)		(955)		(13)		(1,164)
Net Income (Loss)	921		(204)		2,072		557
Less: Net Income (Loss) Attributable to Noncontrolling Interests	21		16		34		(27)
Net Income (Loss) Attributable to Duke Energy Corporation	900		(220)		2,038		584
Less: Preferred Dividends	14		14		53		53
Net Income (Loss) Available to Duke Energy Corporation Common Stockholders	$	886	$	(234)	$	1,985	$	531
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.14	$	0.91	$	2.59	$	2.10
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	(0.01)	$	(1.23)	$	(0.02)	$	(1.41)
Net income (loss) available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.13	$	(0.32)	$	2.57	$	0.69
Weighted Average Shares Outstanding
Basic and Diluted	772		771		771		770

See Notes to Condensed Consolidated Financial Statements

9

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Net Income (Loss)	$	921	$	(204)	$	2,072	$	557
Other Comprehensive Income, net of tax(a)
Pension and OPEB adjustments	—		1		16		—
Net unrealized gains on cash flow hedges	26		26		117		6
Reclassification into earnings from cash flow hedges	(3)		4		(1)		4
Net unrealized (losses) gains on fair value hedges	(29)		26		(21)		15
Unrealized (losses) gains on available-for-sale securities	(1)		(2)		(3)		4
Other Comprehensive (Loss) Income, net of tax	(7)		55		108		29
Comprehensive Income (Loss)	914		(149)		2,180		586
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests	21		16		34		(27)
Comprehensive Income (Loss) Attributable to Duke Energy	893		(165)		2,146		613
Less: Preferred Dividends	14		14		53		53
Comprehensive Income (Loss) Available to Duke Energy Corporation Common Stockholders	$	879	$	(179)	$	2,093	$	560

(a)Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

See Notes to Condensed Consolidated Financial Statements

10

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	390	$	253
Receivables (net of allowance for doubtful accounts of $119 at 2024 and $55 at 2023)	2,127		1,112
Receivables of VIEs (net of allowance for doubtful accounts of $88 at 2024 and $150 at 2023)	2,009		3,019
Receivable from sales of Commercial Renewables Disposal Groups	538		—
Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs)	4,390		4,292
Regulatory assets (includes $119 at 2024 and $110 at 2023 related to VIEs)	2,663		3,648
Assets held for sale	4		14
Other (includes $81 at 2024 and $90 at 2023 related to VIEs)	436		431
Total current assets	12,557		12,769
Property, Plant and Equipment
Cost	177,974		171,353
Accumulated depreciation and amortization	(57,874)		(56,038)
Net property, plant and equipment	120,100		115,315
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,754 at 2024 and $1,642 at 2023 related to VIEs)	13,446		13,618
Nuclear decommissioning trust funds	10,944		10,143
Operating lease right-of-use assets, net	1,108		1,092
Investments in equity method unconsolidated affiliates	483		492
Assets held for sale	78		197
Other	3,556		3,964
Total other noncurrent assets	48,918		48,809
Total Assets	$	181,575	$	176,893
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $224 at 2024 and $188 at 2023 related to VIEs)	$	3,777	$	4,228
Notes payable and commercial paper	3,670		4,288
Taxes accrued	748		816
Interest accrued	790		745
Current maturities of long-term debt (includes $1,008 at 2024 and $428 at 2023 related to VIEs)	2,340		2,800
Asset retirement obligations	636		596
Regulatory liabilities	1,228		1,369
Liabilities associated with assets held for sale	81		122
Other	2,212		2,319
Total current liabilities	15,482		17,283
Long-Term Debt (includes $1,897 at 2024 and $3,000 at 2023 related to VIEs)	76,439		72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773		10,556
Asset retirement obligations	9,718		8,560
Regulatory liabilities	14,557		14,039
Operating lease liabilities	925		917
Accrued pension and other post-retirement benefit costs	437		485
Investment tax credits	860		864
Liabilities associated with assets held for sale	112		157
Other (includes $30 at 2024 and $35 at 2023 related to VIEs)	1,466		1,393
Total other noncurrent liabilities	38,848		36,971
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2024 and 2023	989		989
Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023	1		1
Additional paid-in capital	45,007		44,920
Retained earnings	2,635		2,235
Accumulated other comprehensive income (loss)	102		(6)
Total Duke Energy Corporation stockholders' equity	49,707		49,112
Noncontrolling interests	1,099		1,075
Total equity	50,806		50,187
Total Liabilities and Equity	$	181,575	$	176,893

See Notes to Condensed Consolidated Financial Statements

11

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	2,072	$	557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100		2,916
Equity component of AFUDC	(116)		(97)
Losses on sales of Commercial Renewables Disposal Groups	5		1,434
Gains on sales of other assets	(18)		(38)
Impairment of assets and other charges	44		8
Deferred income taxes	264		(52)
Equity in earnings of unconsolidated affiliates	(38)		(29)
Payments for asset retirement obligations	(262)		(261)
Provision for rate refunds	(7)		(57)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	(37)		93
Receivables	(19)		586
Inventory	(86)		(517)
Other current assets	502		(41)
Increase (decrease) in
Accounts payable	(215)		(1,245)
Taxes accrued	(68)		(8)
Other current liabilities	(252)		(154)
Other assets	331		608
Other liabilities	227		82
Net cash provided by operating activities	5,427		3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)		(6,265)
Contributions to equity method investments	(8)		(22)
Purchases of debt and equity securities	(2,275)		(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319		1,628
Net proceeds from the sales of other assets	1		111
Other	(408)		(366)
Net cash used in investing activities	(6,575)		(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	6,372		7,094
Issuance of common stock	20		—
Payments for the redemption of long-term debt	(2,731)		(2,372)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	502		60
Payments for the redemption of short-term debt with original maturities greater than 90 days	(824)		(52)
Notes payable and commercial paper	(414)		(590)
Contributions from noncontrolling interests	47		248
Dividends paid	(1,590)		(1,606)
Other	(108)		(95)
Net cash provided by financing activities	1,274		2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126		(36)
Cash, cash equivalents and restricted cash at beginning of period	357		603
Cash, cash equivalents and restricted cash at end of period	$	483	$	567
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	1,721	$	1,398

See Notes to Condensed Consolidated Financial Statements

12

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
										Accumulated Other Comprehensive
										(Loss) Income
										Net		Net Unrealized				Total
										Gains		(Losses) Gains				Duke Energy
			Common			Additional				(Losses)		on Available-		Pension and		Corporation		Non-
	Preferred		Stock	Common		Paid-in		Retained		on		for-Sale-		OPEB		Stockholders'		controlling		Total
(in millions)	Stock		Shares	Stock		Capital		Earnings		Hedges(b)		Securities		Adjustments		Equity		Interests		Equity
Balance at March 31, 2023	$	1,962	771	$	1	$	44,837	$	2,626	$	(60)	$	(17)	$	(89)	$	49,260	$	2,691	$	51,951
Net income (loss)	—		—	—		—		(234)		—		—		—		(234)		16		(218)
Other comprehensive income (loss)	—		—	—		—		—		56		(2)		1		55		—		55
Common stock issuances, including dividend reinvestment and employee benefits	—		—	—		31		—		—		—		—		31		—		31
Common stock dividends	—		—	—		—		(777)		—		—		—		(777)		—		(777)
Contribution from noncontrolling interests, net of transaction costs	—		—	—		—		—		—		—		—		—		42		42
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(12)		(12)
Other	—		—	—		(2)		—		—		—		—		(2)		1		(1)
Balance at June 30, 2023	$	1,962	771	$	1	$	44,866	$	1,615	$	(4)	$	(19)	$	(88)	$	48,333	$	2,738	$	51,071
Balance at March 31, 2024	$	1,962	772	$	1	$	44,937	$	2,542	$	199	$	(17)	$	(73)	$	49,551	$	1,087	$	50,638
Net income	—		—	—		—		886		—		—		—		886		21		907
Other comprehensive income (loss)	—		—	—		—		—		(6)		(1)		—		(7)		—		(7)
Common stock issuances, including dividend reinvestment and employee benefits	—		—	—		70		—		—		—		—		70		—		70
Common stock dividends	—		—	—		—		(794)		—		—		—		(794)		—		(794)
Sale of Commercial Renewables Disposal Groups(c)	—		—	—		—		—		—		—		—		—		(51)		(51)
Contribution from noncontrolling interests, net of transaction costs	—		—	—		—		—		—		—		—		—		47		47
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(5)		(5)
Other	—		—	—				1		—		—		—		1		—		1
Balance at June 30, 2024	$	1,962	772	$	1	$	45,007	$	2,635	$	193	$	(18)	$	(73)	$	49,707	$	1,099	$	50,806

See Notes to Condensed Consolidated Financial Statements

13

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Six Months Ended June 30, 2023 and 2024
										Accumulated Other Comprehensive
										(Loss) Income
										Net		Net Unrealized				Total
										Gains		Gains (Losses)				Duke Energy
			Common			Additional				(Losses)		on Available-		Pension and		Corporation		Non-
	Preferred		Stock	Common		Paid-in		Retained		on		for-Sale-		OPEB		Stockholders'		controlling		Total
(in millions)	Stock		Shares	Stock		Capital		Earnings		Hedges(b)		Securities		Adjustments		Equity		Interests		Equity
Balance at December 31, 2022	$	1,962	770	$	1	$	44,862	$	2,637	$	(29)	$	(23)	$	(88)	$	49,322	$	2,531	$	51,853
Net income (loss)	—		—	—		—		531		—		—		—		531		(27)		504
Other comprehensive income (loss)	—		—	—		—		—		25		4		—		29		—		29
Common stock issuances, including dividend reinvestment and employee benefits	—		1	—		21		—		—		—		—		21		—		21
Common stock dividends	—		—	—		—		(1,553)		—		—		—		(1,553)		—		(1,553)
Sale of noncontrolling interest	—		—	—		(13)		—		—		—		—		(13)		10		(3)
Contributions from noncontrolling interests, net of transaction costs(a)	—		—	—		—		—		—		—		—		—		248		248
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(25)		(25)
Other	—		—	—		(4)		—		—		—		—		(4)		1		(3)
Balance at June 30, 2023	$	1,962	771	$	1	$	44,866	$	1,615	$	(4)	$	(19)	$	(88)	$	48,333	$	2,738	$	51,071
Balance at December 31, 2023	$	1,962	771	$	1	$	44,920	$	2,235	$	98	$	(15)	$	(89)	$	49,112	$	1,075	$	50,187
Net income	—		—	—		—		1,985		—		—		—		1,985		34		2,019
Other comprehensive income (loss)	—		—	—		—		—		95		(3)		16		108		—		108
Common stock issuances, including dividend reinvestment and employee benefits	—		1	—		86		—		—		—		—		86		—		86
Common stock dividends	—		—	—		—		(1,586)		—		—		—		(1,586)		—		(1,586)
Sale of Commercial Renewables Disposal Groups(c)	—		—	—				—		—		—		—		—		(51)		(51)
Contributions from noncontrolling interests, net of transaction costs	—		—	—		—		—		—		—		—		—		47		47
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(5)		(5)
Other	—		—	—		1		1		—		—		—		2		(1)		1
Balance at June 30, 2024	$	1,962	772	$	1	$	45,007	$	2,635	$	193	$	(18)	$	(73)	$	49,707	$	1,099	$	50,806

(a)Relates primarily to tax equity financing activity in the Commercial Renewables Disposal Groups.

(b)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

(c)See Note 2 for additional information.

See Notes to Condensed Consolidated Financial Statements

14

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues	$	2,297	$	1,828	$	4,704	$	3,762
Operating Expenses
Fuel used in electric generation and purchased power	749		510		1,609		1,133
Operation, maintenance and other	444		421		895		861
Depreciation and amortization	437		413		834		779
Property and other taxes	89		91		183		186
Impairment of assets and other charges	33		4		34		6
Total operating expenses	1,752		1,439		3,555		2,965
Gains on Sales of Other Assets and Other, net	—		26		1		26
Operating Income	545		415		1,150		823
Other Income and Expenses, net	62		59		123		118
Interest Expense	168		172		348		332
Income Before Income Taxes	439		302		925		609
Income Tax Expense	48		32		104		67
Net Income and Comprehensive Income	$	391	$	270	$	821	$	542

See Notes to Condensed Consolidated Financial Statements

15

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	9	$	9
Receivables (net of allowance for doubtful accounts of $15 at 2024 and $11 at 2023)	193		265
Receivables of VIEs (net of allowance for doubtful accounts of $50 at 2024 and $45 at 2023)	1,128		991
Receivables from affiliated companies	192		203
Inventory	1,509		1,484
Regulatory assets (includes $12 at 2024 and 2023 related to VIEs)	1,122		1,564
Other (includes $10 at 2024 and $9 at 2023 related to VIEs)	56		31
Total current assets	4,209		4,547
Property, Plant and Equipment
Cost	58,433		56,670
Accumulated depreciation and amortization	(20,396)		(19,896)
Net property, plant and equipment	38,037		36,774
Other Noncurrent Assets
Regulatory assets (includes $191 at 2024 and $196 at 2023 related to VIEs)	3,711		3,916
Nuclear decommissioning trust funds	6,170		5,686
Operating lease right-of-use assets, net	89		78
Other	1,158		1,109
Total other noncurrent assets	11,128		10,789
Total Assets	$	53,374	$	52,110
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,125	$	1,183
Accounts payable to affiliated companies	198		195
Notes payable to affiliated companies	7		668
Taxes accrued	284		281
Interest accrued	202		179
Current maturities of long-term debt (includes $510 at 2024 and $10 at 2023 related to VIEs)	520		19
Asset retirement obligations	252		224
Regulatory liabilities	550		587
Other	635		702
Total current liabilities	3,773		4,038
Long-Term Debt (includes $203 at 2024 and $708 at 2023 related to VIEs)	16,206		15,693
Long-Term Debt Payable to Affiliated Companies	300		300
Other Noncurrent Liabilities
Deferred income taxes	4,217		4,379
Asset retirement obligations	3,860		3,789
Regulatory liabilities	6,303		5,990
Operating lease liabilities	80		75
Accrued pension and other post-retirement benefit costs	47		57
Investment tax credits	299		301
Other (includes $18 at 2024 and $17 at 2023 related to VIEs)	581		581
Total other noncurrent liabilities	15,387		15,172
Commitments and Contingencies
Equity
Member's equity	17,714		16,913
Accumulated other comprehensive loss	(6)		(6)
Total equity	17,708		16,907
Total Liabilities and Equity	$	53,374	$	52,110

See Notes to Condensed Consolidated Financial Statements

16

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	821	$	542
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	966		906
Equity component of AFUDC	(58)		(48)
Gains on sales of other assets	(1)		(26)
Impairment of assets and other charges	34		6
Deferred income taxes	(38)		(5)
Payments for asset retirement obligations	(80)		(87)
Provision for rate refunds	(6)		(33)
(Increase) decrease in
Receivables	(61)		91
Receivables from affiliated companies	11		234
Inventory	(25)		(239)
Other current assets	9		(482)
Increase (decrease) in
Accounts payable	(28)		(652)
Accounts payable to affiliated companies	3		(70)
Taxes accrued	3		48
Other current liabilities	(140)		6
Other assets	410		542
Other liabilities	(40)		97
Net cash provided by operating activities	1,780		830
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,949)		(1,795)
Purchases of debt and equity securities	(1,211)		(936)
Proceeds from sales and maturities of debt and equity securities	1,211		936
Net proceeds from the sales of other assets	—		30
Other	(178)		(129)
Net cash used in investing activities	(2,127)		(1,894)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,018		2,729
Payments for the redemption of long-term debt	(9)		(1,033)
Notes payable to affiliated companies	(660)		(655)
Other	(1)		(1)
Net cash provided by financing activities	348		1,040
Net increase (decrease) in cash, cash equivalents and restricted cash	1		(24)
Cash, cash equivalents and restricted cash at beginning of period	19		53
Cash, cash equivalents and restricted cash at end of period	$	20	$	29
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	597	$	456

See Notes to Condensed Consolidated Financial Statements

17

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
			Accumulated Other
			Comprehensive
			Loss
	Member's		Net Losses on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at March 31, 2023	$	15,720	$	(6)	$	15,714
Net income	270		—		270
Balance at June 30, 2023	$	15,990	$	(6)	$	15,984
Balance at March 31, 2024	$	17,343	$	(6)	$	17,337
Net income	391		—		391
Other	(20)		—		(20)
Balance at June 30, 2024	$	17,714	$	(6)	$	17,708
	Six Months Ended June 30, 2023 and 2024
			Accumulated Other
			Comprehensive
			Loss
	Member's		Net Losses on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at December 31, 2022	$	15,448	$	(6)	$	15,442
Net income	542		—		542
Balance at June 30, 2023	$	15,990	$	(6)	$	15,984
Balance at December 31, 2023	$	16,913	$	(6)	$	16,907
Net income	821				821
Other	(20)		—		(20)
Balance at June 30, 2024	$	17,714	$	(6)	$	17,708

See Notes to Condensed Consolidated Financial Statements

18

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues	$	3,357	$	3,212	$	6,585	$	6,260
Operating Expenses
Fuel used in electric generation and purchased power	1,202		1,176		2,345		2,367
Operation, maintenance and other	588		684		1,216		1,252
Depreciation and amortization	568		542		1,155		1,046
Property and other taxes	166		173		324		341
Impairment of assets and other charges	9		—		9		5
Total operating expenses	2,533		2,575		5,049		5,011
Gains on Sales of Other Assets and Other, net	6		6		13		12
Operating Income	830		643		1,549		1,261
Other Income and Expenses, net	60		38		122		97
Interest Expense	265		219		525		465
Income Before Income Taxes	625		462		1,146		893
Income Tax Expense	104		77		190		149
Net Income	$	521	$	385	$	956	$	744
Other Comprehensive Income, net of tax
Unrealized gains on available-for-sale securities	—		—		—		2
Other Comprehensive Income, net of tax	—		—		—		2
Comprehensive Income	$	521	$	385	$	956	$	746

See Notes to Condensed Consolidated Financial Statements

19

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	85	$	59
Receivables (net of allowance for doubtful accounts of $35 at 2024 and $18 at 2023)	924		225
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $56 at 2023)	881		1,365
Receivables from affiliated companies	5		90
Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs)	2,019		1,901
Regulatory assets (includes $107 at 2024 and $98 at 2023 related to VIEs)	1,151		1,661
Other (includes $66 at 2024 and $68 at 2023 related to VIEs)	135		134
Total current assets	5,200		5,435
Property, Plant and Equipment
Cost	70,694		67,644
Accumulated depreciation and amortization	(23,080)		(22,300)
Net property, plant and equipment	47,614		45,344
Other Noncurrent Assets
Goodwill	3,655		3,655
Regulatory assets (includes $1,563 at 2024 and $1,446 at 2023 related to VIEs)	6,426		6,430
Nuclear decommissioning trust funds	4,774		4,457
Operating lease right-of-use assets, net	588		617
Other	1,207		1,156
Total other noncurrent assets	16,650		16,315
Total Assets	$	69,464	$	67,094
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $213 at 2024 and $188 at 2023 related to VIEs)	$	1,259	$	1,374
Accounts payable to affiliated companies	488		464
Notes payable to affiliated companies	976		1,043
Taxes accrued	428		259
Interest accrued	232		224
Current maturities of long-term debt (includes $499 at 2024 and $418 at 2023 related to VIEs)	914		661
Asset retirement obligations	215		245
Regulatory liabilities	368		418
Other	842		860
Total current liabilities	5,722		5,548
Long-Term Debt (includes $1,630 at 2024 and $1,910 at 2023 related to VIEs)	23,195		22,948
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	5,173		5,197
Asset retirement obligations	4,576		3,900
Regulatory liabilities	5,353		5,083
Operating lease liabilities	525		544
Accrued pension and other post-retirement benefit costs	254		266
Investment tax credits	369		371
Other (includes $12 at 2024 and $19 at 2023 related to VIEs)	312		227
Total other noncurrent liabilities	16,562		15,588
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2024 and 2023	—		—
Additional paid-in capital	11,849		11,830
Retained earnings	11,996		11,040
Accumulated other comprehensive loss	(10)		(10)
Total equity	23,835		22,860
Total Liabilities and Equity	$	69,464	$	67,094

See Notes to Condensed Consolidated Financial Statements

20

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	956	$	744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,330		1,265
Equity component of AFUDC	(36)		(33)
Impairment of assets and other charges	9		5
Deferred income taxes	(61)		27
Payments for asset retirement obligations	(144)		(131)
Provision for rate refunds	(1)		(24)
(Increase) decrease in
Receivables	(223)		6
Receivables from affiliated companies	85		(1)
Inventory	(106)		(238)
Other current assets	494		332
Increase (decrease) in
Accounts payable	(34)		(293)
Accounts payable to affiliated companies	24		(274)
Taxes accrued	169		153
Other current liabilities	28		(62)
Other assets	(149)		85
Other liabilities	80		14
Net cash provided by operating activities	2,421		1,575
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,623)		(2,425)
Purchases of debt and equity securities	(989)		(574)
Proceeds from sales and maturities of debt and equity securities	1,039		608
Notes receivable from affiliated companies	—		(25)
Other	(192)		(163)
Net cash used in investing activities	(2,765)		(2,579)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	844		1,073
Payments for the redemption of long-term debt	(407)		(79)
Notes payable to affiliated companies	(67)		(27)
Other	(1)		(1)
Net cash provided by financing activities	369		966
Net increase (decrease) in cash, cash equivalents and restricted cash	25		(38)
Cash, cash equivalents and restricted cash at beginning of period	135		184
Cash, cash equivalents and restricted cash at end of period	$	160	$	146
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	729	$	544

See Notes to Condensed Consolidated Financial Statements

21

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
					Accumulated Other Comprehensive Loss
					Net Gains		Net Unrealized
	Additional				on		Losses on		Pension and
	Paid-in		Retained		Cash Flow		Available-for-		OPEB		Total
(in millions)	Capital		Earnings		Hedges		Sale Securities		Adjustments		Equity
Balance at March 31, 2023	$	11,830	$	9,944	$	(1)	$	(6)	$	(2)	$	21,765
Net income	—		385		—		—		—		385
Balance at June 30, 2023	$	11,830	$	10,329	$	(1)	$	(6)	$	(2)	$	22,150
Balance at March 31, 2024	$	11,830	$	11,475	$	(1)	$	(5)	$	(4)	$	23,295
Net income	—		521		—		—		—		521
Other	19		—		—		—		—		19
Balance at June 30, 2024	$	11,849	$	11,996	$	(1)	$	(5)	$	(4)	$	23,835
	Six Months Ended June 30, 2023 and 2024
					Accumulated Other Comprehensive Loss
					Net Gains		Net Unrealized
	Additional				(Losses) on		Gains (Losses) on		Pension and
	Paid-in		Retained		Cash Flow		Available-for-		OPEB		Total
	Capital		Earnings		Hedges		Sale Securities		Adjustments		Equity
Balance at December 31, 2022	$	11,832	$	9,585	$	(1)	$	(8)	$	(2)	$	21,406
Net income	—		744		—		—		—		744
Other comprehensive income	—		—		—		2		—		2
Other	(2)		—		—		—		—		(2)
Balance at June 30, 2023	$	11,830	$	10,329	$	(1)	$	(6)	$	(2)	$	22,150
Balance at December 31, 2023	$	11,830	$	11,040	$	(1)	$	(5)	$	(4)	$	22,860
Net income	—		956		—		—		—		956
Other	19		—		—		—		—		19
Balance at June 30, 2024	$	11,849	$	11,996	$	(1)	$	(5)	$	(4)	$	23,835

See Notes to Condensed Consolidated Financial Statements

22

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues	$	1,636	$	1,425	$	3,424	$	2,958
Operating Expenses
Fuel used in electric generation and purchased power	597		489		1,217		1,034
Operation, maintenance and other	326		356		701		706
Depreciation and amortization	306		296		645		611
Property and other taxes	50		47		101		95
Impairment of assets and other charges	9		3		9		7
Total operating expenses	1,288		1,191		2,673		2,453
Gains on Sales of Other Assets and Other, net	—		1		1		1
Operating Income	348		235		752		506
Other Income and Expenses, net	37		32		73		61
Interest Expense	123		104		243		206
Income Before Income Taxes	262		163		582		361
Income Tax Expense	39		23		87		52
Net Income and Comprehensive Income	$	223	$	140	$	495	$	309

See Notes to Condensed Consolidated Financial Statements

23

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	33	$	18
Receivables (net of allowance for doubtful accounts of $9 at 2024 and $8 at 2023)	189		139
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $36 at 2023)	881		833
Receivables from affiliated companies	4		16
Inventory	1,303		1,227
Regulatory assets (includes $47 at 2024 and $39 at 2023 related to VIEs)	785		942
Other (includes $32 at 2024 and $31 at 2023 related to VIEs)	73		72
Total current assets	3,268		3,247
Property, Plant and Equipment
Cost	41,226		39,283
Accumulated depreciation and amortization	(15,730)		(15,227)
Net property, plant and equipment	25,496		24,056
Other Noncurrent Assets
Regulatory assets (includes $788 at 2024 and $643 at 2023 related to VIEs)	4,487		4,546
Nuclear decommissioning trust funds	4,425		4,075
Operating lease right-of-use assets, net	291		318
Other	694		682
Total other noncurrent assets	9,897		9,621
Total Assets	$	38,661	$	36,924
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	523	$	634
Accounts payable to affiliated companies	285		332
Notes payable to affiliated companies	727		891
Taxes accrued	150		176
Interest accrued	123		114
Current maturities of long-term debt (includes $440 at 2024 and $34 at 2023 related to VIEs)	479		72
Asset retirement obligations	214		244
Regulatory liabilities	285		300
Other	493		481
Total current liabilities	3,279		3,244
Long-Term Debt (includes $829 at 2024 and $1,079 at 2023 related to VIEs)	11,714		11,492
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	2,551		2,560
Asset retirement obligations	4,342		3,626
Regulatory liabilities	4,612		4,375
Operating lease liabilities	280		293
Accrued pension and other post-retirement benefit costs	139		146
Investment tax credits	127		129
Other (includes $12 at 2024 and 2023 related to VIEs)	165		102
Total other noncurrent liabilities	12,216		11,231
Commitments and Contingencies
Equity
Member's Equity	11,302		10,807
Total Liabilities and Equity	$	38,661	$	36,924

See Notes to Condensed Consolidated Financial Statements

24

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	495	$	309
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	738		708
Equity component of AFUDC	(27)		(27)
Impairment of assets and other charges	9		7
Deferred income taxes	(33)		32
Payments for asset retirement obligations	(102)		(106)
Provision for rate refunds	(1)		(24)
(Increase) decrease in
Receivables	(99)		108
Receivables from affiliated companies	12		(5)
Inventory	(76)		(158)
Other current assets	185		(146)
Increase (decrease) in
Accounts payable	(70)		(33)
Accounts payable to affiliated companies	(47)		(258)
Taxes accrued	(27)		44
Other current liabilities	79		(21)
Other assets	(86)		107
Other liabilities	35		37
Net cash provided by operating activities	985		574
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,373)		(1,193)
Purchases of debt and equity securities	(922)		(490)
Proceeds from sales and maturities of debt and equity securities	921		486
Notes receivable from affiliated companies	—		(37)
Other	(54)		(81)
Net cash used in investing activities	(1,428)		(1,315)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	667		991
Payments for the redemption of long-term debt	(41)		(39)
Notes payable to affiliated companies	(164)		(239)
Other	—		(1)
Net cash provided by financing activities	462		712
Net increase (decrease) in cash, cash equivalents and restricted cash	19		(29)
Cash, cash equivalents and restricted cash at beginning of period	51		79
Cash, cash equivalents and restricted cash at end of period	$	70	$	50
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	274	$	198

See Notes to Condensed Consolidated Financial Statements

25

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended
	June 30, 2023 and 2024
(in millions)	Member's Equity
Balance at March 31, 2023	$	10,478
Net income	140
Balance at June 30, 2023	$	10,618
Balance at March 31, 2024	$	11,079
Net income	223
Balance at June 30, 2024	$	11,302
	Six Months Ended
	June 30, 2023 and 2024
(in millions)	Member's Equity
Balance at December 31, 2022	$	10,309
Net income	309
Balance at June 30, 2023	$	10,618
Balance at December 31, 2023	$	10,807
Net income	495
Balance at June 30, 2024	$	11,302

See Notes to Condensed Consolidated Financial Statements

26

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues	$	1,716	$	1,782	$	3,152	$	3,292
Operating Expenses
Fuel used in electric generation and purchased power	605		687		1,128		1,333
Operation, maintenance and other	256		324		507		537
Depreciation and amortization	262		245		510		435
Property and other taxes	117		126		223		246
Impairment of assets and other charges	—		(2)		—		(1)
Total operating expenses	1,240		1,380		2,368		2,550
Gains on Sales of Other Assets and Other, net	—		—		1		1
Operating Income	476		402		785		743
Other Income and Expenses, net	22		7		46		37
Interest Expense	114		87		225		202
Income Before Income Taxes	384		322		606		578
Income Tax Expense	75		64		118		115
Net Income	$	309	$	258	$	488	$	463
Other Comprehensive Income, net of tax
Unrealized gains on available-for-sale securities	—		—		—		2
Other Comprehensive Income, net of tax	$	—	$	—	$	—	$	2
Comprehensive Income	$	309	$	258	$	488	$	465

See Notes to Condensed Consolidated Financial Statements

27

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	35	$	24
Receivables (net of allowance for doubtful accounts of $26 at 2024 and $11 at 2023)	732		83
Receivables of VIEs (net of allowance for doubtful accounts of $0 at 2024 and $20 at 2023)	—		532
Receivables from affiliated companies	4		238
Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs)	716		674
Regulatory assets (includes $60 at 2024 and $59 at 2023 related to VIEs)	367		720
Other (includes $35 at 2024 and $37 at 2023 related to VIEs)	61		51
Total current assets	1,915		2,322
Property, Plant and Equipment
Cost	29,459		28,353
Accumulated depreciation and amortization	(7,343)		(7,067)
Net property, plant and equipment	22,116		21,286
Other Noncurrent Assets
Regulatory assets (includes $775 at 2024 and $803 at 2023 related to VIEs)	1,939		1,883
Nuclear decommissioning trust funds	350		382
Operating lease right-of-use assets, net	297		299
Other	461		429
Total other noncurrent assets	3,047		2,993
Total Assets	$	27,078	$	26,601
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes 213 at 2024 and $188 at 2023 related to VIEs)	$	735	$	738
Accounts payable to affiliated companies	113		135
Notes payable to affiliated companies	249		152
Taxes accrued	284		185
Interest accrued	84		86
Current maturities of long-term debt (includes $59 at 2024 and $384 at 2023 related to VIEs)	435		589
Asset retirement obligations	1		1
Regulatory liabilities	83		118
Other	323		350
Total current liabilities	2,307		2,354
Long-Term Debt (includes $801 at 2024 and $831 at 2023 related to VIEs)	9,838		9,812
Other Noncurrent Liabilities
Deferred income taxes	2,710		2,733
Asset retirement obligations	234		274
Regulatory liabilities	741		708
Operating lease liabilities	245		251
Accrued pension and other post-retirement benefit costs	93		98
Investment tax credits	242		242
Other (includes $0 at 2024 and $6 at 2023 related to VIEs)	118		86
Total other noncurrent liabilities	4,383		4,392
Commitments and Contingencies
Equity
Member's equity	10,555		10,048
Accumulated other comprehensive loss	(5)		(5)
Total equity	10,550		10,043
Total Liabilities and Equity	$	27,078	$	26,601

See Notes to Condensed Consolidated Financial Statements

28

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	488	$	463
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	592		556
Equity component of AFUDC	(8)		(6)
Impairment of assets and other charges	—		(1)
Deferred income taxes	(37)		(16)
Payments for asset retirement obligations	(42)		(25)
(Increase) decrease in
Receivables	(125)		(103)
Receivables from affiliated companies	234		(3)
Inventory	(30)		(80)
Other current assets	298		403
Increase (decrease) in
Accounts payable	36		(261)
Accounts payable to affiliated companies	(22)		(65)
Taxes accrued	99		208
Other current liabilities	(49)		(41)
Other assets	(44)		(23)
Other liabilities	47		(9)
Net cash provided by operating activities	1,437		997
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,251)		(1,232)
Purchases of debt and equity securities	(67)		(83)
Proceeds from sales and maturities of debt and equity securities	117		121
Other	(138)		(81)
Net cash used in investing activities	(1,339)		(1,275)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	177		82
Payments for the redemption of long-term debt	(365)		(40)
Notes payable to affiliated companies	97		224
Other	(1)		(1)
Net cash (used in) provided by financing activities	(92)		265
Net increase (decrease) in cash, cash equivalents and restricted cash	6		(13)
Cash, cash equivalents and restricted cash at beginning of period	67		86
Cash, cash equivalents and restricted cash at end of period	$	73	$	73
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	455	$	346

See Notes to Condensed Consolidated Financial Statements

29

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
			Accumulated
			Other
			Comprehensive
			Loss
			Net Unrealized
			Losses on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at March 31, 2023	$	9,237	$	(6)	$	9,231
Net income	258		—		258
Other	(1)		—		(1)
Balance at June 30, 2023	$	9,494	$	(6)	$	9,488
Balance at March 31, 2024	$	10,227	$	(5)	$	10,222
Net income	309		—		309
Other	19		—		19
Balance at June 30, 2024	$	10,555	$	(5)	$	10,550
	Six Months Ended June 30, 2023 and 2024
			Accumulated
			Other
			Comprehensive
			Loss
			Net Unrealized
			Gains (Losses) on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at December 31, 2022	$	9,031	$	(8)	$	9,023
Net income	463		—		463
Other comprehensive income	—		2		2
Balance at June 30, 2023	$	9,494	$	(6)	$	9,488
Balance at December 31, 2023	$	10,048	$	(5)	$	10,043
Net income	488		—		488
Other	19		—		19
Balance at June 30, 2024	$	10,555	$	(5)	$	10,550

See Notes to Condensed Consolidated Financial Statements

30

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues
Regulated electric	$	476	$	465	$	934	$	939
Regulated natural gas	132		124		352		359
Total operating revenues	608		589		1,286		1,298
Operating Expenses
Fuel used in electric generation and purchased power	132		164		270		340
Cost of natural gas	21		20		82		112
Operation, maintenance and other	121		121		247		244
Depreciation and amortization	96		86		195		176
Property and other taxes	102		84		204		164
Total operating expenses	472		475		998		1,036
Operating Income	136		114		288		262
Other Income and Expenses, net	4		13		10		21
Interest Expense	47		43		92		79
Income Before Income Taxes	93		84		206		204
Income Tax Expense	16		13		35		33
Net Income and Comprehensive Income	$	77	$	71	$	171	$	171

See Notes to Condensed Consolidated Financial Statements

31

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	11	$	24
Receivables (net of allowance for doubtful accounts of $42 at 2024 and $9 at 2023)	417		112
Receivables from affiliated companies	10		239
Notes receivable from affiliated companies	153		—
Inventory	191		179
Regulatory assets	83		73
Other	29		134
Total current assets	894		761
Property, Plant and Equipment
Cost	13,596		13,210
Accumulated depreciation and amortization	(3,597)		(3,451)
Net property, plant and equipment	9,999		9,759
Other Noncurrent Assets
Goodwill	920		920
Regulatory assets	689		676
Operating lease right-of-use assets, net	11		16
Other	88		84
Total other noncurrent assets	1,708		1,696
Total Assets	$	12,601	$	12,216
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	294	$	338
Accounts payable to affiliated companies	55		71
Notes payable to affiliated companies	329		613
Taxes accrued	205		316
Interest accrued	43		35
Current maturities of long-term debt	150		—
Asset retirement obligations	7		6
Regulatory liabilities	43		56
Other	65		65
Total current liabilities	1,191		1,500
Long-Term Debt	3,988		3,493
Long-Term Debt Payable to Affiliated Companies	25		25
Other Noncurrent Liabilities
Deferred income taxes	1,304		1,272
Asset retirement obligations	129		130
Regulatory liabilities	476		497
Operating lease liabilities	11		16
Accrued pension and other post-retirement benefit costs	93		97
Other	94		86
Total other noncurrent liabilities	2,107		2,098
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2024 and 2023	762		762
Additional paid-in capital	3,119		3,100
Retained earnings	1,409		1,238
Total equity	5,290		5,100
Total Liabilities and Equity	$	12,601	$	12,216

See Notes to Condensed Consolidated Financial Statements

32

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	171	$	171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	197		178
Equity component of AFUDC	(2)		(3)
Deferred income taxes	17		12
Payments for asset retirement obligations	(3)		(5)
(Increase) decrease in
Receivables	31		(14)
Receivables from affiliated companies	58		—
Inventory	(11)		(33)
Other current assets	82		105
Increase (decrease) in
Accounts payable	(21)		(30)
Accounts payable to affiliated companies	(16)		(12)
Taxes accrued	(111)		(135)
Other current liabilities	(6)		(48)
Other assets	34		(19)
Other liabilities	(38)		(44)
Net cash provided by operating activities	382		123
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(417)		(435)
Net proceeds from the sales of other assets	—		75
Notes receivable from affiliated companies	(319)		(93)
Other	(19)		(34)
Net cash used in investing activities	(755)		(487)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	648		749
Notes payable to affiliated companies	(284)		(388)
Other	(4)		(5)
Net cash provided by financing activities	360		356
Net decrease in cash and cash equivalents	(13)		(8)
Cash and cash equivalents at beginning of period	24		16
Cash and cash equivalents at end of period	$	11	$	8
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	93	$	120

See Notes to Condensed Consolidated Financial Statements

33

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at March 31, 2023	$	762	$	3,100	$	1,004	$	4,866
Net income	—		—		71		71
Balance at June 30, 2023	$	762	$	3,100	$	1,075	$	4,937
Balance at March 31, 2024	$	762	$	3,100	$	1,332	$	5,194
Net income	—		—		77		77
Other	—		19		—		19
Balance at June 30, 2024	$	762	$	3,119	$	1,409	$	5,290
	Six Months Ended June 30, 2023 and 2024
			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at December 31, 2022	$	762	$	3,100	$	904	$	4,766
Net income	—		—		171		171
Balance at June 30, 2023	$	762	$	3,100	$	1,075	$	4,937
Balance at December 31, 2023	$	762	$	3,100	$	1,238	$	5,100
Net income	—		—		171		171
Other	—		19		—		19
Balance at June 30, 2024	$	762	$	3,119	$	1,409	$	5,290

See Notes to Condensed Consolidated Financial Statements

34

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues	$	747	$	780	$	1,506	$	1,755
Operating Expenses
Fuel used in electric generation and purchased power	223		248		494		697
Operation, maintenance and other	161		180		341		364
Depreciation and amortization	172		169		341		327
Property and other taxes	16		7		30		25
Total operating expenses	572		604		1,206		1,413
Operating Income	175		176		300		342
Other Income and Expenses, net	15		14		28		28
Interest Expense	58		52		115		104
Income Before Income Taxes	132		138		213		266
Income Tax Expense	22		24		36		46
Net Income	$	110	$	114	$	177	$	220
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments	—		—		(1)		—
Comprehensive Income	$	110	$	114	$	176	$	220

See Notes to Condensed Consolidated Financial Statements

35

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	13	$	8
Receivables (net of allowance for doubtful accounts of $16 at 2024 and $5 at 2023)	422		156
Receivables from affiliated companies	11		197
Notes receivable from affiliated companies	43		—
Inventory	587		582
Regulatory assets	107		102
Other	86		98
Total current assets	1,269		1,143
Property, Plant and Equipment
Cost	19,707		18,900
Accumulated depreciation and amortization	(6,681)		(6,501)
Net property, plant and equipment	13,026		12,399
Other Noncurrent Assets
Regulatory assets	942		894
Operating lease right-of-use assets, net	46		50
Other	366		325
Total other noncurrent assets	1,354		1,269
Total Assets	$	15,649	$	14,811
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	284	$	300
Accounts payable to affiliated companies	76		176
Notes payable to affiliated companies	—		256
Taxes accrued	86		66
Interest accrued	61		54
Current maturities of long-term debt	4		4
Asset retirement obligations	162		120
Regulatory liabilities	181		209
Other	213		184
Total current liabilities	1,067		1,369
Long-Term Debt	4,646		4,348
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	1,491		1,436
Asset retirement obligations	1,120		689
Regulatory liabilities	1,435		1,459
Operating lease liabilities	42		46
Accrued pension and other post-retirement benefit costs	98		115
Investment tax credits	186		186
Other	13		—
Total other noncurrent liabilities	4,385		3,931
Commitments and Contingencies
Equity
Member's equity	5,401		5,012
Accumulated other comprehensive income	—		1
Total equity	5,401		5,013
Total Liabilities and Equity	$	15,649	$	14,811

See Notes to Condensed Consolidated Financial Statements

36

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	177	$	220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	343		328
Equity component of AFUDC	(7)		(3)
Deferred income taxes	22		—
Payments for asset retirement obligations	(34)		(38)
(Increase) decrease in
Receivables	29		(81)
Receivables from affiliated companies	(5)		—
Inventory	(5)		(104)
Other current assets	38		185
Increase (decrease) in
Accounts payable	(10)		(94)
Accounts payable to affiliated companies	(59)		(17)
Taxes accrued	20		(12)
Other current liabilities	(13)		124
Other assets	(44)		(26)
Other liabilities	(4)		78
Net cash provided by operating activities	448		560
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(489)		(450)
Purchases of debt and equity securities	(22)		(44)
Proceeds from sales and maturities of debt and equity securities	18		38
Notes receivable from affiliated companies	(160)		134
Other	(4)		(39)
Net cash used in investing activities	(657)		(361)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	298		495
Payments for the redemption of long-term debt	—		(300)
Notes payable to affiliated companies	(256)		(225)
Capital contribution from parent	235		—
Distributions to parent	(62)		(188)
Other	(1)		(1)
Net cash provided by (used in) financing activities	214		(219)
Net increase (decrease) in cash and cash equivalents	5		(20)
Cash and cash equivalents at beginning of period	8		31
Cash and cash equivalents at end of period	$	13	$	11
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	108	$	116

See Notes to Condensed Consolidated Financial Statements

37

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
			Accumulated Other
			Comprehensive Income
	Member's		Pension and		Total
(in millions)	Equity		OPEB Adjustments		Equity
Balance at March 31, 2023	$	4,733	$	1	$	4,734
Net income	114		—		114
Distributions to parent	(21)		—		(21)
Balance at June 30, 2023	$	4,826	$	1	$	4,827
Balance at March 31, 2024	$	5,078	$	—	$	5,078
Net income	110		—		110
Contributions from parent	235		—		235
Distributions to parent	(20)		—		(20)
Other	(2)		—		(2)
Balance at June 30, 2024	$	5,401	$	—	$	5,401
	Six Months Ended June 30, 2023 and 2024
			Accumulated Other
			Comprehensive Income (Loss)
	Member's		Pension and		Total
(in millions)	Equity		OPEB Adjustments		Equity
Balance at December 31, 2022	$	4,702	$	1	$	4,703
Net income	220		—		220
Distributions to parent	(96)		—		(96)
Balance at June 30, 2023	$	4,826	$	1	$	4,827
Balance at December 31, 2023	$	5,012	$	1	$	5,013
Net income	177		—		177
Contributions from parent	235		—		235
Distributions to parent	(20)		—		(20)
Other	(3)		(1)		(4)
Balance at June 30, 2024	$	5,401	$	—	$	5,401

See Notes to Condensed Consolidated Financial Statements

38

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating Revenues	$	244	$	236	$	920	$	911
Operating Expenses
Cost of natural gas	58		59		228		265
Operation, maintenance and other	85		82		180		171
Depreciation and amortization	64		59		126		116
Property and other taxes	16		14		31		30
Impairment of assets and other charges	—		(5)		—		(4)
Total operating expenses	223		209		565		578
Operating Income	21		27		355		333
Other Income and Expenses, net	17		16		34		32
Interest Expense	43		39		88		79
(Loss) Income Before Income Taxes	(5)		4		301		286
Income Tax (Benefit) Expense	(1)		1		59		51
Net (Loss) Income and Comprehensive (Loss) Income	$	(4)	$	3	$	242	$	235

See Notes to Condensed Consolidated Financial Statements

39

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	June 30, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	3	$	—
Receivables (net of allowance for doubtful accounts of $11 at 2024 and 2023)	148		311
Receivables from affiliated companies	12		10
Inventory	47		112
Regulatory assets	135		161
Other	67		7
Total current assets	412		601
Property, Plant and Equipment
Cost	12,409		11,908
Accumulated depreciation and amortization	(2,353)		(2,259)
Net property, plant and equipment	10,056		9,649
Other Noncurrent Assets
Goodwill	49		49
Regulatory assets	416		410
Operating lease right-of-use assets, net	4		4
Investments in equity method unconsolidated affiliates	78		78
Other	286		276
Total other noncurrent assets	833		817
Total Assets	$	11,301	$	11,067
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	208	$	315
Accounts payable to affiliated companies	58		54
Notes payable to affiliated companies	684		538
Taxes accrued	37		89
Interest accrued	39		39
Current maturities of long-term debt	40		40
Regulatory liabilities	85		98
Other	72		77
Total current liabilities	1,223		1,250
Long-Term Debt	3,629		3,628
Other Noncurrent Liabilities
Deferred income taxes	972		933
Asset retirement obligations	27		26
Regulatory liabilities	970		988
Operating lease liabilities	9		10
Accrued pension and other post-retirement benefit costs	6		8
Other	171		172
Total other noncurrent liabilities	2,155		2,137
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2024 and 2023	1,635		1,635
Retained earnings	2,658		2,416
Total Piedmont Natural Gas Company, Inc. stockholder's equity	4,293		4,051
Noncontrolling interests	1		1
Total equity	4,294		4,052
Total Liabilities and Equity	$	11,301	$	11,067

See Notes to Condensed Consolidated Financial Statements

40

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	242	$	235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	127		117
Equity component of AFUDC	(13)		(10)
Impairment of assets and other charges	—		(4)
Deferred income taxes	21		33
Equity in earnings from unconsolidated affiliates	(4)		(4)
(Increase) decrease in
Receivables	162		317
Receivables from affiliated companies	(2)		(2)
Inventory	65		98
Other current assets	(38)		(57)
Increase (decrease) in
Accounts payable	(44)		(84)
Accounts payable to affiliated companies	4		(7)
Taxes accrued	(53)		(44)
Other current liabilities	(8)		27
Other assets	(10)		(7)
Other liabilities	8		4
Net cash provided by operating activities	457		612
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(571)		(535)
Other	(29)		(15)
Net cash used in investing activities	(600)		(550)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	—		348
Notes payable to affiliated companies	146		(410)
Net cash provided by (used in) financing activities	146		(62)
Net increase in cash and cash equivalents	3		—
Cash and cash equivalents at beginning of period	—		—
Cash and cash equivalents at end of period	$	3	$	—
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	159	$	126

See Notes to Condensed Consolidated Financial Statements

41

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended June 30, 2023 and 2024
					Total
					Piedmont
					Natural Gas
	Common		Retained		Company, Inc.		Noncontrolling		Total
(in millions)	Stock		Earnings		Equity		Interests		Equity
Balance at March 31, 2023	$	1,635	$	2,269	$	3,904	$	1	$	3,905
Net income	—		3		3		—		3
Balance at June 30, 2023	$	1,635	$	2,272	$	3,907	$	1	$	3,908
Balance at March 31, 2024	$	1,635	$	2,662	$	4,297	$	1	$	4,298
Net loss	—		(4)		(4)		—		(4)
Balance at June 30, 2024	$	1,635	$	2,658	$	4,293	$	1	$	4,294
	Six Months Ended June 30, 2023 and 2024
					Total
					Piedmont
					Natural Gas
	Common		Retained		Company, Inc.		Noncontrolling		Total
(in millions)	Stock		Earnings		Equity		Interests		Equity
Balance at December 31, 2022	$	1,635	$	2,037	$	3,672	$	1	$	3,673
Net income	—		235		235		—		235
Balance at June 30, 2023	$	1,635	$	2,272	$	3,907	$	1	$	3,908
Balance at December 31, 2023	$	1,635	$	2,416	$	4,051	$	1	$	4,052
Net income	—		242		242		—		242
Balance at June 30, 2024	$	1,635	$	2,658	$	4,293	$	1	$	4,294

See Notes to Condensed Consolidated Financial Statements

42

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

Index to Combined Notes to Condensed Consolidated Financial Statements

The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.

Applicable Notes

Registrant

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

Duke Energy

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Carolinas

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Progress Energy

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Progress

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Florida

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Ohio

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Indiana

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Piedmont

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.

1. ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the six months ended June 30, 2024, and 2023, the Loss From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

NONCONTROLLING INTEREST

Duke Energy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.

43

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

	June 30, 2024										December 31, 2023
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	390	$	9	$	85	$	33	$	35	$	253	$	9	$	59	$	18	$	24
Other	74		10		64		32		32		76		9		67		31		36
Other Noncurrent Assets
Other	18		1		11		5		6		16		1		9		2		7
Total cash, cash equivalents and restricted cash	$	482	$	20	$	160	$	70	$	73	$	345	$	19	$	135	$	51	$	67

INVENTORY

Provisions for inventory write-offs were not material at June 30, 2024, and December 31, 2023. The components of inventory are presented in the tables below.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,254	$	1,094	$	1,588	$	1,051	$	537	$	150	$	373	$	12
Coal	846		372		233		146		87		29		212		—
Natural gas, oil and other fuel	290		43		198		106		92		12		2		35
Total inventory	$	4,390	$	1,509	$	2,019	$	1,303	$	716	$	191	$	587	$	47

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,086	$	1,075	$	1,465	$	963	$	502	$	139	$	361	$	12
Coal	842		364		231		154		77		28		219		—
Natural gas, oil and other fuel	364		45		205		110		95		12		2		100
Total inventory	$	4,292	$	1,484	$	1,901	$	1,227	$	674	$	179	$	582	$	112

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets on the Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023. The asset is recorded in the EU&I segment at historical cost and is subject to impairment testing should circumstances indicate the carrying value may not be recoverable.

ACCOUNTS PAYABLE

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion, which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

44

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

The following table represents the changes in confirmed obligations outstanding for the six months ended June 30, 2024, and 2023.

	Three months ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at March 31, 2023	$	52	$	7	$	15	$	6	$	9	$	—	$	—	$	29
Invoices confirmed during the period	55		10		20		12		8		2		—		24
Confirmed invoices paid during the period	(67)		(12)		(21)		(6)		(15)		—		—		(34)
Confirmed obligations outstanding at June 30, 2023	$	40	$	5	$	14	$	12	$	2	$	2	$	—	$	19
Confirmed obligations outstanding at the March 31, 2024	$	76	$	—	$	2	$	—	$	2	$	—	$	—	$	74
Invoices confirmed during the period	63		—		—		—		—		—		—		63
Confirmed invoices paid during the period	(111)		—		(2)		—		(2)		—		—		(109)
Confirmed obligations outstanding at June 30, 2024	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	28
	Six Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	114		20		42		23		19		3		—		49
Confirmed invoices paid during the period	(161)		(21)		(47)		(19)		(28)		(6)		—		(87)
Confirmed obligations outstanding at June 30, 2023	$	40	$	5	$	14	$	12	$	2	$	2	$	—	$	19
Confirmed obligations outstanding at December 31, 2023	$	50	$	—	$	3	$	—	$	3	$	—	$	—	$	47
Invoices confirmed during the period	120		—		1		—		1		—		—		119
Confirmed invoices paid during the period	(142)		—		(4)		—		(4)		—		—		(138)
Confirmed obligations outstanding at June 30, 2024	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	28

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2024.

2. DISPOSITIONS

Sale of Commercial Renewables Segment

In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. The balance of the remaining proceeds to be received of $538 million is included in Receivable from sales of Commercial Renewables Disposal Groups, as of June 30, 2024, and $531 million is included in Other, within Other Noncurrent Assets, as of December 31, 2023, on Duke Energy's Consolidated Balance Sheets. The disposal process for the remaining assets is expected to be completed in 2024, with net proceeds from the dispositions not anticipated to be material.

Assets Held For Sale and Discontinued Operations

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations and no adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented.

45

FINANCIAL STATEMENTS DISPOSITIONS

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Current Assets Held for Sale
Other	$	4	$	14
Total current assets held for sale	4		14
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	98		247
Accumulated depreciation and amortization	(24)		(57)
Net property, plant and equipment	74		190
Operating lease right-of-use assets, net	4		4
Other	—		3
Total other noncurrent assets held for sale	4		7
Total Assets Held for Sale	$	82	$	211
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	19	$	9
Taxes accrued	1		3
Current maturities of long-term debt	43		5
Unrealized losses on commodity hedges	16		68
Other	2		37
Total current liabilities associated with assets held for sale	81		122
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	—		39
Operating lease liabilities	5		5
Asset retirement obligations	8		8
Unrealized losses on commodity hedges	88		94
Other	11		11
Total other noncurrent liabilities associated with assets held for sale	112		157
Total Liabilities Associated with Assets Held for Sale	$	193	$	279

As of June 30, 2024, and December 31, 2023, the noncontrolling interest balance is $13 million and $66 million, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating revenues	$	13	$	110	$	7	$	190
Operation, maintenance and other	12		88		16		177
Property and other taxes	1		9		1		19
Other income and expenses, net	—		(3)		—		(7)
Interest expense	—		12		2		43
Loss on disposal	15		1,214		5		1,434
Loss before income taxes	(15)		(1,216)		(17)		(1,490)
Income tax benefit	(5)		(261)		(4)		(326)
Loss from discontinued operations	$	(10)	$	(955)	$	(13)	$	(1,164)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	—		7		—		71
Net loss from discontinued operations attributable to Duke Energy Corporation	$	(10)	$	(948)	$	(13)	$	(1,093)

The Commercial Renewables Disposal Groups' assets held for sale amounts presented above reflect pretax impairments recorded against property, plant and equipment of approximately $169 million and $278 million as of June 30, 2024, and December 31, 2023, respectively. The carrying amounts for the remaining assets will be updated, if necessary, based on final disposition amounts.

46

FINANCIAL STATEMENTS DISPOSITIONS

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Six Months Ended
	June 30,
(in millions)	2024		2023
Cash flows provided by (used in):
Operating activities	$	7	$	274
Investing activities	(13)		(417)

Other Sale-Related Matters

Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to all but one of the project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. In May 2024, the remaining claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. See Note 5 for more information.

As part of the purchase and sale agreement for the distributed generation group, Duke Energy has agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that will be disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.

3. BUSINESS SEGMENTS

Duke Energy

Duke Energy's segment structure includes the following two segments: EU&I and GU&I.

The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay.

The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Three Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,802	$	359	$	7,161	$	11	$	—	$	7,172
Intersegment revenues	18		22		40		29		(69)		—
Total revenues	$	6,820	$	381	$	7,201	$	40	$	(69)	$	7,172
Segment income (loss)(a)	$	1,090	$	6	$	1,096	$	(200)	$	—	$	896
Add: Noncontrolling interests											21
Add: Preferred stock dividend											14
Discontinued operations											(10)
Net Income											$	921
Segment assets(b)	$	159,770	$	17,600	$	177,370	$	4,205	$	—	$	181,575

47

FINANCIAL STATEMENTS BUSINESS SEGMENTS

	Three Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,232	$	337	$	6,569	$	9	$	—	$	6,578
Intersegment revenues	18		22		40		25		(65)		—
Total revenues	$	6,250	$	359	$	6,609	$	34	$	(65)	$	6,578
Segment income (loss)	$	850	$	25	$	875	$	(161)	$	—	$	714
Add: Noncontrolling interests											16
Add: Preferred stock dividend											14
Discontinued operations											(948)
Net Loss											$	(204)

(a)EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the South Carolina rate case order.

(b)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

	Six Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	13,587	$	1,238	$	14,825	$	18	$	—	$	14,843
Intersegment revenues	36		45		81		60		(141)		—
Total revenues	$	13,623	$	1,283	$	14,906	$	78	$	(141)	$	14,843
Segment income (loss)(a)	$	2,111	$	290	$	2,401	$	(403)	$	—	$	1,998
Add: Noncontrolling interests											34
Add: Preferred stock dividend											53
Discontinued operations											(13)
Net Income											$	2,072

	Six Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	12,613	$	1,225	$	13,838	$	16	$	—	$	13,854
Intersegment revenues	35		45		80		49		(129)		—
Total revenues	$	12,648	$	1,270	$	13,918	$	65	$	(129)	$	13,854
Segment income (loss)	$	1,641	$	312	$	1,953	$	(329)	$	—	$	1,624
Add: Noncontrolling interests											(27)
Add: Preferred stock dividend											53
Discontinued operations											(1,093)
Net Income											$	557

(a)EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the South Carolina rate case order.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.

	Three Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	476	$	132	$	608	$	—	$	—	$	608
Segment income (loss)/Net income	$	69	$	9	$	78	$	(1)	$	—	$	77
Segment assets	$	8,034	$	4,389	$	12,423	$	13	$	165	$	12,601

48

FINANCIAL STATEMENTS BUSINESS SEGMENTS

	Three Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	465	$	124	$	589	$	—	$	589
Segment income (loss)/Net income	$	54	$	18	$	72	$	(1)	$	71

	Six Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	934	$	352	$	1,286	$	—	$	1,286
Segment income (loss)/Net income	$	124	$	50	$	174	$	(3)	$	171

	Six Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	939	$	359	$	1,298	$	—	$	1,298
Segment income (loss)/Net income	$	103	$	70	$	173	$	(2)	$	171

4. REGULATORY MATTERS

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants and Duke Energy Kentucky cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy Carolinas and Duke Energy Progress

Nuclear Station Subsequent License Renewal

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, on February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the Hearing Request proceeding.

On February 24, 2022, the NRC issued a decision in the SLR appeal related to Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. Although Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On March 6, 2024, the NRC staff submitted the rulemaking, which included the updated GEIS, to the NRC. The NRC approved the publication of the final rule on May 16, 2024. The updated GEIS was finalized and published on August 1, 2024 and the final rule is expected to be issued in early August 2024.

On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify 18 potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. On February 8, 2024, the NRC issued the Oconee site-specific draft EIS. The NRC and EPA published the notice for the public to submit comments on the ONS site-specific draft EIS. On April 29, 2024, the petitioners filed a Hearing Request. The request proposed three contentions and claimed that the ONS site-specific draft EIS is inadequate to satisfy the requirements of NEPA and the NRC’s NEPA-implementing regulations. Duke Energy Carolinas provided responses to the proposed contentions by May 31, 2024 as ordered by the ASLB. On June 24, 2024, the ASLB convened a pre-hearing conference to obtain information and ask questions concerning the admissibility of the Petitioners' contentions. The ASLB's decision is expected to be issued in August 2024.

49

FINANCIAL STATEMENTS REGULATORY MATTERS

On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACRS) on February 2, 2023, to discuss issues regarding the SER and SLR application. On February 25, 2023, the ACRS issued a report to the NRC on the safety aspects of the ONS SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that ONS can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for ONS should be approved.

Although the NRC’s GEIS applicability decision has delayed completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process.

Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations.

Duke Energy Carolinas

2023 North Carolina Rate Case

On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included a multiyear rate plan (MYRP) to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB 951. The application as originally filed requested an overall retail revenue increase of $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million, or 15.7%, by early 2026. The rate increase is driven primarily by transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carolinas Carbon Plan (Carbon Plan).

On August 22, 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the Public Staff in connection with its PBR application. The partial settlement included, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the Public Staff resolving additional issues, including the future treatment of nuclear production tax credits related to the Inflation Reduction Act, through a stand-alone rider that will provide the benefits to customers beginning January 1, 2025.

On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Carolinas implemented interim rates, subject to refund, on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.

On February 13, 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of various electric membership corporations (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated the appeal with the parallel appeal of the NCUC's order regarding the Duke Energy Progress PBR application. The briefing is scheduled to be completed by November 22, 2024. Duke Energy Carolinas anticipates a decision to be issued by the third quarter of 2025.

2024 South Carolina Rate Case

On January 4, 2024, Duke Energy Carolinas filed a rate case with the PSCSC to request an increase in base rate retail revenues. On May 17, 2024, Duke Energy Carolinas and the Office of Regulatory Staff, as well as other consumer, environmental, and industrial intervening parties, filed an Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the settlement include a $240 million annual customer rate increase, prior to a reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT of $84 million annually over the first two years. The stipulation includes an ROE of 9.94% with an equity ratio of 51.21% and resolves recovery of the Company's continued investments in the grid, its new corporate headquarters and environmental compliance costs. The PSCSC held a hearing on May 20, 2024, to consider evidence supporting the stipulation. On July 3, 2024, the PSCSC issued its final order approving an increase in base rates, and approving nearly all components of the Agreement and Stipulation of Settlement. The order revised recovery of certain environmental compliance costs, the only provision of the settlement agreement not fully approved by the PSCSC. As a result, Duke Energy Carolinas recognized pretax charges of $33 million within Impairment of assets and other charges, $2 million within Operations, maintenance and other, partially offset by an $11 million reduction in Interest expense, for the three and six months ended June 30, 2024, on the Condensed Consolidated Statements of Operations. Based upon the order, after accelerating the EDIT giveback to customers, the net rate increase is $150 million annually for the first two years. Revised customer rates were effective August 1, 2024, and are based upon a South Carolina retail rate base of $7.4 billion.

50

FINANCIAL STATEMENTS REGULATORY MATTERS

Marshall Combustion Turbines CPCN

On March 14, 2024, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle combustion turbines (CTs) at the site of the existing Marshall Steam Station. The two new CTs – totaling approximately 850 MW – will enable the retirement of Marshall coal units 1 and 2 and provide incremental capacity to support system capacity needs and expanded flexibility to support integration of renewables. Pending regulatory approvals, construction is planned to start in 2026, and the CTs are targeted to be placed into service by the end of 2028. As part of the application, Duke Energy Carolinas noted that Construction Work in Progress for the proposed facility will accrue AFUDC and will not be in rate base, resulting in no impact on Duke Energy Carolinas' North Carolina retail revenue requirement during the construction period. The 2029 North Carolina retail revenue requirement for the proposed facility is estimated to be $104 million, representing an approximate average retail rate increase of 2.2% across all classes.

Duke Energy Progress

2022 North Carolina Rate Case

On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB 951. The overall retail revenue increase as originally filed would have been $326 million in Year 1, $151 million in Year 2 and $138 million in Year 3, for a combined total of $615 million, by late 2025. The rate increase is driven primarily by transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan.

On April 26, 2023, Duke Energy Progress filed with the NCUC a partial settlement with Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.

On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Progress implemented interim rates, subject to refund, on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.

On October 17, 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. On November 6, 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. On November 9, 2023, Duke Energy Progress, the Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated the appeal with the parallel appeal of the NCUC's order regarding the Duke Energy Carolinas PBR application. The briefing is scheduled to be completed by November 22, 2024. Duke Energy Progress anticipates a decision to be issued by the third quarter of 2025.

2023 South Carolina Storm Securitization

On May 31, 2023, Duke Energy Progress filed a petition with the PSCSC requesting authorization for the financing of Duke Energy Progress' storm recovery costs through securitization due to storm recovery activities required as a result of the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. On September 8, 2023, Duke Energy Progress filed a comprehensive settlement agreement with all parties on all cost recovery issues raised in the storm securitization proceeding.

The evidentiary hearing occurred in early September 2023. On September 20, 2023, the PSCSC approved the comprehensive settlement agreement and on October 13, 2023, the PSCSC issued its financing order. The storm recovery bonds of $177 million were issued by Duke Energy Progress on April 25, 2024. Duke Energy Progress implemented storm recovery charges effective May 1, 2024. See Notes 6 and 13 for more information.

Person County Combined Cycle CPCN

On March 28, 2024, Duke Energy Progress filed with the NCUC its application to construct and operate a 1,360-MW hydrogen-capable, advanced-class combined-cycle generating facility (CC) in Person County at the site of the existing Roxboro Plant. Subject to negotiation of final contractual terms, the new Roxboro CC will be co-owned with the North Carolina Electric Membership Corporation (NCEMC), with Duke Energy Progress owning approximately 1,135 MW and NCEMC owning the remaining 225 MW. Pending regulatory approvals, construction is planned to start in 2026, with the CC targeted to be placed in service by the end of 2028. The CC will allow for the retirement of Roxboro’s coal-fired units 1 and 4. As part of the application, Duke Energy Progress noted that the recovery of Construction Work in Progress during the construction period for the proposed facility may be pursued in a future rate case. The 2029 North Carolina retail revenue requirement for the proposed facility is estimated to be $98 million, representing an approximate average retail rate increase of 2.6% across all classes.

51

FINANCIAL STATEMENTS REGULATORY MATTERS

Duke Energy Florida

2021 Settlement Agreement

On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”).

Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based upon an equity ratio of 53%. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC on August 12, 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida will be able to retain $173 million of the expected Department of Energy (DOE) award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida is permitted to recognize the $173 million into earnings through the approved settlement period. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $180 million on June 15, 2022, of which the retail portion was approximately $154 million. The 2021 Settlement authorizes Duke Energy Florida to collect the difference between $173 million and the $154 million retail portion of the amount received through the capacity cost recovery clause. As of June 30, 2024, Duke Energy Florida has recognized $157 million (pretax) into earnings, including $8 million and $9 million recognized during the three months ended June 30, 2024, and 2023, respectively, and $16 million and $63 million recognized during the six months ended June 30, 2024, and 2023, respectively. The remaining $16 million is expected to be recognized in 2024.

The 2021 Settlement also contained a provision to recover or flow back the effects of tax law changes. As a result of the IRA enacted on August 16, 2022, Duke Energy Florida is eligible for PTCs associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC on October 17, 2022, to reduce base rates effective January 1, 2023, by $56 million to flow back the expected 2023 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida's petition.

In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian.

The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.

Clean Energy Connection

On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program consisting of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion and the projects are expected to be completed by the end of 2024. This investment is included in base rates offset by the revenue from the subscription fees and the credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021.

On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. On September 23, 2022, the FPSC issued a revised order and submitted it on September 26, 2022, to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed February 6, 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the court has yet to rule on that request. The FPSC approval order remains in effect pending the outcome of the appeal.

Storm Protection Plan

On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approximately $7 billion of capital investment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. The evidentiary hearing began on August 2, 2022. On October 4, 2022, the FPSC voted to approve Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025. On December 9, 2022, the OPC filed a notice of appeal of this order to the Florida Supreme Court. The OPC's initial brief was filed on April 18, 2023. Duke Energy Florida filed its answer brief on July 17, 2023. The OPC's reply brief was filed on October 16, 2023. The Florida Supreme Court heard oral arguments on February 7, 2024.

52

FINANCIAL STATEMENTS REGULATORY MATTERS

Hurricanes Ian and Idalia

On September 28, 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. After depleting any existing storm reserves, which were approximately $107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $132 million. Duke Energy Florida filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve on January 23, 2023, seeking recovery of $442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. On March 7, 2023, the FPSC approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida filed documentation evidencing its total actual storm costs of $431 million on September 29, 2023. The FPSC approved the prudence of these costs at a final hearing on May 21, 2024.

On August 30, 2023, Hurricane Idalia made landfall on Florida’s gulf coast, causing damage and impacting more than 200,000 customers across Duke Energy Florida's service territory. On October 16, 2023, Duke Energy Florida requested to combine the $92 million retail portion of the deferred estimated Hurricane Idalia costs with $74 million of costs projected to be collected after December 31, 2023, under the existing approved storm cost recovery and storm surcharge. This $74 million of costs relates primarily to the approved ongoing replenishment of the storm reserves. At its December 5, 2023 Agenda Conference, the FPSC approved recovery of the total $166 million over 12 months beginning with its first billing cycle in January 2024, replacing the previously approved storm cost recovery and storm surcharge, and ordered Duke Energy Florida to file documentation of the total actual Idalia-related storm costs, once known. Revised rates were effective January 1, 2024.

2024 Florida Rate Case

On April 2, 2024, Duke Energy Florida filed a formal request for new base rates with the FPSC. Duke Energy Florida has proposed a three-year rate plan that would begin in January 2025, once its current base rate settlement agreement concludes at the end of 2024. Duke Energy Florida proposed multiyear rate increases that use the projected 12-month periods ending December 31, 2025, 2026, and 2027 as the test years, with adjusted rates to be effective with the first billing period of January 2025, 2026, and 2027, respectively. Duke Energy Florida requested additional base rate revenue requirements of approximately $593 million in 2025, $98 million in 2026 and $129 million in 2027, representing an average annual increase in revenue requirements of approximately 4% over 2025 through 2027. Duke Energy Florida requested an ROE midpoint at 11.15% and an equity ratio of 53%.

On July 15, 2024, Duke Energy Florida filed a settlement agreement with the FPSC. The parties to the settlement include Duke Energy Florida, the Office of Public Counsel and other intervening parties. Pursuant to the settlement, the parties agreed to a base rate stay-out provision that expires year-end 2027; however, Duke Energy Florida is allowed an increase to its base rates in 2025 and 2026, as well as utilization of certain tax benefits in lieu of a revenue increase in 2027. Additionally, revenue increases related to solar investments will be recovered via the Solar Base Rate Adjustment mechanism. The parties also agreed to an ROE band of 9.3% to 11.3% with a midpoint of 10.3% with an equity ratio of 53%. If approved, the agreement will provide $203 million and $59 million in base rate increases in 2025 and 2026, respectively, as well as increases associated with investments in 12 new solar facilities as they come online, estimated at $12 million, $71 million and $58 million in 2025, 2026 and 2027, respectively. The settlement is subject to the review and approval of the FPSC and a hearing has been scheduled to begin on August 21, 2024.

Duke Energy Ohio

Duke Energy Ohio Electric Base Rate Case

Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million. On September 19, 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which includes an increase in overall electric distribution base rates of approximately $23 million with an equity ratio of 50.5% and an ROE of 9.5%. The stipulation is among all but one party to the proceeding. The PUCO issued an order on December 14, 2022, approving the Stipulation without material modification. Rates went into effect on January 3, 2023. The Ohio Consumers' Counsel filed an application for rehearing on January 13, 2023, arguing the Stipulation was unreasonable, discriminatory, and denied OCC due process. On March 20, 2024, the PUCO issued its Second Entry on Rehearing, denying OCC's rehearing application. The deadline for OCC to seek an appeal has expired and the matter is now closed.

Duke Energy Ohio Natural Gas Base Rate Case

Duke Energy Ohio filed with the PUCO a natural gas base rate case application on June 30, 2022, with supporting testimony filed on July 14, 2022, requesting an increase in natural gas base rates of approximately $49 million. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its CEP rider. On April 28, 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded on May 24, 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed. New rates went into effect November 1, 2023. On December 1, 2023, the OCC filed an application for rehearing. On December 13, 2023, the PUCO granted OCC's application for rehearing for further consideration of issues raised.

Duke Energy Ohio Electric Security Plan

On April 1, 2024, Duke Energy Ohio filed with the PUCO a request for an Electric Security Plan (ESP). The ESP application proposes a three-year term from June 1, 2025 through May 31, 2028 and includes continuation of market-based customer rates through competitive procurement processes for generation and continuation and expansion of existing rider mechanisms. Duke Energy Ohio is proposing a new rider mechanism relating to electric distribution infrastructure modernization programs, which may be enabled by and partially funded through federal or state funding opportunities, future battery storage projects, and two proposed electric vehicle programs. Additional proposed new rider mechanisms are related to solar for all investments for low-income and disadvantaged communities, low-income senior citizen bill assistance, and energy efficiency and demand-side management programs. An evidentiary hearing is scheduled to commence on October 22, 2024.

53

FINANCIAL STATEMENTS REGULATORY MATTERS

Duke Energy Kentucky Electric Base Rate Case

On December 1, 2022, Duke Energy Kentucky filed a rate case with the KPSC requesting an annualized increase in electric base rates of approximately $75 million. The request for rate increase was driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine (CT) generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. New rates went into effect October 13, 2023. The Company's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC did approve the request to align the depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and the two electric vehicle charging programs.

On November 1, 2023, Duke Energy Kentucky filed for rehearing requesting certain matters be reconsidered by the KPSC. On November 21, 2023, KPSC granted in part and denied in part the Company's request for rehearing. On February 15, 2024, the KPSC issued a briefing schedule for the rehearing process. The briefing concluded on April 1, 2024, and the matter was submitted for decision on April 2, 2024. On July 1, 2024, the KPSC issued its final order on rehearing, ruling in Duke Energy Kentucky's favor on nearly all issues. However, the KPSC ordered Duke Energy Kentucky to refund alleged over collections since the KPSC's October 12, 2023 order. On July 10, 2024, the KPSC issued an order correcting the base fuel rate used to calculate new base rates in its July 1, 2024 order and its calculation of Duke Energy Kentucky's Street Lighting Rate. New rates were implemented in August 2024.

On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to including decommissioning costs in depreciation rates for East Bend and Woodsdale. Duke Energy Kentucky filed its initial brief in June 2024. Appellee briefs are due September 24, 2024, and Duke Energy Kentucky's reply brief is due November 8, 2024.

Duke Energy Indiana

Indiana Coal Ash Recovery

In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed.

In the second quarter of 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021 order date. On September 20, 2023, the IURC approved the Company's proposal to remove the costs from its rates and assessed simple interest of the refunds of 4.71%, beginning from when the costs were initially recovered from customers. Duke Energy Indiana seeks to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs in the 2024 Indiana Rate Case.

Duke Energy Indiana filed a new petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. An evidentiary hearing was held on January 25, 2024. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. On June 7, 2024, the Citizens Action Coalition of Indiana (CAC) filed a motion to appeal the IURC order for the coal ash CPCN proceeding.

TDSIC 2.0

On November 23, 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve customer reliability, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In addition, the IURC set up a subdocket to consider a targeted economic development project, which the IURC approved on March 2, 2022. On July 15, 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. An appellant brief was filed on October 28, 2022, and Duke Energy Indiana filed its responsive brief on December 28, 2022. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the IURC’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. The Indiana Supreme Court granted transfer and held an oral argument on September 28, 2023 and the parties await the court's decision.

2024 Indiana Rate Case

On April 4, 2024, Duke Energy Indiana filed an application with the IURC for a rate increase of $492 million, representing an overall average bill increase of approximately 16.2%, which, if approved, would be added to retail customer bills in two steps, approximately 11.7% in 2025 and approximately 4.5% in 2026. Duke Energy Indiana requested an ROE of 10.5% with an equity ratio of 53%. The rate increase is driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system, and advance environmental sustainability. An evidentiary hearing is scheduled to begin August 29, 2024.

54

FINANCIAL STATEMENTS REGULATORY MATTERS

Piedmont

2024 North Carolina Rate Case

On April 1, 2024, Piedmont filed an application with the NCUC for a rate increase for retail customers of approximately $159 million, which represents a 12.5% increase in retail revenues. Piedmont requested an ROE of 10.5% with an equity ratio of 53%. The rate increase is driven by significant infrastructure upgrade investments since the last general rate case, offset by lower fixed natural gas costs and remaining federal and state tax reform savings to be received by customers. Approximately 40% of the plant additions being rolled into rate base are categories of plant investment that are covered under the IMR mechanism, which was originally approved as part of the 2013 North Carolina Rate Case. Piedmont plans to implement revised interim rates by November 1, 2024. An evidentiary hearing is scheduled to begin September 17, 2024.

5. COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.

Remediation Activities

In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Reserves for Environmental Remediation
Duke Energy	$	82	$	88
Duke Energy Carolinas	23		23
Progress Energy	20		19
Duke Energy Progress	9		9
Duke Energy Florida	10		10
Duke Energy Ohio	31		36
Duke Energy Indiana	2		2
Piedmont	7		7

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy

Texas Storm Uri Tort Litigation

Duke Energy (Parent), several Duke Energy renewables project companies, and others in the ERCOT market were named in multiple lawsuits arising out of Texas Storm Uri, which occurred in February 2021. These lawsuits seek recovery for property damage, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators including Duke Energy entities, transmission and distribution operators (TDUs), retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed.

55

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

On January 28, 2023, the court denied certain motions including those by the generator defendants and TDUs and granted others. The generators and TDUs filed separate petitions for Writ of Mandamus to the Texas Court of Appeals seeking to overturn the denials. The TDUs' petition, filed first, was accepted and oral argument was held on October 23, 2023. In the cases against the generators, plaintiffs have dismissed the claims against Duke Energy (Parent). However, before Duke Energy (Parent) was dismissed from all cases, on December 14, 2023, without argument, the Court of Appeals accepted mandamus of the generator defendants’ appeal, which includes all Duke Energy entities, and directed the MDL court to dismiss all claims. Plaintiffs filed their Petition for Reconsideration on January 29, 2024, and the generator defendants responded on May 6, 2024. Regardless of the outcome of any motion for reconsideration or appeal, claims against Duke Energy (Parent) will remain dismissed. In October 2023, in conjunction with the closing of the sale of the utility-scale solar and wind group, all but one of the project company lawsuits transferred to Brookfield. In May 2024, the remaining claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups.

Duke Energy Carolinas

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. On April 6, 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.

Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal was completed on June 30, 2023. Oral argument took place on May 7, 2024. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings.

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserves of $410 million at June 30, 2024, and $423 million at December 31, 2023. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2043 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2043 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $572 million at June 30, 2024, and December 31, 2023. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables is $9 million as of June 30, 2024, and December 31, 2023, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

Duke Energy Indiana

Coal Ash Insurance Coverage Litigation

In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A trial date has not yet been set.

56

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

On June 30, 2023, Duke Energy Indiana and Associated Electric and Gas Insurance Services (AEGIS) reached a confidential settlement, the results of which were not material to Duke Energy, and as a result, AEGIS was dismissed from the litigation on July 13, 2023. Duke Energy Indiana has also reached confidential settlements with other various insurance companies, the results of which were not material. In June 2024, Duke Energy Indiana filed an amended complaint adding several additional insurance companies as defendants to the litigation and the court entered an order staying the litigation until October 24, 2024.

Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.

In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.

6. DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).

				Six Months Ended June 30, 2024
						Duke		Duke		Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana
Unsecured Debt
January 2024(a)	January 2027	4.850	%	$	600	$	600	$	—	$	—	$	—	$	—	$	—
January 2024(a)	January 2029	4.850	%	650		650		—		—		—		—		—
April 2024(e)	April 2031	5.648	%	815		815		—		—		—		—		—
June 2024(d)	June 2034	5.450	%	750		750		—		—		—		—		—
June 2024(d)	June 2054	5.800	%	750		750		—		—		—		—		—
June 2024(h)	July 2031	5.900	%	80		—		—		—		—		80		—
June 2024(h)	July 2034	6.000	%	95		—		—		—		—		95		—
June 2024(h)	July 2039	6.170	%	50		—		—		—		—		50		—
Secured Debt
April 2024(f)	March 2044	5.404	%	177		—		—		177		—		—		—
First Mortgage Bonds
January 2024(b)	January 2034	4.850	%	$	575	$	—	$	575	$	—	—		$	—	$	—
January 2024(b)	January 2054	5.400	%	425		—		425		—		—		—		—
March 2024(b)	March 2034	5.250	%	300		—		—		—		—		—		300
March 2024(c)	March 2034	5.100	%	500		—		—		500		—		—		—
March 2024(d)	March 2054	5.550	%	425		—		—		—		—		425		—
April 2024(g)	April 2074	4.970	%	173		—		—		—		173		—		—
Total issuances				$	6,365	$	3,565	$	1,000	$	677	$	173	$	650	$	300

(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings.

(b)Proceeds were used to pay down a portion of short-term debt and for general company purposes.

(c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes.

57

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

(d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes.

(e)In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 10 for additional information.

(f)Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See Notes 4 and 13 for more information.

(g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 13 for more information.

(h)Debt issued by Duke Energy Kentucky with proceeds used to pay down a portion of short-term debt and for general corporate purposes.

CURRENT MATURITIES OF LONG-TERM DEBT

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)	Maturity Date	Interest Rate		June 30, 2024
Unsecured Debt
Duke Energy (Parent)	April 2025	3.364	%	$	420
Duke Energy (Parent)	April 2025	3.950	%	250
Duke Energy Ohio	June 2025	6.900	%	150
Secured Debt
Duke Energy Carolinas(a)	January 2025	6.177	%	305
Duke Energy Carolinas(a)	January 2025	5.973	%	195
Duke Energy Progress(a)	April 2025	6.199	%	240
Duke Energy Progress(a)	April 2025	6.177	%	160
First Mortgage Bonds
Duke Energy Florida(a)(b)	October 2073	4.998	%	200
Duke Energy Florida(a)(b)	April 2074	4.970	%	173
Other(c)				247
Current maturities of long-term debt				$	2,340

(a)Debt has a floating interest rate.

(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.

(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

AVAILABLE CREDIT FACILITIES

Master Credit Facility

In March 2024, Duke Energy extended the termination date of its existing $9 billion Master Credit Facility to March 2029. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default.

58

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

	June 30, 2024
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	9,000	$	2,275	$	1,400	$	1,500	$	875	$	1,050	$	950	$	950
Reduction to backstop issuances
Commercial paper(b)	(3,271)		(803)		(307)		(813)		(227)		(348)		(150)		(623)
Outstanding letters of credit	(38)		(26)		(4)		(1)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,610	$	1,446	$	1,089	$	686	$	641	$	702	$	719	$	327

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Duke Energy Term Loan Facility

On March 26, 2024, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $700 million. Any undrawn commitments could be drawn up until April 25, 2024 (30 days after the effective date of the agreement) or are otherwise ineligible to be drawn. On April 24, 2024, $500 million was drawn under the facility with borrowings used for general corporate purposes. Borrowings could be prepaid at any time throughout the term of the facility and the terms and conditions of the facility were generally consistent with those governing Duke Energy's Master Credit Facility. During the second quarter of 2024, Duke Energy (Parent) terminated the facility and repaid the $500 million in outstanding borrowings.

7. ASSET RETIREMENT OBLIGATIONS

The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities(a)	$	4,608	$	1,999	$	2,603	$	2,455	$	148	$	—	$	—	$	—
Closure of ash impoundments	5,473		2,058		2,091		2,067		24		71		1,253		—
Other	273		55		97		34		63		65		29		27
Total ARO	$	10,354	$	4,112	$	4,791	$	4,556	$	235	$	136	$	1,282	$	27
Less: Current portion	636		252		215		214		1		7		162		—
Total noncurrent ARO	$	9,718	$	3,860	$	4,576	$	4,342	$	234	$	129	$	1,120	$	27

59

FINANCIAL STATEMENTS ASSET RETIREMENT OBLIGATIONS

ARO Liability Rollforward

In April 2024, the EPA issued the 2024 CCR Rule under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities.

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2023(a)	$	9,156	$	4,013	$	4,145	$	3,870	$	275	$	136	$	809	$	26
Accretion expense(b)	204		90		96		91		5		3		17		1
Liabilities settled(c)	(306)		(95)		(167)		(120)		(47)		(3)		(40)		—
Revisions in estimates of cash flows(d)	1,300		104		717		715		2		—		496		—
Balance at June 30, 2024	$	10,354	$	4,112	$	4,791	$	4,556	$	235	$	136	$	1,282	$	27

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the six months ended June 30, 2024, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The revision amounts represent the change in discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases primarily relate to additional scope requirements to regulate the disposal of CCR in landfills and surface impoundments as a result of the 2024 CCR Rule, including an increase in groundwater monitoring wells.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets within Other Noncurrent Assets, respectively, on the Condensed Consolidated Balance Sheets.

8. GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023. There are no accumulated impairment charges.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023.

Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

60

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS

The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	189	$	192	$	403	$	388
Indemnification coverages(b)	11		8		22		17
JDA revenue(c)	6		8		22		21
JDA expense(c)	53		34		93		63
Intercompany natural gas purchases(d)	5		4		9		9
Progress Energy
Corporate governance and shared service expenses(a)	$	171	$	172	$	359	$	350
Indemnification coverages(b)	15		12		29		24
JDA revenue(c)	53		34		93		63
JDA expense(c)	6		8		22		21
Intercompany natural gas purchases(d)	18		18		37		37
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	100	$	104	$	214	$	211
Indemnification coverages(b)	6		5		12		10
JDA revenue(c)	53		34		93		63
JDA expense(c)	6		8		22		21
Intercompany natural gas purchases(d)	18		18		37		37
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	71	$	68	$	145	$	139
Indemnification coverages(b)	9		7		17		14
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	77	$	76	$	154	$	149
Indemnification coverages(b)	1		2		3		3
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	83	$	84	$	185	$	183
Indemnification coverages(b)	3		2		5		4
Piedmont
Corporate governance and shared service expenses(a)	$	40	$	37	$	81	$	75
Indemnification coverages(b)	1		1		2		2
Intercompany natural gas sales(d)	23		22		46		46
Natural gas storage and transportation costs(e)	6		6		12		12

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.

61

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

As discussed in Note 13, certain trade receivables were previously sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables were largely cash but included a subordinated note from CRC for a portion of the purchase price. In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
June 30, 2024
Intercompany income tax receivable	$	—	$	—	$	—	$	—	$	2	$	—	$	39
Intercompany income tax payable	98		167		53		120		—		29		—
December 31, 2023
Intercompany income tax receivable	$	—	$	—	$	—	$	—	$	91	$	53	$	—
Intercompany income tax payable	81		92		94		114		—		—		57

10. DERIVATIVES AND HEDGING

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024, and 2023, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

62

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

The following tables show notional amounts of outstanding derivatives related to interest rate risk.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,700	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	3,052		1,150		1,675		1,125		550		200		27
Total notional amount	$	4,752	$	1,150	$	1,675	$	1,125	$	550	$	200	$	27

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	2,300	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,727		1,050		1,250		925		325		400		27
Total notional amount	$	5,027	$	1,050	$	1,250	$	925	$	325	$	400	$	27

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.

Volumes

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.

	June 30, 2024
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	27,518	—	—	—	2,966	24,552	—
Natural gas (millions of dekatherms)	781	249	241	241	—	38	253

	December 31, 2023
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	13,608	—	—	—	1,616	11,992	—
Natural gas (millions of dekatherms)	846	279	274	274	—	30	263

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

63

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Fair Value Hedges

Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2024.

										Fair Value Gain (Loss)(a)
										(in millions)
	Pay Notional				Receive Notional		Receive		Hedge	Three Months Ended June 30,				Six Months Ended June 30,
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	2024		2023		2024		2023
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(2)	$	5	$	—	$	10
	537		5.31	%	500	euros	3.85	%	June 2034	(2)		3		—		8
	815		5.648	%	750	euros	3.75	%	April 2031	(9)		—		(9)		—
Total notional amount	$	1,997			1,850	euros				$	(13)	$	8	$	(9)	$	18

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONDENSED CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Noncurrent	53		23		29		29		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	101	$	28	$	34	$	33	$	—	$	2	$	36	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	60		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	70		18		30		30		1		—		22		—
Total Derivative Assets – Interest Rate Contracts	$	130	$	18	$	30	$	30	$	1	$	—	$	22	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent	16		—		—		—		—		—		—		—
Total Derivative Assets – Foreign Currency Contracts	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	247	$	46	$	64	$	63	$	1	$	2	$	58	$	1

64

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	218	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Noncurrent	195		45		36		36		—		—		—		113
Total Derivative Liabilities – Commodity Contracts	$	413	$	159	$	113	$	113	$	—	$	—	$	8	$	132
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	5		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	9		2		6		5		2		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	14	$	2	$	6	$	5	$	2	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	31		—		—		—		—		—		—		—
Noncurrent	15		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	46	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	473	$	161	$	119	$	118	$	2	$	1	$	8	$	132

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	25	$	1	$	3	$	1	$	2	$	1	$	18	$	1
Noncurrent	57		26		31		31		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	82	$	27	$	34	$	32	$	2	$	1	$	18	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	31		—		—		—		—		—		—		—
Noncurrent	17		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	5		5		—		—		—		—		—		—
Noncurrent	10		3		—		—		—		—		7		—
Total Derivative Assets – Interest Rate Contracts	$	63	$	8	$	—	$	—	$	—	$	—	$	7	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent	44		—		—		—		—		—		—		—
Total Derivative Assets – Foreign Currency Contracts	$	44	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	189	$	35	$	34	$	32	$	2	$	1	$	25	$	1

65

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	354	$	177	$	138	$	138	$	—	$	—	$	18	$	20
Noncurrent	255		67		61		61		—		—		—		127
Total Derivative Liabilities – Commodity Contracts	$	609	$	244	$	199	$	199	$	—	$	—	$	18	$	147
Interest Rate Contracts
Designated as Hedging Instruments
Current	25		—		—		—		—		—		—		—
Noncurrent	26		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	13		2		11		11		—		—		—		—
Noncurrent	39		14		24		9		15		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	103	$	16	$	35	$	20	$	15	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	17		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	17	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	729	$	260	$	234	$	219	$	15	$	1	$	18	$	147

OFFSETTING ASSETS AND LIABILITIES

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Net amounts presented in Current Assets: Other	$	40	$	1	$	1	$	—	$	—	$	2	$	36	$	1
Noncurrent
Gross amounts recognized	$	199	$	41	$	59	$	59	$	1	$	—	$	22	$	—
Offset	(36)		(17)		(19)		(19)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	163	$	24	$	40	$	40	$	1	$	—	$	22	$	—

66

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	249	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Cash collateral posted	(16)		(7)		(1)		(1)		—		—		(8)		—
Net amounts presented in Current Liabilities: Other	$	225	$	103	$	72	$	72	$	—	$	—	$	—	$	19
Noncurrent
Gross amounts recognized	$	224	$	47	$	42	$	41	$	2	$	1	$	—	$	113
Offset	(35)		(17)		(19)		(19)		—		—		—		—
Cash collateral posted	(9)		(8)		(1)		(1)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	180	$	22	$	22	$	21	$	2	$	1	$	—	$	113

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	61	$	6	$	3	$	1	$	2	$	1	$	18	$	1
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Net amounts presented in Current Assets: Other	$	59	$	5	$	2	$	—	$	2	$	1	$	18	$	1
Noncurrent
Gross amounts recognized	$	128	$	29	$	31	$	31	$	—	$	—	$	7	$	—
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	91	$	15	$	9	$	9	$	—	$	—	$	7	$	—

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	409	$	179	$	149	$	149	$	—	$	—	$	18	$	20
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Cash collateral posted	(96)		(48)		(30)		(30)		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	311	$	130	$	118	$	118	$	—	$	—	$	—	$	20
Noncurrent
Gross amounts recognized	$	320	$	81	$	85	$	70	$	15	$	1	$	—	$	127
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Cash collateral posted	(66)		(38)		(28)		(28)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	217	$	29	$	35	$	20	$	15	$	1	$	—	$	127

67

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

OBJECTIVE CREDIT CONTINGENT FEATURES

Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

	June 30, 2024
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	242	$	134	$	108	$	108
Fair value of collateral already posted	17		15		2		2
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	225	$	119	$	106	$	106

	December 31, 2023
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	342	$	175	$	166	$	166
Fair value of collateral already posted	144		86		58		58
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	198	$	89	$	108	$	108

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

11. INVESTMENTS IN DEBT AND EQUITY SECURITIES

Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).

For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.

Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.

Investment Trusts

The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.

Other AFS Securities

Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of June 30, 2024, and December 31, 2023.

Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

68

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	151	$	—	$	—	$	133
Equity securities	5,612		23		7,859		4,942		22		7,278
Corporate debt securities	7		44		691		12		43		632
Municipal bonds	3		15		330		6		16		347
U.S. government bonds	6		79		1,668		24		65		1,575
Other debt securities	1		10		244		1		13		178
Total NDTF Investments	$	5,629	$	171	$	10,943	$	4,985	$	159	$	10,143
Other Investments
Cash and cash equivalents	$	—	$	—	$	124	$	—	$	—	$	31
Equity securities	51		—		177		33		—		158
Corporate debt securities	—		6		91		—		6		82
Municipal bonds	—		2		81		1		2		77
U.S. government bonds	—		4		50		—		2		65
Other debt securities	—		4		47		—		2		47
Total Other Investments	$	51	$	16	$	570	$	34	$	12	$	460
Total Investments	$	5,680	$	187	$	11,513	$	5,019	$	171	$	10,603

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	127	$	20	$	195	$	46
Realized losses	27		36		45		82
AFS:
Realized gains	2		13		12		21
Realized losses	22		27		36		59

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	57	$	—	$	—	$	51
Equity securities	3,254		16		4,527		2,886		14		4,196
Corporate debt securities	2		37		424		4		35		390
Municipal bonds	—		4		41		—		4		50
U.S. government bonds	2		44		894		13		33		826
Other debt securities	1		10		225		1		13		172
Total NDTF Investments	$	3,259	$	111	$	6,168	$	2,904	$	99	$	5,685

69

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	72	$	9	$	125	$	27
Realized losses	15		18		21		47
AFS:
Realized gains	1		4		5		9
Realized losses	11		8		17		28

PROGRESS ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	94	$	—	$	—	$	82
Equity securities	2,358		7		3,332		2,056		8		3,082
Corporate debt securities	5		7		267		8		8		242
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		35		774		11		32		749
Other debt securities	—		—		19		—		—		6
Total NDTF Investments	$	2,370	$	60	$	4,775	$	2,081	$	60	$	4,458
Other Investments
Cash and cash equivalents	$	—	$	—	$	25	$	—	$	—	$	18
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	48	$	—	$	1	$	41
Total Investments	$	2,370	$	61	$	4,823	$	2,081	$	61	$	4,499

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	55	$	11	$	70	$	19
Realized losses	12		18		24		35
AFS:
Realized gains	1		9		7		12
Realized losses	11		19		19		31

70

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	77	$	—	$	—	$	55
Equity securities	2,243		7		3,205		1,956		8		2,970
Corporate debt securities	4		7		254		7		8		229
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		23		583		10		18		518
Other debt securities	—		—		17		—		—		6
Total NDTF Investments	$	2,254	$	48	$	4,425	$	1,979	$	46	$	4,075
Other Investments
Cash and cash equivalents	$	—	$	—	$	18	$	—	$	—	$	14
Total Other Investments	$	—	$	—	$	18	$	—	$	—	$	14
Total Investments	$	2,254	$	48	$	4,443	$	1,979	$	46	$	4,089

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	55	$	11	$	70	$	19
Realized losses	12		17		24		34
AFS:
Realized gains	1		8		7		11
Realized losses	10		17		18		29

DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	17	$	—	$	—	$	27
Equity securities	115		—		127		100		—		112
Corporate debt securities	1		—		13		1		—		13
U.S. government bonds	—		12		191		1		14		231
Other debt securities	—		—		2		—		—		—
Total NDTF Investments(a)	$	116	$	12	$	350	$	102	$	14	$	383
Other Investments
Cash and cash equivalents	$	—	$	—	$	3	$	—	$	—	$	3
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	26	$	—	$	1	$	26
Total Investments	$	116	$	13	$	376	$	102	$	15	$	409

(a)During the six months ended June 30, 2024, and the year ended December 31, 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

71

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were immaterial.

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	—	$	1
Equity securities	15		—		110		4		—		98
Corporate debt securities	—		—		7		—		—		8
Municipal bonds	—		1		47		1		1		46
U.S. government bonds	—		—		8		—		—		10
Total Investments	$	15	$	1	$	174	$	5	$	1	$	163

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

	June 30, 2024
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	115	$	11	$	81	$	18	$	63	$	8
Due after one through five years	785		297		403		289		114		21
Due after five through 10 years	664		411		209		197		12		9
Due after 10 years	1,638		865		679		639		40		24
Total	$	3,202	$	1,584	$	1,372	$	1,143	$	229	$	62

12. FAIR VALUE MEASUREMENTS

Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.

Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.

Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.

Valuation methods of the primary fair value measurements disclosed below are as follows.

Investments in equity securities

The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.

72

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

Investments in debt securities

Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.

Commodity derivatives

Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.

Interest rate derivatives

Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.

Foreign currency derivatives

Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.

Other fair value considerations

See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of the valuation of goodwill and intangible assets.

DUKE ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.

	June 30, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	151	$	151	$	—	$	—	$	—
NDTF equity securities	7,859		7,827		—		—		32
NDTF debt securities	2,933		917		2,016		—		—
Other equity securities	177		177		—		—		—
Other debt securities	269		47		222		—		—
Other cash and cash equivalents	124		124		—		—		—
Derivative assets	247		3		209		35		—
Total assets	11,760		9,246		2,447		35		32
Derivative liabilities	(473)		(39)		(434)		—		—
Net assets	$	11,287	$	9,207	$	2,013	$	35	$	32

	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	133	$	133	$	—	$	—	$	—
NDTF equity securities	7,278		7,241		—		—		37
NDTF debt securities	2,732		829		1,903		—		—
Other equity securities	158		158		—		—		—
Other debt securities	271		55		216		—		—
Other cash and cash equivalents	31		31		—		—		—
Derivative assets	189		37		137		15		—
Total assets	10,792		8,484		2,256		15		37
Derivative liabilities	(729)		(60)		(669)		—		—
Net assets	$	10,063	$	8,424	$	1,587	$	15	$	37

73

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	6	$	12	$	15	$	34
Purchases, sales, issuances and settlements:
Purchases	29		47		29		47
Settlements	(10)		(38)		(23)		(58)
Total gains included on the Condensed Consolidated Balance Sheet	10		20		14		18
Balance at end of period	$	35	$	41	$	35	$	41

DUKE ENERGY CAROLINAS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	57	$	57	$	—	$	—
NDTF equity securities	4,527		4,495		—		32
NDTF debt securities	1,584		455		1,129		—
Derivative assets	46		—		46		—
Total assets	6,214		5,007		1,175		32
Derivative liabilities	(161)		—		(161)		—
Net assets	$	6,053	$	5,007	$	1,014	$	32

	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	51	$	51	$	—	$	—
NDTF equity securities	4,196		4,159		—		37
NDTF debt securities	1,438		375		1,063		—
Derivative assets	35		—		35		—
Total assets	5,720		4,585		1,098		37
Derivative liabilities	(260)		—		(260)		—
Net assets	$	5,460	$	4,585	$	838	$	37

PROGRESS ENERGY

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	94	$	94	$	—	$	82	$	82	$	—
NDTF equity securities	3,332		3,332		—		3,082		3,082		—
NDTF debt securities	1,349		462		887		1,294		454		840
Other debt securities	23		—		23		23		—		23
Other cash and cash equivalents	25		25		—		18		18		—
Derivative assets	64		—		64		34		—		34
Total assets	4,887		3,913		974		4,533		3,636		897
Derivative liabilities	(119)		—		(119)		(234)		—		(234)
Net assets	$	4,768	$	3,913	$	855	$	4,299	$	3,636	$	663

74

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

DUKE ENERGY PROGRESS

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	77	$	77	$	—	$	55	$	55	$	—
NDTF equity securities	3,205		3,205		—		2,970		2,970		—
NDTF debt securities	1,143		305		838		1,050		266		784
Other cash and cash equivalents	18		18		—		14		14		—
Derivative assets	63		—		63		32		—		32
Total assets	4,506		3,605		901		4,121		3,305		816
Derivative liabilities	(118)		—		(118)		(219)		—		(219)
Net assets	$	4,388	$	3,605	$	783	$	3,902	$	3,305	$	597

DUKE ENERGY FLORIDA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	17	$	17	$	—	$	27	$	27	$	—
NDTF equity securities	127		127		—		112		112		—
NDTF debt securities	206		157		49		244		188		56
Other debt securities	23		—		23		23		—		23
Other cash and cash equivalents	3		3		—		3		3		—
Derivative assets	1		—		1		2		—		2
Total assets	377		304		73		411		330		81
Derivative liabilities	(2)		—		(2)		(15)		—		(15)
Net assets	$	375	$	304	$	71	$	396	$	330	$	66

DUKE ENERGY OHIO

The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at June 30, 2024, and December 31, 2023.

DUKE ENERGY INDIANA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024								December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	110	$	110	$	—	$	—	$	98	$	98	$	—	$	—
Other debt securities	62		—		62		—		64		—		64		—
Other cash and cash equivalents	2		2		—		—		1		1		—		—
Derivative assets	58		3		22		33		25		5		7		13
Total assets	232		115		84		33		188		104		71		13
Derivative liabilities	(8)		(8)		—		—		(18)		(18)		—		—
Net assets	$	224	$	107	$	84	$	33	$	170	$	86	$	71	$	13

75

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	5	$	11	$	13	$	29
Purchases, sales, issuances and settlements:
Purchases	27		42		27		42
Settlements	(9)		(37)		(20)		(56)
Total gains included on the Condensed Consolidated Balance Sheet	10		21		13		22
Balance at end of period	$	33	$	37	$	33	$	37

PIEDMONT

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	1	$	1	$	—	$	1	$	1	$	—
Derivative liabilities	(132)		—		(132)		(147)		—		(147)
Net (liabilities) assets	$	(131)	$	1	$	(132)	$	(146)	$	1	$	(147)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

	June 30, 2024
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	2	RTO auction pricing	FTR price – per MWh	$	0.22	-	$	1.78	$	0.52
Duke Energy Indiana
FTRs	33		RTO auction pricing	FTR price – per MWh	(0.31)		-	14.00		1.82
Duke Energy
Total Level 3 derivatives	$	35

	December 31, 2023
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	2	RTO auction pricing	FTR price – per MWh	$	0.36	-	$	2.11	$	0.71
Duke Energy Indiana
FTRs	13		RTO auction pricing	FTR price – per MWh	(1.05)		-	9.64		1.26
Duke Energy
Total Level 3 derivatives	$	15

76

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

	June 30, 2024				December 31, 2023
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	78,779	$	70,796	$	75,252	$	69,790
Duke Energy Carolinas	17,026		15,409		16,012		15,077
Progress Energy	24,259		22,144		23,759		22,553
Duke Energy Progress	12,343		10,785		11,714		10,595
Duke Energy Florida	10,273		9,594		10,401		10,123
Duke Energy Ohio	4,163		3,829		3,518		3,310
Duke Energy Indiana	4,800		4,317		4,502		4,230
Piedmont	3,669		3,221		3,668		3,336

(a)Book value of long-term debt includes $1.1 billion and $1.0 billion at June 30, 2024, and December 31, 2023, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both June 30, 2024, and December 31, 2023, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

13. VARIABLE INTEREST ENTITIES

CONSOLIDATED VIEs

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the six months ended June 30, 2024, and the year ended December 31, 2023, or is expected to be provided in the future that was not previously contractually required.

Receivables Financing – DERF/DEPR/DEFR

DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the DERF, DEPR and DEFR credit facilities are reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt.

The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.

In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

Receivables Financing – CRC

CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC bought certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC then borrowed amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility was limited to the amount of qualified receivables sold to CRC, which generally excluded receivables past due more than a predetermined number of days and reserved for expected past-due balances. The sole source of funds to satisfy the related debt obligation was cash collections from the receivables.

The proceeds Duke Energy Ohio and Duke Energy Indiana received from the sale of receivables to CRC were approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note was a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC would be required by Duke Energy to maintain a minimum equity balance of $3 million.

77

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

CRC was considered a VIE because (i) equity capitalization was insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity was not held by the equity holder and (iii) deficiencies in net worth of CRC were funded by Duke Energy. The most significant activities that impacted the economic performance of CRC were decisions made to manage delinquent receivables. Duke Energy was considered the primary beneficiary and consolidated CRC as it made these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidated CRC.

In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

Receivables Financing – Credit Facilities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

	Duke Energy
		Duke Energy		Duke Energy		Duke Energy
		Carolinas		Progress		Florida
(in millions)	CRC	DERF		DEPR		DEFR
Expiration date	(a)	January 2025		April 2025		(b)
Credit facility amount	(a)	$	500	$	400	(b)
Amounts borrowed at June 30, 2024	—	500		400		—
Amounts borrowed at December 31, 2023	312	500		400		325
Restricted Receivables at June 30, 2024	—	1,128		881		—
Restricted Receivables at December 31, 2023	663	991		833		532

(a)    In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related $350 million CRC credit facility.

(b)    In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings and terminated the related $325 million DEFR credit facility.

Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance

Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions)	June 30, 2024	December 31, 2023
Regulatory Assets: Current	60	59
Current Assets: Other	32	37
Other Noncurrent Assets: Regulatory assets	775	803
Current Liabilities: Other	8	8
Current maturities of long-term debt	59	59
Long-Term Debt	801	831

Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina.

In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress.

78

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively.

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

	June 30, 2024				December 31, 2023
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	10		31		9		31
Other Noncurrent Assets: Regulatory assets	191		626		196		643
Other Noncurrent Assets: Other	1		4		1		2
Current Liabilities: Other	2		10		10		34
Current maturities of long-term debt	10		34		3		8
Long-Term Debt	203		663		208		680

Storm Recovery Bonds – Duke Energy Progress SC Storm Funding

Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Progress. This entity was formed in 2023 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in South Carolina.

In April 2024, DEPSCSF issued $177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Progress’ South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Progress.

DEPSCSF is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Progress has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Progress is considered the primary beneficiary and consolidates DEPSCSF.

The following table summarizes the impact of this VIE on Duke Energy Progress' Consolidated Balance Sheets.

(in millions)	June 30, 2024
Regulatory Assets: Current	$	9
Other Noncurrent Assets: Regulatory assets	162
Current maturities of long-term debt	6
Long-Term Debt	166

Procurement Company – Duke Energy Florida

Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo

was formed in 2023 as the primary procurer of equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with

third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified

reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset.

This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company.

The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Inventory	$	494	$	462
Accounts Payable	213		188

79

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

NON-CONSOLIDATED VIEs

The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.

	June 30, 2024
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—
Investments in equity method unconsolidated affiliates	58		—		—
Other noncurrent assets	29		—		—
Total assets	$	87	$	—	$	—
Other current liabilities	4		—		—
Other noncurrent liabilities	2		—		—
Total liabilities	$	6	$	—	$	—
Net assets	$	81	$	—	$	—

	December 31, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	150	$	208
Investments in equity method unconsolidated affiliates	67		—		—
Other noncurrent assets	43		—		—
Total assets	$	110	$	150	$	208
Other current liabilities	4		—		—
Other noncurrent liabilities	5		—		—
Total liabilities	$	9	$	—	$	—
Net assets	$	101	$	150	$	208

The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above.

Natural Gas Investments

Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

CRC

Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC as of December 31, 2023. The subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value as of December 31, 2023.

The following table shows the gross and net receivables sold. See discussion under Consolidated VIEs for additional information related to CRC's termination in March 2024.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Receivables sold	$	—	$	361	$	—	$	351
Less: Retained interests	—		150		—		208
Net receivables sold	$	—	$	211	$	—	$	143

80

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.

	Duke Energy Ohio				Duke Energy Indiana
	Six Months Ended					Six Months Ended
	June 30,					June 30,
(in millions)	2024		2023			2024		2023
Sales
Receivables sold	$	474	$	1,381		$	473	$	1,665
Loss recognized on sale	7		17			6		19
Cash flows
Cash proceeds from receivables sold	$	478	$	1,445		$	523	$	1,793
Collection fees received	—		1			—		1
Return received on retained interests	4		10			4		13

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.

14. REVENUE

Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.

Electric Utilities and Infrastructure

EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.

The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations:

	Remaining Performance Obligations
(in millions)	2024		2025		2026		2027		2028		Thereafter		Total
Progress Energy	$	35	$	30	$	7	$	7	$	7	$	29	$	115
Duke Energy Progress	4		—		—		—		—		—		4
Duke Energy Florida	31		30		7		7		7		29		111
Duke Energy Indiana	8		17		17		15		5		—		62

Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.

Gas Utilities and Infrastructure

GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.

Fixed-capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows:

	Remaining Performance Obligations
(in millions)	2024		2025		2026		2027		2028		Thereafter		Total
Piedmont	$	33	$	61	$	51	$	49	$	46	$	195	$	435

Other

The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.

81

FINANCIAL STATEMENTS REVENUE

Disaggregated Revenues

Disaggregated revenues are presented as follows:

	Three Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,092	$	959	$	1,625	$	661	$	964	$	240	$	269	$	—
General	2,013		755		933		427		506		144		180		—
Industrial	869		374		267		183		84		39		190		—
Wholesale	524		127		337		298		39		10		49		—
Other revenues	293		99		187		91		96		18		39		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,791	$	2,314	$	3,349	$	1,660	$	1,689	$	451	$	727	$	—
Gas Utilities and Infrastructure
Residential	$	182	$	—	$	—	$	—	$	—	$	86	$	—	$	96
Commercial	103		—		—		—		—		31		—		72
Industrial	32		—		—		—		—		6		—		24
Power Generation	—		—		—		—		—		—		—		8
Other revenues	32		—		—		—		—		9		—		23
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	349	$	—	$	—	$	—	$	—	$	132	$	—	$	223
Other
Revenue from contracts with customers	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,151	$	2,314	$	3,349	$	1,660	$	1,689	$	583	$	727	$	223
Other revenue sources(a)	$	21	$	(17)	$	8	$	(24)	$	27	$	25	$	20	$	21
Total revenues	$	7,172	$	2,297	$	3,357	$	1,636	$	1,716	$	608	$	747	$	244

82

FINANCIAL STATEMENTS REVENUE

	Three Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	2,740	$	715	$	1,555	$	539	$	1,016	$	208	$	262	$	—
General	1,876		607		914		369		545		141		212		—
Industrial	827		320		274		180		94		56		177		—
Wholesale	498		126		294		259		35		12		66		—
Other revenues	189		49		144		70		74		22		32		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,130	$	1,817	$	3,181	$	1,417	$	1,764	$	439	$	749	$	—
Gas Utilities and Infrastructure
Residential	$	179	$	—	$	—	$	—	$	—	$	82	$	—	$	97
Commercial	100		—		—		—		—		31		—		69
Industrial	30		—		—		—		—		6		—		24
Power Generation	—		—		—		—		—		—		—		23
Other revenues	25		—		—		—		—		5		—		5
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	334	$	—	$	—	$	—	$	—	$	124	$	—	$	218
Other
Revenue from contracts with customers	$	9	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,473	$	1,817	$	3,181	$	1,417	$	1,764	$	563	$	749	$	218
Other revenue sources(a)	$	105	$	11	$	31	$	8	$	18	$	26	$	31	$	18
Total revenues	$	6,578	$	1,828	$	3,212	$	1,425	$	1,782	$	589	$	780	$	236

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

83

FINANCIAL STATEMENTS REVENUE

	Six Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	6,207	$	2,017	$	3,142	$	1,403	$	1,739	$	493	$	556	$	—
General	3,947		1,472		1,799		849		950		296		381		—
Industrial	1,691		714		533		360		173		71		373		—
Wholesale	1,078		265		692		624		68		24		97		—
Other revenues	546		198		336		169		167		40		73		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	13,469	$	4,666	$	6,502	$	3,405	$	3,097	$	924	$	1,480	$	—
Gas Utilities and Infrastructure
Residential	$	702	$	—	$	—	$	—	$	—	$	233	$	—	$	469
Commercial	343		—		—		—		—		88		—		255
Industrial	79		—		—		—		—		17		—		62
Power Generation	—		—		—		—		—		—		—		16
Other revenues	72		—		—		—		—		14		—		58
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,196	$	—	$	—	$	—	$	—	$	352	$	—	$	860
Other
Revenue from contracts with customers	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	14,683	$	4,666	$	6,502	$	3,405	$	3,097	$	1,276	$	1,480	$	860
Other revenue sources(a)	$	160	$	38	$	83	$	19	$	55	$	10	$	26	$	60
Total revenues	$	14,843	$	4,704	$	6,585	$	3,424	$	3,152	$	1,286	$	1,506	$	920

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

84

FINANCIAL STATEMENTS REVENUE

	Six Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	5,591	$	1,539	$	2,976	$	1,146	$	1,830	$	442	$	634	$	—
General	3,707		1,195		1,755		727		1,028		276		482		—
Industrial	1,718		616		546		357		189		127		428		—
Wholesale	1,048		261		642		578		64		21		124		—
Other revenues	333		127		265		138		127		49		47		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	12,397	$	3,738	$	6,184	$	2,946	$	3,238	$	915	$	1,715	$	—
Gas Utilities and Infrastructure
Residential	$	686	$	—	$	—	$	—	$	—	$	244	$	—	$	442
Commercial	333		—		—		—		—		89		—		244
Industrial	77		—		—		—		—		15		—		61
Power Generation	—		—		—		—		—		—		—		46
Other revenues	65		—		—		—		—		11		—		24
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,161	$	—	$	—	$	—	$	—	$	359	$	—	$	817
Other
Revenue from contracts with customers	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	13,574	$	3,738	$	6,184	$	2,946	$	3,238	$	1,274	$	1,715	$	817
Other revenue sources(a)	$	280	$	24	$	76	$	12	$	54	$	24	$	40	$	94
Total revenues	$	13,854	$	3,762	$	6,260	$	2,958	$	3,292	$	1,298	$	1,755	$	911

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

85

FINANCIAL STATEMENTS REVENUE

The following table presents the reserve for credit losses for trade and other receivables.

	Three Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at March 31, 2023	$	214	$	70	$	75	$	45	$	30	$	7	$	4	$	14
Write-Offs	(43)		(20)		(18)		(10)		(8)		—		—		(5)
Credit Loss Expense	23		6		12		4		8		1		—		4
Other Adjustments	5		1		4		4		—		—		—		—
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Balance at March 31, 2024	$	204	$	62	$	73	$	47	$	27	$	41	$	16	$	12
Write-Offs	(36)		(16)		(17)		(12)		(5)		—		—		(3)
Credit Loss Expense	35		10		11		6		5		1		—		2
Other Adjustments	4		9		6		6		(1)		—		—		—
Balance at June 30, 2024	$	207	$	65	$	73	$	47	$	26	$	42	$	16	$	11
	Six Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(85)		(40)		(40)		(19)		(20)		—		—		(6)
Credit Loss Expense	39		13		18		5		13		2		—		5
Other Adjustments	29		16		14		13		1		—		—		—
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Balance at December 31, 2023	$	205	$	56	$	74	$	44	$	31	$	9	$	5	$	11
Write-Offs	(68)		(28)		(33)		(19)		(14)		—		—		(4)
Credit Loss Expense	45		17		20		10		10		2		2		4
Other Adjustments	25		20		12		12		(1)		31		9		—
Balance at June 30, 2024	$	207	$	65	$	73	$	47	$	26	$	42	$	16	$	11

Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.

The aging of trade receivables is presented in the table below.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(b)	$	1,155	$	414	$	426	$	278	$	148	$	127	$	177	$	11
Current	2,503		772		1,210		727		480		182		205		112
1-31 days past due	202		60		79		35		44		26		17		19
31-61 days past due	75		25		22		15		7		12		11		5
61-91 days past due	80		19		40		10		30		10		5		6
91+ days past due	229		60		61		26		35		84		18		6
Deferred Payment Arrangements(c)	99		36		40		26		14		18		5		—
Trade and Other Receivables(e)	$	4,343	$	1,386	$	1,878	$	1,117	$	758	$	459	$	438	$	159

86

FINANCIAL STATEMENTS REVENUE

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(d)	$	1,273	$	399	$	401	$	280	$	121	$	4	$	22	$	108
Current	2,306		680		1,009		612		395		48		87		199
1-31 days past due	275		97		91		41		50		12		14		9
31-61 days past due	78		20		34		23		11		3		7		2
61-91 days past due	47		15		17		10		7		2		4		1
91+ days past due	253		67		69		24		45		46		27		3
Deferred Payment Arrangements(c)	104		34		43		26		17		6		—		—
Trade and Other Receivables	$	4,336	$	1,312	$	1,664	$	1,016	$	646	$	121	$	161	$	322

(a)Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets.

(b)In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility. Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets. See Note 13 for further information.

(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

(d)Duke Energy Ohio and Duke Energy Indiana sold, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and accounted for the transfers of receivables as sales. Accordingly, the receivables sold were not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. These receivables for unbilled revenues are $141 million and $197 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2023.

(e)The balance of the remaining proceeds from the sale of certain Commercial Renewables assets to Brookfield is not presented in the aging of trade and other receivables above. Refer to Note 2 for further information.

15. STOCKHOLDERS' EQUITY

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

87

FINANCIAL STATEMENTS STOCKHOLDERS' EQUITY

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net Income (Loss) available to Duke Energy common stockholders	$	886	$	(234)	$	1,985	$	531
Less: Loss from discontinued operations attributable to Duke Energy common stockholders	(10)		(948)		(13)		(1,093)
Accumulated preferred stock dividends adjustment	(12)		(12)		—		—
Less: Impact of participating securities	1		1		2		2
Income from continuing operations available to Duke Energy common stockholders	$	883	$	701	$	1,996	$	1,622
Loss from discontinued operations, net of tax	$	(10)	$	(955)	$	(13)	$	(1,164)
Add: Loss attributable to NCI	—		7		—		71
Loss from discontinued operations attributable to Duke Energy common stockholders	$	(10)	$	(948)	$	(13)	$	(1,093)
Weighted average common shares outstanding – basic and diluted	772		771		771		770
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)	$	1.14	$	0.91	$	2.59	$	2.10
Loss Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted(a)	$	(0.01)	$	(1.23)	$	(0.02)	$	(1.41)
Potentially dilutive items excluded from the calculation(b)	2		2		2		2
Dividends declared per common share	$	1.025	$	1.005	$	2.050	$	2.010
Dividends declared on Series A preferred stock per depositary share(c)	$	0.359	$	0.359	$	0.719	$	0.719
Dividends declared on Series B preferred stock per share(d)	$	—	$	—	$	24.375	$	24.375

(a)For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive.

(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

Common Stock

In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2025.

In March 2024, Duke Energy marketed its first tranche, issuing 0.8 million shares of common stock through an equity forward transaction under the ATM program with an initial forward price of $92.77 per share. In May 2024, Duke Energy marketed its second and third tranches, issuing 0.7 million shares at an initial forward price of $101.10 per share and another 0.7 million shares with an initial forward price of $100.99 per share. The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2024. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.

16. EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.

88

FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS

QUALIFIED PENSION PLANS

The following tables include the components of net periodic pension costs for qualified pension plans.

	Three Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	29	$	10	$	8	$	5	$	4	$	—	$	1	$	1
Interest cost on projected benefit obligation	83		20		26		12		14		4		7		3
Expected return on plan assets	(154)		(40)		(54)		(25)		(29)		(7)		(11)		(5)
Amortization of actuarial loss	8		2		3		2		1		1		1		—
Amortization of prior service credit	(4)		—		—		—		—		—		(1)		(2)
Amortization of settlement charges	4		2		1		1		1		—		1		1
Net periodic pension costs	$	(34)	$	(6)	$	(16)	$	(5)	$	(9)	$	(2)	$	(2)	$	(2)

	Three Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	29	$	9	$	7	$	5	$	4	$	—	$	2	$	1
Interest cost on projected benefit obligation	86		21		27		13		15		5		7		3
Expected return on plan assets	(147)		(40)		(49)		(23)		(26)		(6)		(10)		(5)
Amortization of actuarial loss	3		1		1		1		—		—		—		—
Amortization of prior service credit	(4)		—		—		—		—		—		(1)		(2)
Amortization of settlement charges	4		2		1		1		1		—		1		1
Net periodic pension costs	$	(29)	$	(7)	$	(13)	$	(3)	$	(6)	$	(1)	$	(1)	$	(2)

	Six Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	57	$	19	$	16	$	10	$	7	$	1	$	3	$	2
Interest cost on projected benefit obligation	165		40		52		24		28		8		13		5
Expected return on plan assets	(308)		(81)		(108)		(50)		(58)		(13)		(21)		(10)
Amortization of actuarial loss	16		4		5		3		2		1		2		1
Amortization of prior service credit	(7)		—		—		—		—		—		(1)		(4)
Amortization of settlement charges	9		4		2		2		1		—		1		2
Net periodic pension costs	$	(68)	$	(14)	$	(33)	$	(11)	$	(20)	$	(3)	$	(3)	$	(4)

	Six Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	59	$	19	$	16	$	10	$	7	$	1	$	3	$	2
Interest cost on projected benefit obligation	172		42		54		25		29		9		14		5
Expected return on plan assets	(294)		(80)		(99)		(46)		(52)		(12)		(20)		(10)
Amortization of actuarial loss	5		1		2		1		1		—		1		—
Amortization of prior service credit	(7)		—		—		—		—		—		(1)		(4)
Amortization of settlement charges	9		4		2		2		1		—		1		2
Net periodic pension costs	$	(56)	$	(14)	$	(25)	$	(8)	$	(14)	$	(2)	$	(2)	$	(5)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three and six months ended June 30, 2024, and 2023.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three and six months ended June 30, 2024, and 2023.

89

FINANCIAL STATEMENTS INCOME TAXES

17. INCOME TAXES

On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA created a new, zero-emission nuclear power PTC available for taxpayers beginning January 1, 2024. In 2024, Duke Energy Carolinas and Duke Energy Progress recorded a PTC deferred tax asset of approximately $209 million and $34 million, respectively. These amounts represent the net realizable value of the PTCs, which were deferred to a regulatory liability. The Subsidiary Registrants will work with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. See Note 4 for additional information on Duke Energy Carolinas' approval for a stand-alone rider starting January 1, 2025. The Company will continue to assess its calculations and interpretations as new information and guidance becomes available.

EFFECTIVE TAX RATES

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Duke Energy	13.1	%	13.7	%	13.2	%	13.7	%
Duke Energy Carolinas	10.9	%	10.6	%	11.2	%	11.0	%
Progress Energy	16.6	%	16.7	%	16.6	%	16.7	%
Duke Energy Progress	14.9	%	14.1	%	14.9	%	14.4	%
Duke Energy Florida	19.5	%	19.9	%	19.5	%	19.9	%
Duke Energy Ohio	17.2	%	15.5	%	17.0	%	16.2	%
Duke Energy Indiana	16.7	%	17.4	%	16.9	%	17.3	%
Piedmont	20.0	%	25.0	%	19.6	%	17.8	%

The increase in the ETR for Duke Energy Ohio for the three months ending June 30, 2024, was primarily due to the amortization of EDIT in relation to pretax income.

The decrease in the ETR for Piedmont for the three months ending June 30, 2024, was primarily due to the amortization of EDIT in relation to pretax losses.

The increase in the ETR for Piedmont for the six months ending June 30, 2024, was primarily due to a decrease in amortization of EDIT.

18. SUBSEQUENT EVENTS

For information on subsequent events related to regulatory matters and commitments and contingencies, see Notes 4 and 5, respectively.

90

MD&A DUKE ENERGY

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.

DUKE ENERGY

Duke Energy is an energy company headquartered in Charlotte, North Carolina and operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Duke Energy’s consolidated financial information includes the results of the Subsidiary Registrants, which along with Duke Energy are collectively referred to as the Duke Energy Registrants.

Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the six months ended June 30, 2024, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2023.

Executive Overview

Advancing Our Clean Energy Transition. During the six months ended June 30, 2024, we continued to execute on our clean energy transition, remaining focused on reliability and affordability while delivering increasingly clean energy and providing strong, sustainable value for shareholders, customers, communities and employees.

•In May 2024, we entered into memorandums of understanding with several large customers which propose exploring new and innovative approaches to support carbon-free energy generation and serve future energy needs of large businesses in North Carolina and South Carolina through the use of new tariff structures. The proposed Accelerating Clean Energy (ACE) tariff framework includes new, voluntary pricing structures for large commercial and industrial customers which enable their direct support of carbon-free energy generation investments including facilitating beneficial customer on-site generation and load flexibility programs. The proposed ACE tariffs would be subject to regulatory approvals and include protections for non-participating customers.

•In January 2024, we filed supplemental modeling and analysis with the NCUC and PSCSC related to our combined systemwide Carolinas Resource Plan filed in August 2023. These updates were necessary due to substantially increased load forecasts resulting from continued economic development successes in the Carolinas occurring since the systemwide integrated resource plan was prepared. In March 2024, we filed for: (i) CPCNs with the NCUC for new natural gas generation facilities at the sites of the current Marshall Steam Station and Roxboro Plant in the Carolinas; and (ii) a Certificate of Environmental Compatibility and Public Convenience and Necessity with the PSCSC for a new solar center and associated facilities in Chesterfield and Darlington counties, South Carolina. Our energy transition strategy continues to focus on delivering a path to cleaner energy in a manner that protects grid reliability and affordability, all while meeting the energy demands of the growing and economically vibrant communities that we serve.

•As we continue to strengthen our grid and bring clean energy resources online, our customers are important partners in our clean energy future. In January 2024, we received approval for PowerPairSM, a new incentive-based pilot program for installing home solar generation with battery energy storage in our Duke Energy Carolinas and Duke Energy Progress North Carolina service territories. Enrollment options for residential customers that participate in the pilot include a one-time incentive of up to $9,000 for the installation of a solar plus battery system. The program was launched in May 2024 and successfully enrolled more than 1,300 customers in its first three months, providing another impactful way for our customers to save energy and money, while exploring new solutions to help manage low carbon grids of the future.

Regulatory Activity. During the six months ended June 30, 2024, we continued to move our regulatory strategy forward. See Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information.

•In January 2024, Duke Energy Carolinas filed a South Carolina rate case, the first base rate case filed by Duke Energy Carolinas in the state since 2018 and reflecting the South Carolina retail allocation of significant investments, including approximately $1.5 billion of transmission and distribution assets. In May 2024, we reached a constructive comprehensive settlement with certain parties and in July 2024, the PSCSC issued an order approving the settlement and revising recovery of certain environmental compliance costs. New rates were effective August 1, 2024.

•In April 2024, we filed formal requests for new base rates across several jurisdictions including Duke Energy Florida, Duke Energy Indiana and Piedmont.

•Duke Energy Florida filed a three-year rate plan that would begin in January 2025, once its current base rate settlement agreement concludes at the end of 2024, and proposed approximately $4.9 billion in incremental investments to reduce outages, expand solar generation, and increase generation unit efficiency. In July 2024, we reached a constructive comprehensive settlement with certain parties on the rate plan which, if approved by the FPSC, will allow us to continue making important investments to reduce outages, shorten response times, meet future energy demands, increase clean, solar generation and explore innovative technologies to generate cost savings for our customers.

•Duke Energy Indiana filed a general rate case with the IURC requesting an overall increase in revenues of $492 million. This is the first base rate case filed by Duke Energy Indiana since 2019 and reflects strategic investments to improve grid reliability and security, serve a growing customer base, and meet environmental regulations. These investments, which include approximately 345 miles of new power lines expected to be constructed through 2025, will support the more than 60,000 new customers anticipated since our last base rate case.

91

MD&A DUKE ENERGY

•Piedmont filed a general rate case with the NCUC requesting an overall increase in revenues of $159 million. This is the first base rate case filed by Piedmont in North Carolina since 2021 and reflects significant investments to support ongoing service reliability, system growth, and compliance with federal pipeline safety regulations in addition to two energy reliability centers in eastern North Carolina.

•Also, in April 2024, Duke Energy Progress issued $177 million of storm recovery bonds, our first issuance under South Carolina's 2022 securitization legislation, which provided the necessary framework for us to lower the bill impacts on our customers related to critical storm restoration activities.

Matters Impacting Future Results

The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants and Business Segments.

Regulatory Matters

Coal Ash Costs

In April 2024, the EPA issued the 2024 CCR Rule under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in and monitoring legal challenges to the 2024 CCR Rule.

Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of necessary and prudently incurred costs associated with Duke Energy’s regulated operations. The majority of spend is expected to occur over the next 10 years. For more information, see "Other Matters" and Notes 4 and 7 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Asset Retirement Obligations."

Fuel Cost Recovery

As a result of rapidly rising commodity costs during 2022, including natural gas, fuel and purchased power prices in excess of amounts included in fuel-related revenues led to an increase in the under collection of fuel costs from customers in jurisdictions including those served by Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida. These amounts have been deferred in regulatory assets and impacted the cash flows of the registrants, including increased borrowings to temporarily finance related expenditures until recovery. Regulatory filings have been made and approved for recovery of all remaining uncollected 2022 fuel costs. Across all jurisdictions, Duke Energy is currently on pace to recover approximately $1.9 billion of deferred fuel costs in 2024 and we anticipate being in line with our historical average balance of deferred fuel costs by the end of this year.

EPA Regulations of GHG Emissions

In April 2024, the EPA issued a final rule under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Duke Energy is analyzing the potential impacts the rule could have on the Company, which could be material and may influence the timing, nature, and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of necessary and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in and monitoring legal challenges to the final rule. For more information, see "Other Matters."

Supply Chain

The Company continues to monitor the ongoing stability of markets for key materials and other developments, including public policy outcomes, that could disrupt or impact the Company's supply chain and, as a result, may impact Duke Energy's execution of its capital plan, future financial results or the achievement of its clean energy goals.

Goodwill

The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2023. As of this date, all of the Duke Energy Registrants' reporting units' estimated fair values materially exceeded the carrying values except for the GU&I reporting unit of Duke Energy Ohio. While no goodwill impairment charges were recorded in 2023, the potential for continued interest rate pressures, and the related impact on the weighted average cost of capital, without timely or adequate updates to the regulated allowed return on equity or deteriorating economic conditions impacting GU&I's future cash flows or equity valuations of peer companies could impact the estimated fair value of GU&I, and goodwill impairment charges could be recorded in the future.

Other

Duke Energy continues to monitor general market conditions, including the potential for continued interest rate pressures on the Company's cost of capital, which may impact Duke Energy's execution of its capital plan, future financial results, or the achievement of its clean energy goals.

Results of Operations

Non-GAAP Measures

Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.

92

MD&A DUKE ENERGY

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Basic Earnings (Loss) Per Share, respectively.

Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:

•Regulatory Matters primarily represents impairment charges related to Duke Energy Carolinas' South Carolina rate case order.

Discontinued operations primarily represents the operating results and impairments recognized related to the sale of Duke Energy's Commercial Renewables Disposal Groups.

Three Months Ended June 30, 2024, as compared to June 30, 2023

GAAP reported EPS was $1.13 for the three months ended June 30, 2024 compared to a GAAP reported loss per share of $(0.32) for the three months ended June 30, 2023. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments on the sale of the Commercial Renewables business in the prior year.

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s second quarter 2024 adjusted EPS was $1.18 compared to $0.91 for the second quarter of 2023. The increase in adjusted EPS was primarily due to growth from rate increases and riders, higher sales volumes and favorable weather, partially offset by higher interest expense and higher depreciation on a growing asset base.

The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

	Three Months Ended June 30,
	2024				2023
(in millions, except per share amounts)	Earnings		EPS		Earnings		EPS
GAAP Reported Earnings (Loss)/GAAP Reported Earnings (Loss) Per Share	$	886	$	1.13	$	(234)	$	(0.32)
Adjustments:
Regulatory Matters(a)	25		0.03		—		—
Discontinued Operations(b)	10		0.01		948		1.23
Adjusted Earnings/Adjusted EPS	$	921	$	1.18	$	714	$	0.91

Note: Total EPS may not foot due to rounding.

(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense.

(b)Recorded in Loss from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests.

Six Months Ended June 30, 2024, as compared to June 30, 2023

GAAP Reported EPS was $2.57 for the six months ended June 30, 2024, compared to $0.69 for the six months ended June 30, 2023. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments on the sale of the Commercial Renewables business in the prior year.

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $2.62 for the six months ended June 30, 2024, compared to $2.10 for the six months ended June 30, 2023. The increase in adjusted EPS was primarily due to growth from rate increases and riders and improved weather, partially offset by higher interest expense.

The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

	Six Months Ended June 30,
	2024				2023
(in millions, except per share amounts)	Earnings		EPS		Earnings		EPS
GAAP Reported Earnings/GAAP Reported EPS	$	1,985	$	2.57	$	531	$	0.69
Adjustments:
Regulatory Matters(a)	25		0.03		—		—
Discontinued Operations(b)	13		0.02		1,093		1.41
Adjusted Earnings/Adjusted EPS	$	2,023	$	2.62	$	1,624	$	2.10

(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense.

(b)Recorded in Loss from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests.

93

MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

SEGMENT RESULTS

The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements.

Duke Energy's segment structure includes the following segments: EU&I and GU&I. The remainder of Duke Energy’s operations is presented as Other. See Note 3 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.

Electric Utilities and Infrastructure

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024		2023		Variance		2024		2023		Variance
Operating Revenues	$	6,820	$	6,250	$	570	$	13,623	$	12,648	$	975
Operating Expenses
Fuel used in electric generation and purchased power	2,247		2,058		189		4,602		4,454		148
Operation, maintenance and other	1,262		1,341		(79)		2,578		2,610		(32)
Depreciation and amortization	1,246		1,188		58		2,471		2,284		187
Property and other taxes	351		337		14		688		685		3
Impairment of assets and other charges	42		5		37		43		12		31
Total operating expenses	5,148		4,929		219		10,382		10,045		337
Gains on Sales of Other Assets and Other, net	1		27		(26)		7		28		(21)
Operating Income	1,673		1,348		325		3,248		2,631		617
Other Income and Expenses, net	141		127		14		272		257		15
Interest Expense	488		444		44		987		896		91
Income Before Income Taxes	1,326		1,031		295		2,533		1,992		541
Income Tax Expense	214		158		56		387		307		80
Less: Income Attributable to Noncontrolling Interest	22		23		(1)		35		44		(9)
Segment Income	$	1,090	$	850	$	240	$	2,111	$	1,641	$	470
Duke Energy Carolinas GWh sales	22,484		20,638		1,846		44,872		41,557		3,315
Duke Energy Progress GWh sales	17,204		15,454		1,750		33,332		30,799		2,533
Duke Energy Florida GWh sales	11,862		11,400		462		20,701		20,390		311
Duke Energy Ohio GWh sales	5,910		5,695		215		11,690		11,338		352
Duke Energy Indiana GWh sales	7,516		6,927		589		14,991		14,277		714
Total Electric Utilities and Infrastructure GWh sales	64,976		60,114		4,862		125,586		118,361		7,225
Net proportional MW capacity in operation							54,578		54,420		158

Three Months Ended June 30, 2024, as compared to June 30, 2023

EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, improved weather, and higher weather-normal retail sales volumes, partially offset by higher depreciation. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $159 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas and Duke Energy Progress and the 2021 Settlement at Duke Energy Florida;

•a $150 million increase in fuel revenues primarily due to net higher fuel cost recovery in the current year;

•a $142 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling;

•a $69 million increase in weather-normal retail sales volumes;

•a $62 million increase in rider revenues primarily due to a decrease in the return of EDIT to customers at Duke Energy Carolinas; and

•a $23 million increase in other revenues at Duke Energy Florida.

Partially offset by:

•a $71 million decrease in storm revenues at Duke Energy Florida.

94

MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Operating Expenses. The variance was driven primarily by:

•a $189 million increase in fuel used in electric generation and purchased power due to higher recovery of fuel expense at Duke Energy Carolinas and Duke Energy Progress, partially offset by lower deferred fuel amortization and lower fuel prices and volumes at Duke Energy Florida, Duke Energy Ohio and Duke Energy Indiana;

•a $58 million increase in depreciation and amortization primarily due to higher depreciable base and higher net amortizations driven by the North Carolina rate cases at Duke Energy Carolinas and Duke Energy Progress, and lower amortization of the DOE settlement regulatory liability and higher depreciable base at Duke Energy Florida; and

•a $37 million increase in impairments of assets and other charges primarily related to the South Carolina rate case order at Duke Energy Carolinas.

Partially offset by:

•a $79 million decrease in operation, maintenance and other primarily driven by lower storm amortization at Duke Energy Florida, lower storm and nuclear outage costs at Duke Energy Progress, partially offset by higher storm costs at Duke Energy Carolinas.

Gains on Sales of Other Assets and Other, net. The decrease was primarily due to the sale of the Mint Street parking deck in the prior year at Duke Energy Carolinas.

Interest Expense. The variance was primarily driven by higher outstanding debt balances and interest rates.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income. The ETRs for the three months ended June 30, 2024 and 2023, were 16.1% and 15.3%, respectively.

Six Months Ended June 30, 2024, as compared to June 30, 2023

EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, improved weather, and higher weather-normal retail sales volumes, partially offset by higher depreciation. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $306 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Kentucky and the 2021 Settlement at Duke Energy Florida;

•a $291 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling;

•a $109 million increase in weather-normal retail sales volumes;

•a $101 million increase in fuel revenues primarily due to net higher fuel cost recovery in the current year;

•a $101 million increase in rider revenues primarily due to a decrease in the return of EDIT to customers at Duke Energy Carolinas; and

•a $38 million increase in other revenues at Duke Energy Florida.

Partially offset by:

•a $35 million decrease in storm revenues at Duke Energy Florida.

Operating Expenses. The variance was driven primarily by:

•a $187 million increase in depreciation and amortization primarily due to lower amortization of the DOE settlement regulatory liability and higher depreciable base at Duke Energy Florida and higher depreciable base and higher net amortizations driven by the North Carolina rate cases at Duke Energy Carolinas and Duke Energy Progress;

•a $148 million increase in fuel used in electric generation and purchased power due to higher recovery of fuel expense at Duke Energy Carolinas and Duke Energy Progress, partially offset by lower deferred fuel amortization and lower fuel prices and volumes at Duke Energy Indiana, Duke Energy Florida and Duke Energy Ohio; and

•a $31 million increase in impairment of assets and other charges primarily related to the South Carolina rate case order at Duke Energy Carolinas.

Partially offset by:

•a $32 million decrease in operation, maintenance and other primarily driven by lower storm amortization at Duke Energy Florida and lower outage work at Duke Energy Indiana, partially offset by higher storm costs at Duke Energy Carolinas.

Gains on Sales of Other Assets and Other, net. The decrease was primarily due to the sale of the Mint Street parking deck in the prior year at Duke Energy Carolinas.

Interest Expense. The variance was primarily driven by higher outstanding debt balances and interest rates.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT. The ETRs for the six months ended June 30, 2024, and 2023, were 15.3% and 15.4%, respectively.

95

MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE

Gas Utilities and Infrastructure

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024		2023		Variance		2024		2023		Variance
Operating Revenues	$	381	$	359	$	22	$	1,283	$	1,270	$	13
Operating Expenses
Cost of natural gas	78		79		(1)		310		377		(67)
Operation, maintenance and other	117		110		7		246		229		17
Depreciation and amortization	96		84		12		194		169		25
Property and other taxes	38		30		8		84		61		23
Impairment of assets and other charges	—		(5)		5		—		(4)		4
Total operating expenses	329		298		31		834		832		2
Losses on Sales of Other Assets and Other, net	—		(1)		1		—		(1)		1
Operating Income	52		60		(8)		449		437		12
Other Income and Expenses, net	17		24		(7)		34		47		(13)
Interest Expense	61		52		9		122		102		20
Income Before Income Taxes	8		32		(24)		361		382		(21)
Income Tax Expense	2		7		(5)		71		70		1
Segment Income	$	6	$	25	$	(19)	$	290	$	312	$	(22)
Piedmont LDC throughput (dekatherms)	128,266,775		122,238,056		6,028,719		291,531,790		283,701,849		7,829,941
Duke Energy Midwest LDC throughput (Mcf)	12,969,694		13,738,164		(768,470)		46,167,345		45,553,131		614,214

Three Months Ended June 30, 2024, as compared to June 30, 2023

GU&I’s results were impacted primarily by higher depreciation and amortization and interest expense, partially offset by higher margin growth. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $6 million increase due to higher base rates, primarily from the Duke Energy Ohio rate case, partially offset by lower rider revenues as Duke Energy Ohio;

•a $6 million increase due to unregulated Renewable Natural Gas (RNG) revenue;

•a $4 million increase due to North Carolina IMR; and

•a $3 million increase due to Tennessee ARM revenues.

Operating Expenses. The variance was driven primarily by:

•a $12 million increase in depreciation and amortization due to higher depreciable base and lower CEP deferrals;

•an $8 million increase in property and other taxes due to a higher base upon which property taxes are levied; and

•a $7 million increase in operations, maintenance and other primarily due to higher outside services, labor and service company costs.

Other Income and Expenses, net. The decrease was primarily due to lower production and higher labor expense at SustainRNG.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income. The ETRs for the three months ended June 30, 2024, and 2023, were 25% and 21.9%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of EDIT.

Six Months Ended June 30, 2024, as compared to June 30, 2023

GU&I’s results were impacted primarily by higher depreciation and amortization, higher interest expense and higher property and other taxes, partially offset by higher margin growth. The following is a detailed discussion of the variance drivers by line item.

96

MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE

Operating Revenues. The variance was driven primarily by:

•a $26 million increase due to higher base rates, primarily from the Duke Energy Ohio rate case, partially offset by lower rider revenues as Duke Energy Ohio;

•a $17 million increase due to Tennessee ARM revenues;

•a $12 million increase due to customer growth;

•a $12 million increase due to North Carolina IMR; and

•a $9 million increase due to rate stabilization mechanisms in South Carolina.

Partially offset by:

•a $67 million decrease due to lower natural gas costs passed through to customers and lower rates of natural gas costs.

Operating Expenses. The variance was driven primarily by:

•a $25 million increase in depreciation and amortization due to higher depreciable base, higher depreciation for certain unregulated RNG projects and lower CEP deferrals;

•a $23 million increase in property and other taxes due to a higher base upon which property taxes are levied; and

•a $17 million increase in operations, maintenance and other primarily due to higher outside services, labor and service company costs.

Partially offset by:

•a $67 million decrease due to lower natural gas costs passed through to customers and lower rates of natural gas costs.

Other Income and Expenses, Net. The decrease was primarily due to lower production and higher labor expense at SustainRNG.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

Other

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024		2023		Variance		2024		2023		Variance
Operating Revenues	$	40	$	34	$	6	$	78	$	65	$	13
Operating Expenses	70		20		50		126		49		77
Gains on Sales of Other Assets and Other, net	6		5		1		11		11		—
Operating (Loss) Income	(24)		19		(43)		(37)		27		(64)
Other Income and Expenses, net	67		59		8		146		121		25
Interest Expense	306		271		35		600		527		73
Loss Before Income Taxes	(263)		(193)		(70)		(491)		(379)		(112)
Income Tax Benefit	(77)		(46)		(31)		(141)		(103)		(38)
Less: Preferred Dividends	14		14		—		53		53		—
Net Loss	$	(200)	$	(161)	$	(39)	$	(403)	$	(329)	$	(74)

Three Months Ended June 30, 2024, as compared to June 30, 2023

Other's results were impacted by higher interest expense driven by higher outstanding long-term debt balances and interest rates.

Operating Expenses. The increase was driven by contributions to the Duke Energy Foundation, higher claim reserves related to captive insurance, and franchise tax benefits recognized in the prior year.

Other Income and Expenses, net. The increase was primarily due to higher equity earnings from the National Methanol Company (NMC) investment.

Interest Expense. The increase was primarily due to higher outstanding long-term debt balances and interest rates.

Income Tax Benefit. The increase in the tax benefit was primarily due an increase in pretax losses and tax levelization. The ETRs for the three months ended June 30, 2024, and 2023, were 29.3% and 23.8%, respectively. The increase in the ETR was primarily due to tax levelization and non-deductible interest on Company-owned life insurance in the prior year.

Six Months Ended June 30, 2024, as compared to June 30, 2023

Other's results were impacted by higher interest expense driven by higher outstanding long-term debt balances and interest rates.

Operating Expenses. The increase was primarily driven by contributions to the Duke Energy Foundation, higher claim reserves related to captive insurance, and franchise tax benefits in the prior year.

97

MD&A SEGMENT RESULTS - OTHER

Other Income and Expenses, net. The increase was primarily due to higher equity earnings from the NMC investment.

Interest Expense. The increase was primarily due to higher outstanding long-term debt balances and interest rates.

Income Tax Benefit. The increase in the tax benefit was primarily due to an increase in pretax losses and non-deductible interest on Company-owned life insurance in the prior year. The ETRs for the six months ended June 30, 2024, and 2023, were 28.7% and 27.2%, respectively. The increase in the ETR was primarily due to non-deductible interest on Company-owned life insurance in the prior year.

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024		2023		Variance		2024		2023		Variance
Loss From Discontinued Operations, net of tax	$	(10)	$	(955)	$	945	$	(13)	$	(1,164)	$	1,151

Three Months Ended June 30, 2024, as compared to June 30, 2023

The variance was primarily driven by impairments on the sale of the Commercial Renewables business recorded in the prior year.

Six Months Ended June 30, 2024, as compared to June 30, 2023

The variance was primarily driven by impairments on the sale of the Commercial Renewables business recorded in the prior year.

DUKE ENERGY CAROLINAS

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues	$	4,704	$	3,762	$	942
Operating Expenses
Fuel used in electric generation and purchased power	1,609		1,133		476
Operation, maintenance and other	895		861		34
Depreciation and amortization	834		779		55
Property and other taxes	183		186		(3)
Impairment of assets and other charges	34		6		28
Total operating expenses	3,555		2,965		590
Gains on Sales of Other Assets and Other, net	1		26		(25)
Operating Income	1,150		823		327
Other Income and Expenses, net	123		118		5
Interest Expense	348		332		16
Income Before Income Taxes	925		609		316
Income Tax Expense	104		67		37
Net Income	$	821	$	542	$	279

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year	2024
Residential sales	7.3	%
General service sales	5.6	%
Industrial sales	(0.3)	%
Wholesale power sales	17.2	%
Joint dispatch sales	(5.3)	%
Total sales	8.0	%
Average number of customers	2.2	%

98

MD&A DUKE ENERGY CAROLINAS

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $460 million increase in fuel revenues due to higher fuel rates and volumes;

•a $188 million increase due to higher pricing from the North Carolina rate case;

•a $146 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling;

•a $66 million increase in rider revenues primarily due to the decrease in the return of EDIT to customers compared to the prior year; and

•a $31 million increase in weather-normal retail sales volumes.

Operating Expenses. The variance was driven primarily by:

•a $476 million increase in fuel used in electric generation and purchased power primarily due to the recovery of fuel expense, and higher volumes, partially offset by lower natural gas prices;

•a $55 million increase in depreciation and amortization primarily due to a higher depreciable base, and higher net amortizations driven by the North Carolina rate case;

•a $34 million increase in operation, maintenance and other primarily due to higher storm costs; and

•a $28 million increase in impairment of assets and other charges primarily related to the South Carolina rate case order.

Gains on Sales of Other Assets and Other, net. The decrease was primarily due to the sale of the Mint Street parking deck in the prior year.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT.

PROGRESS ENERGY

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues	$	6,585	$	6,260	$	325
Operating Expenses
Fuel used in electric generation and purchased power	2,345		2,367		(22)
Operation, maintenance and other	1,216		1,252		(36)
Depreciation and amortization	1,155		1,046		109
Property and other taxes	324		341		(17)
Impairment of assets and other charges	9		5		4
Total operating expenses	5,049		5,011		38
Gains on Sales of Other Assets and Other, net	13		12		1
Operating Income	1,549		1,261		288
Other Income and Expenses, net	122		97		25
Interest Expense	525		465		60
Income Before Income Taxes	1,146		893		253
Income Tax Expense	190		149		41
Net Income	$	956	$	744	$	212

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $115 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling, at Duke Energy Progress and Duke Energy Florida;

•a $99 million increase due to higher pricing from the North Carolina and South Carolina rate cases at Duke Energy Progress and the 2021 Settlement at Duke Energy Florida;

•a $93 million increase in weather-normal retail sales volumes at Duke Energy Progress;

•a $38 million increase in Clean Energy Connection subscription revenues, higher residential fixed bill program revenues and higher transmission revenues at Duke Energy Florida;

99

MD&A PROGRESS ENERGY

•a $19 million increase in wholesale revenues, net of fuel, due to higher sales volumes and capacity rates at Duke Energy Progress; and

•a $16 million increase in rider revenues primarily due to higher rates for the Storm Protection Plan at Duke Energy Florida.

Partially offset by:

•a $35 million decrease in storm revenues at Duke Energy Florida;

•a $13 million decrease in franchise taxes revenue primarily due to decreased revenues over prior year at Duke Energy Florida; and

•an $11 million decrease in fuel and capacity revenues primarily due to lower fuel and capacity rates billed to retail customers at Duke Energy Florida, partially offset by an increase in fuel rates and volumes at Duke Energy Progress.

Operating Expenses. The variance was driven primarily by:

•a $109 million increase in depreciation and amortization due to lower amortization of the DOE settlement regulatory liability and higher depreciable base at Duke Energy Florida and higher net amortizations driven by the North Carolina rate case at Duke Energy Progress.

Partially offset by:

•a $36 million decrease in operation, maintenance and other primarily due to lower storm amortization at Duke Energy Florida;

•a $22 million decrease in fuel used in electric generation and purchased power primarily due to a decrease in purchased power costs driven by expiration of contracts in current year, lower fuel costs driven by lower natural gas prices and a decrease due to fuel cost recovery at Duke Energy Florida, partially offset by higher volumes and recovery of fuel expenses at Duke Energy Progress; and

•a $17 million decrease in property and other taxes primarily due to lower property taxes and lower franchise and gross receipts tax, driven by lower revenues at Duke Energy Florida.

Other Income and Expenses, net. The variance was primarily driven by other post-employment benefit activity and interest income at Duke Energy Progress.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates at Duke Energy Progress.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT.

DUKE ENERGY PROGRESS

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues	$	3,424	$	2,958	$	466
Operating Expenses
Fuel used in electric generation and purchased power	1,217		1,034		183
Operation, maintenance and other	701		706		(5)
Depreciation and amortization	645		611		34
Property and other taxes	101		95		6
Impairment of assets and other charges	9		7		2
Total operating expenses	2,673		2,453		220
Gains on Sales of Other Assets and Other, net	1		1		—
Operating Income	752		506		246
Other Income and Expenses, net	73		61		12
Interest Expense	243		206		37
Income Before Income Taxes	582		361		221
Income Tax Expense	87		52		35
Net Income	$	495	$	309	$	186

100

MD&A DUKE ENERGY PROGRESS

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period	2024
Residential sales	6.9	%
General service sales	5.1	%
Industrial sales	(6.3)	%
Wholesale power sales	8.8	%
Joint dispatch sales	17.4	%
Total sales	8.2	%
Average number of customers	2.1	%

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $185 million increase in fuel revenues due to higher fuel rates and volumes;

•a $93 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling;

•a $93 million increase in weather-normal retail sales volumes;

•a $70 million increase due to higher pricing from the North Carolina and South Carolina rate cases; and

•a $19 million increase in wholesale revenues, net of fuel, due to higher sales volumes and capacity rates.

Operating Expenses. The variance was driven primarily by:

•a $183 million increase in fuel used in electric generation and purchased power primarily due to the recovery of fuel expenses and higher volumes, partially offset by lower natural gas prices; and

•a $34 million increase in depreciation and amortization primarily due to higher net amortizations driven by the North Carolina rate case.

Other Income and Expenses, net. The increase was primarily driven by other post-employment benefit activity and interest income.

Interest Expense. The increase was driven primarily by higher outstanding debt balances and interest rates.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT.

DUKE ENERGY FLORIDA

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues	$	3,152	$	3,292	$	(140)
Operating Expenses
Fuel used in electric generation and purchased power	1,128		1,333		(205)
Operation, maintenance and other	507		537		(30)
Depreciation and amortization	510		435		75
Property and other taxes	223		246		(23)
Impairment of assets and other charges	—		(1)		1
Total operating expenses	2,368		2,550		(182)
Gains on Sales of Other Assets and Other, net	1		1		—
Operating Income	785		743		42
Other Income and Expenses, net	46		37		9
Interest Expense	225		202		23
Income Before Income Taxes	606		578		28
Income Tax Expense	118		115		3
Net Income	$	488	$	463	$	25

101

MD&A DUKE ENERGY FLORIDA

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period	2024
Residential sales	0.5	%
General service sales	0.6	%
Industrial sales	(0.6)	%
Wholesale power sales	13.3	%
Total sales	1.5	%
Average number of customers	2.2	%

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $196 million decrease in fuel and capacity revenues primarily due to lower fuel and capacity rates;

•a $35 million decrease in storm revenues; and

•a $13 million decrease in franchise tax revenue primarily due to decreased revenues over prior year.

Partially offset by:

•a $38 million increase in Clean Energy Connection subscription revenues, higher residential fixed bill program revenues and higher transmission revenues;

•a $29 million increase due to higher pricing from the 2021 Settlement;

•a $22 million increase in retail sales due to improved weather compared to prior year; and

•a $16 million increase in rider revenues primarily due to higher rates for the Storm Protection Plan.

Operating Expenses. The variance was driven primarily by:

•a $205 million decrease in fuel used in electric generation and purchased power primarily due to lower purchased power costs driven by the expiration of contracts in the current year and lower fuel costs driven by lower natural gas prices and fuel cost recovery;

•a $30 million decrease in operation, maintenance and other primarily due to lower storm amortization; and

•a $23 million decrease in property and other taxes primarily due to lower property taxes and lower franchise and gross receipts tax driven by lower revenues.

Partially offset by:

•a $75 million increase in depreciation and amortization primarily due to lower amortization of the DOE settlement regulatory liability and higher depreciable base.

Interest Expense. The increase in interest expense is primarily driven by lower interest credits on recovery clauses due to lower deferred balances, higher outstanding debt balances and interest rates, partially offset by lower intercompany interest income.

102

MD&A DUKE ENERGY OHIO

DUKE ENERGY OHIO

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues
Regulated electric	$	934	$	939	$	(5)
Regulated natural gas	352		359		(7)
Total operating revenues	1,286		1,298		(12)
Operating Expenses
Fuel used in electric generation and purchased power	270		340		(70)
Cost of natural gas	82		112		(30)
Operation, maintenance and other	247		244		3
Depreciation and amortization	195		176		19
Property and other taxes	204		164		40
Total operating expenses	998		1,036		(38)
Operating Income	288		262		26
Other Income and Expenses, net	10		21		(11)
Interest Expense	92		79		13
Income Before Income Taxes	206		204		2
Income Tax Expense	35		33		2
Net Income	$	171	$	171	$	—

The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

	Electric		Natural Gas
Increase (Decrease) over prior year	2024		2024
Residential sales	3.4	%	(0.6)	%
General service sales	4.8	%	(1.0)	%
Industrial sales	(3.5)	%	20.8	%
Wholesale electric power sales	65.8	%	n/a
Other natural gas sales	n/a		0.6	%
Total sales	3.1	%	1.3	%
Average number of customers	1.1	%	0.9	%

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $127 million decrease in fuel-related revenues primarily due to lower full-service retail sales volumes, as well as decreased natural gas costs.

Partially offset by:

•a $28 million increase in retail revenue riders primarily due to the Distribution Capital Investment Rider (DCI);

•a $26 million increase due to higher pricing due to the Duke Energy Ohio natural gas rate case, net of decreases in the Ohio CEP rider and Accelerated Main Replacement Program (AMRP) Rider;

•a $20 million increase in revenues related to higher Ohio Valley Electric Corporation (OVEC) rider collections and OVEC sales into PJM Interconnection, LLC (PJM);

•a $19 million increase due to higher pricing from the Duke Energy Kentucky electric rate case;

•a $10 million increase in transmission revenue; and

•a $9 million increase due to improved weather compared to prior year.

Operating Expenses. The variance was driven primarily by:

•a $100 million decrease in fuel expense primarily driven by lower retail prices for natural gas and purchased power, and a decrease in purchased power volumes.

103

MD&A DUKE ENERGY OHIO

Partially offset by:

•a $40 million increase in property and other taxes primarily due to a higher base upon which property taxes are levied, partially offset by lower franchise taxes; and

•a $19 million increase in depreciation and amortization primarily driven by an increase in distribution plant in service and depreciation rates resulting from the Duke Energy Kentucky electric rate case implemented in 2023 and CEP deferrals in 2024.

Other Income and Expenses, net. The decrease was primarily driven by lower intercompany interest income.

Interest Expense. The increase was primarily driven by higher outstanding debt balances and interest rates.

DUKE ENERGY INDIANA

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues	$	1,506	$	1,755	$	(249)
Operating Expenses
Fuel used in electric generation and purchased power	494		697		(203)
Operation, maintenance and other	341		364		(23)
Depreciation and amortization	341		327		14
Property and other taxes	30		25		5
Total operating expenses	1,206		1,413		(207)
Operating Income	300		342		(42)
Other Income and Expenses, net	28		28		—
Interest Expense	115		104		11
Income Before Income Taxes	213		266		(53)
Income Tax Expense	36		46		(10)
Net Income	$	177	$	220	$	(43)

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year	2024
Residential sales	3.6	%
General service sales	2.0	%
Industrial sales	(1.0)	%
Wholesale power sales	13.1	%
Total sales	5.0	%
Average number of customers	1.7	%

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $221 million decrease in retail fuel revenues primarily due to lower fuel rates;

•a $25 million decrease in wholesale revenues, including fuel, primarily due to the expiration of a wholesale customer contract; and

•a $12 million decrease in weather-normal retail sales volumes.

Partially offset by:

•a $20 million increase in retail sales due to improved weather compared to prior year.

Operating Expenses. The variance was driven primarily by:

•a $203 million decrease in fuel used in electric generation and purchased power primarily due to lower deferred fuel amortization as well as lower purchased power expense and natural gas costs, partially offset by higher coal costs; and

•a $23 million decrease in operation, maintenance and other primarily due to lower outage costs.

Partially offset by:

•a $14 million increase in depreciation and amortization primarily due to a higher depreciable base.

104

MD&A DUKE ENERGY INDIANA

Interest Expense. The variance is primarily due to higher outstanding debt balances and interest rates.

Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income.

PIEDMONT

Results of Operations

	Six Months Ended June 30,
(in millions)	2024		2023		Variance
Operating Revenues	$	920	$	911	$	9
Operating Expenses
Cost of natural gas	228		265		(37)
Operation, maintenance and other	180		171		9
Depreciation and amortization	126		116		10
Property and other taxes	31		30		1
Impairment of assets and other charges	—		(4)		4
Total operating expenses	565		578		(13)
Operating Income	355		333		22
Other Income and Expenses, net	34		32		2
Interest Expense	88		79		9
Income Before Income Taxes	301		286		15
Income Tax Expense	59		51		8
Net Income	$	242	$	235	$	7

The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.

Increase (Decrease) over prior year	2024
Residential deliveries	14.8	%
Commercial deliveries	15.2	%
Industrial deliveries	1.2	%
Power generation deliveries	(0.2)	%
For resale	(0.7)	%
Total throughput deliveries	2.8	%
Secondary market volumes	(8.1)	%
Average number of customers	1.5	%

Six Months Ended June 30, 2024, as compared to June 30, 2023

Operating Revenues. The variance was driven primarily by:

•a $17 million increase due to Tennessee ARM revenues;

•a $12 million increase due to customer growth;

•a $12 million increase due to North Carolina IMR; and

•a $9 million increase due to rate stabilization mechanisms in South Carolina.

Partially offset by:

• a $37 million decrease due to lower natural gas costs passed through to customers and lower rates, partially offset by higher volumes.

Operating Expenses. The variance was driven primarily by:

• a $37 million decrease in cost of natural gas due to lower natural gas costs passed through to customers and lower rates, partially offset by higher volumes.

Partially offset by:

•a $10 million increase in depreciation and amortization due to additional plant in service; and

•a $9 million increase in operations, maintenance and other primarily due to higher outside services, labor and service company costs.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

Income Tax Expense. The increase in tax expense was primarily due to a decrease in the amortization of EDIT and an increase in pretax income.

105

MD&A LIQUIDITY AND CAPITAL RESOURCES

LIQUIDITY AND CAPITAL RESOURCES

Sources and Uses of Cash

Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Additionally, due to its existing tax attributes and projected tax credits to be generated relating to the IRA, Duke Energy does not expect to be a significant federal cash taxpayer until around 2030. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2023, included a summary and detailed discussion of projected primary sources and uses of cash for 2024 to 2026.

In 2024, Duke Energy executed several equity forward sales agreements as part of the ATM program. Settlement of the forward sales agreements is expected to occur by December 31, 2024. See Note 15 to the Condensed Consolidated Financial Statements, “Stockholders’ Equity” for further details. Also in 2024, Duke Energy Carolinas and Duke Energy Progress began recording nuclear PTC deferred tax assets related to the IRA and anticipate monetizing the PTCs in the transferability markets established by the IRA beginning later in 2024. Duke Energy Carolinas and Duke Energy Progress will work with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. See Note 17 to the Condensed Consolidated Financial Statements, “Income Taxes,” for further information.

As of June 30, 2024, Duke Energy had $390 million of cash on hand and $5.6 billion available under its $9 billion Master Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs.

During the second quarter of 2024, Moody’s Investors Service, Inc. (Moody's) maintained the credit ratings and affirmed the ratings outlook for all of the Duke Energy Registrants, including Duke Energy Ohio. Operations in Kentucky are conducted through Duke Energy Ohio's wholly owned subsidiary, Duke Energy Kentucky. Moody's revised Duke Energy Kentucky's ratings outlook to stable, citing the expectation that a credit supportive outcome in the utility's most recent electric rate case will support credit metrics appropriate for its Baa1 rating.

As discussed in Note 13 to the Condensed Consolidated Financial Statements, "Variable Interest Entities," Duke Energy terminated and repaid CRC in March 2024 and Duke Energy Florida terminated and repaid DEFR in April 2024. As a result of these repayments, CRC and DEFR have ceased operations and no longer acquire the receivables of Duke Energy’s subsidiaries. Duke Energy Carolinas and Duke Energy Progress continue to evaluate financing opportunities and anticipate termination and repayment of the borrowing facilities of DERF and DEPR prior to their scheduled termination dates in January 2025 and April 2025, respectively.

Refer to Note 6 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities," for information regarding Duke Energy's debt issuances and maturities, and available credit facilities including the Master Credit Facility. Additionally, see Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for the timing and use of proceeds from the sale of certain Commercial Renewables assets to affiliates of Brookfield.

Cash Flow Information

The following table summarizes Duke Energy’s cash flows.

	Six Months Ended
	June 30,
(in millions)	2024		2023
Cash flows provided by (used in):
Operating activities	$	5,427	$	3,785
Investing activities	(6,575)		(6,508)
Financing activities	1,274		2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126		(36)
Cash, cash equivalents and restricted cash at beginning of period	357		603
Cash, cash equivalents and restricted cash at end of period	$	483	$	567

OPERATING CASH FLOWS

The following table summarizes key components of Duke Energy’s operating cash flows.

	Six Months Ended
	June 30,
(in millions)	2024		2023		Variance
Net income	$	2,072	$	557	$	1,515
Non-cash adjustments to net income	3,234		4,085		(851)
Payments for asset retirement obligations	(262)		(261)		(1)
Working capital	(175)		(1,286)		1,111
Other assets and Other liabilities	558		690		(132)
Net cash provided by operating activities	$	5,427	$	3,785	$	1,642

106

MD&A LIQUIDITY AND CAPITAL RESOURCES

The variance is primarily driven by:

•a $1,111 million decrease in net working capital amounts, primarily due to the recovery of deferred fuel costs and the timing of accruals and payments; and

•a $664 million increase in net income, after adjustment for non-cash items, primarily due to improved weather and favorable rate case impacts along with growth from riders and other margin, partially offset by higher interest expense.

INVESTING CASH FLOWS

The following table summarizes key components of Duke Energy’s investing cash flows.

	Six Months Ended
	June 30,
(in millions)	2024		2023		Variance
Capital, investment and acquisition expenditures	$	(6,212)	$	(6,287)	$	75
Other investing items	(363)		(221)		(142)
Net cash used in investing activities	$	(6,575)	$	(6,508)	$	(67)

The variance is primarily due to net proceeds of $111 million received in the prior year related to the sale of certain assets, partially offset by lower capital expenditures in the current year due to the sale of Commercial Renewables business in the prior year.

FINANCING CASH FLOWS

The following table summarizes key components of Duke Energy’s financing cash flows.

	Six Months Ended
	June 30,
(in millions)	2024		2023		Variance
Issuances of long-term debt, net	$	3,641	$	4,722	$	(1,081)
Notes payable, commercial paper and other short-term borrowings	(736)		(582)		(154)
Dividends paid	(1,590)		(1,606)		16
Contributions from noncontrolling interests	47		248		(201)
Other financing items	(88)		(95)		7
Net cash provided by financing activities	$	1,274	$	2,687	$	(1,413)

The variance is primarily due to:

•a $1,081 million decrease in proceeds from net issuances of long-term debt, primarily due to timing of issuances and redemptions of long-term debt;

•a $201 million decrease in contributions from noncontrolling interests; and

•a $154 million decrease in net borrowings from notes payable and commercial paper.

OTHER MATTERS

Environmental Regulations

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 4, "Regulatory Matters," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023, for more information regarding potential plant retirements and Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding regulatory filings related to the Duke Energy Registrants.

In April 2024, the EPA issued the 2024 CCR Rule under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments). The final rule also imposes a subset of the 2015 CCR Rule’s requirements, including groundwater monitoring, corrective action (where necessary), and in certain cases, closure, and post-closure care requirements, on previously unregulated coal ash sources at regulated facilities (CCR Management Units). CCR Management Units may include surface impoundments and landfills that closed prior to the effective date of the 2015 CCR Rule, inactive CCR landfills, and other areas where CCR is managed directly on the land at Duke Energy facilities. Duke Energy, as part of a group of similarly affected electric utilities, intends to file a petition to challenge the 2024 CCR Rule in the U.S. Court of Appeals for the District of Columbia Circuit on August 6, 2024. For more information, see Note 7 to the Condensed Consolidated Financial Statements, "Asset Retirement Obligations."

107

MD&A OTHER MATTERS

In April 2024, the EPA issued a final rule under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants, referred to as electric generating units (EGUs). EPA Rule 111 requires existing coal-fired power plants expected to operate in 2039 and beyond to reduce GHG emissions by 90% through the use of carbon capture and sequestration starting in 2032, subject to certain modifications for coal plants that retire sooner and co-fire natural gas. EPA Rule 111 also establishes GHG emissions reduction standards for new natural gas-fired EGUs, subject to carve-outs for smaller peaking units that fill gaps that cannot be met with renewables or storage. The EPA did not finalize emission guidelines for GHG emissions from existing fossil fuel-fired stationary combustion turbines and intends to address these in a future rulemaking. Duke Energy is analyzing the potential impacts the rule could have on the Company, which could be material and may influence the timing, nature, and magnitude of future generation investments in our service territories. Duke Energy is participating in legal challenges to EPA Rule 111 as a member of Electric Generators for a Sensible Transition, a coalition of similarly affected utilities, and as a member of a utility trade group.

Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of necessary and prudently incurred costs associated with Duke Energy’s regulated operations.

Generation Mix Planning Process

In August 2023, Duke Energy Carolinas and Duke Energy Progress filed their 2023 systemwide Carolinas Resource Plan (the Plan) with the NCUC and PSCSC. The Plan provided a range of generation options, including three core portfolios, reflecting an “all of the above” approach to powering the energy needs of our growing region. In the Plan, Duke Energy Carolinas and Duke Energy Progress recommended Portfolio 3 as the most prudent path forward to comply with applicable state laws, providing a reliable and orderly energy transition that was proposed as the most reasonable, executable, and lowest-cost plan for the Carolinas. Portfolio 3 proposes a diverse and reliable set of generation and energy storage solutions and shrinks the challenges of growth and the transition from coal by expanding industry-leading energy efficiency and demand response options, laying out a path to reliably exit coal by 2035. Portfolio 3 also makes the most of existing system resources by extending the lives of Duke Energy’s nuclear plants and extending the license and doubling the peak hourly capacity of the Bad Creek pumped-hydro storage facility. Near-term actions consistent with Portfolio 3 were also proposed that will be executed between now and the end of 2026 to advance the orderly energy transition.

In November 2023, Duke Energy Carolinas and Duke Energy Progress provided notice to the NCUC and PSCSC of a substantially increased load forecast resulting from increased economic development in the Carolinas occurring since the system-wide Plan was prepared. The companies filed supplemental modeling and analysis with the NCUC and PSCSC in January 2024, demonstrating the need for additional resources beyond the set of resources identified by the companies in their initial plan.

In July 2024, Duke Energy Carolinas and Duke Energy Progress reached a comprehensive settlement with the Public Staff of the NCUC, Walmart, and the Carolinas Clean Energy Business Association on the Plan, agreeing it is reasonable to use Portfolio 3 as the reference portfolio for planning purposes and to add sufficient new replacement generating resources to replace retiring capacity and meet future load growth on a schedule to achieve the interim 70% carbon emission reduction target by 2030 is unachievable and presents unacceptable risks to the reliability of the grid. Additionally, the agreement confirms the reasonableness of pursuing certain limited near-term development activities including those related to solar, battery storage, onshore wind, and certain natural gas generation assets, as well as certain limited actions exploring initial development activities related to advanced nuclear, offshore wind, and to advance the potential for 1,834 MW of pumped storage hydro at the Bad Creek II facility by 2034.

The settlement is subject to the review and approval of the NCUC. The NCUC is conducting evidentiary hearings in July and August 2024, with an order expected by the end of 2024. The PSCSC will hold its hearings in September 2024 with a decision expected in late November 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2024, and, based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal quarter ended June 30, 2024, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.

108

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Duke Energy Registrants are, from time to time, parties to various lawsuits and regulatory proceedings in the ordinary course of their business. For information regarding legal proceedings, including regulatory and environmental matters, see Note 4, "Regulatory Matters," and Note 5, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023, which could materially affect the Duke Energy Registrants’ financial condition or future results. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023.

BUSINESS STRATEGY RISKS

Duke Energy’s future results could be adversely affected if it is unable to implement its business strategy including achieving its carbon emissions reduction goals.

Duke Energy’s results of operations depend, in significant part, on the extent to which it can implement its business strategy successfully. Duke Energy's clean energy transition, which includes achieving net-zero carbon emissions from electricity generation by 2050, modernizing the regulatory construct, transforming the customer experience, and digital transformation, is subject to business, policy, regulatory, technology, economic and competitive uncertainties and contingencies, many of which are beyond its control and may make those goals difficult to achieve.

Federal or state policies could be enacted that restrict the availability of, and increase the costs associated with the use of, fuels or generation technologies, such as natural gas or nuclear power, that enable Duke Energy to reduce its carbon emissions. For example, new EPA rules issued in April 2024 impose stringent GHG emission reduction standards, revised air toxic limits, and wastewater discharge limitations that may impact our carbon-reduction targets, and operational timeline and costs associated with certain new and existing generation. Supportive policies may be needed to facilitate the siting and cost recovery of transmission and distribution upgrades needed to accommodate the build out of large volumes of renewables and energy storage. Further, the approval of our state regulators will be necessary for the Company to continue to retire existing carbon emitting assets or make investments in new generating capacity. The Company may be constrained by the ability to procure resources or labor needed to build new generation at a reasonable price as well as to construct projects on time. In addition, new technologies that are not yet commercially available or are unproven at utility-scale will likely be needed, including carbon capture and sequestration and supporting infrastructure as well as new resources capable of following electric load over long durations such as advanced nuclear, hydrogen and long-duration storage. If these technologies are not developed or are not available at reasonable prices, or if we invest in early stage technologies that are then supplanted by technological breakthroughs, Duke Energy’s ability to achieve a net-zero target by 2050 at a cost-effective price could be at risk.

Achieving our carbon reduction goals will require continued operation of our existing carbon-free technologies including nuclear and renewables. The rapid transition to and expansion of certain low-carbon resources, such as renewables without cost-effective storage, may challenge our ability to meet customer expectations of reliability and affordability in a carbon constrained environment, particularly as demand increases. Our nuclear fleet is central to our ability to meet these objectives and customer expectations. We are continuing to seek to renew the operating licenses of the 11 reactors we operate at six nuclear stations for an additional 20 years, extending their operating lives to and beyond midcentury. Failure to receive approval from the NRC for the relicensing of any of these reactors could affect our ability to achieve a net-zero target by 2050.

As a consequence, Duke Energy may not be able to fully implement or realize the anticipated results of its energy transition strategy, which may have an adverse effect on its financial condition.

109

OTHER INFORMATION

REGULATORY, LEGISLATIVE AND LEGAL RISKS

The Duke Energy Registrants are subject to numerous environmental laws and regulations requiring significant capital expenditures that can increase the cost of operations, and which may impact or limit business plans, or cause exposure to environmental liabilities.

The Duke Energy Registrants are subject to numerous environmental laws and regulations affecting many aspects of their present and future operations, including CCRs, air emissions, water quality, wastewater discharges, solid waste and hazardous waste. For example, the new EPA rules issued in April 2024, among other things, impose stringent GHG emissions limitations on existing coal plants and new natural gas plants and more stringent air toxic limits on existing coal plants, increase limitations on wastewater discharge, and impose groundwater monitoring and corrective action requirements on previously unregulated coal ash sources at regulated facilities (CCR Management Units) and inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments). Potential legal challenges to such rules may not be successful, and adherence to these rules may increase the cost of compliance, impact generation resource mix and carbon-reduction targets, and negatively impact customer reliability and affordability due to such rules' imposition of stringent GHG emissions limitations and reliance on carbon capture technologies that are not yet adequately demonstrated at utility-scale. These and other environmental laws and regulations can result in increased capital, operating and other costs. These laws and regulations generally require the Duke Energy Registrants to obtain and comply with a wide variety of environmental licenses, permits, inspections and other approvals. Compliance with environmental laws and regulations can require significant expenditures, including expenditures for cleanup costs and damages arising from contaminated properties. Failure to comply with environmental regulations may result in the imposition of fines, penalties and injunctive measures affecting operating assets, as well as reputational damage. The steps the Duke Energy Registrants could be required to take to ensure their facilities are in compliance could be prohibitively expensive. As a result, the Duke Energy Registrants may be required to shut down or alter the operation of their facilities, which may cause the Duke Energy Registrants to incur losses. Further, the Duke Energy Registrants may not be successful in recovering capital and operating costs incurred to comply with new environmental regulations through existing regulatory rate structures and their contracts with customers. Also, the Duke Energy Registrants may not be able to obtain or maintain from time to time all required environmental regulatory approvals for their operating assets or development projects. Delays in obtaining any required environmental regulatory approvals, failure to obtain and comply with them or changes in environmental laws or regulations to more stringent compliance levels could, and are likely to, result in additional costs of operation for existing facilities or development of new facilities being prevented, delayed or subject to additional costs. The costs to comply with environmental laws and regulations could have a material effect on the Duke Energy Registrants’ results of operations, financial position or cash flows.

The EPA has issued or proposed federal regulations, including the new rules issued in April 2024, governing the management of cooling water intake structures, wastewater, CCR management units, air toxics emissions, and CO2 emissions. New state legislation in response to such regulations could impose carbon reduction goals that are more aggressive than the Company's plans. These regulations may require the Duke Energy Registrants to make additional capital expenditures and increase operating and maintenance costs.

OPERATIONAL RISKS

The reputation and financial condition of the Duke Energy Registrants could be negatively impacted due to their obligations to comply with federal and state regulations, laws, and other legal requirements that govern the operations, assessments, storage, closure, remediation, disposal and monitoring relating to CCR, the high costs and new rate impacts associated with implementing these new CCR-related requirements and the strategies and methods necessary to implement these requirements in compliance with these legal obligations.

As a result of electricity produced for decades at coal-fired power plants, the Duke Energy Registrants manage large amounts of CCR that are primarily stored in dry storage within landfills or combined with water in surface impoundments, all in compliance with applicable regulatory requirements. A CCR-related operational incident could have a material adverse impact on the reputation and results of operations, financial position and cash flows of the Duke Energy Registrants.

During 2015, EPA regulations were enacted related to the management of CCR from power plants. These regulations classify CCR as nonhazardous waste under the RCRA and apply to electric generating sites with new and existing landfills and, new and existing surface impoundments, and establish requirements regarding landfill design, structural integrity design and assessment criteria for surface impoundments, groundwater monitoring, protection and remedial procedures and other operational and reporting procedures for the disposal and management of CCR. In addition to the federal regulations, CCR landfills and surface impoundments will continue to be regulated by existing state laws, regulations and permits, as well as additional legal requirements that may be imposed in the future, such as the settlement reached with the NCDEQ to excavate seven of the nine remaining coal ash basins in North Carolina, and partially excavate the remaining two, and the EPA's January 11, 2022, issuance of a letter interpreting the CCR Rule, including its applicability and closure provisions. Most recently, in April 2024, the EPA issued its final Legacy Surface Impoundment Rule, which significantly expands the scope of the 2015 CCR Rule to apply to legacy CCR surface impoundments (inactive impoundments at retired facilities) and CCR management units (previously unregulated coal ash sources at regulated facilities). These federal and state laws, regulations and other legal requirements may require or result in additional expenditures, including increased operating and maintenance costs, which could affect the results of operations, financial position and cash flows of the Duke Energy Registrants. The Duke Energy Registrants will continue to seek full cost recovery for expenditures through the normal ratemaking process with state and federal utility commissions, who permit recovery in rates of necessary and prudently incurred costs associated with the Duke Energy Registrants’ regulated operations, and through other wholesale contracts with terms that contemplate recovery of such costs, although there is no guarantee of full cost recovery. In addition, the timing for and amount of recovery of such costs could have a material adverse impact on Duke Energy's cash flows.

The Duke Energy Registrants have recognized significant AROs related to these CCR-related requirements. Closure activities began in 2015 at the four sites specified as high priority by the Coal Ash Act and at the W.S. Lee Steam Station site in South Carolina in connection with other legal requirements. Excavation at these sites involves movement of CCR materials to off-site locations for use as structural fill, to appropriately engineered off-site or on-site lined landfills or conversion of the ash for beneficial use. Duke Energy has completed excavation of coal ash at the four high-priority North Carolina sites. At other sites, planning and closure methods have been studied and factored into the estimated retirement and management costs, and closure activities have commenced. As the closure and CCR management work progresses and final closure plans and corrective action measures are developed and approved at each site, the scope and complexity of work and the amount of CCR material could be greater than estimates and could, therefore, materially increase compliance expenditures and rate impacts.

110

OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2024, no director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

111

EXHIBITS

ITEM 6. EXHIBITS

Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The Company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).

			Duke		Duke	Duke	Duke	Duke
Exhibit		Duke	Energy	Progress	Energy	Energy	Energy	Energy
Number		Energy	Carolinas	Energy	Progress	Florida	Ohio	Indiana	Piedmont
3.1	Amended and Restated By-Laws, effective as of May 9, 2024, of Duke Energy Corporation (incorporated by reference to Exhibit 3.1 to registrant's Current Report on Form 8-K filed on May 13, 2024, File No. 1-32853).	X
4.1	Sixty-second Supplemental Indenture, dated as of April 1, 2024, between the registrant and The Bank of New York Mellon, as successor Trustee and Calculation Agent, and form of global bond (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on April 5, 2024, File No. 1-3274).					X
4.2	Thirty-second Supplemental Indenture, dated as of April 12, 2024, to the indenture, dated as of June 3, 2008, between the registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee, and form of global note (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on April 12, 2024, File No. 1-32853).	X
4.3	Thirty-third Supplemental Indenture, dated as of June 7, 2024, to the Indenture, dated as of June 3, 2008, between the registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global notes (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on June 7, 2024, File No. 1-32853).	X
*10.1**	Amendment to Duke Energy Corporation Executive Officer Agreement	X
*10.2**	Amendment to Duke Energy Corporation Executive Officer Severance Plan	X
*31.1.1	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
*31.1.2	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		X
*31.1.3	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.			X
*31.1.4	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
*31.1.5	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
*31.1.6	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.						X
*31.1.7	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.							X
*31.1.8	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.								X

112

EXHIBITS

*31.2.1	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
*31.2.2	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		X
*31.2.3	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.			X
*31.2.4	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
*31.2.5	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
*31.2.6	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.						X
*31.2.7	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.							X
*31.2.8	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.								X
*32.1.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
*32.1.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.		X
*32.1.3	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			X
*32.1.4	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
*32.1.5	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
*32.1.6	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.						X
*32.1.7	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.							X
*32.1.8	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.								X
*32.2.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
*32.2.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.		X
*32.2.3	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			X
*32.2.4	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X

113

EXHIBITS

*32.2.5	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
*32.2.6	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.						X
*32.2.7	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.							X
*32.2.8	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.								X
*101.INS	XBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).	X	X	X	X	X	X	X	X
*101.SCH	XBRL Taxonomy Extension Schema Document.	X	X	X	X	X	X	X	X
*101.CAL	XBRL Taxonomy Calculation Linkbase Document.	X	X	X	X	X	X	X	X
*101.LAB	XBRL Taxonomy Label Linkbase Document.	X	X	X	X	X	X	X	X
*101.PRE	XBRL Taxonomy Presentation Linkbase Document.	X	X	X	X	X	X	X	X
*101.DEF	XBRL Taxonomy Definition Linkbase Document.	X	X	X	X	X	X	X	X
*104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).	X	X	X	X	X	X	X	X

The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.

114

SIGNATURES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

		DUKE ENERGY CORPORATION DUKE ENERGY CAROLINAS, LLC PROGRESS ENERGY, INC. DUKE ENERGY PROGRESS, LLC DUKE ENERGY FLORIDA, LLC DUKE ENERGY OHIO, INC. DUKE ENERGY INDIANA, LLC PIEDMONT NATURAL GAS COMPANY, INC.
Date:	August 6, 2024	/s/ BRIAN D. SAVOY
		Brian D. Savoy Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	August 6, 2024	/s/ CYNTHIA S. LEE
		Cynthia S. Lee Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

115

EX-10.1

EXHIBIT 10.1

AMENDMENT TO AGREEMENT

The change in control agreement by and between [●] and Duke Energy Corporation dated as of [●] (the “Agreement”), is hereby amended, effective as of [●], 2024, as follows:

1.    Section 1(T)(iii) of the Agreement is hereby deleted in its entirety and replaced with the following:

“(iii) both a material diminution in the Executive’s authority, duties or responsibilities from those in effect immediately before the Change in Control and removal of the Executive from the Senior Management Committee (or any successor to that committee).”

2. Except as explicitly set forth herein, the Agreement will remain in full force and effect.

IN WITNESS WHEREOF, the undersigned have executed this amendment as of the dates set forth below.

DUKE ENERGY CORPORATION

By: ________________________________      Name: Lynn J. Good
Title: Chair and Chief Executive Officer                         
Date: ________________________

EXECUTIVE

____________________________________

Date: ________________________

EX-10.2

EXHIBIT 10.2

AMENDMENT TO
DUKE ENERGY CORPORATION
EXECUTIVE SEVERANCE PLAN

The Duke Energy Corporation Executive Severance Plan (the “Plan”) is hereby amended, effective May 8, 2024, as follows:

1.    Section 2(u)(iii) of the Plan is hereby deleted in its entirety and replaced with the following:

“(iii) only with respect to Tier I Participants, both a material diminution in the Participant’s authority, duties or responsibilities and removal of the Participant from the Senior Management Committee (or any successor to that committee).”

2. Except as explicitly set forth herein, the Plan will remain in full force and effect.

IN WITNESS WHEREOF, the undersigned duly authorized officers have executed this amendment as of the dates set forth below.

DUKE ENERGY CORPORATION

By: ________________________________      Name: Lynn J. Good
Title: Chair and Chief Executive Officer                         
Date: ________________________

EX-31.11

EXHIBIT 31.1.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chair and
Chief Executive Officer

EX-31.12

EXHIBIT 31.1.2

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.13

EXHIBIT 31.1.3

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.14

EXHIBIT 31.1.4

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.15

EXHIBIT 31.1.5

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.16

EXHIBIT 31.1.6

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.17

EXHIBIT 31.1.7

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.18

EXHIBIT 31.1.8

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.21

EXHIBIT 31.2.1

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.22

EXHIBIT 31.2.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.23

EXHIBIT 31.2.3

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.24

EXHIBIT 31.2.4

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.25

EXHIBIT 31.2.5

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.26

EXHIBIT 31.2.6

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.27

EXHIBIT 31.2.7

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.28

EXHIBIT 31.2.8

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2024

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-32.11

EXHIBIT 32.1.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chair and Chief Executive Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.

/s/ LYNN J. GOOD

Lynn J. Good
Chair and
Chief Executive Officer

August 6, 2024

EX-32.12

EXHIBIT 32.1.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.13

EXHIBIT 32.1.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.14

EXHIBIT 32.1.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.15

EXHIBIT 32.1.5

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.16

EXHIBIT 32.1.6

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.17

EXHIBIT 32.1.7

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.18

EXHIBIT 32.1.8

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

August 6, 2024

EX-32.21

EXHIBIT 32.2.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.22

EXHIBIT 32.2.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.23

EXHIBIT 32.2.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.24

EXHIBIT 32.2.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.25

EXHIBIT 32.2.5

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.26

EXHIBIT 32.2.6

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.27

EXHIBIT 32.2.7

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

EX-32.28

EXHIBIT 32.2.8

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

August 6, 2024

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-32853
Entity Registrant Name	DUKE ENERGY CORPORATION
Entity Tax Identification Number	20-2777218
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	525 South Tryon Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		772,201,706
Entity Central Index Key	0001326160
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Duke Energy Carolinas
Entity Information [Line Items]
Entity File Number	1-4928
Entity Registrant Name	DUKE ENERGY CAROLINAS, LLC
Entity Tax Identification Number	56-0205520
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	525 South Tryon Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000030371
Current Fiscal Year End Date	--12-31
Progress Energy
Entity Information [Line Items]
Entity File Number	1-15929
Entity Registrant Name	PROGRESS ENERGY, INC.
Entity Tax Identification Number	56-2155481
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	411 Fayetteville Street
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27601
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0001094093
Current Fiscal Year End Date	--12-31
Duke Energy Progress
Entity Information [Line Items]
Entity File Number	1-3382
Entity Registrant Name	DUKE ENERGY PROGRESS, LLC
Entity Tax Identification Number	56-0165465
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	411 Fayetteville Street
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27601
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000017797
Current Fiscal Year End Date	--12-31
Duke Energy Florida
Entity Information [Line Items]
Entity File Number	1-3274
Entity Registrant Name	DUKE ENERGY FLORIDA, LLC
Entity Tax Identification Number	59-0247770
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	299 First Avenue North
Entity Address, City or Town	St. Petersburg
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33701
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000037637
Current Fiscal Year End Date	--12-31
Duke Energy Ohio
Entity Information [Line Items]
Entity File Number	1-1232
Entity Registrant Name	DUKE ENERGY OHIO, INC.
Entity Tax Identification Number	31-0240030
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	139 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,663,086
Entity Central Index Key	0000020290
Current Fiscal Year End Date	--12-31
Duke Energy Indiana
Entity Information [Line Items]
Entity File Number	1-3543
Entity Registrant Name	DUKE ENERGY INDIANA, LLC
Entity Tax Identification Number	35-0594457
Entity Incorporation, State or Country Code	IN
Entity Address, Address Line One	1000 East Main Street
Entity Address, City or Town	Plainfield
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46168
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000081020
Current Fiscal Year End Date	--12-31
Piedmont
Entity Information [Line Items]
Entity File Number	1-6196
Entity Registrant Name	PIEDMONT NATURAL GAS COMPANY, INC.
Entity Tax Identification Number	56-0556998
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	525 South Tryon Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202
City Area Code	800
Local Phone Number	488-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000078460
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	DUK
Security Exchange Name	NYSE
Junior Subordinated Debentures 5.625% Coupon Due September 2078
Entity Information [Line Items]
Title of 12(b) Security	5.625% Junior Subordinated Debentures
Trading Symbol	DUKB
Security Exchange Name	NYSE
Depositary Share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares
Trading Symbol	DUK PR A
Security Exchange Name	NYSE
Senior Notes 3.10% Due 2028
Entity Information [Line Items]
Title of 12(b) Security	3.10% Senior Notes
Trading Symbol	DUK 28A
Security Exchange Name	NYSE
Senior Notes 3.85% Due 2034
Entity Information [Line Items]
Title of 12(b) Security	3.85% Senior Notes
Trading Symbol	DUK 34
Security Exchange Name	NYSE
Senior Notes 3.75% Due 2031
Entity Information [Line Items]
Title of 12(b) Security	3.75% Senior Notes
Trading Symbol	DUK 31A
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues
Regulated electric	$ 6,746	$ 6,176	$ 13,478	$ 12,500
Regulated natural gas	347	331	1,213	1,213
Nonregulated electric and other	79	71	152	141
Total operating revenues	7,172	6,578	14,843	13,854
Operating Expenses
Operation, maintenance and other	1,320	1,375	2,699	2,685
Depreciation and amortization	1,409	1,333	2,796	2,560
Property and other taxes	393	353	779	742
Impairment of assets and other charges	43	0	44	8
Total operating expenses	5,471	5,179	11,191	10,788
Gain (Loss) on Sales of Other Assets and Other, net	6	31	18	38
Operating Income	1,707	1,430	3,670	3,104
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	21	20	38	40
Other income and expenses, net	167	147	336	298
Total other income and expenses	188	167	374	338
Interest Expense	824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes	1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations	140	119	318	274
Income From Continuing Operations	931	751	2,085	1,721
Loss From Discontinued Operations, net of tax	(10)	(955)	(13)	(1,164)
Net Income (Loss)	921	(204)	2,072	557
Less: Net Income (Loss) Attributable to Noncontrolling Interests	21	16	34	(27)
Net Income (Loss) Attributable to Duke Energy Corporation	900	(220)	2,038	584
Less: Preferred Dividends	14	14	53	53
Net Income (Loss) Available to Duke Energy Corporation Common Stockholders	$ 886	$ (234)	$ 1,985	$ 531
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic (in usd per share)	$ 1.14	$ 0.91	$ 2.59	$ 2.10
Diluted (in usd per share)	1.14	0.91	2.59	2.10
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic (in usd per share)	(0.01)	(1.23)	(0.02)	(1.41)
Diluted (in usd per share)	(0.01)	(1.23)	(0.02)	(1.41)
Net income (loss) available to Duke Energy Corporation common stockholders
Basic (in usd per share)	1.13	(0.32)	2.57	0.69
Diluted (in usd per share)	$ 1.13	$ (0.32)	$ 2.57	$ 0.69
Weighted Average Shares Outstanding
Basic (in shares)	772	771	771	770
Diluted (in shares)	772	771	771	770
Fuel used in electric generation and purchased power
Operating Expenses
Cost of sales	$ 2,228	$ 2,039	$ 4,563	$ 4,416
Cost of natural gas
Operating Expenses
Cost of sales	$ 78	$ 79	$ 310	$ 377

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income		$ 921	$ (204)	$ 2,072	$ 557
Other Comprehensive Income (Loss), net of tax
Pension and OPEB adjustments	[1]	0	1	16	0
Net unrealized gains on cash flow hedges	[1]	26	26	117	6
Reclassification into earnings from cash flow hedges	[1]	(3)	4	(1)	4
Net unrealized (losses) gains on fair value hedges	[1]	(29)	26	(21)	15
Unrealized gains on available-for-sale securities	[1]	(1)	(2)	(3)	4
Other Comprehensive (Loss) Income, net of tax	[1]	(7)	55	108	29
Comprehensive Income (Loss)		914	(149)	2,180	586
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests		21	16	34	(27)
Comprehensive Income (Loss) Attributable to Duke Energy		893	(165)	2,146	613
Less: Preferred Dividends		14	14	53	53
Comprehensive Income (Loss) Available to Duke Energy Corporation Common Stockholders		$ 879	$ (179)	$ 2,093	$ 560

[1] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

XML

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Other comprehensive income, tax expense	$ (2)	$ 16	$ 32	$ 9

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Receivables of VIEs (net of allowance for doubtful accounts)	2,009	3,019
Receivable from sales of Commercial Renewables Disposal Groups	538	0
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Assets held for sale	4	14
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets	13,446	13,618
Nuclear decommissioning trust funds	10,944	10,143
Operating lease right-of-use assets, net	1,108	1,092
Investments in equity method unconsolidated affiliates	483	492
Assets held for sale	78	197
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Notes payable and commercial paper	3,670	4,288
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Liabilities associated with assets held for sale	81	122
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Liabilities associated with assets held for sale	112	157
Other (includes $18 at 2024 and $17 at 2023 related to VIEs)	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	45,007	44,920
Retained earnings	2,635	2,235
Accumulated other comprehensive income (loss)	102	(6)
Total Duke Energy Corporation stockholders' equity	49,707	49,112
Noncontrolling interests	1,099	1,075
Total equity	50,806	50,187
Total Liabilities and Equity	181,575	176,893
Variable Interest Entity
Current Assets
Inventory	494	462
Regulatory assets	119	110
Other (includes amounts related to VIEs)	81	90
Other Noncurrent Assets
Regulatory assets	1,754	1,642
Current Liabilities
Accounts payable	224	188
Current maturities of long-term debt	1,008	428
Long-Term Debt (includes amounts related to VIEs)	1,897	3,000
Other Noncurrent Liabilities
Other (includes $18 at 2024 and $17 at 2023 related to VIEs)	30	35
Preferred stock, Series A
Equity
Preferred stock	973	973
Preferred stock, Series B
Equity
Preferred stock	$ 989	$ 989

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Current Assets: Other	436	431
Regulatory assets	13,446	13,618
Accounts payable	3,777	4,228
Current maturities of long-term debt	2,340	2,800
Long-Term Debt	76,439	72,452
Other	$ 1,466	$ 1,393
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	772,000,000	771,000,000
Preferred stock, Series A
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, depositary shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, depositary shares outstanding (in shares)	40,000,000	40,000,000
Preferred stock, Series B
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, depositary shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, depositary shares outstanding (in shares)	1,000,000	1,000,000
Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	$ 88	$ 150
Inventory	494	462
Regulatory assets	119	110
Current Assets: Other	81	90
Regulatory assets	1,754	1,642
Accounts payable	224	188
Current maturities of long-term debt	1,008	428
Long-Term Debt	1,897	3,000
Other	$ 30	$ 35

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Losses on sales of Commercial Renewables Disposal Groups	5	1,434
Gains on sales of other assets	(18)	(38)
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Equity in earnings of unconsolidated affiliates	(38)	(29)
Payments for asset retirement obligations	(262)	(261)
Provision for rate refunds	(7)	(57)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	(37)	93
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Contributions to equity method investments	(8)	(22)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Net proceeds from the sales of other assets	1	111
Other	408	366
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Issuance of common stock	20	0
Payments for the redemption of long-term debt	(2,731)	(2,372)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	502	60
Payments for the redemption of short-term debt with original maturities greater than 90 days	(824)	(52)
Notes payable and commercial paper	(414)	(590)
Contributions from noncontrolling interests	47	248
Dividends paid	(1,590)	(1,606)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	$ 1,721	$ 1,398

XML

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions		Total		Total Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Net Gains (Losses) on Hedges	[1]	Net Unrealized Gains (Losses) on Available-for-Sale Securities	Pension and OPEB Adjustments	Noncontrolling Interests	Common Stock	Common Stock Total Equity	Common Stock Additional Paid-in Capital
Beginning Balance (Attributable to Parent) at Dec. 31, 2022				$ 49,322	$ 1,962	$ 1	$ 44,862	$ 2,637	$ (29)		$ (23)	$ (88)
Beginning Balance (in shares) at Dec. 31, 2022						770
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022													$ 2,531
Beginning Balance (Parent) at Dec. 31, 2022		$ 51,853
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		504		531				531					(27)
Other Comprehensive (Loss) Income, net of tax		29	[2]	29					25		4
Common stock issuances, including dividend reinvestment and employee benefits (in shares)						1
Common stock issuances, including dividend reinvestment and employee benefits														$ 21	$ 21	$ 21
Common stock dividends		(1,553)		(1,553)				(1,553)
Sale of Commercial Renewables Disposal Groups(c)		(3)		(13)			(13)						10
Contributions from noncontrolling interests, net of transaction costs	[3]	248											248
Distributions to noncontrolling interest in subsidiaries		(25)											(25)
Other		(3)		(4)			(4)						1
Ending Balance (Attributable to Parent) at Jun. 30, 2023				48,333	1,962	$ 1	44,866	1,615	(4)		(19)	(88)
Beginning Balance (in shares) at Jun. 30, 2023						771
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023													2,738
Ending Balance (Parent) at Jun. 30, 2023		51,071
Beginning Balance (Attributable to Parent) at Mar. 31, 2023				49,260	1,962	$ 1	44,837	2,626	(60)		(17)	(89)
Beginning Balance (in shares) at Mar. 31, 2023						771
Beginning Balance (Attributable to Noncontrolling Interest) at Mar. 31, 2023													2,691
Beginning Balance (Parent) at Mar. 31, 2023		51,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(218)		(234)				(234)					16
Other Comprehensive (Loss) Income, net of tax		55	[2]	55					56		(2)	1
Common stock issuances, including dividend reinvestment and employee benefits														31	31	31
Common stock dividends		(777)		(777)				(777)
Contributions from noncontrolling interests, net of transaction costs		42											42
Distributions to noncontrolling interest in subsidiaries		(12)											(12)
Other		(1)		(2)			(2)						1
Ending Balance (Attributable to Parent) at Jun. 30, 2023				48,333	1,962	$ 1	44,866	1,615	(4)		(19)	(88)
Beginning Balance (in shares) at Jun. 30, 2023						771
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023													2,738
Ending Balance (Parent) at Jun. 30, 2023		51,071
Beginning Balance (Attributable to Parent) at Dec. 31, 2023		$ 49,112		49,112	1,962	$ 1	44,920	2,235	98		(15)	(89)
Beginning Balance (in shares) at Dec. 31, 2023		771				771
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2023		$ 1,075											1,075
Beginning Balance (Parent) at Dec. 31, 2023		50,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,019		1,985				1,985					34
Other Comprehensive (Loss) Income, net of tax		108	[2]	108					95		(3)	16
Common stock issuances, including dividend reinvestment and employee benefits (in shares)						1
Common stock issuances, including dividend reinvestment and employee benefits		86		86			86
Common stock dividends		(1,586)		(1,586)				(1,586)
Sale of Commercial Renewables Disposal Groups(c)	[4]	(51)											(51)
Contributions from noncontrolling interests, net of transaction costs		47	[3]										47
Distributions to noncontrolling interest in subsidiaries		(5)											(5)
Other		1		2			1	1					(1)
Ending Balance (Attributable to Parent) at Jun. 30, 2024		$ 49,707		49,707	1,962	$ 1	45,007	2,635	193		(18)	(73)
Beginning Balance (in shares) at Jun. 30, 2024		772				772
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2024		$ 1,099											1,099
Ending Balance (Parent) at Jun. 30, 2024		50,806
Beginning Balance (Attributable to Parent) at Mar. 31, 2024				49,551	1,962	$ 1	44,937	2,542	199		(17)	(73)
Beginning Balance (in shares) at Mar. 31, 2024						772
Beginning Balance (Attributable to Noncontrolling Interest) at Mar. 31, 2024													1,087
Beginning Balance (Parent) at Mar. 31, 2024		50,638
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		907		886				886					21
Other Comprehensive (Loss) Income, net of tax		(7)	[2]	(7)					(6)		(1)
Common stock issuances, including dividend reinvestment and employee benefits														$ 70	$ 70	$ 70
Common stock dividends		(794)		(794)				(794)
Sale of Commercial Renewables Disposal Groups(c)	[4]	(51)											(51)
Contributions from noncontrolling interests, net of transaction costs		47											47
Distributions to noncontrolling interest in subsidiaries		(5)											(5)
Other		1		1				1
Ending Balance (Attributable to Parent) at Jun. 30, 2024		$ 49,707		$ 49,707	$ 1,962	$ 1	$ 45,007	$ 2,635	$ 193		$ (18)	$ (73)
Beginning Balance (in shares) at Jun. 30, 2024		772				772
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2024		$ 1,099											$ 1,099
Ending Balance (Parent) at Jun. 30, 2024		$ 50,806

[1] See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

[2] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

[3] Relates primarily to tax equity financing activity in the Commercial Renewables Disposal Groups.

[4] See Note 2 for additional information.

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Carolinas - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues	$ 7,172	$ 6,578	$ 14,843	$ 13,854
Operating Expenses
Operation, maintenance and other	1,320	1,375	2,699	2,685
Depreciation and amortization	1,409	1,333	2,796	2,560
Property and other taxes	393	353	779	742
Impairment of assets and other charges	43	0	44	8
Total operating expenses	5,471	5,179	11,191	10,788
Gain (Loss) on Sales of Other Assets and Other, net	6	31	18	38
Operating Income	1,707	1,430	3,670	3,104
Other Income and Expenses, net	188	167	374	338
Interest Expense	824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes	1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations	140	119	318	274
Comprehensive Income (Loss) Attributable to Duke Energy	893	(165)	2,146	613
Net Income (Loss) Attributable to Duke Energy Corporation	900	(220)	2,038	584
Duke Energy Carolinas
Operating Revenues	2,297	1,828	4,704	3,762
Operating Expenses
Cost of sales	749	510	1,609	1,133
Operation, maintenance and other	444	421	895	861
Depreciation and amortization	437	413	834	779
Property and other taxes	89	91	183	186
Impairment of assets and other charges	33	4	34	6
Total operating expenses	1,752	1,439	3,555	2,965
Gain (Loss) on Sales of Other Assets and Other, net	0	26	1	26
Operating Income	545	415	1,150	823
Other Income and Expenses, net	62	59	123	118
Interest Expense	168	172	348	332
Income From Continuing Operations Before Income Taxes	439	302	925	609
Income Tax Expense From Continuing Operations	48	32	104	67
Comprehensive Income (Loss) Attributable to Duke Energy	391	270	821	542
Net Income (Loss) Attributable to Duke Energy Corporation	$ 391	$ 270	$ 821	$ 542

XML

Condensed Consolidated Balance Sheets - Duke Energy Carolinas - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Receivables of VIEs (net of allowance for doubtful accounts)	2,009	3,019
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Regulatory assets	13,446	13,618
Nuclear decommissioning trust funds	10,944	10,143
Operating lease right-of-use assets, net	1,108	1,092
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Accumulated other comprehensive income (loss)	102	(6)
Total Liabilities and Equity	181,575	176,893
Duke Energy Carolinas
Current Assets
Cash and cash equivalents	9	9
Receivables (net of allowance for doubtful accounts)	193	265
Receivables of VIEs (net of allowance for doubtful accounts)	1,128	991
Inventory	1,509	1,484
Regulatory assets	1,122	1,564
Other (includes amounts related to VIEs)	56	31
Total current assets	4,209	4,547
Property, Plant and Equipment
Cost	58,433	56,670
Accumulated depreciation and amortization	(20,396)	(19,896)
Net property, plant and equipment	38,037	36,774
Other Noncurrent Assets
Regulatory assets	3,711	3,916
Nuclear decommissioning trust funds	6,170	5,686
Operating lease right-of-use assets, net	89	78
Other	1,158	1,109
Total other noncurrent assets	11,128	10,789
Total Assets	53,374	52,110
Current Liabilities
Accounts payable	1,125	1,183
Taxes accrued	284	281
Interest accrued	202	179
Current maturities of long-term debt	520	19
Asset retirement obligations	252	224
Regulatory liabilities	550	587
Other	635	702
Total current liabilities	3,773	4,038
Long-Term Debt (includes amounts related to VIEs)	16,206	15,693
Other Noncurrent Liabilities
Deferred income taxes	4,217	4,379
Asset retirement obligations	3,860	3,789
Regulatory liabilities	6,303	5,990
Operating lease liabilities	80	75
Accrued pension and other post-retirement benefit costs	47	57
Investment tax credits	299	301
Other	581	581
Total other noncurrent liabilities	15,387	15,172
Commitments and Contingencies
Equity
Member's equity	17,714	16,913
Accumulated other comprehensive income (loss)	(6)	(6)
Total equity	17,708	16,907
Total Liabilities and Equity	53,374	52,110
Duke Energy Carolinas | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	192	203
Current Liabilities
Accounts payable	198	195
Notes payable to affiliated companies	7	668
Long-Term Debt (includes amounts related to VIEs)	$ 300	$ 300

XML

Condensed Consolidated Balance Sheets - Duke Energy Carolinas (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Regulatory assets	2,663	3,648
Current Assets: Other	436	431
Regulatory assets	13,446	13,618
Current maturities of long-term debt	2,340	2,800
Long-Term Debt	76,439	72,452
Other	1,466	1,393
Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	88	150
Regulatory assets	119	110
Current Assets: Other	81	90
Regulatory assets	1,754	1,642
Current maturities of long-term debt	1,008	428
Long-Term Debt	1,897	3,000
Other	30	35
Duke Energy Carolinas
Allowance for doubtful accounts - receivables	15	11
Allowance for doubtful accounts of VIEs - receivables	50	45
Regulatory assets	1,122	1,564
Current Assets: Other	56	31
Regulatory assets	3,711	3,916
Current maturities of long-term debt	520	19
Long-Term Debt	16,206	15,693
Other	581	581
Duke Energy Carolinas | Variable Interest Entity
Regulatory assets	12	12
Current Assets: Other	10	9
Regulatory assets	191	196
Current maturities of long-term debt	510	10
Long-Term Debt	203	708
Other	$ 18	$ 17

XML

Condensed Consolidated Statements of Cash Flows - Duke Energy Carolinas - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Gains on sales of other assets	(18)	(38)
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Payments for asset retirement obligations	(262)	(261)
Provision for rate refunds	(7)	(57)
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Net proceeds from the sales of other assets	1	111
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Payments for the redemption of long-term debt	(2,731)	(2,372)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Duke Energy Carolinas
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	821	542
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	966	906
Equity component of AFUDC	(58)	(48)
Gains on sales of other assets	(1)	(26)
Impairment of assets and other charges	34	6
Deferred income taxes	(38)	(5)
Payments for asset retirement obligations	(80)	(87)
Provision for rate refunds	(6)	(33)
(Increase) decrease in
Receivables	(61)	91
Receivables from affiliated companies	11	234
Inventory	(25)	(239)
Other current assets	9	(482)
Increase (decrease) in
Accounts payable	(28)	(652)
Accounts payable to affiliated companies	3	(70)
Taxes accrued	3	48
Other current liabilities	(140)	6
Other assets	410	542
Other liabilities	(40)	97
Net cash provided by operating activities	1,780	830
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,949)	(1,795)
Purchases of debt and equity securities	(1,211)	(936)
Proceeds from sales and maturities of debt and equity securities	1,211	936
Net proceeds from the sales of other assets	0	30
Other	(178)	(129)
Net cash used in investing activities	(2,127)	(1,894)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,018	2,729
Payments for the redemption of long-term debt	(9)	(1,033)
Notes payable to affiliated companies	(660)	(655)
Other	(1)	(1)
Net cash provided by financing activities	348	1,040
Net increase (decrease) in cash, cash equivalents and restricted cash	1	(24)
Cash, cash equivalents and restricted cash at beginning of period	19	53
Cash, cash equivalents and restricted cash at end of period	20	29
Significant non-cash transactions:
Accrued capital expenditures	$ 597	$ 456

XML

Condensed Consolidated Statements of Changes in Equity - Duke Energy Carolinas - USD ($) $ in Millions	Total	Duke Energy Carolinas	Duke Energy Carolinas Member's Equity	Duke Energy Carolinas Net Losses on Cash Flow Hedges
Beginning balance at Dec. 31, 2022		$ 15,442	$ 15,448	$ (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 584	542	542
Other	(3)
Ending balance at Jun. 30, 2023		15,984	15,990	(6)
Beginning balance at Mar. 31, 2023		15,714	15,720	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(220)	270	270
Other	(1)
Ending balance at Jun. 30, 2023		15,984	15,990	(6)
Beginning balance at Dec. 31, 2023		16,907	16,913	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,038	821	821
Other	1	(20)	(20)
Ending balance at Jun. 30, 2024		17,708	17,714	(6)
Beginning balance at Mar. 31, 2024		17,337	17,343	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	900	391	391
Other	$ 1	(20)	(20)
Ending balance at Jun. 30, 2024		$ 17,708	$ 17,714	$ (6)

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Progress Energy - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues		$ 7,172	$ 6,578	$ 14,843	$ 13,854
Operating Expenses
Operation, maintenance and other		1,320	1,375	2,699	2,685
Depreciation and amortization		1,409	1,333	2,796	2,560
Property and other taxes		393	353	779	742
Impairment of assets and other charges		43	0	44	8
Total operating expenses		5,471	5,179	11,191	10,788
Gain (Loss) on Sales of Other Assets and Other, net		6	31	18	38
Operating Income		1,707	1,430	3,670	3,104
Other Income and Expenses, net		188	167	374	338
Interest Expense		824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes		1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations		140	119	318	274
Net Income (Loss) Attributable to Duke Energy Corporation		900	(220)	2,038	584
Unrealized gains on available-for-sale securities	[1]	(1)	(2)	(3)	4
Other Comprehensive (Loss) Income, net of tax	[1]	(7)	55	108	29
Comprehensive Income (Loss)		914	(149)	2,180	586
Progress Energy
Operating Revenues		3,357	3,212	6,585	6,260
Operating Expenses
Cost of sales		1,202	1,176	2,345	2,367
Operation, maintenance and other		588	684	1,216	1,252
Depreciation and amortization		568	542	1,155	1,046
Property and other taxes		166	173	324	341
Impairment of assets and other charges		9	0	9	5
Total operating expenses		2,533	2,575	5,049	5,011
Gain (Loss) on Sales of Other Assets and Other, net		6	6	13	12
Operating Income		830	643	1,549	1,261
Other Income and Expenses, net		60	38	122	97
Interest Expense		265	219	525	465
Income From Continuing Operations Before Income Taxes		625	462	1,146	893
Income Tax Expense From Continuing Operations		104	77	190	149
Net Income (Loss) Attributable to Duke Energy Corporation		521	385	956	744
Unrealized gains on available-for-sale securities		0	0	0	2
Other Comprehensive (Loss) Income, net of tax		0	0	0	2
Comprehensive Income (Loss)		$ 521	$ 385	$ 956	$ 746

[1] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

XML

Condensed Consolidated Balance Sheets - Progress Energy - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Receivables of VIEs (net of allowance for doubtful accounts)	2,009	3,019
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets	13,446	13,618
Nuclear decommissioning trust funds	10,944	10,143
Operating lease right-of-use assets, net	1,108	1,092
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	45,007	44,920
Retained earnings	2,635	2,235
Accumulated other comprehensive income (loss)	102	(6)
Total Duke Energy Corporation stockholders' equity	49,707	49,112
Total Liabilities and Equity	181,575	176,893
Variable Interest Entity
Current Assets
Inventory	494	462
Regulatory assets	119	110
Other (includes amounts related to VIEs)	81	90
Other Noncurrent Assets
Regulatory assets	1,754	1,642
Current Liabilities
Accounts payable	224	188
Current maturities of long-term debt	1,008	428
Long-Term Debt (includes amounts related to VIEs)	1,897	3,000
Other Noncurrent Liabilities
Other	30	35
Progress Energy
Current Assets
Cash and cash equivalents	85	59
Receivables (net of allowance for doubtful accounts)	924	225
Receivables of VIEs (net of allowance for doubtful accounts)	881	1,365
Inventory	2,019	1,901
Regulatory assets	1,151	1,661
Other (includes amounts related to VIEs)	135	134
Total current assets	5,200	5,435
Property, Plant and Equipment
Cost	70,694	67,644
Accumulated depreciation and amortization	(23,080)	(22,300)
Net property, plant and equipment	47,614	45,344
Other Noncurrent Assets
Goodwill	3,655	3,655
Regulatory assets	6,426	6,430
Nuclear decommissioning trust funds	4,774	4,457
Operating lease right-of-use assets, net	588	617
Other	1,207	1,156
Total other noncurrent assets	16,650	16,315
Total Assets	69,464	67,094
Current Liabilities
Accounts payable	1,259	1,374
Taxes accrued	428	259
Interest accrued	232	224
Current maturities of long-term debt	914	661
Asset retirement obligations	215	245
Regulatory liabilities	368	418
Other	842	860
Total current liabilities	5,722	5,548
Long-Term Debt (includes amounts related to VIEs)	23,195	22,948
Other Noncurrent Liabilities
Deferred income taxes	5,173	5,197
Asset retirement obligations	4,576	3,900
Regulatory liabilities	5,353	5,083
Operating lease liabilities	525	544
Accrued pension and other post-retirement benefit costs	254	266
Investment tax credits	369	371
Other	312	227
Total other noncurrent liabilities	16,562	15,588
Commitments and Contingencies
Equity
Common stock	0	0
Additional paid-in capital	11,849	11,830
Retained earnings	11,996	11,040
Accumulated other comprehensive income (loss)	(10)	(10)
Total Duke Energy Corporation stockholders' equity	23,835	22,860
Total Liabilities and Equity	69,464	67,094
Progress Energy | Variable Interest Entity
Current Assets
Inventory	494	462
Regulatory assets	107	98
Other (includes amounts related to VIEs)	66	68
Other Noncurrent Assets
Regulatory assets	1,563	1,446
Current Liabilities
Accounts payable	213	188
Current maturities of long-term debt	499	418
Long-Term Debt (includes amounts related to VIEs)	1,630	1,910
Other Noncurrent Liabilities
Other	12	19
Progress Energy | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	5	90
Current Liabilities
Accounts payable	488	464
Notes payable to affiliated companies	976	1,043
Long-Term Debt (includes amounts related to VIEs)	$ 150	$ 150

XML

Condensed Consolidated Balance Sheets - Progress Energy (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Current Assets: Other	436	431
Regulatory assets	13,446	13,618
Accounts payable	3,777	4,228
Current maturities of long-term debt	2,340	2,800
Long-Term Debt	76,439	72,452
Other	$ 1,466	$ 1,393
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	772,000,000	771,000,000
Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	$ 88	$ 150
Inventory	494	462
Regulatory assets	119	110
Current Assets: Other	81	90
Regulatory assets	1,754	1,642
Accounts payable	224	188
Current maturities of long-term debt	1,008	428
Long-Term Debt	1,897	3,000
Other	30	35
Progress Energy
Allowance for doubtful accounts - receivables	35	18
Inventory	2,019	1,901
Regulatory assets	1,151	1,661
Current Assets: Other	135	134
Regulatory assets	6,426	6,430
Accounts payable	1,259	1,374
Current maturities of long-term debt	914	661
Long-Term Debt	23,195	22,948
Other	$ 312	$ 227
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
Progress Energy | Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	$ 38	$ 56
Inventory	494	462
Regulatory assets	107	98
Current Assets: Other	66	68
Regulatory assets	1,563	1,446
Accounts payable	213	188
Current maturities of long-term debt	499	418
Long-Term Debt	1,630	1,910
Other	$ 12	$ 19

XML

Condensed Consolidated Statements of Cash Flows - Progress Energy - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Payments for asset retirement obligations	(262)	(261)
Provision for rate refunds	(7)	(57)
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Payments for the redemption of long-term debt	(2,731)	(2,372)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Progress Energy
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	956	744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,330	1,265
Equity component of AFUDC	(36)	(33)
Impairment of assets and other charges	9	5
Deferred income taxes	(61)	27
Payments for asset retirement obligations	(144)	(131)
Provision for rate refunds	(1)	(24)
(Increase) decrease in
Receivables	(223)	6
Receivables from affiliated companies	85	(1)
Inventory	(106)	(238)
Other current assets	494	332
Increase (decrease) in
Accounts payable	(34)	(293)
Accounts payable to affiliated companies	24	(274)
Taxes accrued	169	153
Other current liabilities	28	(62)
Other assets	(149)	85
Other liabilities	80	14
Net cash provided by operating activities	2,421	1,575
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,623)	(2,425)
Purchases of debt and equity securities	(989)	(574)
Proceeds from sales and maturities of debt and equity securities	1,039	608
Notes receivable from affiliated companies	0	(25)
Other	(192)	(163)
Net cash used in investing activities	(2,765)	(2,579)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	844	1,073
Payments for the redemption of long-term debt	(407)	(79)
Notes payable to affiliated companies	(67)	(27)
Other	(1)	(1)
Net cash provided by financing activities	369	966
Net increase (decrease) in cash, cash equivalents and restricted cash	25	(38)
Cash, cash equivalents and restricted cash at beginning of period	135	184
Cash, cash equivalents and restricted cash at end of period	160	146
Significant non-cash transactions:
Accrued capital expenditures	$ 729	$ 544

XML

Condensed Consolidated Statements of Changes in Equity - Progress Energy - USD ($) $ in Millions	Total		Additional Paid-in Capital	Retained Earnings	Net Unrealized Gains (Losses) on Available-for-Sale Securities	Pension and OPEB Adjustments	Total Equity	Progress Energy	Progress Energy Additional Paid-in Capital	Progress Energy Retained Earnings	Progress Energy Net Gains (Losses) on Cash Flow Hedges	Progress Energy Net Unrealized Gains (Losses) on Available-for-Sale Securities	Progress Energy Pension and OPEB Adjustments
Beginning Balance (Attributable to Parent) at Dec. 31, 2022			$ 44,862	$ 2,637	$ (23)	$ (88)	$ 49,322		$ 11,832	$ 9,585	$ (1)	$ (8)	$ (2)
Beginning Balance (Parent) at Dec. 31, 2022	$ 51,853							$ 21,406
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	557							744		744
Other comprehensive income (loss)	29	[1]			4		29	2				2
Other	(3)		(4)				(4)	(2)	(2)
Ending Balance (Attributable to Parent) at Jun. 30, 2023			44,866	1,615	(19)	(88)	48,333		11,830	10,329	(1)	(6)	(2)
Ending Balance (Parent) at Jun. 30, 2023	51,071							22,150
Beginning Balance (Attributable to Parent) at Mar. 31, 2023			44,837	2,626	(17)	(89)	49,260		11,830	9,944	(1)	(6)	(2)
Beginning Balance (Parent) at Mar. 31, 2023	51,951							21,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(204)							385		385
Other comprehensive income (loss)	55	[1]			(2)	1	55	0
Other	(1)		(2)				(2)
Ending Balance (Attributable to Parent) at Jun. 30, 2023			44,866	1,615	(19)	(88)	48,333		11,830	10,329	(1)	(6)	(2)
Ending Balance (Parent) at Jun. 30, 2023	51,071							22,150
Beginning Balance (Attributable to Parent) at Dec. 31, 2023	49,112		44,920	2,235	(15)	(89)	49,112	22,860	11,830	11,040	(1)	(5)	(4)
Beginning Balance (Parent) at Dec. 31, 2023	50,187							22,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,072							956		956
Other comprehensive income (loss)	108	[1]			(3)	16	108	0
Other	1		1	1			2	19	19
Ending Balance (Attributable to Parent) at Jun. 30, 2024	49,707		45,007	2,635	(18)	(73)	49,707	23,835	11,849	11,996	(1)	(5)	(4)
Ending Balance (Parent) at Jun. 30, 2024	50,806							23,835
Beginning Balance (Attributable to Parent) at Mar. 31, 2024			44,937	2,542	(17)	(73)	49,551		11,830	11,475	(1)	(5)	(4)
Beginning Balance (Parent) at Mar. 31, 2024	50,638							23,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	921							521		521
Other comprehensive income (loss)	(7)	[1]			(1)		(7)	0
Other	1			1			1	19	19
Ending Balance (Attributable to Parent) at Jun. 30, 2024	49,707		$ 45,007	$ 2,635	$ (18)	$ (73)	$ 49,707	23,835	$ 11,849	$ 11,996	$ (1)	$ (5)	$ (4)
Ending Balance (Parent) at Jun. 30, 2024	$ 50,806							$ 23,835

[1] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Progress - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues	$ 7,172	$ 6,578	$ 14,843	$ 13,854
Operating Expenses
Operation, maintenance and other	1,320	1,375	2,699	2,685
Depreciation and amortization	1,409	1,333	2,796	2,560
Property and other taxes	393	353	779	742
Impairment of assets and other charges	43	0	44	8
Total operating expenses	5,471	5,179	11,191	10,788
Gain (Loss) on Sales of Other Assets and Other, net	6	31	18	38
Operating Income	1,707	1,430	3,670	3,104
Other Income and Expenses, net	188	167	374	338
Interest Expense	824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes	1,071	870	2,403	1,995
Income Tax Expense	140	119	318	274
Comprehensive Income (Loss) Attributable to Duke Energy	893	(165)	2,146	613
Net Income (Loss) Attributable to Duke Energy Corporation	900	(220)	2,038	584
Duke Energy Progress
Operating Revenues	1,636	1,425	3,424	2,958
Operating Expenses
Cost of sales	597	489	1,217	1,034
Operation, maintenance and other	326	356	701	706
Depreciation and amortization	306	296	645	611
Property and other taxes	50	47	101	95
Impairment of assets and other charges	9	3	9	7
Total operating expenses	1,288	1,191	2,673	2,453
Gain (Loss) on Sales of Other Assets and Other, net	0	1	1	1
Operating Income	348	235	752	506
Other Income and Expenses, net	37	32	73	61
Interest Expense	123	104	243	206
Income From Continuing Operations Before Income Taxes	262	163	582	361
Income Tax Expense	39	23	87	52
Comprehensive Income (Loss) Attributable to Duke Energy	223	140	495	309
Net Income (Loss) Attributable to Duke Energy Corporation	$ 223	$ 140	$ 495	$ 309

XML

Condensed Consolidated Balance Sheets - Duke Energy Progress - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Receivables of VIEs (net of allowance for doubtful accounts)	2,009	3,019
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Regulatory assets	13,446	13,618
Nuclear decommissioning trust funds	10,944	10,143
Operating lease right-of-use assets, net	1,108	1,092
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Total Liabilities and Equity	181,575	176,893
Duke Energy Progress
Current Assets
Cash and cash equivalents	33	18
Receivables (net of allowance for doubtful accounts)	189	139
Receivables of VIEs (net of allowance for doubtful accounts)	881	833
Inventory	1,303	1,227
Regulatory assets	785	942
Other (includes amounts related to VIEs)	73	72
Total current assets	3,268	3,247
Property, Plant and Equipment
Cost	41,226	39,283
Accumulated depreciation and amortization	(15,730)	(15,227)
Net property, plant and equipment	25,496	24,056
Other Noncurrent Assets
Regulatory assets	4,487	4,546
Nuclear decommissioning trust funds	4,425	4,075
Operating lease right-of-use assets, net	291	318
Other	694	682
Total other noncurrent assets	9,897	9,621
Total Assets	38,661	36,924
Current Liabilities
Accounts payable	523	634
Taxes accrued	150	176
Interest accrued	123	114
Current maturities of long-term debt	479	72
Asset retirement obligations	214	244
Regulatory liabilities	285	300
Other	493	481
Total current liabilities	3,279	3,244
Long-Term Debt (includes amounts related to VIEs)	11,714	11,492
Other Noncurrent Liabilities
Deferred income taxes	2,551	2,560
Asset retirement obligations	4,342	3,626
Regulatory liabilities	4,612	4,375
Operating lease liabilities	280	293
Accrued pension and other post-retirement benefit costs	139	146
Investment tax credits	127	129
Other	165	102
Total other noncurrent liabilities	12,216	11,231
Commitments and Contingencies
Equity
Total equity	11,302	10,807
Total Liabilities and Equity	38,661	36,924
Duke Energy Progress | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	4	16
Current Liabilities
Accounts payable	285	332
Notes payable to affiliated companies	727	891
Long-Term Debt (includes amounts related to VIEs)	$ 150	$ 150

XML

Condensed Consolidated Balance Sheets - Duke Energy Progress (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Regulatory assets	2,663	3,648
Current Assets: Other	436	431
Regulatory assets	13,446	13,618
Current maturities of long-term debt	2,340	2,800
Long-Term Debt	76,439	72,452
Other	1,466	1,393
Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	88	150
Regulatory assets	119	110
Current Assets: Other	81	90
Regulatory assets	1,754	1,642
Current maturities of long-term debt	1,008	428
Long-Term Debt	1,897	3,000
Other	30	35
Duke Energy Progress
Allowance for doubtful accounts - receivables	9	8
Regulatory assets	785	942
Current Assets: Other	73	72
Regulatory assets	4,487	4,546
Current maturities of long-term debt	479	72
Long-Term Debt	11,714	11,492
Other	165	102
Duke Energy Progress | Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	38	36
Regulatory assets	47	39
Current Assets: Other	32	31
Regulatory assets	788	643
Current maturities of long-term debt	440	34
Long-Term Debt	829	1,079
Other	$ 12	$ 12

XML

Condensed Consolidated Statements of Cash Flows - Duke Energy Progress - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Payments for asset retirement obligations	(262)	(261)
Provision for rate refunds	(7)	(57)
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Payments for the redemption of long-term debt	(2,731)	(2,372)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Duke Energy Progress
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	495	309
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	738	708
Equity component of AFUDC	(27)	(27)
Impairment of assets and other charges	9	7
Deferred income taxes	(33)	32
Payments for asset retirement obligations	(102)	(106)
Provision for rate refunds	(1)	(24)
(Increase) decrease in
Receivables	(99)	108
Receivables from affiliated companies	12	(5)
Inventory	(76)	(158)
Other current assets	185	(146)
Increase (decrease) in
Accounts payable	(70)	(33)
Accounts payable to affiliated companies	(47)	(258)
Taxes accrued	(27)	44
Other current liabilities	79	(21)
Other assets	(86)	107
Other liabilities	35	37
Net cash provided by operating activities	985	574
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,373)	(1,193)
Purchases of debt and equity securities	(922)	(490)
Proceeds from sales and maturities of debt and equity securities	921	486
Notes receivable from affiliated companies	0	(37)
Other	(54)	(81)
Net cash used in investing activities	(1,428)	(1,315)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	667	991
Payments for the redemption of long-term debt	(41)	(39)
Notes payable to affiliated companies	(164)	(239)
Other	0	(1)
Net cash provided by financing activities	462	712
Net increase (decrease) in cash, cash equivalents and restricted cash	19	(29)
Cash, cash equivalents and restricted cash at beginning of period	51	79
Cash, cash equivalents and restricted cash at end of period	70	50
Significant non-cash transactions:
Accrued capital expenditures	$ 274	$ 198

XML

Condensed Consolidated Statements of Changes in Equity - Duke Energy Progress - USD ($) $ in Millions	Total	Duke Energy Progress	Duke Energy Progress Member's Equity
Beginning balance at Dec. 31, 2022			$ 10,309
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 584	$ 309	309
Ending balance at Jun. 30, 2023			10,618
Beginning balance at Mar. 31, 2023			10,478
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(220)	140	140
Ending balance at Jun. 30, 2023			10,618
Beginning balance at Dec. 31, 2023		10,807	10,807
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,038	495	495
Ending balance at Jun. 30, 2024		11,302	11,302
Beginning balance at Mar. 31, 2024			11,079
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 900	223	223
Ending balance at Jun. 30, 2024		$ 11,302	$ 11,302

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Florida - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues		$ 7,172	$ 6,578	$ 14,843	$ 13,854
Operating Expenses
Operation, maintenance and other		1,320	1,375	2,699	2,685
Depreciation and amortization		1,409	1,333	2,796	2,560
Property and other taxes		393	353	779	742
Impairment of assets and other charges		43	0	44	8
Total operating expenses		5,471	5,179	11,191	10,788
Gain (Loss) on Sales of Other Assets and Other, net		6	31	18	38
Operating Income		1,707	1,430	3,670	3,104
Other Income and Expenses, net		188	167	374	338
Interest Expense		824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes		1,071	870	2,403	1,995
Income Tax Expense		140	119	318	274
Net Income (Loss) Attributable to Duke Energy Corporation		900	(220)	2,038	584
Unrealized gains on available-for-sale securities	[1]	(1)	(2)	(3)	4
Other Comprehensive (Loss) Income, net of tax	[1]	(7)	55	108	29
Comprehensive Income (Loss)		914	(149)	2,180	586
Duke Energy Florida
Operating Revenues		1,716	1,782	3,152	3,292
Operating Expenses
Cost of sales		605	687	1,128	1,333
Operation, maintenance and other		256	324	507	537
Depreciation and amortization		262	245	510	435
Property and other taxes		117	126	223	246
Impairment of assets and other charges		0	(2)	0	(1)
Total operating expenses		1,240	1,380	2,368	2,550
Gain (Loss) on Sales of Other Assets and Other, net		0	0	1	1
Operating Income		476	402	785	743
Other Income and Expenses, net		22	7	46	37
Interest Expense		114	87	225	202
Income From Continuing Operations Before Income Taxes		384	322	606	578
Income Tax Expense		75	64	118	115
Net Income (Loss) Attributable to Duke Energy Corporation		309	258	488	463
Unrealized gains on available-for-sale securities		0	0	0	2
Other Comprehensive (Loss) Income, net of tax		0	0	0	2
Comprehensive Income (Loss)		$ 309	$ 258	$ 488	$ 465

[1] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

XML

Condensed Consolidated Balance Sheets - Duke Energy Florida - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Receivables of VIEs (net of allowance for doubtful accounts)	2,009	3,019
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Regulatory assets	13,446	13,618
Nuclear decommissioning trust funds	10,944	10,143
Operating lease right-of-use assets, net	1,108	1,092
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Accumulated other comprehensive income (loss)	102	(6)
Total Liabilities and Equity	181,575	176,893
Duke Energy Florida
Current Assets
Cash and cash equivalents	35	24
Receivables (net of allowance for doubtful accounts)	732	83
Receivables of VIEs (net of allowance for doubtful accounts)	0	532
Inventory	716	674
Regulatory assets	367	720
Other (includes amounts related to VIEs)	61	51
Total current assets	1,915	2,322
Property, Plant and Equipment
Cost	29,459	28,353
Accumulated depreciation and amortization	(7,343)	(7,067)
Net property, plant and equipment	22,116	21,286
Other Noncurrent Assets
Regulatory assets	1,939	1,883
Nuclear decommissioning trust funds	350	382
Operating lease right-of-use assets, net	297	299
Other	461	429
Total other noncurrent assets	3,047	2,993
Total Assets	27,078	26,601
Current Liabilities
Accounts payable	735	738
Taxes accrued	284	185
Interest accrued	84	86
Current maturities of long-term debt	435	589
Asset retirement obligations	1	1
Regulatory liabilities	83	118
Other	323	350
Total current liabilities	2,307	2,354
Long-Term Debt (includes amounts related to VIEs)	9,838	9,812
Other Noncurrent Liabilities
Deferred income taxes	2,710	2,733
Asset retirement obligations	234	274
Regulatory liabilities	741	708
Operating lease liabilities	245	251
Accrued pension and other post-retirement benefit costs	93	98
Investment tax credits	242	242
Other	118	86
Total other noncurrent liabilities	4,383	4,392
Commitments and Contingencies
Equity
Member's equity	10,555	10,048
Accumulated other comprehensive income (loss)	(5)	(5)
Total equity	10,550	10,043
Total Liabilities and Equity	27,078	26,601
Duke Energy Florida | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	4	238
Current Liabilities
Accounts payable	113	135
Notes payable to affiliated companies	$ 249	$ 152

XML

Condensed Consolidated Balance Sheets - Duke Energy Florida (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Current Assets: Other	436	431
Inventory	4,390	4,292
Regulatory assets	13,446	13,618
Current maturities of long-term debt	2,340	2,800
Long-Term Debt	76,439	72,452
Regulatory assets	2,663	3,648
Accounts payable	3,777	4,228
Other	1,466	1,393
Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	88	150
Current Assets: Other	81	90
Inventory	494	462
Regulatory assets	1,754	1,642
Current maturities of long-term debt	1,008	428
Long-Term Debt	1,897	3,000
Regulatory assets	119	110
Accounts payable	224	188
Other	30	35
Duke Energy Florida
Allowance for doubtful accounts - receivables	26	11
Current Assets: Other	61	51
Inventory	716	674
Regulatory assets	1,939	1,883
Current maturities of long-term debt	435	589
Long-Term Debt	9,838	9,812
Regulatory assets	367	720
Accounts payable	735	738
Other	118	86
Duke Energy Florida | Variable Interest Entity
Allowance for doubtful accounts of VIEs - receivables	0	20
Current Assets: Other	35	37
Inventory	494	462
Regulatory assets	775	803
Current maturities of long-term debt	59	384
Long-Term Debt	801	831
Regulatory assets	60	59
Accounts payable	213	188
Other	$ 0	$ 6

XML

Condensed Consolidated Statements of Cash Flows - Duke Energy Florida - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Losses on sales of other assets	18	38
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Payments for asset retirement obligations	(262)	(261)
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Payments for the redemption of long-term debt	(2,731)	(2,372)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Duke Energy Florida
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	488	463
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	592	556
Equity component of AFUDC	(8)	(6)
Impairment of assets and other charges	0	(1)
Deferred income taxes	(37)	(16)
Payments for asset retirement obligations	(42)	(25)
(Increase) decrease in
Receivables	(125)	(103)
Receivables from affiliated companies	234	(3)
Inventory	(30)	(80)
Other current assets	298	403
Increase (decrease) in
Accounts payable	36	(261)
Accounts payable to affiliated companies	(22)	(65)
Taxes accrued	99	208
Other current liabilities	(49)	(41)
Other assets	(44)	(23)
Other liabilities	47	(9)
Net cash provided by operating activities	1,437	997
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,251)	(1,232)
Purchases of debt and equity securities	(67)	(83)
Proceeds from sales and maturities of debt and equity securities	117	121
Other	(138)	(81)
Net cash used in investing activities	(1,339)	(1,275)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	177	82
Payments for the redemption of long-term debt	(365)	(40)
Notes payable to affiliated companies	97	224
Other	(1)	(1)
Net cash provided by financing activities	(92)	265
Net increase (decrease) in cash, cash equivalents and restricted cash	6	(13)
Cash, cash equivalents and restricted cash at beginning of period	67	86
Cash, cash equivalents and restricted cash at end of period	73	73
Significant non-cash transactions:
Accrued capital expenditures	$ 455	$ 346

XML

Condensed Consolidated Statements of Changes in Equity - Duke Energy Florida - USD ($) $ in Millions	Total		Duke Energy Florida	Duke Energy Florida Member's Equity	Duke Energy Florida Net Unrealized Gains (Losses) on Available-for-Sale Securities
Beginning balance at Dec. 31, 2022			$ 9,023	$ 9,031	$ (8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 584		463	463
Other comprehensive income (loss)	4	[1]	2		2
Other	(3)
Ending balance at Jun. 30, 2023			9,488	9,494	(6)
Beginning balance at Mar. 31, 2023			9,231	9,237	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(220)		258	258
Other comprehensive income (loss)	(2)	[1]	0
Other	(1)		(1)	(1)
Ending balance at Jun. 30, 2023			9,488	9,494	(6)
Beginning balance at Dec. 31, 2023			10,043	10,048	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,038		488	488
Other comprehensive income (loss)	(3)	[1]	0
Other	1		19	19
Ending balance at Jun. 30, 2024			10,550	10,555	(5)
Beginning balance at Mar. 31, 2024			10,222	10,227	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	900		309	309
Other comprehensive income (loss)	(1)	[1]	0
Other	$ 1		19	19
Ending balance at Jun. 30, 2024			$ 10,550	$ 10,555	$ (5)

[1] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Ohio - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Regulated electric	$ 6,746	$ 6,176	$ 13,478	$ 12,500
Regulated natural gas	347	331	1,213	1,213
Total operating revenues	7,172	6,578	14,843	13,854
Operating Expenses
Operation, maintenance and other	1,320	1,375	2,699	2,685
Depreciation and amortization	1,409	1,333	2,796	2,560
Property and other taxes	393	353	779	742
Total operating expenses	5,471	5,179	11,191	10,788
Operating Income	1,707	1,430	3,670	3,104
Other Income and Expenses, net	188	167	374	338
Interest Expense	824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes	1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations	140	119	318	274
Net Income (Loss) Attributable to Duke Energy Corporation	900	(220)	2,038	584
Fuel used in electric generation and purchased power
Operating Expenses
Cost of sales	2,228	2,039	4,563	4,416
Cost of natural gas
Operating Expenses
Cost of sales	78	79	310	377
Duke Energy Ohio
Regulated electric	476	465	934	939
Regulated natural gas	132	124	352	359
Total operating revenues	608	589	1,286	1,298
Operating Expenses
Operation, maintenance and other	121	121	247	244
Depreciation and amortization	96	86	195	176
Property and other taxes	102	84	204	164
Total operating expenses	472	475	998	1,036
Operating Income	136	114	288	262
Other Income and Expenses, net	4	13	10	21
Interest Expense	47	43	92	79
Income From Continuing Operations Before Income Taxes	93	84	206	204
Income Tax Expense From Continuing Operations	16	13	35	33
Net Income (Loss) Attributable to Duke Energy Corporation	77	71	171	171
Duke Energy Ohio | Fuel used in electric generation and purchased power
Operating Expenses
Cost of sales	132	164	270	340
Duke Energy Ohio | Cost of natural gas
Operating Expenses
Cost of sales	$ 21	$ 20	$ 82	$ 112

XML

Condensed Consolidated Balance Sheets - Duke Energy Ohio - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets	13,446	13,618
Operating lease right-of-use assets, net	1,108	1,092
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	45,007	44,920
Retained earnings	2,635	2,235
Total Duke Energy Corporation stockholders' equity	49,707	49,112
Total Liabilities and Equity	181,575	176,893
Duke Energy Ohio
Current Assets
Cash and cash equivalents	11	24
Notes receivable from affiliated companies	153	0
Inventory	191	179
Regulatory assets	83	73
Other (includes amounts related to VIEs)	29	134
Total current assets	894	761
Property, Plant and Equipment
Cost	13,596	13,210
Accumulated depreciation and amortization	(3,597)	(3,451)
Net property, plant and equipment	9,999	9,759
Other Noncurrent Assets
Goodwill	920	920
Regulatory assets	689	676
Operating lease right-of-use assets, net	11	16
Other	88	84
Total other noncurrent assets	1,708	1,696
Total Assets	12,601	12,216
Current Liabilities
Taxes accrued	205	316
Interest accrued	43	35
Current maturities of long-term debt	150	0
Asset retirement obligations	7	6
Regulatory liabilities	43	56
Other	65	65
Total current liabilities	1,191	1,500
Long-Term Debt (includes amounts related to VIEs)	3,988	3,493
Other Noncurrent Liabilities
Deferred income taxes	1,304	1,272
Asset retirement obligations	129	130
Regulatory liabilities	476	497
Operating lease liabilities	11	16
Accrued pension and other post-retirement benefit costs	93	97
Other	94	86
Total other noncurrent liabilities	2,107	2,098
Commitments and Contingencies
Equity
Common stock	762	762
Additional paid-in capital	3,119	3,100
Retained earnings	1,409	1,238
Total Duke Energy Corporation stockholders' equity	5,290	5,100
Total Liabilities and Equity	12,601	12,216
Duke Energy Ohio | Nonrelated Party
Current Assets
Receivables (net of allowance for doubtful accounts)	417	112
Current Liabilities
Accounts payable	294	338
Duke Energy Ohio | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	10	239
Current Liabilities
Accounts payable	55	71
Notes payable to affiliated companies	329	613
Long-Term Debt (includes amounts related to VIEs)	$ 25	$ 25

XML

Condensed Consolidated Balance Sheets - Duke Energy Ohio (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	772,000,000	771,000,000
Duke Energy Ohio
Allowance for doubtful accounts - receivables	$ 42	$ 9
Common stock, par value (in usd per share)	$ 8.50	$ 8.50
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares outstanding (in shares)	90,000,000	90,000,000

XML

Condensed Consolidated Statements of Cash Flows - Duke Energy Ohio - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Deferred income taxes	264	(52)
Payments for asset retirement obligations	(262)	(261)
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Duke Energy Ohio
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	171	171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	197	178
Equity component of AFUDC	(2)	(3)
Deferred income taxes	17	12
Payments for asset retirement obligations	(3)	(5)
(Increase) decrease in
Receivables	31	(14)
Receivables from affiliated companies	58	0
Inventory	(11)	(33)
Other current assets	82	105
Increase (decrease) in
Accounts payable	(21)	(30)
Accounts payable to affiliated companies	(16)	(12)
Taxes accrued	(111)	(135)
Other current liabilities	(6)	(48)
Other assets	34	(19)
Other liabilities	(38)	(44)
Net cash provided by operating activities	382	123
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(417)	(435)
Losses on sales of other assets	0	75
Notes receivable from affiliated companies	(319)	(93)
Other	(19)	(34)
Net cash used in investing activities	(755)	(487)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	648	749
Notes payable to affiliated companies	(284)	(388)
Other	(4)	(5)
Net cash provided by financing activities	360	356
Net increase (decrease) in cash, cash equivalents and restricted cash	(13)	(8)
Cash, cash equivalents and restricted cash at beginning of period	24	16
Cash, cash equivalents and restricted cash at end of period	11	8
Significant non-cash transactions:
Accrued capital expenditures	$ 93	$ 120

XML

Condensed Consolidated Statements of Changes in Equity - Duke Energy Ohio - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Duke Energy Ohio	Duke Energy Ohio Common Stock	Duke Energy Ohio Additional Paid-in Capital	Duke Energy Ohio Retained Earnings
Beginning Balance (Attributable to Parent) at Dec. 31, 2022		$ 1	$ 44,862	$ 2,637	$ 4,766	$ 762	$ 3,100	$ 904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 584				171			171
Other	(3)		(4)
Ending Balance (Attributable to Parent) at Jun. 30, 2023		1	44,866	1,615	4,937	762	3,100	1,075
Beginning Balance (Attributable to Parent) at Mar. 31, 2023		1	44,837	2,626	4,866	762	3,100	1,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(220)				71			71
Other	(1)		(2)
Ending Balance (Attributable to Parent) at Jun. 30, 2023		1	44,866	1,615	4,937	762	3,100	1,075
Beginning Balance (Attributable to Parent) at Dec. 31, 2023	49,112	1	44,920	2,235	5,100	762	3,100	1,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,038				171			171
Other	1		1	1	19		19
Ending Balance (Attributable to Parent) at Jun. 30, 2024	49,707	1	45,007	2,635	5,290	762	3,119	1,409
Beginning Balance (Attributable to Parent) at Mar. 31, 2024		1	44,937	2,542	5,194	762	3,100	1,332
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	900				77			77
Other	1			1	19		19
Ending Balance (Attributable to Parent) at Jun. 30, 2024	$ 49,707	$ 1	$ 45,007	$ 2,635	$ 5,290	$ 762	$ 3,119	$ 1,409

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Indiana - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues		$ 7,172	$ 6,578	$ 14,843	$ 13,854
Operating Expenses
Operation, maintenance and other		1,320	1,375	2,699	2,685
Depreciation and amortization		1,409	1,333	2,796	2,560
Property and other taxes		393	353	779	742
Total operating expenses		5,471	5,179	11,191	10,788
Operating Income		1,707	1,430	3,670	3,104
Other Income and Expenses, net		188	167	374	338
Interest Expense		824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes		1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations		140	119	318	274
Net Income (Loss) Attributable to Duke Energy Corporation		900	(220)	2,038	584
Other comprehensive income (loss)	[1]	(7)	55	108	29
Comprehensive Income (Loss)		914	(149)	2,180	586
Duke Energy Indiana
Operating Revenues		747	780	1,506	1,755
Operating Expenses
Cost of sales		223	248	494	697
Operation, maintenance and other		161	180	341	364
Depreciation and amortization		172	169	341	327
Property and other taxes		16	7	30	25
Total operating expenses		572	604	1,206	1,413
Operating Income		175	176	300	342
Other Income and Expenses, net		15	14	28	28
Interest Expense		58	52	115	104
Income From Continuing Operations Before Income Taxes		132	138	213	266
Income Tax Expense From Continuing Operations		22	24	36	46
Net Income (Loss) Attributable to Duke Energy Corporation		110	114	177	220
Other comprehensive income (loss)		0	0	(1)	0
Comprehensive Income (Loss)		$ 110	$ 114	$ 176	$ 220

[1] Net of income tax benefit of approximately $2 million and income tax expense of $16 million for the three months ended June 30, 2024, and 2023, respectively and approximately $32 million and $9 million of income tax expense for the six months ended June 30, 2024, and 2023, respectively.

XML

Condensed Consolidated Balance Sheets - Duke Energy Indiana - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Regulatory assets	13,446	13,618
Operating lease right-of-use assets, net	1,108	1,092
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Asset retirement obligations	636	596
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Investment tax credits	860	864
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Accumulated other comprehensive income (loss)	102	(6)
Total Liabilities and Equity	181,575	176,893
Duke Energy Indiana
Current Assets
Cash and cash equivalents	13	8
Notes receivable from affiliated companies	43	0
Inventory	587	582
Regulatory assets	107	102
Other	86	98
Total current assets	1,269	1,143
Property, Plant and Equipment
Cost	19,707	18,900
Accumulated depreciation and amortization	(6,681)	(6,501)
Net property, plant and equipment	13,026	12,399
Other Noncurrent Assets
Regulatory assets	942	894
Operating lease right-of-use assets, net	46	50
Other	366	325
Total other noncurrent assets	1,354	1,269
Total Assets	15,649	14,811
Current Liabilities
Taxes accrued	86	66
Interest accrued	61	54
Current maturities of long-term debt	4	4
Asset retirement obligations	162	120
Regulatory liabilities	181	209
Other	213	184
Total current liabilities	1,067	1,369
Long-Term Debt (includes amounts related to VIEs)	4,646	4,348
Other Noncurrent Liabilities
Deferred income taxes	1,491	1,436
Asset retirement obligations	1,120	689
Regulatory liabilities	1,435	1,459
Operating lease liabilities	42	46
Accrued pension and other post-retirement benefit costs	98	115
Investment tax credits	186	186
Other	13	0
Total other noncurrent liabilities	4,385	3,931
Commitments and Contingencies
Equity
Member's equity	5,401	5,012
Accumulated other comprehensive income (loss)	0	1
Total equity	5,401	5,013
Total Liabilities and Equity	15,649	14,811
Duke Energy Indiana | Nonrelated Party
Current Assets
Receivables (net of allowance for doubtful accounts)	422	156
Current Liabilities
Accounts payable	284	300
Duke Energy Indiana | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	11	197
Current Liabilities
Accounts payable	76	176
Notes payable to affiliated companies	0	256
Long-Term Debt (includes amounts related to VIEs)	$ 150	$ 150

XML

Condensed Consolidated Balance Sheets - Duke Energy Indiana (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Duke Energy Indiana
Allowance for doubtful accounts - receivables	$ 16	$ 5

XML

Condensed Consolidated Statements of Cash Flows - Duke Energy Indiana - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Deferred income taxes	264	(52)
Payments for asset retirement obligations	262	261
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Purchases of debt and equity securities	(2,275)	(1,594)
Proceeds from sales and maturities of debt and equity securities	2,319	1,628
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Payments for the redemption of long-term debt	(2,731)	(2,372)
Other	(108)	(95)
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Duke Energy Indiana
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	177	220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	343	328
Equity component of AFUDC	(7)	(3)
Deferred income taxes	22	0
Payments for asset retirement obligations	34	38
(Increase) decrease in
Receivables	29	(81)
Receivables from affiliated companies	(5)	0
Inventory	(5)	(104)
Other current assets	38	185
Increase (decrease) in
Accounts payable	(10)	(94)
Accounts payable to affiliated companies	(59)	(17)
Taxes accrued	20	(12)
Other current liabilities	(13)	124
Other assets	(44)	(26)
Other liabilities	(4)	78
Net cash provided by operating activities	448	560
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(489)	(450)
Purchases of debt and equity securities	(22)	(44)
Proceeds from sales and maturities of debt and equity securities	18	38
Notes receivable from affiliated companies	(160)	134
Other	(4)	(39)
Net cash used in investing activities	(657)	(361)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	298	495
Payments for the redemption of long-term debt	0	(300)
Notes payable to affiliated companies	(256)	(225)
Capital contribution from parent	235	0
Distributions to parent	(62)	(188)
Other	(1)	(1)
Net cash provided by financing activities	214	(219)
Net increase (decrease) in cash, cash equivalents and restricted cash	5	(20)
Cash, cash equivalents and restricted cash at beginning of period	8	31
Cash, cash equivalents and restricted cash at end of period	13	11
Significant non-cash transactions:
Accrued capital expenditures	$ 108	$ 116

XML

Condensed Consolidated Statements of Changes in Equity - Duke Energy Indiana - USD ($) $ in Millions	Total	Duke Energy Indiana	Duke Energy Indiana Member's Equity	Duke Energy Indiana Pension and OPEB Adjustments
Beginning balance at Dec. 31, 2022		$ 4,703	$ 4,702	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 584	220	220
Distributions to parent	(1,553)	(96)	(96)
Other	(3)
Ending balance at Jun. 30, 2023		4,827	4,826	1
Beginning balance at Mar. 31, 2023		4,734	4,733	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(220)	114	114
Distributions to parent	(777)	(21)	(21)
Other	(1)
Ending balance at Jun. 30, 2023		4,827	4,826	1
Beginning balance at Dec. 31, 2023		5,013	5,012	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,038	177	177
Contribution from parent		235	235
Distributions to parent	(1,586)	(20)	(20)
Other	1	(4)	(3)	$ (1)
Ending balance at Jun. 30, 2024		5,401	5,401
Beginning balance at Mar. 31, 2024		5,078	5,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	900	110	110
Contribution from parent		235	235
Distributions to parent	(794)	(20)	(20)
Other	$ 1	(2)	(2)
Ending balance at Jun. 30, 2024		$ 5,401	$ 5,401

XML

Condensed Consolidated Statements of Operations and Comprehensive Income - Piedmont - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Revenues	$ 7,172	$ 6,578	$ 14,843	$ 13,854
Operating Expenses
Operation, maintenance and other	1,320	1,375	2,699	2,685
Depreciation and amortization	1,409	1,333	2,796	2,560
Property and other taxes	393	353	779	742
Impairment of assets and other charges	43	0	44	8
Total operating expenses	5,471	5,179	11,191	10,788
Operating Income	1,707	1,430	3,670	3,104
Other Income and Expenses, net	188	167	374	338
Interest Expense	824	727	1,641	1,447
Income From Continuing Operations Before Income Taxes	1,071	870	2,403	1,995
Income Tax Expense From Continuing Operations	140	119	318	274
Net Income (Loss) Attributable to Duke Energy Corporation	900	(220)	2,038	584
Comprehensive Income (Loss) Attributable to Duke Energy	893	(165)	2,146	613
Piedmont
Operating Revenues	244	236	920	911
Operating Expenses
Cost of natural gas	58	59	228	265
Operation, maintenance and other	85	82	180	171
Depreciation and amortization	64	59	126	116
Property and other taxes	16	14	31	30
Impairment of assets and other charges	0	(5)	0	(4)
Total operating expenses	223	209	565	578
Operating Income	21	27	355	333
Other Income and Expenses, net	17	16	34	32
Interest Expense	43	39	88	79
Income From Continuing Operations Before Income Taxes	(5)	4	301	286
Income Tax Expense From Continuing Operations	(1)	1	59	51
Net Income (Loss) Attributable to Duke Energy Corporation	(4)	3	242	235
Comprehensive Income (Loss) Attributable to Duke Energy	$ (4)	$ 3	$ 242	$ 235

XML

Condensed Consolidated Balance Sheets - Piedmont - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 390	$ 253
Receivables (net of allowance for doubtful accounts)	2,127	1,112
Inventory	4,390	4,292
Regulatory assets	2,663	3,648
Other (includes amounts related to VIEs)	436	431
Total current assets	12,557	12,769
Property, Plant and Equipment
Cost	177,974	171,353
Accumulated depreciation and amortization	(57,874)	(56,038)
Net property, plant and equipment	120,100	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets	13,446	13,618
Operating lease right-of-use assets, net	1,108	1,092
Investments in equity method unconsolidated affiliates	483	492
Other	3,556	3,964
Total other noncurrent assets	48,918	48,809
Total Assets	181,575	176,893
Current Liabilities
Accounts payable	3,777	4,228
Taxes accrued	748	816
Interest accrued	790	745
Current maturities of long-term debt	2,340	2,800
Regulatory liabilities	1,228	1,369
Other	2,212	2,319
Total current liabilities	15,482	17,283
Long-Term Debt (includes amounts related to VIEs)	76,439	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,773	10,556
Asset retirement obligations	9,718	8,560
Regulatory liabilities	14,557	14,039
Operating lease liabilities	925	917
Accrued pension and other post-retirement benefit costs	437	485
Other	1,466	1,393
Total other noncurrent liabilities	38,848	36,971
Commitments and Contingencies
Equity
Common stock	1	1
Retained earnings	2,635	2,235
Total Duke Energy Corporation stockholders' equity	49,707	49,112
Noncontrolling interests	1,099	1,075
Total equity	50,806	50,187
Total Liabilities and Equity	181,575	176,893
Piedmont
Current Assets
Cash and cash equivalents	3	0
Inventory	47	112
Regulatory assets	135	161
Other (includes amounts related to VIEs)	67	7
Total current assets	412	601
Property, Plant and Equipment
Cost	12,409	11,908
Accumulated depreciation and amortization	(2,353)	(2,259)
Net property, plant and equipment	10,056	9,649
Other Noncurrent Assets
Goodwill	49	49
Regulatory assets	416	410
Operating lease right-of-use assets, net	4	4
Investments in equity method unconsolidated affiliates	78	78
Other	286	276
Total other noncurrent assets	833	817
Total Assets	11,301	11,067
Current Liabilities
Accounts payable	208	315
Taxes accrued	37	89
Interest accrued	39	39
Current maturities of long-term debt	40	40
Regulatory liabilities	85	98
Other	72	77
Total current liabilities	1,223	1,250
Long-Term Debt (includes amounts related to VIEs)	3,629	3,628
Other Noncurrent Liabilities
Deferred income taxes	972	933
Asset retirement obligations	27	26
Regulatory liabilities	970	988
Operating lease liabilities	9	10
Accrued pension and other post-retirement benefit costs	6	8
Other	171	172
Total other noncurrent liabilities	2,155	2,137
Commitments and Contingencies
Equity
Common stock	1,635	1,635
Retained earnings	2,658	2,416
Total Duke Energy Corporation stockholders' equity	4,293	4,051
Noncontrolling interests	1	1
Total equity	4,294	4,052
Total Liabilities and Equity	11,301	11,067
Piedmont | Nonrelated Party
Current Assets
Receivables (net of allowance for doubtful accounts)	148	311
Piedmont | Affiliated Entity
Current Assets
Receivables (net of allowance for doubtful accounts)	12	10
Current Liabilities
Accounts payable	58	54
Notes payable to affiliated companies	$ 684	$ 538

XML

Condensed Consolidated Balance Sheets - Piedmont (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts - receivables	$ 119	$ 55
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	772,000,000	771,000,000
Piedmont
Allowance for doubtful accounts - receivables	$ 11	$ 11
Common stock, shares authorized (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100

XML

Condensed Consolidated Statements of Cash Flows - Duke Energy Piedmont - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,072	$ 557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	3,100	2,916
Equity component of AFUDC	(116)	(97)
Impairment of assets and other charges	44	8
Deferred income taxes	264	(52)
Equity in earnings of unconsolidated affiliates	(38)	(29)
(Increase) decrease in
Receivables	(19)	586
Inventory	(86)	(517)
Other current assets	502	(41)
Increase (decrease) in
Accounts payable	(215)	(1,245)
Taxes accrued	(68)	(8)
Other current liabilities	(252)	(154)
Other assets	331	608
Other liabilities	227	82
Net cash provided by operating activities	5,427	3,785
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(6,204)	(6,265)
Other	(408)	(366)
Net cash used in investing activities	(6,575)	(6,508)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	6,372	7,094
Net cash provided by financing activities	1,274	2,687
Net increase (decrease) in cash, cash equivalents and restricted cash	126	(36)
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	483	567
Significant non-cash transactions:
Accrued capital expenditures	1,721	1,398
Piedmont
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	242	235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	127	117
Equity component of AFUDC	(13)	(10)
Impairment of assets and other charges	0	(4)
Deferred income taxes	21	33
Equity in earnings of unconsolidated affiliates	(4)	(4)
(Increase) decrease in
Receivables	162	317
Receivables from affiliated companies	(2)	(2)
Inventory	65	98
Other current assets	(38)	(57)
Increase (decrease) in
Accounts payable	(44)	(84)
Accounts payable to affiliated companies	4	(7)
Taxes accrued	(53)	(44)
Other current liabilities	(8)	27
Other assets	(10)	(7)
Other liabilities	8	4
Net cash provided by operating activities	457	612
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(571)	(535)
Other	(29)	(15)
Net cash used in investing activities	(600)	(550)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	0	348
Notes payable to affiliated companies	146	(410)
Net cash provided by financing activities	146	(62)
Net increase (decrease) in cash, cash equivalents and restricted cash	3	0
Cash, cash equivalents and restricted cash at beginning of period	0	0
Cash, cash equivalents and restricted cash at end of period	3	0
Significant non-cash transactions:
Accrued capital expenditures	$ 159	$ 126

XML

Condensed Consolidated Statements of Changes in Equity - Piedmont - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Total Equity	Noncontrolling Interests	Piedmont	Piedmont Common Stock	Piedmont Retained Earnings	Piedmont Total Equity	Piedmont Noncontrolling Interests
Beginning Balance (Attributable to Parent) at Dec. 31, 2022		$ 1	$ 2,637	$ 49,322			$ 1,635	$ 2,037	$ 3,672
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022					$ 2,531					$ 1
Beginning Balance (Parent) at Dec. 31, 2022	$ 51,853					$ 3,673
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	557					235		235	235
Ending Balance (Attributable to Parent) at Jun. 30, 2023		1	1,615	48,333			1,635	2,272	3,907
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023					2,738					1
Ending Balance (Parent) at Jun. 30, 2023	51,071					3,908
Beginning Balance (Attributable to Parent) at Mar. 31, 2023		1	2,626	49,260			1,635	2,269	3,904
Beginning Balance (Attributable to Noncontrolling Interest) at Mar. 31, 2023					2,691					1
Beginning Balance (Parent) at Mar. 31, 2023	51,951					3,905
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(204)					3		3	3
Ending Balance (Attributable to Parent) at Jun. 30, 2023		1	1,615	48,333			1,635	2,272	3,907
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2023					2,738					1
Ending Balance (Parent) at Jun. 30, 2023	51,071					3,908
Beginning Balance (Attributable to Parent) at Dec. 31, 2023	49,112	1	2,235	49,112		4,051	1,635	2,416	4,051
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2023	1,075				1,075	1				1
Beginning Balance (Parent) at Dec. 31, 2023	50,187					4,052
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,072					242		242	242
Ending Balance (Attributable to Parent) at Jun. 30, 2024	49,707	1	2,635	49,707		4,293	1,635	2,658	4,293
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2024	1,099				1,099	1				1
Ending Balance (Parent) at Jun. 30, 2024	50,806					4,294
Beginning Balance (Attributable to Parent) at Mar. 31, 2024		1	2,542	49,551			1,635	2,662	4,297
Beginning Balance (Attributable to Noncontrolling Interest) at Mar. 31, 2024					1,087					1
Beginning Balance (Parent) at Mar. 31, 2024	50,638					4,298
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	921					(4)		(4)	(4)
Ending Balance (Attributable to Parent) at Jun. 30, 2024	49,707	$ 1	$ 2,635	$ 49,707		4,293	$ 1,635	$ 2,658	$ 4,293
Ending Balance (Attributable to Noncontrolling Interest) at Jun. 30, 2024	1,099				$ 1,099	1				$ 1
Ending Balance (Parent) at Jun. 30, 2024	$ 50,806					$ 4,294

XML

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the six months ended June 30, 2024, and 2023, the Loss From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

NONCONTROLLING INTEREST

Duke Energy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

	June 30, 2024										December 31, 2023
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	390	$	9	$	85	$	33	$	35	$	253	$	9	$	59	$	18	$	24
Other	74		10		64		32		32		76		9		67		31		36
Other Noncurrent Assets
Other	18		1		11		5		6		16		1		9		2		7
Total cash, cash equivalents and restricted cash	$	482	$	20	$	160	$	70	$	73	$	345	$	19	$	135	$	51	$	67

INVENTORY

Provisions for inventory write-offs were not material at June 30, 2024, and December 31, 2023. The components of inventory are presented in the tables below.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,254	$	1,094	$	1,588	$	1,051	$	537	$	150	$	373	$	12
Coal	846		372		233		146		87		29		212		—
Natural gas, oil and other fuel	290		43		198		106		92		12		2		35
Total inventory	$	4,390	$	1,509	$	2,019	$	1,303	$	716	$	191	$	587	$	47

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,086	$	1,075	$	1,465	$	963	$	502	$	139	$	361	$	12
Coal	842		364		231		154		77		28		219		—
Natural gas, oil and other fuel	364		45		205		110		95		12		2		100
Total inventory	$	4,292	$	1,484	$	1,901	$	1,227	$	674	$	179	$	582	$	112

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets on the Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023. The asset is recorded in the EU&I segment at historical cost and is subject to impairment testing should circumstances indicate the carrying value may not be recoverable.

ACCOUNTS PAYABLE

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion, which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

The following table represents the changes in confirmed obligations outstanding for the six months ended June 30, 2024, and 2023.

	Three months ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at March 31, 2023	$	52	$	7	$	15	$	6	$	9	$	—	$	—	$	29
Invoices confirmed during the period	55		10		20		12		8		2		—		24
Confirmed invoices paid during the period	(67)		(12)		(21)		(6)		(15)		—		—		(34)
Confirmed obligations outstanding at June 30, 2023	$	40	$	5	$	14	$	12	$	2	$	2	$	—	$	19
Confirmed obligations outstanding at the March 31, 2024	$	76	$	—	$	2	$	—	$	2	$	—	$	—	$	74
Invoices confirmed during the period	63		—		—		—		—		—		—		63
Confirmed invoices paid during the period	(111)		—		(2)		—		(2)		—		—		(109)
Confirmed obligations outstanding at June 30, 2024	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	28
	Six Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	114		20		42		23		19		3		—		49
Confirmed invoices paid during the period	(161)		(21)		(47)		(19)		(28)		(6)		—		(87)
Confirmed obligations outstanding at June 30, 2023	$	40	$	5	$	14	$	12	$	2	$	2	$	—	$	19
Confirmed obligations outstanding at December 31, 2023	$	50	$	—	$	3	$	—	$	3	$	—	$	—	$	47
Invoices confirmed during the period	120		—		1		—		1		—		—		119
Confirmed invoices paid during the period	(142)		—		(4)		—		(4)		—		—		(138)
Confirmed obligations outstanding at June 30, 2024	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	28

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2024.

XML

Dispositions

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

DISPOSITIONS

Sale of Commercial Renewables Segment

In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. The balance of the remaining proceeds to be received of $538 million is included in Receivable from sales of Commercial Renewables Disposal Groups, as of June 30, 2024, and $531 million is included in Other, within Other Noncurrent Assets, as of December 31, 2023, on Duke Energy's Consolidated Balance Sheets. The disposal process for the remaining assets is expected to be completed in 2024, with net proceeds from the dispositions not anticipated to be material.

Assets Held For Sale and Discontinued Operations

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations and no adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented.

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Current Assets Held for Sale
Other	$	4	$	14
Total current assets held for sale	4		14
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	98		247
Accumulated depreciation and amortization	(24)		(57)
Net property, plant and equipment	74		190
Operating lease right-of-use assets, net	4		4
Other	—		3
Total other noncurrent assets held for sale	4		7
Total Assets Held for Sale	$	82	$	211
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	19	$	9
Taxes accrued	1		3
Current maturities of long-term debt	43		5
Unrealized losses on commodity hedges	16		68
Other	2		37
Total current liabilities associated with assets held for sale	81		122
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	—		39
Operating lease liabilities	5		5
Asset retirement obligations	8		8
Unrealized losses on commodity hedges	88		94
Other	11		11
Total other noncurrent liabilities associated with assets held for sale	112		157
Total Liabilities Associated with Assets Held for Sale	$	193	$	279

As of June 30, 2024, and December 31, 2023, the noncontrolling interest balance is $13 million and $66 million, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating revenues	$	13	$	110	$	7	$	190
Operation, maintenance and other	12		88		16		177
Property and other taxes	1		9		1		19
Other income and expenses, net	—		(3)		—		(7)
Interest expense	—		12		2		43
Loss on disposal	15		1,214		5		1,434
Loss before income taxes	(15)		(1,216)		(17)		(1,490)
Income tax benefit	(5)		(261)		(4)		(326)
Loss from discontinued operations	$	(10)	$	(955)	$	(13)	$	(1,164)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	—		7		—		71
Net loss from discontinued operations attributable to Duke Energy Corporation	$	(10)	$	(948)	$	(13)	$	(1,093)

The Commercial Renewables Disposal Groups' assets held for sale amounts presented above reflect pretax impairments recorded against property, plant and equipment of approximately $169 million and $278 million as of June 30, 2024, and December 31, 2023, respectively. The carrying amounts for the remaining assets will be updated, if necessary, based on final disposition amounts.

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Six Months Ended
	June 30,
(in millions)	2024		2023
Cash flows provided by (used in):
Operating activities	$	7	$	274
Investing activities	(13)		(417)

Other Sale-Related Matters

Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to all but one of the project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. In May 2024, the remaining claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. See Note 5 for more information.

As part of the purchase and sale agreement for the distributed generation group, Duke Energy has agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that will be disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.

XML

Business Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Duke Energy

Duke Energy's segment structure includes the following two segments: EU&I and GU&I.

The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay.

The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Three Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,802	$	359	$	7,161	$	11	$	—	$	7,172
Intersegment revenues	18		22		40		29		(69)		—
Total revenues	$	6,820	$	381	$	7,201	$	40	$	(69)	$	7,172
Segment income (loss)(a)	$	1,090	$	6	$	1,096	$	(200)	$	—	$	896
Add: Noncontrolling interests											21
Add: Preferred stock dividend											14
Discontinued operations											(10)
Net Income											$	921
Segment assets(b)	$	159,770	$	17,600	$	177,370	$	4,205	$	—	$	181,575

	Three Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,232	$	337	$	6,569	$	9	$	—	$	6,578
Intersegment revenues	18		22		40		25		(65)		—
Total revenues	$	6,250	$	359	$	6,609	$	34	$	(65)	$	6,578
Segment income (loss)	$	850	$	25	$	875	$	(161)	$	—	$	714
Add: Noncontrolling interests											16
Add: Preferred stock dividend											14
Discontinued operations											(948)
Net Loss											$	(204)

(a)EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the South Carolina rate case order.

(b)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

	Six Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	13,587	$	1,238	$	14,825	$	18	$	—	$	14,843
Intersegment revenues	36		45		81		60		(141)		—
Total revenues	$	13,623	$	1,283	$	14,906	$	78	$	(141)	$	14,843
Segment income (loss)(a)	$	2,111	$	290	$	2,401	$	(403)	$	—	$	1,998
Add: Noncontrolling interests											34
Add: Preferred stock dividend											53
Discontinued operations											(13)
Net Income											$	2,072

	Six Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	12,613	$	1,225	$	13,838	$	16	$	—	$	13,854
Intersegment revenues	35		45		80		49		(129)		—
Total revenues	$	12,648	$	1,270	$	13,918	$	65	$	(129)	$	13,854
Segment income (loss)	$	1,641	$	312	$	1,953	$	(329)	$	—	$	1,624
Add: Noncontrolling interests											(27)
Add: Preferred stock dividend											53
Discontinued operations											(1,093)
Net Income											$	557

(a)EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the South Carolina rate case order.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.

	Three Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	476	$	132	$	608	$	—	$	—	$	608
Segment income (loss)/Net income	$	69	$	9	$	78	$	(1)	$	—	$	77
Segment assets	$	8,034	$	4,389	$	12,423	$	13	$	165	$	12,601

	Three Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	465	$	124	$	589	$	—	$	589
Segment income (loss)/Net income	$	54	$	18	$	72	$	(1)	$	71

	Six Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	934	$	352	$	1,286	$	—	$	1,286
Segment income (loss)/Net income	$	124	$	50	$	174	$	(3)	$	171

	Six Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	939	$	359	$	1,298	$	—	$	1,298
Segment income (loss)/Net income	$	103	$	70	$	173	$	(2)	$	171

XML

Regulatory Matters

6 Months Ended

Jun. 30, 2024

Regulated Operations [Abstract]

Regulatory Matters

REGULATORY MATTERS

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants and Duke Energy Kentucky cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy Carolinas and Duke Energy Progress

Nuclear Station Subsequent License Renewal

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, on February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the Hearing Request proceeding.

On February 24, 2022, the NRC issued a decision in the SLR appeal related to Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. Although Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On March 6, 2024, the NRC staff submitted the rulemaking, which included the updated GEIS, to the NRC. The NRC approved the publication of the final rule on May 16, 2024. The updated GEIS was finalized and published on August 1, 2024 and the final rule is expected to be issued in early August 2024.

On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify 18 potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. On February 8, 2024, the NRC issued the Oconee site-specific draft EIS. The NRC and EPA published the notice for the public to submit comments on the ONS site-specific draft EIS. On April 29, 2024, the petitioners filed a Hearing Request. The request proposed three contentions and claimed that the ONS site-specific draft EIS is inadequate to satisfy the requirements of NEPA and the NRC’s NEPA-implementing regulations. Duke Energy Carolinas provided responses to the proposed contentions by May 31, 2024 as ordered by the ASLB. On June 24, 2024, the ASLB convened a pre-hearing conference to obtain information and ask questions concerning the admissibility of the Petitioners' contentions. The ASLB's decision is expected to be issued in August 2024.

On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACRS) on February 2, 2023, to discuss issues regarding the SER and SLR application. On February 25, 2023, the ACRS issued a report to the NRC on the safety aspects of the ONS SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that ONS can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for ONS should be approved.

Although the NRC’s GEIS applicability decision has delayed completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process.

Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations.

Duke Energy Carolinas

2023 North Carolina Rate Case

On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included a multiyear rate plan (MYRP) to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB 951. The application as originally filed requested an overall retail revenue increase of $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million, or 15.7%, by early 2026. The rate increase is driven primarily by transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carolinas Carbon Plan (Carbon Plan).

On August 22, 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the Public Staff in connection with its PBR application. The partial settlement included, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the Public Staff resolving additional issues, including the future treatment of nuclear production tax credits related to the Inflation Reduction Act, through a stand-alone rider that will provide the benefits to customers beginning January 1, 2025.

On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Carolinas implemented interim rates, subject to refund, on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.

On February 13, 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of various electric membership corporations (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated the appeal with the parallel appeal of the NCUC's order regarding the Duke Energy Progress PBR application. The briefing is scheduled to be completed by November 22, 2024. Duke Energy Carolinas anticipates a decision to be issued by the third quarter of 2025.

2024 South Carolina Rate Case

On January 4, 2024, Duke Energy Carolinas filed a rate case with the PSCSC to request an increase in base rate retail revenues. On May 17, 2024, Duke Energy Carolinas and the Office of Regulatory Staff, as well as other consumer, environmental, and industrial intervening parties, filed an Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the settlement include a $240 million annual customer rate increase, prior to a reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT of $84 million annually over the first two years. The stipulation includes an ROE of 9.94% with an equity ratio of 51.21% and resolves recovery of the Company's continued investments in the grid, its new corporate headquarters and environmental compliance costs. The PSCSC held a hearing on May 20, 2024, to consider evidence supporting the stipulation. On July 3, 2024, the PSCSC issued its final order approving an increase in base rates, and approving nearly all components of the Agreement and Stipulation of Settlement. The order revised recovery of certain environmental compliance costs, the only provision of the settlement agreement not fully approved by the PSCSC. As a result, Duke Energy Carolinas recognized pretax charges of $33 million within Impairment of assets and other charges, $2 million within Operations, maintenance and other, partially offset by an $11 million reduction in Interest expense, for the three and six months ended June 30, 2024, on the Condensed Consolidated Statements of Operations. Based upon the order, after accelerating the EDIT giveback to customers, the net rate increase is $150 million annually for the first two years. Revised customer rates were effective August 1, 2024, and are based upon a South Carolina retail rate base of $7.4 billion.

Marshall Combustion Turbines CPCN

On March 14, 2024, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle combustion turbines (CTs) at the site of the existing Marshall Steam Station. The two new CTs – totaling approximately 850 MW – will enable the retirement of Marshall coal units 1 and 2 and provide incremental capacity to support system capacity needs and expanded flexibility to support integration of renewables. Pending regulatory approvals, construction is planned to start in 2026, and the CTs are targeted to be placed into service by the end of 2028. As part of the application, Duke Energy Carolinas noted that Construction Work in Progress for the proposed facility will accrue AFUDC and will not be in rate base, resulting in no impact on Duke Energy Carolinas' North Carolina retail revenue requirement during the construction period. The 2029 North Carolina retail revenue requirement for the proposed facility is estimated to be $104 million, representing an approximate average retail rate increase of 2.2% across all classes.

Duke Energy Progress

2022 North Carolina Rate Case

On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB 951. The overall retail revenue increase as originally filed would have been $326 million in Year 1, $151 million in Year 2 and $138 million in Year 3, for a combined total of $615 million, by late 2025. The rate increase is driven primarily by transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan.

On April 26, 2023, Duke Energy Progress filed with the NCUC a partial settlement with Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.

On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Progress implemented interim rates, subject to refund, on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.

On October 17, 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. On November 6, 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. On November 9, 2023, Duke Energy Progress, the Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated the appeal with the parallel appeal of the NCUC's order regarding the Duke Energy Carolinas PBR application. The briefing is scheduled to be completed by November 22, 2024. Duke Energy Progress anticipates a decision to be issued by the third quarter of 2025.

2023 South Carolina Storm Securitization

On May 31, 2023, Duke Energy Progress filed a petition with the PSCSC requesting authorization for the financing of Duke Energy Progress' storm recovery costs through securitization due to storm recovery activities required as a result of the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. On September 8, 2023, Duke Energy Progress filed a comprehensive settlement agreement with all parties on all cost recovery issues raised in the storm securitization proceeding.

The evidentiary hearing occurred in early September 2023. On September 20, 2023, the PSCSC approved the comprehensive settlement agreement and on October 13, 2023, the PSCSC issued its financing order. The storm recovery bonds of $177 million were issued by Duke Energy Progress on April 25, 2024. Duke Energy Progress implemented storm recovery charges effective May 1, 2024. See Notes 6 and 13 for more information.

Person County Combined Cycle CPCN

On March 28, 2024, Duke Energy Progress filed with the NCUC its application to construct and operate a 1,360-MW hydrogen-capable, advanced-class combined-cycle generating facility (CC) in Person County at the site of the existing Roxboro Plant. Subject to negotiation of final contractual terms, the new Roxboro CC will be co-owned with the North Carolina Electric Membership Corporation (NCEMC), with Duke Energy Progress owning approximately 1,135 MW and NCEMC owning the remaining 225 MW. Pending regulatory approvals, construction is planned to start in 2026, with the CC targeted to be placed in service by the end of 2028. The CC will allow for the retirement of Roxboro’s coal-fired units 1 and 4. As part of the application, Duke Energy Progress noted that the recovery of Construction Work in Progress during the construction period for the proposed facility may be pursued in a future rate case. The 2029 North Carolina retail revenue requirement for the proposed facility is estimated to be $98 million, representing an approximate average retail rate increase of 2.6% across all classes.

Duke Energy Florida

2021 Settlement Agreement

On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”).

Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based upon an equity ratio of 53%. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC on August 12, 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida will be able to retain $173 million of the expected Department of Energy (DOE) award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida is permitted to recognize the $173 million into earnings through the approved settlement period. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $180 million on June 15, 2022, of which the retail portion was approximately $154 million. The 2021 Settlement authorizes Duke Energy Florida to collect the difference between $173 million and the $154 million retail portion of the amount received through the capacity cost recovery clause. As of June 30, 2024, Duke Energy Florida has recognized $157 million (pretax) into earnings, including $8 million and $9 million recognized during the three months ended June 30, 2024, and 2023, respectively, and $16 million and $63 million recognized during the six months ended June 30, 2024, and 2023, respectively. The remaining $16 million is expected to be recognized in 2024.

The 2021 Settlement also contained a provision to recover or flow back the effects of tax law changes. As a result of the IRA enacted on August 16, 2022, Duke Energy Florida is eligible for PTCs associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC on October 17, 2022, to reduce base rates effective January 1, 2023, by $56 million to flow back the expected 2023 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida's petition.

In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian.

The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.

Clean Energy Connection

On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program consisting of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion and the projects are expected to be completed by the end of 2024. This investment is included in base rates offset by the revenue from the subscription fees and the credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021.

On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. On September 23, 2022, the FPSC issued a revised order and submitted it on September 26, 2022, to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed February 6, 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the court has yet to rule on that request. The FPSC approval order remains in effect pending the outcome of the appeal.

Storm Protection Plan

On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approximately $7 billion of capital investment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. The evidentiary hearing began on August 2, 2022. On October 4, 2022, the FPSC voted to approve Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025. On December 9, 2022, the OPC filed a notice of appeal of this order to the Florida Supreme Court. The OPC's initial brief was filed on April 18, 2023. Duke Energy Florida filed its answer brief on July 17, 2023. The OPC's reply brief was filed on October 16, 2023. The Florida Supreme Court heard oral arguments on February 7, 2024.

Hurricanes Ian and Idalia

On September 28, 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. After depleting any existing storm reserves, which were approximately $107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $132 million. Duke Energy Florida filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve on January 23, 2023, seeking recovery of $442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. On March 7, 2023, the FPSC approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida filed documentation evidencing its total actual storm costs of $431 million on September 29, 2023. The FPSC approved the prudence of these costs at a final hearing on May 21, 2024.

On August 30, 2023, Hurricane Idalia made landfall on Florida’s gulf coast, causing damage and impacting more than 200,000 customers across Duke Energy Florida's service territory. On October 16, 2023, Duke Energy Florida requested to combine the $92 million retail portion of the deferred estimated Hurricane Idalia costs with $74 million of costs projected to be collected after December 31, 2023, under the existing approved storm cost recovery and storm surcharge. This $74 million of costs relates primarily to the approved ongoing replenishment of the storm reserves. At its December 5, 2023 Agenda Conference, the FPSC approved recovery of the total $166 million over 12 months beginning with its first billing cycle in January 2024, replacing the previously approved storm cost recovery and storm surcharge, and ordered Duke Energy Florida to file documentation of the total actual Idalia-related storm costs, once known. Revised rates were effective January 1, 2024.

2024 Florida Rate Case

On April 2, 2024, Duke Energy Florida filed a formal request for new base rates with the FPSC. Duke Energy Florida has proposed a three-year rate plan that would begin in January 2025, once its current base rate settlement agreement concludes at the end of 2024. Duke Energy Florida proposed multiyear rate increases that use the projected 12-month periods ending December 31, 2025, 2026, and 2027 as the test years, with adjusted rates to be effective with the first billing period of January 2025, 2026, and 2027, respectively. Duke Energy Florida requested additional base rate revenue requirements of approximately $593 million in 2025, $98 million in 2026 and $129 million in 2027, representing an average annual increase in revenue requirements of approximately 4% over 2025 through 2027. Duke Energy Florida requested an ROE midpoint at 11.15% and an equity ratio of 53%.

On July 15, 2024, Duke Energy Florida filed a settlement agreement with the FPSC. The parties to the settlement include Duke Energy Florida, the Office of Public Counsel and other intervening parties. Pursuant to the settlement, the parties agreed to a base rate stay-out provision that expires year-end 2027; however, Duke Energy Florida is allowed an increase to its base rates in 2025 and 2026, as well as utilization of certain tax benefits in lieu of a revenue increase in 2027. Additionally, revenue increases related to solar investments will be recovered via the Solar Base Rate Adjustment mechanism. The parties also agreed to an ROE band of 9.3% to 11.3% with a midpoint of 10.3% with an equity ratio of 53%. If approved, the agreement will provide $203 million and $59 million in base rate increases in 2025 and 2026, respectively, as well as increases associated with investments in 12 new solar facilities as they come online, estimated at $12 million, $71 million and $58 million in 2025, 2026 and 2027, respectively. The settlement is subject to the review and approval of the FPSC and a hearing has been scheduled to begin on August 21, 2024.

Duke Energy Ohio

Duke Energy Ohio Electric Base Rate Case

Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million. On September 19, 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which includes an increase in overall electric distribution base rates of approximately $23 million with an equity ratio of 50.5% and an ROE of 9.5%. The stipulation is among all but one party to the proceeding. The PUCO issued an order on December 14, 2022, approving the Stipulation without material modification. Rates went into effect on January 3, 2023. The Ohio Consumers' Counsel filed an application for rehearing on January 13, 2023, arguing the Stipulation was unreasonable, discriminatory, and denied OCC due process. On March 20, 2024, the PUCO issued its Second Entry on Rehearing, denying OCC's rehearing application. The deadline for OCC to seek an appeal has expired and the matter is now closed.

Duke Energy Ohio Natural Gas Base Rate Case

Duke Energy Ohio filed with the PUCO a natural gas base rate case application on June 30, 2022, with supporting testimony filed on July 14, 2022, requesting an increase in natural gas base rates of approximately $49 million. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its CEP rider. On April 28, 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded on May 24, 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed. New rates went into effect November 1, 2023. On December 1, 2023, the OCC filed an application for rehearing. On December 13, 2023, the PUCO granted OCC's application for rehearing for further consideration of issues raised.

Duke Energy Ohio Electric Security Plan

On April 1, 2024, Duke Energy Ohio filed with the PUCO a request for an Electric Security Plan (ESP). The ESP application proposes a three-year term from June 1, 2025 through May 31, 2028 and includes continuation of market-based customer rates through competitive procurement processes for generation and continuation and expansion of existing rider mechanisms. Duke Energy Ohio is proposing a new rider mechanism relating to electric distribution infrastructure modernization programs, which may be enabled by and partially funded through federal or state funding opportunities, future battery storage projects, and two proposed electric vehicle programs. Additional proposed new rider mechanisms are related to solar for all investments for low-income and disadvantaged communities, low-income senior citizen bill assistance, and energy efficiency and demand-side management programs. An evidentiary hearing is scheduled to commence on October 22, 2024.

Duke Energy Kentucky Electric Base Rate Case

On December 1, 2022, Duke Energy Kentucky filed a rate case with the KPSC requesting an annualized increase in electric base rates of approximately $75 million. The request for rate increase was driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine (CT) generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. New rates went into effect October 13, 2023. The Company's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC did approve the request to align the depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and the two electric vehicle charging programs.

On November 1, 2023, Duke Energy Kentucky filed for rehearing requesting certain matters be reconsidered by the KPSC. On November 21, 2023, KPSC granted in part and denied in part the Company's request for rehearing. On February 15, 2024, the KPSC issued a briefing schedule for the rehearing process. The briefing concluded on April 1, 2024, and the matter was submitted for decision on April 2, 2024. On July 1, 2024, the KPSC issued its final order on rehearing, ruling in Duke Energy Kentucky's favor on nearly all issues. However, the KPSC ordered Duke Energy Kentucky to refund alleged over collections since the KPSC's October 12, 2023 order. On July 10, 2024, the KPSC issued an order correcting the base fuel rate used to calculate new base rates in its July 1, 2024 order and its calculation of Duke Energy Kentucky's Street Lighting Rate. New rates were implemented in August 2024.

On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to including decommissioning costs in depreciation rates for East Bend and Woodsdale. Duke Energy Kentucky filed its initial brief in June 2024. Appellee briefs are due September 24, 2024, and Duke Energy Kentucky's reply brief is due November 8, 2024.

Duke Energy Indiana

Indiana Coal Ash Recovery

In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed.

In the second quarter of 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021 order date. On September 20, 2023, the IURC approved the Company's proposal to remove the costs from its rates and assessed simple interest of the refunds of 4.71%, beginning from when the costs were initially recovered from customers. Duke Energy Indiana seeks to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs in the 2024 Indiana Rate Case.

Duke Energy Indiana filed a new petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. An evidentiary hearing was held on January 25, 2024. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. On June 7, 2024, the Citizens Action Coalition of Indiana (CAC) filed a motion to appeal the IURC order for the coal ash CPCN proceeding.

TDSIC 2.0

On November 23, 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve customer reliability, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In addition, the IURC set up a subdocket to consider a targeted economic development project, which the IURC approved on March 2, 2022. On July 15, 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. An appellant brief was filed on October 28, 2022, and Duke Energy Indiana filed its responsive brief on December 28, 2022. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the IURC’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. The Indiana Supreme Court granted transfer and held an oral argument on September 28, 2023 and the parties await the court's decision.

2024 Indiana Rate Case

On April 4, 2024, Duke Energy Indiana filed an application with the IURC for a rate increase of $492 million, representing an overall average bill increase of approximately 16.2%, which, if approved, would be added to retail customer bills in two steps, approximately 11.7% in 2025 and approximately 4.5% in 2026. Duke Energy Indiana requested an ROE of 10.5% with an equity ratio of 53%. The rate increase is driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system, and advance environmental sustainability. An evidentiary hearing is scheduled to begin August 29, 2024.

Piedmont

2024 North Carolina Rate Case

On April 1, 2024, Piedmont filed an application with the NCUC for a rate increase for retail customers of approximately $159 million, which represents a 12.5% increase in retail revenues. Piedmont requested an ROE of 10.5% with an equity ratio of 53%. The rate increase is driven by significant infrastructure upgrade investments since the last general rate case, offset by lower fixed natural gas costs and remaining federal and state tax reform savings to be received by customers. Approximately 40% of the plant additions being rolled into rate base are categories of plant investment that are covered under the IMR mechanism, which was originally approved as part of the 2013 North Carolina Rate Case. Piedmont plans to implement revised interim rates by November 1, 2024. An evidentiary hearing is scheduled to begin September 17, 2024.

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.

Remediation Activities

In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Reserves for Environmental Remediation
Duke Energy	$	82	$	88
Duke Energy Carolinas	23		23
Progress Energy	20		19
Duke Energy Progress	9		9
Duke Energy Florida	10		10
Duke Energy Ohio	31		36
Duke Energy Indiana	2		2
Piedmont	7		7

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy

Texas Storm Uri Tort Litigation

Duke Energy (Parent), several Duke Energy renewables project companies, and others in the ERCOT market were named in multiple lawsuits arising out of Texas Storm Uri, which occurred in February 2021. These lawsuits seek recovery for property damage, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators including Duke Energy entities, transmission and distribution operators (TDUs), retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed.

On January 28, 2023, the court denied certain motions including those by the generator defendants and TDUs and granted others. The generators and TDUs filed separate petitions for Writ of Mandamus to the Texas Court of Appeals seeking to overturn the denials. The TDUs' petition, filed first, was accepted and oral argument was held on October 23, 2023. In the cases against the generators, plaintiffs have dismissed the claims against Duke Energy (Parent). However, before Duke Energy (Parent) was dismissed from all cases, on December 14, 2023, without argument, the Court of Appeals accepted mandamus of the generator defendants’ appeal, which includes all Duke Energy entities, and directed the MDL court to dismiss all claims. Plaintiffs filed their Petition for Reconsideration on January 29, 2024, and the generator defendants responded on May 6, 2024. Regardless of the outcome of any motion for reconsideration or appeal, claims against Duke Energy (Parent) will remain dismissed. In October 2023, in conjunction with the closing of the sale of the utility-scale solar and wind group, all but one of the project company lawsuits transferred to Brookfield. In May 2024, the remaining claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups.

Duke Energy Carolinas

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. On April 6, 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.

Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal was completed on June 30, 2023. Oral argument took place on May 7, 2024. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings.

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserves of $410 million at June 30, 2024, and $423 million at December 31, 2023. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2043 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2043 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $572 million at June 30, 2024, and December 31, 2023. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables is $9 million as of June 30, 2024, and December 31, 2023, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

Duke Energy Indiana

Coal Ash Insurance Coverage Litigation

In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A trial date has not yet been set.

On June 30, 2023, Duke Energy Indiana and Associated Electric and Gas Insurance Services (AEGIS) reached a confidential settlement, the results of which were not material to Duke Energy, and as a result, AEGIS was dismissed from the litigation on July 13, 2023. Duke Energy Indiana has also reached confidential settlements with other various insurance companies, the results of which were not material. In June 2024, Duke Energy Indiana filed an amended complaint adding several additional insurance companies as defendants to the litigation and the court entered an order staying the litigation until October 24, 2024.

Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.

In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.

XML

Debt and Credit Facilities

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).

				Six Months Ended June 30, 2024
						Duke		Duke		Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana
Unsecured Debt
January 2024(a)	January 2027	4.850	%	$	600	$	600	$	—	$	—	$	—	$	—	$	—
January 2024(a)	January 2029	4.850	%	650		650		—		—		—		—		—
April 2024(e)	April 2031	5.648	%	815		815		—		—		—		—		—
June 2024(d)	June 2034	5.450	%	750		750		—		—		—		—		—
June 2024(d)	June 2054	5.800	%	750		750		—		—		—		—		—
June 2024(h)	July 2031	5.900	%	80		—		—		—		—		80		—
June 2024(h)	July 2034	6.000	%	95		—		—		—		—		95		—
June 2024(h)	July 2039	6.170	%	50		—		—		—		—		50		—
Secured Debt
April 2024(f)	March 2044	5.404	%	177		—		—		177		—		—		—
First Mortgage Bonds
January 2024(b)	January 2034	4.850	%	$	575	$	—	$	575	$	—	—		$	—	$	—
January 2024(b)	January 2054	5.400	%	425		—		425		—		—		—		—
March 2024(b)	March 2034	5.250	%	300		—		—		—		—		—		300
March 2024(c)	March 2034	5.100	%	500		—		—		500		—		—		—
March 2024(d)	March 2054	5.550	%	425		—		—		—		—		425		—
April 2024(g)	April 2074	4.970	%	173		—		—		—		173		—		—
Total issuances				$	6,365	$	3,565	$	1,000	$	677	$	173	$	650	$	300

(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings.

(b)Proceeds were used to pay down a portion of short-term debt and for general company purposes.

(c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes.

(d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes.

(e)In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 10 for additional information.

(f)Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See Notes 4 and 13 for more information.

(g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 13 for more information.

(h)Debt issued by Duke Energy Kentucky with proceeds used to pay down a portion of short-term debt and for general corporate purposes.

CURRENT MATURITIES OF LONG-TERM DEBT

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)	Maturity Date	Interest Rate		June 30, 2024
Unsecured Debt
Duke Energy (Parent)	April 2025	3.364	%	$	420
Duke Energy (Parent)	April 2025	3.950	%	250
Duke Energy Ohio	June 2025	6.900	%	150
Secured Debt
Duke Energy Carolinas(a)	January 2025	6.177	%	305
Duke Energy Carolinas(a)	January 2025	5.973	%	195
Duke Energy Progress(a)	April 2025	6.199	%	240
Duke Energy Progress(a)	April 2025	6.177	%	160
First Mortgage Bonds
Duke Energy Florida(a)(b)	October 2073	4.998	%	200
Duke Energy Florida(a)(b)	April 2074	4.970	%	173
Other(c)				247
Current maturities of long-term debt				$	2,340

(a)Debt has a floating interest rate.

(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.

(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

AVAILABLE CREDIT FACILITIES

Master Credit Facility

In March 2024, Duke Energy extended the termination date of its existing $9 billion Master Credit Facility to March 2029. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default.

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

	June 30, 2024
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	9,000	$	2,275	$	1,400	$	1,500	$	875	$	1,050	$	950	$	950
Reduction to backstop issuances
Commercial paper(b)	(3,271)		(803)		(307)		(813)		(227)		(348)		(150)		(623)
Outstanding letters of credit	(38)		(26)		(4)		(1)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,610	$	1,446	$	1,089	$	686	$	641	$	702	$	719	$	327

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Duke Energy Term Loan Facility

On March 26, 2024, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $700 million. Any undrawn commitments could be drawn up until April 25, 2024 (30 days after the effective date of the agreement) or are otherwise ineligible to be drawn. On April 24, 2024, $500 million was drawn under the facility with borrowings used for general corporate purposes. Borrowings could be prepaid at any time throughout the term of the facility and the terms and conditions of the facility were generally consistent with those governing Duke Energy's Master Credit Facility. During the second quarter of 2024, Duke Energy (Parent) terminated the facility and repaid the $500 million in outstanding borrowings

XML

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

ASSET RETIREMENT OBLIGATIONS

The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities(a)	$	4,608	$	1,999	$	2,603	$	2,455	$	148	$	—	$	—	$	—
Closure of ash impoundments	5,473		2,058		2,091		2,067		24		71		1,253		—
Other	273		55		97		34		63		65		29		27
Total ARO	$	10,354	$	4,112	$	4,791	$	4,556	$	235	$	136	$	1,282	$	27
Less: Current portion	636		252		215		214		1		7		162		—
Total noncurrent ARO	$	9,718	$	3,860	$	4,576	$	4,342	$	234	$	129	$	1,120	$	27

ARO Liability Rollforward

In April 2024, the EPA issued the 2024 CCR Rule under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities.

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2023(a)	$	9,156	$	4,013	$	4,145	$	3,870	$	275	$	136	$	809	$	26
Accretion expense(b)	204		90		96		91		5		3		17		1
Liabilities settled(c)	(306)		(95)		(167)		(120)		(47)		(3)		(40)		—
Revisions in estimates of cash flows(d)	1,300		104		717		715		2		—		496		—
Balance at June 30, 2024	$	10,354	$	4,112	$	4,791	$	4,556	$	235	$	136	$	1,282	$	27

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the six months ended June 30, 2024, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The revision amounts represent the change in discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases primarily relate to additional scope requirements to regulate the disposal of CCR in landfills and surface impoundments as a result of the 2024 CCR Rule, including an increase in groundwater monitoring wells.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets within Other Noncurrent Assets, respectively, on the Condensed Consolidated Balance Sheets.

XML

Goodwill

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023. There are no accumulated impairment charges.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at June 30, 2024, and December 31, 2023.

Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

XML

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	189	$	192	$	403	$	388
Indemnification coverages(b)	11		8		22		17
JDA revenue(c)	6		8		22		21
JDA expense(c)	53		34		93		63
Intercompany natural gas purchases(d)	5		4		9		9
Progress Energy
Corporate governance and shared service expenses(a)	$	171	$	172	$	359	$	350
Indemnification coverages(b)	15		12		29		24
JDA revenue(c)	53		34		93		63
JDA expense(c)	6		8		22		21
Intercompany natural gas purchases(d)	18		18		37		37
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	100	$	104	$	214	$	211
Indemnification coverages(b)	6		5		12		10
JDA revenue(c)	53		34		93		63
JDA expense(c)	6		8		22		21
Intercompany natural gas purchases(d)	18		18		37		37
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	71	$	68	$	145	$	139
Indemnification coverages(b)	9		7		17		14
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	77	$	76	$	154	$	149
Indemnification coverages(b)	1		2		3		3
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	83	$	84	$	185	$	183
Indemnification coverages(b)	3		2		5		4
Piedmont
Corporate governance and shared service expenses(a)	$	40	$	37	$	81	$	75
Indemnification coverages(b)	1		1		2		2
Intercompany natural gas sales(d)	23		22		46		46
Natural gas storage and transportation costs(e)	6		6		12		12

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

As discussed in Note 13, certain trade receivables were previously sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables were largely cash but included a subordinated note from CRC for a portion of the purchase price. In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
June 30, 2024
Intercompany income tax receivable	$	—	$	—	$	—	$	—	$	2	$	—	$	39
Intercompany income tax payable	98		167		53		120		—		29		—
December 31, 2023
Intercompany income tax receivable	$	—	$	—	$	—	$	—	$	91	$	53	$	—
Intercompany income tax payable	81		92		94		114		—		—		57

XML

Derivatives and Hedging

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

DERIVATIVES AND HEDGING

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024, and 2023, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

The following tables show notional amounts of outstanding derivatives related to interest rate risk.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,700	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	3,052		1,150		1,675		1,125		550		200		27
Total notional amount	$	4,752	$	1,150	$	1,675	$	1,125	$	550	$	200	$	27

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	2,300	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,727		1,050		1,250		925		325		400		27
Total notional amount	$	5,027	$	1,050	$	1,250	$	925	$	325	$	400	$	27

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.

Volumes

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.

	June 30, 2024
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	27,518	—	—	—	2,966	24,552	—
Natural gas (millions of dekatherms)	781	249	241	241	—	38	253

	December 31, 2023
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	13,608	—	—	—	1,616	11,992	—
Natural gas (millions of dekatherms)	846	279	274	274	—	30	263

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

Fair Value Hedges

Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2024.

										Fair Value Gain (Loss)(a)
										(in millions)
	Pay Notional				Receive Notional		Receive		Hedge	Three Months Ended June 30,				Six Months Ended June 30,
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	2024		2023		2024		2023
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(2)	$	5	$	—	$	10
	537		5.31	%	500	euros	3.85	%	June 2034	(2)		3		—		8
	815		5.648	%	750	euros	3.75	%	April 2031	(9)		—		(9)		—
Total notional amount	$	1,997			1,850	euros				$	(13)	$	8	$	(9)	$	18

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONDENSED CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Noncurrent	53		23		29		29		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	101	$	28	$	34	$	33	$	—	$	2	$	36	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	60		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	70		18		30		30		1		—		22		—
Total Derivative Assets – Interest Rate Contracts	$	130	$	18	$	30	$	30	$	1	$	—	$	22	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent	16		—		—		—		—		—		—		—
Total Derivative Assets – Foreign Currency Contracts	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	247	$	46	$	64	$	63	$	1	$	2	$	58	$	1

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	218	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Noncurrent	195		45		36		36		—		—		—		113
Total Derivative Liabilities – Commodity Contracts	$	413	$	159	$	113	$	113	$	—	$	—	$	8	$	132
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	5		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	9		2		6		5		2		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	14	$	2	$	6	$	5	$	2	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	31		—		—		—		—		—		—		—
Noncurrent	15		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	46	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	473	$	161	$	119	$	118	$	2	$	1	$	8	$	132

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	25	$	1	$	3	$	1	$	2	$	1	$	18	$	1
Noncurrent	57		26		31		31		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	82	$	27	$	34	$	32	$	2	$	1	$	18	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	31		—		—		—		—		—		—		—
Noncurrent	17		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	5		5		—		—		—		—		—		—
Noncurrent	10		3		—		—		—		—		7		—
Total Derivative Assets – Interest Rate Contracts	$	63	$	8	$	—	$	—	$	—	$	—	$	7	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent	44		—		—		—		—		—		—		—
Total Derivative Assets – Foreign Currency Contracts	$	44	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	189	$	35	$	34	$	32	$	2	$	1	$	25	$	1

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	354	$	177	$	138	$	138	$	—	$	—	$	18	$	20
Noncurrent	255		67		61		61		—		—		—		127
Total Derivative Liabilities – Commodity Contracts	$	609	$	244	$	199	$	199	$	—	$	—	$	18	$	147
Interest Rate Contracts
Designated as Hedging Instruments
Current	25		—		—		—		—		—		—		—
Noncurrent	26		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	13		2		11		11		—		—		—		—
Noncurrent	39		14		24		9		15		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	103	$	16	$	35	$	20	$	15	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	17		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	17	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	729	$	260	$	234	$	219	$	15	$	1	$	18	$	147

OFFSETTING ASSETS AND LIABILITIES

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Net amounts presented in Current Assets: Other	$	40	$	1	$	1	$	—	$	—	$	2	$	36	$	1
Noncurrent
Gross amounts recognized	$	199	$	41	$	59	$	59	$	1	$	—	$	22	$	—
Offset	(36)		(17)		(19)		(19)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	163	$	24	$	40	$	40	$	1	$	—	$	22	$	—

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	249	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Cash collateral posted	(16)		(7)		(1)		(1)		—		—		(8)		—
Net amounts presented in Current Liabilities: Other	$	225	$	103	$	72	$	72	$	—	$	—	$	—	$	19
Noncurrent
Gross amounts recognized	$	224	$	47	$	42	$	41	$	2	$	1	$	—	$	113
Offset	(35)		(17)		(19)		(19)		—		—		—		—
Cash collateral posted	(9)		(8)		(1)		(1)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	180	$	22	$	22	$	21	$	2	$	1	$	—	$	113

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	61	$	6	$	3	$	1	$	2	$	1	$	18	$	1
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Net amounts presented in Current Assets: Other	$	59	$	5	$	2	$	—	$	2	$	1	$	18	$	1
Noncurrent
Gross amounts recognized	$	128	$	29	$	31	$	31	$	—	$	—	$	7	$	—
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	91	$	15	$	9	$	9	$	—	$	—	$	7	$	—

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	409	$	179	$	149	$	149	$	—	$	—	$	18	$	20
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Cash collateral posted	(96)		(48)		(30)		(30)		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	311	$	130	$	118	$	118	$	—	$	—	$	—	$	20
Noncurrent
Gross amounts recognized	$	320	$	81	$	85	$	70	$	15	$	1	$	—	$	127
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Cash collateral posted	(66)		(38)		(28)		(28)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	217	$	29	$	35	$	20	$	15	$	1	$	—	$	127

OBJECTIVE CREDIT CONTINGENT FEATURES

Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

	June 30, 2024
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	242	$	134	$	108	$	108
Fair value of collateral already posted	17		15		2		2
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	225	$	119	$	106	$	106

	December 31, 2023
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	342	$	175	$	166	$	166
Fair value of collateral already posted	144		86		58		58
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	198	$	89	$	108	$	108

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

XML

Investments in Debt and Equity Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments In Debt and Equity Securities

INVESTMENTS IN DEBT AND EQUITY SECURITIES

Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).

For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.

Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.

Investment Trusts

The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.

Other AFS Securities

Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of June 30, 2024, and December 31, 2023.

Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

DUKE ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	151	$	—	$	—	$	133
Equity securities	5,612		23		7,859		4,942		22		7,278
Corporate debt securities	7		44		691		12		43		632
Municipal bonds	3		15		330		6		16		347
U.S. government bonds	6		79		1,668		24		65		1,575
Other debt securities	1		10		244		1		13		178
Total NDTF Investments	$	5,629	$	171	$	10,943	$	4,985	$	159	$	10,143
Other Investments
Cash and cash equivalents	$	—	$	—	$	124	$	—	$	—	$	31
Equity securities	51		—		177		33		—		158
Corporate debt securities	—		6		91		—		6		82
Municipal bonds	—		2		81		1		2		77
U.S. government bonds	—		4		50		—		2		65
Other debt securities	—		4		47		—		2		47
Total Other Investments	$	51	$	16	$	570	$	34	$	12	$	460
Total Investments	$	5,680	$	187	$	11,513	$	5,019	$	171	$	10,603

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	127	$	20	$	195	$	46
Realized losses	27		36		45		82
AFS:
Realized gains	2		13		12		21
Realized losses	22		27		36		59

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	57	$	—	$	—	$	51
Equity securities	3,254		16		4,527		2,886		14		4,196
Corporate debt securities	2		37		424		4		35		390
Municipal bonds	—		4		41		—		4		50
U.S. government bonds	2		44		894		13		33		826
Other debt securities	1		10		225		1		13		172
Total NDTF Investments	$	3,259	$	111	$	6,168	$	2,904	$	99	$	5,685

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	72	$	9	$	125	$	27
Realized losses	15		18		21		47
AFS:
Realized gains	1		4		5		9
Realized losses	11		8		17		28

PROGRESS ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	94	$	—	$	—	$	82
Equity securities	2,358		7		3,332		2,056		8		3,082
Corporate debt securities	5		7		267		8		8		242
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		35		774		11		32		749
Other debt securities	—		—		19		—		—		6
Total NDTF Investments	$	2,370	$	60	$	4,775	$	2,081	$	60	$	4,458
Other Investments
Cash and cash equivalents	$	—	$	—	$	25	$	—	$	—	$	18
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	48	$	—	$	1	$	41
Total Investments	$	2,370	$	61	$	4,823	$	2,081	$	61	$	4,499

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	55	$	11	$	70	$	19
Realized losses	12		18		24		35
AFS:
Realized gains	1		9		7		12
Realized losses	11		19		19		31

DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	77	$	—	$	—	$	55
Equity securities	2,243		7		3,205		1,956		8		2,970
Corporate debt securities	4		7		254		7		8		229
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		23		583		10		18		518
Other debt securities	—		—		17		—		—		6
Total NDTF Investments	$	2,254	$	48	$	4,425	$	1,979	$	46	$	4,075
Other Investments
Cash and cash equivalents	$	—	$	—	$	18	$	—	$	—	$	14
Total Other Investments	$	—	$	—	$	18	$	—	$	—	$	14
Total Investments	$	2,254	$	48	$	4,443	$	1,979	$	46	$	4,089

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	55	$	11	$	70	$	19
Realized losses	12		17		24		34
AFS:
Realized gains	1		8		7		11
Realized losses	10		17		18		29

DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	17	$	—	$	—	$	27
Equity securities	115		—		127		100		—		112
Corporate debt securities	1		—		13		1		—		13
U.S. government bonds	—		12		191		1		14		231
Other debt securities	—		—		2		—		—		—
Total NDTF Investments(a)	$	116	$	12	$	350	$	102	$	14	$	383
Other Investments
Cash and cash equivalents	$	—	$	—	$	3	$	—	$	—	$	3
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	26	$	—	$	1	$	26
Total Investments	$	116	$	13	$	376	$	102	$	15	$	409

(a)During the six months ended June 30, 2024, and the year ended December 31, 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were immaterial.

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	—	$	1
Equity securities	15		—		110		4		—		98
Corporate debt securities	—		—		7		—		—		8
Municipal bonds	—		1		47		1		1		46
U.S. government bonds	—		—		8		—		—		10
Total Investments	$	15	$	1	$	174	$	5	$	1	$	163

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

	June 30, 2024
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	115	$	11	$	81	$	18	$	63	$	8
Due after one through five years	785		297		403		289		114		21
Due after five through 10 years	664		411		209		197		12		9
Due after 10 years	1,638		865		679		639		40		24
Total	$	3,202	$	1,584	$	1,372	$	1,143	$	229	$	62

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.

Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.

Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.

Valuation methods of the primary fair value measurements disclosed below are as follows.

Investments in equity securities

The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.

Investments in debt securities

Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.

Commodity derivatives

Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.

Interest rate derivatives

Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.

Foreign currency derivatives

Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.

Other fair value considerations

See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of the valuation of goodwill and intangible assets.

DUKE ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.

	June 30, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	151	$	151	$	—	$	—	$	—
NDTF equity securities	7,859		7,827		—		—		32
NDTF debt securities	2,933		917		2,016		—		—
Other equity securities	177		177		—		—		—
Other debt securities	269		47		222		—		—
Other cash and cash equivalents	124		124		—		—		—
Derivative assets	247		3		209		35		—
Total assets	11,760		9,246		2,447		35		32
Derivative liabilities	(473)		(39)		(434)		—		—
Net assets	$	11,287	$	9,207	$	2,013	$	35	$	32

	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	133	$	133	$	—	$	—	$	—
NDTF equity securities	7,278		7,241		—		—		37
NDTF debt securities	2,732		829		1,903		—		—
Other equity securities	158		158		—		—		—
Other debt securities	271		55		216		—		—
Other cash and cash equivalents	31		31		—		—		—
Derivative assets	189		37		137		15		—
Total assets	10,792		8,484		2,256		15		37
Derivative liabilities	(729)		(60)		(669)		—		—
Net assets	$	10,063	$	8,424	$	1,587	$	15	$	37

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	6	$	12	$	15	$	34
Purchases, sales, issuances and settlements:
Purchases	29		47		29		47
Settlements	(10)		(38)		(23)		(58)
Total gains included on the Condensed Consolidated Balance Sheet	10		20		14		18
Balance at end of period	$	35	$	41	$	35	$	41

DUKE ENERGY CAROLINAS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	57	$	57	$	—	$	—
NDTF equity securities	4,527		4,495		—		32
NDTF debt securities	1,584		455		1,129		—
Derivative assets	46		—		46		—
Total assets	6,214		5,007		1,175		32
Derivative liabilities	(161)		—		(161)		—
Net assets	$	6,053	$	5,007	$	1,014	$	32

	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	51	$	51	$	—	$	—
NDTF equity securities	4,196		4,159		—		37
NDTF debt securities	1,438		375		1,063		—
Derivative assets	35		—		35		—
Total assets	5,720		4,585		1,098		37
Derivative liabilities	(260)		—		(260)		—
Net assets	$	5,460	$	4,585	$	838	$	37

PROGRESS ENERGY

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	94	$	94	$	—	$	82	$	82	$	—
NDTF equity securities	3,332		3,332		—		3,082		3,082		—
NDTF debt securities	1,349		462		887		1,294		454		840
Other debt securities	23		—		23		23		—		23
Other cash and cash equivalents	25		25		—		18		18		—
Derivative assets	64		—		64		34		—		34
Total assets	4,887		3,913		974		4,533		3,636		897
Derivative liabilities	(119)		—		(119)		(234)		—		(234)
Net assets	$	4,768	$	3,913	$	855	$	4,299	$	3,636	$	663

DUKE ENERGY PROGRESS

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	77	$	77	$	—	$	55	$	55	$	—
NDTF equity securities	3,205		3,205		—		2,970		2,970		—
NDTF debt securities	1,143		305		838		1,050		266		784
Other cash and cash equivalents	18		18		—		14		14		—
Derivative assets	63		—		63		32		—		32
Total assets	4,506		3,605		901		4,121		3,305		816
Derivative liabilities	(118)		—		(118)		(219)		—		(219)
Net assets	$	4,388	$	3,605	$	783	$	3,902	$	3,305	$	597

DUKE ENERGY FLORIDA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	17	$	17	$	—	$	27	$	27	$	—
NDTF equity securities	127		127		—		112		112		—
NDTF debt securities	206		157		49		244		188		56
Other debt securities	23		—		23		23		—		23
Other cash and cash equivalents	3		3		—		3		3		—
Derivative assets	1		—		1		2		—		2
Total assets	377		304		73		411		330		81
Derivative liabilities	(2)		—		(2)		(15)		—		(15)
Net assets	$	375	$	304	$	71	$	396	$	330	$	66

DUKE ENERGY OHIO

The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at June 30, 2024, and December 31, 2023.

DUKE ENERGY INDIANA

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024								December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	110	$	110	$	—	$	—	$	98	$	98	$	—	$	—
Other debt securities	62		—		62		—		64		—		64		—
Other cash and cash equivalents	2		2		—		—		1		1		—		—
Derivative assets	58		3		22		33		25		5		7		13
Total assets	232		115		84		33		188		104		71		13
Derivative liabilities	(8)		(8)		—		—		(18)		(18)		—		—
Net assets	$	224	$	107	$	84	$	33	$	170	$	86	$	71	$	13

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	5	$	11	$	13	$	29
Purchases, sales, issuances and settlements:
Purchases	27		42		27		42
Settlements	(9)		(37)		(20)		(56)
Total gains included on the Condensed Consolidated Balance Sheet	10		21		13		22
Balance at end of period	$	33	$	37	$	33	$	37

PIEDMONT

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	1	$	1	$	—	$	1	$	1	$	—
Derivative liabilities	(132)		—		(132)		(147)		—		(147)
Net (liabilities) assets	$	(131)	$	1	$	(132)	$	(146)	$	1	$	(147)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

	June 30, 2024
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	2	RTO auction pricing	FTR price – per MWh	$	0.22	-	$	1.78	$	0.52
Duke Energy Indiana
FTRs	33		RTO auction pricing	FTR price – per MWh	(0.31)		-	14.00		1.82
Duke Energy
Total Level 3 derivatives	$	35

	December 31, 2023
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	2	RTO auction pricing	FTR price – per MWh	$	0.36	-	$	2.11	$	0.71
Duke Energy Indiana
FTRs	13		RTO auction pricing	FTR price – per MWh	(1.05)		-	9.64		1.26
Duke Energy
Total Level 3 derivatives	$	15

OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

	June 30, 2024				December 31, 2023
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	78,779	$	70,796	$	75,252	$	69,790
Duke Energy Carolinas	17,026		15,409		16,012		15,077
Progress Energy	24,259		22,144		23,759		22,553
Duke Energy Progress	12,343		10,785		11,714		10,595
Duke Energy Florida	10,273		9,594		10,401		10,123
Duke Energy Ohio	4,163		3,829		3,518		3,310
Duke Energy Indiana	4,800		4,317		4,502		4,230
Piedmont	3,669		3,221		3,668		3,336

(a)Book value of long-term debt includes $1.1 billion and $1.0 billion at June 30, 2024, and December 31, 2023, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both June 30, 2024, and December 31, 2023, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

XML

Variable Interest Entities

6 Months Ended

Jun. 30, 2024

Variable Interest Entities [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

CONSOLIDATED VIEs

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the six months ended June 30, 2024, and the year ended December 31, 2023, or is expected to be provided in the future that was not previously contractually required.

Receivables Financing – DERF/DEPR/DEFR

DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the DERF, DEPR and DEFR credit facilities are reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt.

The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.

In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

Receivables Financing – CRC

CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC bought certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC then borrowed amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility was limited to the amount of qualified receivables sold to CRC, which generally excluded receivables past due more than a predetermined number of days and reserved for expected past-due balances. The sole source of funds to satisfy the related debt obligation was cash collections from the receivables.

The proceeds Duke Energy Ohio and Duke Energy Indiana received from the sale of receivables to CRC were approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note was a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC would be required by Duke Energy to maintain a minimum equity balance of $3 million.

CRC was considered a VIE because (i) equity capitalization was insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity was not held by the equity holder and (iii) deficiencies in net worth of CRC were funded by Duke Energy. The most significant activities that impacted the economic performance of CRC were decisions made to manage delinquent receivables. Duke Energy was considered the primary beneficiary and consolidated CRC as it made these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidated CRC.

In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.

Receivables Financing – Credit Facilities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

	Duke Energy
		Duke Energy		Duke Energy		Duke Energy
		Carolinas		Progress		Florida
(in millions)	CRC	DERF		DEPR		DEFR
Expiration date	(a)	January 2025		April 2025		(b)
Credit facility amount	(a)	$	500	$	400	(b)
Amounts borrowed at June 30, 2024	—	500		400		—
Amounts borrowed at December 31, 2023	312	500		400		325
Restricted Receivables at June 30, 2024	—	1,128		881		—
Restricted Receivables at December 31, 2023	663	991		833		532

(a)    In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related $350 million CRC credit facility.

(b)    In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings and terminated the related $325 million DEFR credit facility.

Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance

Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions)	June 30, 2024	December 31, 2023
Regulatory Assets: Current	60	59
Current Assets: Other	32	37
Other Noncurrent Assets: Regulatory assets	775	803
Current Liabilities: Other	8	8
Current maturities of long-term debt	59	59
Long-Term Debt	801	831

Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in North Carolina.

In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ North Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress.

DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively.

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

	June 30, 2024				December 31, 2023
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	10		31		9		31
Other Noncurrent Assets: Regulatory assets	191		626		196		643
Other Noncurrent Assets: Other	1		4		1		2
Current Liabilities: Other	2		10		10		34
Current maturities of long-term debt	10		34		3		8
Long-Term Debt	203		663		208		680

Storm Recovery Bonds – Duke Energy Progress SC Storm Funding

Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Progress. This entity was formed in 2023 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Progress’ unrecovered regulatory assets related to storm costs incurred in South Carolina.

In April 2024, DEPSCSF issued $177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Progress’ South Carolina retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Progress.

DEPSCSF is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Progress has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Progress is considered the primary beneficiary and consolidates DEPSCSF.

The following table summarizes the impact of this VIE on Duke Energy Progress' Consolidated Balance Sheets.

(in millions)	June 30, 2024
Regulatory Assets: Current	$	9
Other Noncurrent Assets: Regulatory assets	162
Current maturities of long-term debt	6
Long-Term Debt	166

Procurement Company – Duke Energy Florida

Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo

was formed in 2023 as the primary procurer of equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with

third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified

reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset.

This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company.

The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Inventory	$	494	$	462
Accounts Payable	213		188

NON-CONSOLIDATED VIEs

The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.

	June 30, 2024
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—
Investments in equity method unconsolidated affiliates	58		—		—
Other noncurrent assets	29		—		—
Total assets	$	87	$	—	$	—
Other current liabilities	4		—		—
Other noncurrent liabilities	2		—		—
Total liabilities	$	6	$	—	$	—
Net assets	$	81	$	—	$	—

	December 31, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	150	$	208
Investments in equity method unconsolidated affiliates	67		—		—
Other noncurrent assets	43		—		—
Total assets	$	110	$	150	$	208
Other current liabilities	4		—		—
Other noncurrent liabilities	5		—		—
Total liabilities	$	9	$	—	$	—
Net assets	$	101	$	150	$	208

The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above.

Natural Gas Investments

Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

CRC

Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC as of December 31, 2023. The subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value as of December 31, 2023.

The following table shows the gross and net receivables sold. See discussion under Consolidated VIEs for additional information related to CRC's termination in March 2024.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Receivables sold	$	—	$	361	$	—	$	351
Less: Retained interests	—		150		—		208
Net receivables sold	$	—	$	211	$	—	$	143

The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.

	Duke Energy Ohio				Duke Energy Indiana
	Six Months Ended					Six Months Ended
	June 30,					June 30,
(in millions)	2024		2023			2024		2023
Sales
Receivables sold	$	474	$	1,381		$	473	$	1,665
Loss recognized on sale	7		17			6		19
Cash flows
Cash proceeds from receivables sold	$	478	$	1,445		$	523	$	1,793
Collection fees received	—		1			—		1
Return received on retained interests	4		10			4		13

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.

XML

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.

Electric Utilities and Infrastructure

EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity.

The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations:

	Remaining Performance Obligations
(in millions)	2024		2025		2026		2027		2028		Thereafter		Total
Progress Energy	$	35	$	30	$	7	$	7	$	7	$	29	$	115
Duke Energy Progress	4		—		—		—		—		—		4
Duke Energy Florida	31		30		7		7		7		29		111
Duke Energy Indiana	8		17		17		15		5		—		62

Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates.

Gas Utilities and Infrastructure

GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery.

Fixed-capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows:

	Remaining Performance Obligations
(in millions)	2024		2025		2026		2027		2028		Thereafter		Total
Piedmont	$	33	$	61	$	51	$	49	$	46	$	195	$	435

Other

The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.

Disaggregated Revenues

Disaggregated revenues are presented as follows:

	Three Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,092	$	959	$	1,625	$	661	$	964	$	240	$	269	$	—
General	2,013		755		933		427		506		144		180		—
Industrial	869		374		267		183		84		39		190		—
Wholesale	524		127		337		298		39		10		49		—
Other revenues	293		99		187		91		96		18		39		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,791	$	2,314	$	3,349	$	1,660	$	1,689	$	451	$	727	$	—
Gas Utilities and Infrastructure
Residential	$	182	$	—	$	—	$	—	$	—	$	86	$	—	$	96
Commercial	103		—		—		—		—		31		—		72
Industrial	32		—		—		—		—		6		—		24
Power Generation	—		—		—		—		—		—		—		8
Other revenues	32		—		—		—		—		9		—		23
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	349	$	—	$	—	$	—	$	—	$	132	$	—	$	223
Other
Revenue from contracts with customers	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,151	$	2,314	$	3,349	$	1,660	$	1,689	$	583	$	727	$	223
Other revenue sources(a)	$	21	$	(17)	$	8	$	(24)	$	27	$	25	$	20	$	21
Total revenues	$	7,172	$	2,297	$	3,357	$	1,636	$	1,716	$	608	$	747	$	244

	Three Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	2,740	$	715	$	1,555	$	539	$	1,016	$	208	$	262	$	—
General	1,876		607		914		369		545		141		212		—
Industrial	827		320		274		180		94		56		177		—
Wholesale	498		126		294		259		35		12		66		—
Other revenues	189		49		144		70		74		22		32		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,130	$	1,817	$	3,181	$	1,417	$	1,764	$	439	$	749	$	—
Gas Utilities and Infrastructure
Residential	$	179	$	—	$	—	$	—	$	—	$	82	$	—	$	97
Commercial	100		—		—		—		—		31		—		69
Industrial	30		—		—		—		—		6		—		24
Power Generation	—		—		—		—		—		—		—		23
Other revenues	25		—		—		—		—		5		—		5
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	334	$	—	$	—	$	—	$	—	$	124	$	—	$	218
Other
Revenue from contracts with customers	$	9	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,473	$	1,817	$	3,181	$	1,417	$	1,764	$	563	$	749	$	218
Other revenue sources(a)	$	105	$	11	$	31	$	8	$	18	$	26	$	31	$	18
Total revenues	$	6,578	$	1,828	$	3,212	$	1,425	$	1,782	$	589	$	780	$	236

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

	Six Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	6,207	$	2,017	$	3,142	$	1,403	$	1,739	$	493	$	556	$	—
General	3,947		1,472		1,799		849		950		296		381		—
Industrial	1,691		714		533		360		173		71		373		—
Wholesale	1,078		265		692		624		68		24		97		—
Other revenues	546		198		336		169		167		40		73		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	13,469	$	4,666	$	6,502	$	3,405	$	3,097	$	924	$	1,480	$	—
Gas Utilities and Infrastructure
Residential	$	702	$	—	$	—	$	—	$	—	$	233	$	—	$	469
Commercial	343		—		—		—		—		88		—		255
Industrial	79		—		—		—		—		17		—		62
Power Generation	—		—		—		—		—		—		—		16
Other revenues	72		—		—		—		—		14		—		58
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,196	$	—	$	—	$	—	$	—	$	352	$	—	$	860
Other
Revenue from contracts with customers	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	14,683	$	4,666	$	6,502	$	3,405	$	3,097	$	1,276	$	1,480	$	860
Other revenue sources(a)	$	160	$	38	$	83	$	19	$	55	$	10	$	26	$	60
Total revenues	$	14,843	$	4,704	$	6,585	$	3,424	$	3,152	$	1,286	$	1,506	$	920

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

	Six Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	5,591	$	1,539	$	2,976	$	1,146	$	1,830	$	442	$	634	$	—
General	3,707		1,195		1,755		727		1,028		276		482		—
Industrial	1,718		616		546		357		189		127		428		—
Wholesale	1,048		261		642		578		64		21		124		—
Other revenues	333		127		265		138		127		49		47		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	12,397	$	3,738	$	6,184	$	2,946	$	3,238	$	915	$	1,715	$	—
Gas Utilities and Infrastructure
Residential	$	686	$	—	$	—	$	—	$	—	$	244	$	—	$	442
Commercial	333		—		—		—		—		89		—		244
Industrial	77		—		—		—		—		15		—		61
Power Generation	—		—		—		—		—		—		—		46
Other revenues	65		—		—		—		—		11		—		24
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,161	$	—	$	—	$	—	$	—	$	359	$	—	$	817
Other
Revenue from contracts with customers	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	13,574	$	3,738	$	6,184	$	2,946	$	3,238	$	1,274	$	1,715	$	817
Other revenue sources(a)	$	280	$	24	$	76	$	12	$	54	$	24	$	40	$	94
Total revenues	$	13,854	$	3,762	$	6,260	$	2,958	$	3,292	$	1,298	$	1,755	$	911

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

The following table presents the reserve for credit losses for trade and other receivables.

	Three Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at March 31, 2023	$	214	$	70	$	75	$	45	$	30	$	7	$	4	$	14
Write-Offs	(43)		(20)		(18)		(10)		(8)		—		—		(5)
Credit Loss Expense	23		6		12		4		8		1		—		4
Other Adjustments	5		1		4		4		—		—		—		—
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Balance at March 31, 2024	$	204	$	62	$	73	$	47	$	27	$	41	$	16	$	12
Write-Offs	(36)		(16)		(17)		(12)		(5)		—		—		(3)
Credit Loss Expense	35		10		11		6		5		1		—		2
Other Adjustments	4		9		6		6		(1)		—		—		—
Balance at June 30, 2024	$	207	$	65	$	73	$	47	$	26	$	42	$	16	$	11
	Six Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(85)		(40)		(40)		(19)		(20)		—		—		(6)
Credit Loss Expense	39		13		18		5		13		2		—		5
Other Adjustments	29		16		14		13		1		—		—		—
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Balance at December 31, 2023	$	205	$	56	$	74	$	44	$	31	$	9	$	5	$	11
Write-Offs	(68)		(28)		(33)		(19)		(14)		—		—		(4)
Credit Loss Expense	45		17		20		10		10		2		2		4
Other Adjustments	25		20		12		12		(1)		31		9		—
Balance at June 30, 2024	$	207	$	65	$	73	$	47	$	26	$	42	$	16	$	11

Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.

The aging of trade receivables is presented in the table below.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(b)	$	1,155	$	414	$	426	$	278	$	148	$	127	$	177	$	11
Current	2,503		772		1,210		727		480		182		205		112
1-31 days past due	202		60		79		35		44		26		17		19
31-61 days past due	75		25		22		15		7		12		11		5
61-91 days past due	80		19		40		10		30		10		5		6
91+ days past due	229		60		61		26		35		84		18		6
Deferred Payment Arrangements(c)	99		36		40		26		14		18		5		—
Trade and Other Receivables(e)	$	4,343	$	1,386	$	1,878	$	1,117	$	758	$	459	$	438	$	159

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(d)	$	1,273	$	399	$	401	$	280	$	121	$	4	$	22	$	108
Current	2,306		680		1,009		612		395		48		87		199
1-31 days past due	275		97		91		41		50		12		14		9
31-61 days past due	78		20		34		23		11		3		7		2
61-91 days past due	47		15		17		10		7		2		4		1
91+ days past due	253		67		69		24		45		46		27		3
Deferred Payment Arrangements(c)	104		34		43		26		17		6		—		—
Trade and Other Receivables	$	4,336	$	1,312	$	1,664	$	1,016	$	646	$	121	$	161	$	322

(a)Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets.

(b)In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility. Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets. See Note 13 for further information.

(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

(d)Duke Energy Ohio and Duke Energy Indiana sold, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and accounted for the transfers of receivables as sales. Accordingly, the receivables sold were not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. These receivables for unbilled revenues are $141 million and $197 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2023.

(e)The balance of the remaining proceeds from the sale of certain Commercial Renewables assets to Brookfield is not presented in the aging of trade and other receivables above. Refer to Note 2 for further information.

XML

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net Income (Loss) available to Duke Energy common stockholders	$	886	$	(234)	$	1,985	$	531
Less: Loss from discontinued operations attributable to Duke Energy common stockholders	(10)		(948)		(13)		(1,093)
Accumulated preferred stock dividends adjustment	(12)		(12)		—		—
Less: Impact of participating securities	1		1		2		2
Income from continuing operations available to Duke Energy common stockholders	$	883	$	701	$	1,996	$	1,622
Loss from discontinued operations, net of tax	$	(10)	$	(955)	$	(13)	$	(1,164)
Add: Loss attributable to NCI	—		7		—		71
Loss from discontinued operations attributable to Duke Energy common stockholders	$	(10)	$	(948)	$	(13)	$	(1,093)
Weighted average common shares outstanding – basic and diluted	772		771		771		770
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)	$	1.14	$	0.91	$	2.59	$	2.10
Loss Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted(a)	$	(0.01)	$	(1.23)	$	(0.02)	$	(1.41)
Potentially dilutive items excluded from the calculation(b)	2		2		2		2
Dividends declared per common share	$	1.025	$	1.005	$	2.050	$	2.010
Dividends declared on Series A preferred stock per depositary share(c)	$	0.359	$	0.359	$	0.719	$	0.719
Dividends declared on Series B preferred stock per share(d)	$	—	$	—	$	24.375	$	24.375

(a)For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive.

(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

Common Stock

In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2025.

In March 2024, Duke Energy marketed its first tranche, issuing 0.8 million shares of common stock through an equity forward transaction under the ATM program with an initial forward price of $92.77 per share. In May 2024, Duke Energy marketed its second and third tranches, issuing 0.7 million shares at an initial forward price of $101.10 per share and another 0.7 million shares with an initial forward price of $100.99 per share. The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2024. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.

XML

Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.

QUALIFIED PENSION PLANS

The following tables include the components of net periodic pension costs for qualified pension plans.

	Three Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	29	$	10	$	8	$	5	$	4	$	—	$	1	$	1
Interest cost on projected benefit obligation	83		20		26		12		14		4		7		3
Expected return on plan assets	(154)		(40)		(54)		(25)		(29)		(7)		(11)		(5)
Amortization of actuarial loss	8		2		3		2		1		1		1		—
Amortization of prior service credit	(4)		—		—		—		—		—		(1)		(2)
Amortization of settlement charges	4		2		1		1		1		—		1		1
Net periodic pension costs	$	(34)	$	(6)	$	(16)	$	(5)	$	(9)	$	(2)	$	(2)	$	(2)

	Three Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	29	$	9	$	7	$	5	$	4	$	—	$	2	$	1
Interest cost on projected benefit obligation	86		21		27		13		15		5		7		3
Expected return on plan assets	(147)		(40)		(49)		(23)		(26)		(6)		(10)		(5)
Amortization of actuarial loss	3		1		1		1		—		—		—		—
Amortization of prior service credit	(4)		—		—		—		—		—		(1)		(2)
Amortization of settlement charges	4		2		1		1		1		—		1		1
Net periodic pension costs	$	(29)	$	(7)	$	(13)	$	(3)	$	(6)	$	(1)	$	(1)	$	(2)

	Six Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	57	$	19	$	16	$	10	$	7	$	1	$	3	$	2
Interest cost on projected benefit obligation	165		40		52		24		28		8		13		5
Expected return on plan assets	(308)		(81)		(108)		(50)		(58)		(13)		(21)		(10)
Amortization of actuarial loss	16		4		5		3		2		1		2		1
Amortization of prior service credit	(7)		—		—		—		—		—		(1)		(4)
Amortization of settlement charges	9		4		2		2		1		—		1		2
Net periodic pension costs	$	(68)	$	(14)	$	(33)	$	(11)	$	(20)	$	(3)	$	(3)	$	(4)

	Six Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	59	$	19	$	16	$	10	$	7	$	1	$	3	$	2
Interest cost on projected benefit obligation	172		42		54		25		29		9		14		5
Expected return on plan assets	(294)		(80)		(99)		(46)		(52)		(12)		(20)		(10)
Amortization of actuarial loss	5		1		2		1		1		—		1		—
Amortization of prior service credit	(7)		—		—		—		—		—		(1)		(4)
Amortization of settlement charges	9		4		2		2		1		—		1		2
Net periodic pension costs	$	(56)	$	(14)	$	(25)	$	(8)	$	(14)	$	(2)	$	(2)	$	(5)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three and six months ended June 30, 2024, and 2023.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three and six months ended June 30, 2024, and 2023.

XML

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA created a new, zero-emission nuclear power PTC available for taxpayers beginning January 1, 2024. In 2024, Duke Energy Carolinas and Duke Energy Progress recorded a PTC deferred tax asset of approximately $209 million and $34 million, respectively. These amounts represent the net realizable value of the PTCs, which were deferred to a regulatory liability. The Subsidiary Registrants will work with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. See Note 4 for additional information on Duke Energy Carolinas' approval for a stand-alone rider starting January 1, 2025. The Company will continue to assess its calculations and interpretations as new information and guidance becomes available.

EFFECTIVE TAX RATES

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Duke Energy	13.1	%	13.7	%	13.2	%	13.7	%
Duke Energy Carolinas	10.9	%	10.6	%	11.2	%	11.0	%
Progress Energy	16.6	%	16.7	%	16.6	%	16.7	%
Duke Energy Progress	14.9	%	14.1	%	14.9	%	14.4	%
Duke Energy Florida	19.5	%	19.9	%	19.5	%	19.9	%
Duke Energy Ohio	17.2	%	15.5	%	17.0	%	16.2	%
Duke Energy Indiana	16.7	%	17.4	%	16.9	%	17.3	%
Piedmont	20.0	%	25.0	%	19.6	%	17.8	%

The increase in the ETR for Duke Energy Ohio for the three months ending June 30, 2024, was primarily due to the amortization of EDIT in relation to pretax income.

The decrease in the ETR for Piedmont for the three months ending June 30, 2024, was primarily due to the amortization of EDIT in relation to pretax losses.

The increase in the ETR for Piedmont for the six months ending June 30, 2024, was primarily due to a decrease in amortization of EDIT.

XML

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

For information on subsequent events related to regulatory matters and commitments and contingencies, see Notes 4 and 5, respectively.

XML

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 900	$ (220)	$ 2,038	$ 584

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Organization and Basis of Presentation (Policy)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2023.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Basis of Consolidation and Noncontrolling Interest

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

NONCONTROLLING INTEREST

Duke Energy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.

Discontinued Operations

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the six months ended June 30, 2024, and 2023, the Loss From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

Cash, Cash Equivalents, and Restricted Cash

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

New Accounting Standards

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2024.

Environmental Costs

Liabilities are recorded when losses become probable and are reasonably estimable.Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

Derivatives

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.

Investments

As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings.

Revenue from Contract with Customer

Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.

Earnings Per Share

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

Accounts Payable, Policy

ACCOUNTS PAYABLE

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion, which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

XML

Organization and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

	June 30, 2024										December 31, 2023
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	390	$	9	$	85	$	33	$	35	$	253	$	9	$	59	$	18	$	24
Other	74		10		64		32		32		76		9		67		31		36
Other Noncurrent Assets
Other	18		1		11		5		6		16		1		9		2		7
Total cash, cash equivalents and restricted cash	$	482	$	20	$	160	$	70	$	73	$	345	$	19	$	135	$	51	$	67

Schedule of Utility Inventory

The components of inventory are presented in the tables below.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,254	$	1,094	$	1,588	$	1,051	$	537	$	150	$	373	$	12
Coal	846		372		233		146		87		29		212		—
Natural gas, oil and other fuel	290		43		198		106		92		12		2		35
Total inventory	$	4,390	$	1,509	$	2,019	$	1,303	$	716	$	191	$	587	$	47

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	3,086	$	1,075	$	1,465	$	963	$	502	$	139	$	361	$	12
Coal	842		364		231		154		77		28		219		—
Natural gas, oil and other fuel	364		45		205		110		95		12		2		100
Total inventory	$	4,292	$	1,484	$	1,901	$	1,227	$	674	$	179	$	582	$	112

Schedule of Accounts Payable Finance Programs

The following table represents the changes in confirmed obligations outstanding for the six months ended June 30, 2024, and 2023.

	Three months ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at March 31, 2023	$	52	$	7	$	15	$	6	$	9	$	—	$	—	$	29
Invoices confirmed during the period	55		10		20		12		8		2		—		24
Confirmed invoices paid during the period	(67)		(12)		(21)		(6)		(15)		—		—		(34)
Confirmed obligations outstanding at June 30, 2023	$	40	$	5	$	14	$	12	$	2	$	2	$	—	$	19
Confirmed obligations outstanding at the March 31, 2024	$	76	$	—	$	2	$	—	$	2	$	—	$	—	$	74
Invoices confirmed during the period	63		—		—		—		—		—		—		63
Confirmed invoices paid during the period	(111)		—		(2)		—		(2)		—		—		(109)
Confirmed obligations outstanding at June 30, 2024	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	28
	Six Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	114		20		42		23		19		3		—		49
Confirmed invoices paid during the period	(161)		(21)		(47)		(19)		(28)		(6)		—		(87)
Confirmed obligations outstanding at June 30, 2023	$	40	$	5	$	14	$	12	$	2	$	2	$	—	$	19
Confirmed obligations outstanding at December 31, 2023	$	50	$	—	$	3	$	—	$	3	$	—	$	—	$	47
Invoices confirmed during the period	120		—		1		—		1		—		—		119
Confirmed invoices paid during the period	(142)		—		(4)		—		(4)		—		—		(138)
Confirmed obligations outstanding at June 30, 2024	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	28

XML

Dispositions (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Current Assets Held for Sale
Other	$	4	$	14
Total current assets held for sale	4		14
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	98		247
Accumulated depreciation and amortization	(24)		(57)
Net property, plant and equipment	74		190
Operating lease right-of-use assets, net	4		4
Other	—		3
Total other noncurrent assets held for sale	4		7
Total Assets Held for Sale	$	82	$	211
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	19	$	9
Taxes accrued	1		3
Current maturities of long-term debt	43		5
Unrealized losses on commodity hedges	16		68
Other	2		37
Total current liabilities associated with assets held for sale	81		122
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	—		39
Operating lease liabilities	5		5
Asset retirement obligations	8		8
Unrealized losses on commodity hedges	88		94
Other	11		11
Total other noncurrent liabilities associated with assets held for sale	112		157
Total Liabilities Associated with Assets Held for Sale	$	193	$	279

As of June 30, 2024, and December 31, 2023, the noncontrolling interest balance is $13 million and $66 million, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Operating revenues	$	13	$	110	$	7	$	190
Operation, maintenance and other	12		88		16		177
Property and other taxes	1		9		1		19
Other income and expenses, net	—		(3)		—		(7)
Interest expense	—		12		2		43
Loss on disposal	15		1,214		5		1,434
Loss before income taxes	(15)		(1,216)		(17)		(1,490)
Income tax benefit	(5)		(261)		(4)		(326)
Loss from discontinued operations	$	(10)	$	(955)	$	(13)	$	(1,164)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	—		7		—		71
Net loss from discontinued operations attributable to Duke Energy Corporation	$	(10)	$	(948)	$	(13)	$	(1,093)

The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Six Months Ended
	June 30,
(in millions)	2024		2023
Cash flows provided by (used in):
Operating activities	$	7	$	274
Investing activities	(13)		(417)

XML

Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting Information [Line Items]

Business Segment Data

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Three Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,802	$	359	$	7,161	$	11	$	—	$	7,172
Intersegment revenues	18		22		40		29		(69)		—
Total revenues	$	6,820	$	381	$	7,201	$	40	$	(69)	$	7,172
Segment income (loss)(a)	$	1,090	$	6	$	1,096	$	(200)	$	—	$	896
Add: Noncontrolling interests											21
Add: Preferred stock dividend											14
Discontinued operations											(10)
Net Income											$	921
Segment assets(b)	$	159,770	$	17,600	$	177,370	$	4,205	$	—	$	181,575

	Three Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,232	$	337	$	6,569	$	9	$	—	$	6,578
Intersegment revenues	18		22		40		25		(65)		—
Total revenues	$	6,250	$	359	$	6,609	$	34	$	(65)	$	6,578
Segment income (loss)	$	850	$	25	$	875	$	(161)	$	—	$	714
Add: Noncontrolling interests											16
Add: Preferred stock dividend											14
Discontinued operations											(948)
Net Loss											$	(204)

(a)EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the South Carolina rate case order.

(b)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

	Six Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	13,587	$	1,238	$	14,825	$	18	$	—	$	14,843
Intersegment revenues	36		45		81		60		(141)		—
Total revenues	$	13,623	$	1,283	$	14,906	$	78	$	(141)	$	14,843
Segment income (loss)(a)	$	2,111	$	290	$	2,401	$	(403)	$	—	$	1,998
Add: Noncontrolling interests											34
Add: Preferred stock dividend											53
Discontinued operations											(13)
Net Income											$	2,072

	Six Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	12,613	$	1,225	$	13,838	$	16	$	—	$	13,854
Intersegment revenues	35		45		80		49		(129)		—
Total revenues	$	12,648	$	1,270	$	13,918	$	65	$	(129)	$	13,854
Segment income (loss)	$	1,641	$	312	$	1,953	$	(329)	$	—	$	1,624
Add: Noncontrolling interests											(27)
Add: Preferred stock dividend											53
Discontinued operations											(1,093)
Net Income											$	557

(a)EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the South Carolina rate case order.

Duke Energy Ohio

Segment Reporting Information [Line Items]

Business Segment Data

	Three Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	476	$	132	$	608	$	—	$	—	$	608
Segment income (loss)/Net income	$	69	$	9	$	78	$	(1)	$	—	$	77
Segment assets	$	8,034	$	4,389	$	12,423	$	13	$	165	$	12,601

	Three Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	465	$	124	$	589	$	—	$	589
Segment income (loss)/Net income	$	54	$	18	$	72	$	(1)	$	71

	Six Months Ended June 30, 2024
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	934	$	352	$	1,286	$	—	$	1,286
Segment income (loss)/Net income	$	124	$	50	$	174	$	(3)	$	171

	Six Months Ended June 30, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	939	$	359	$	1,298	$	—	$	1,298
Segment income (loss)/Net income	$	103	$	70	$	173	$	(2)	$	171

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Reserves

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Reserves for Environmental Remediation
Duke Energy	$	82	$	88
Duke Energy Carolinas	23		23
Progress Energy	20		19
Duke Energy Progress	9		9
Duke Energy Florida	10		10
Duke Energy Ohio	31		36
Duke Energy Indiana	2		2
Piedmont	7		7

XML

Debt and Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes significant debt issuances (in millions).

				Six Months Ended June 30, 2024
						Duke		Duke		Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana
Unsecured Debt
January 2024(a)	January 2027	4.850	%	$	600	$	600	$	—	$	—	$	—	$	—	$	—
January 2024(a)	January 2029	4.850	%	650		650		—		—		—		—		—
April 2024(e)	April 2031	5.648	%	815		815		—		—		—		—		—
June 2024(d)	June 2034	5.450	%	750		750		—		—		—		—		—
June 2024(d)	June 2054	5.800	%	750		750		—		—		—		—		—
June 2024(h)	July 2031	5.900	%	80		—		—		—		—		80		—
June 2024(h)	July 2034	6.000	%	95		—		—		—		—		95		—
June 2024(h)	July 2039	6.170	%	50		—		—		—		—		50		—
Secured Debt
April 2024(f)	March 2044	5.404	%	177		—		—		177		—		—		—
First Mortgage Bonds
January 2024(b)	January 2034	4.850	%	$	575	$	—	$	575	$	—	—		$	—	$	—
January 2024(b)	January 2054	5.400	%	425		—		425		—		—		—		—
March 2024(b)	March 2034	5.250	%	300		—		—		—		—		—		300
March 2024(c)	March 2034	5.100	%	500		—		—		500		—		—		—
March 2024(d)	March 2054	5.550	%	425		—		—		—		—		425		—
April 2024(g)	April 2074	4.970	%	173		—		—		—		173		—		—
Total issuances				$	6,365	$	3,565	$	1,000	$	677	$	173	$	650	$	300

(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings.

(b)Proceeds were used to pay down a portion of short-term debt and for general company purposes.

(c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes.

(d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes.

(e)In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 10 for additional information.

(f)Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See Notes 4 and 13 for more information.

(g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 13 for more information.

(h)Debt issued by Duke Energy Kentucky with proceeds used to pay down a portion of short-term debt and for general corporate purposes.

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)	Maturity Date	Interest Rate		June 30, 2024
Unsecured Debt
Duke Energy (Parent)	April 2025	3.364	%	$	420
Duke Energy (Parent)	April 2025	3.950	%	250
Duke Energy Ohio	June 2025	6.900	%	150
Secured Debt
Duke Energy Carolinas(a)	January 2025	6.177	%	305
Duke Energy Carolinas(a)	January 2025	5.973	%	195
Duke Energy Progress(a)	April 2025	6.199	%	240
Duke Energy Progress(a)	April 2025	6.177	%	160
First Mortgage Bonds
Duke Energy Florida(a)(b)	October 2073	4.998	%	200
Duke Energy Florida(a)(b)	April 2074	4.970	%	173
Other(c)				247
Current maturities of long-term debt				$	2,340

(a)Debt has a floating interest rate.

(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.

(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

Schedule of Line of Credit Facilities

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

	June 30, 2024
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	9,000	$	2,275	$	1,400	$	1,500	$	875	$	1,050	$	950	$	950
Reduction to backstop issuances
Commercial paper(b)	(3,271)		(803)		(307)		(813)		(227)		(348)		(150)		(623)
Outstanding letters of credit	(38)		(26)		(4)		(1)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,610	$	1,446	$	1,089	$	686	$	641	$	702	$	719	$	327

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

XML

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation [Abstract]

Schedule of Asset Retirement Obligations

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities(a)	$	4,608	$	1,999	$	2,603	$	2,455	$	148	$	—	$	—	$	—
Closure of ash impoundments	5,473		2,058		2,091		2,067		24		71		1,253		—
Other	273		55		97		34		63		65		29		27
Total ARO	$	10,354	$	4,112	$	4,791	$	4,556	$	235	$	136	$	1,282	$	27
Less: Current portion	636		252		215		214		1		7		162		—
Total noncurrent ARO	$	9,718	$	3,860	$	4,576	$	4,342	$	234	$	129	$	1,120	$	27

Schedule of Change in Asset Retirement Obligation

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2023(a)	$	9,156	$	4,013	$	4,145	$	3,870	$	275	$	136	$	809	$	26
Accretion expense(b)	204		90		96		91		5		3		17		1
Liabilities settled(c)	(306)		(95)		(167)		(120)		(47)		(3)		(40)		—
Revisions in estimates of cash flows(d)	1,300		104		717		715		2		—		496		—
Balance at June 30, 2024	$	10,354	$	4,112	$	4,791	$	4,556	$	235	$	136	$	1,282	$	27

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the six months ended June 30, 2024, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The revision amounts represent the change in discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases primarily relate to additional scope requirements to regulate the disposal of CCR in landfills and surface impoundments as a result of the 2024 CCR Rule, including an increase in groundwater monitoring wells.

XML

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Schedule of Related Party Transactions, Other Revenue and Expense

Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	189	$	192	$	403	$	388
Indemnification coverages(b)	11		8		22		17
JDA revenue(c)	6		8		22		21
JDA expense(c)	53		34		93		63
Intercompany natural gas purchases(d)	5		4		9		9
Progress Energy
Corporate governance and shared service expenses(a)	$	171	$	172	$	359	$	350
Indemnification coverages(b)	15		12		29		24
JDA revenue(c)	53		34		93		63
JDA expense(c)	6		8		22		21
Intercompany natural gas purchases(d)	18		18		37		37
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	100	$	104	$	214	$	211
Indemnification coverages(b)	6		5		12		10
JDA revenue(c)	53		34		93		63
JDA expense(c)	6		8		22		21
Intercompany natural gas purchases(d)	18		18		37		37
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	71	$	68	$	145	$	139
Indemnification coverages(b)	9		7		17		14
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	77	$	76	$	154	$	149
Indemnification coverages(b)	1		2		3		3
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	83	$	84	$	185	$	183
Indemnification coverages(b)	3		2		5		4
Piedmont
Corporate governance and shared service expenses(a)	$	40	$	37	$	81	$	75
Indemnification coverages(b)	1		1		2		2
Intercompany natural gas sales(d)	23		22		46		46
Natural gas storage and transportation costs(e)	6		6		12		12

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
June 30, 2024
Intercompany income tax receivable	$	—	$	—	$	—	$	—	$	2	$	—	$	39
Intercompany income tax payable	98		167		53		120		—		29		—
December 31, 2023
Intercompany income tax receivable	$	—	$	—	$	—	$	—	$	91	$	53	$	—
Intercompany income tax payable	81		92		94		114		—		—		57

XML

Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Derivative Positions

The following tables show notional amounts of outstanding derivatives related to interest rate risk.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,700	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	3,052		1,150		1,675		1,125		550		200		27
Total notional amount	$	4,752	$	1,150	$	1,675	$	1,125	$	550	$	200	$	27

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	2,300	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,727		1,050		1,250		925		325		400		27
Total notional amount	$	5,027	$	1,050	$	1,250	$	925	$	325	$	400	$	27

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.

	June 30, 2024
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	27,518	—	—	—	2,966	24,552	—
Natural gas (millions of dekatherms)	781	249	241	241	—	38	253

	December 31, 2023
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	13,608	—	—	—	1,616	11,992	—
Natural gas (millions of dekatherms)	846	279	274	274	—	30	263

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2024.

										Fair Value Gain (Loss)(a)
										(in millions)
	Pay Notional				Receive Notional		Receive		Hedge	Three Months Ended June 30,				Six Months Ended June 30,
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	2024		2023		2024		2023
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(2)	$	5	$	—	$	10
	537		5.31	%	500	euros	3.85	%	June 2034	(2)		3		—		8
	815		5.648	%	750	euros	3.75	%	April 2031	(9)		—		(9)		—
Total notional amount	$	1,997			1,850	euros				$	(13)	$	8	$	(9)	$	18

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded

Location and Fair Value of Derivatives Recognized in the Condensed Consolidated Balance Sheets

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Noncurrent	53		23		29		29		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	101	$	28	$	34	$	33	$	—	$	2	$	36	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	60		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	70		18		30		30		1		—		22		—
Total Derivative Assets – Interest Rate Contracts	$	130	$	18	$	30	$	30	$	1	$	—	$	22	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent	16		—		—		—		—		—		—		—
Total Derivative Assets – Foreign Currency Contracts	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	247	$	46	$	64	$	63	$	1	$	2	$	58	$	1

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	218	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Noncurrent	195		45		36		36		—		—		—		113
Total Derivative Liabilities – Commodity Contracts	$	413	$	159	$	113	$	113	$	—	$	—	$	8	$	132
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	5		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	9		2		6		5		2		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	14	$	2	$	6	$	5	$	2	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	31		—		—		—		—		—		—		—
Noncurrent	15		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	46	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	473	$	161	$	119	$	118	$	2	$	1	$	8	$	132

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	25	$	1	$	3	$	1	$	2	$	1	$	18	$	1
Noncurrent	57		26		31		31		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	82	$	27	$	34	$	32	$	2	$	1	$	18	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	31		—		—		—		—		—		—		—
Noncurrent	17		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	5		5		—		—		—		—		—		—
Noncurrent	10		3		—		—		—		—		7		—
Total Derivative Assets – Interest Rate Contracts	$	63	$	8	$	—	$	—	$	—	$	—	$	7	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent	44		—		—		—		—		—		—		—
Total Derivative Assets – Foreign Currency Contracts	$	44	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Assets	$	189	$	35	$	34	$	32	$	2	$	1	$	25	$	1

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	354	$	177	$	138	$	138	$	—	$	—	$	18	$	20
Noncurrent	255		67		61		61		—		—		—		127
Total Derivative Liabilities – Commodity Contracts	$	609	$	244	$	199	$	199	$	—	$	—	$	18	$	147
Interest Rate Contracts
Designated as Hedging Instruments
Current	25		—		—		—		—		—		—		—
Noncurrent	26		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	13		2		11		11		—		—		—		—
Noncurrent	39		14		24		9		15		1		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	103	$	16	$	35	$	20	$	15	$	1	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	17		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	17	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	729	$	260	$	234	$	219	$	15	$	1	$	18	$	147

Offsetting Assets

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Net amounts presented in Current Assets: Other	$	40	$	1	$	1	$	—	$	—	$	2	$	36	$	1
Noncurrent
Gross amounts recognized	$	199	$	41	$	59	$	59	$	1	$	—	$	22	$	—
Offset	(36)		(17)		(19)		(19)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	163	$	24	$	40	$	40	$	1	$	—	$	22	$	—

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	249	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Cash collateral posted	(16)		(7)		(1)		(1)		—		—		(8)		—
Net amounts presented in Current Liabilities: Other	$	225	$	103	$	72	$	72	$	—	$	—	$	—	$	19
Noncurrent
Gross amounts recognized	$	224	$	47	$	42	$	41	$	2	$	1	$	—	$	113
Offset	(35)		(17)		(19)		(19)		—		—		—		—
Cash collateral posted	(9)		(8)		(1)		(1)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	180	$	22	$	22	$	21	$	2	$	1	$	—	$	113

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	61	$	6	$	3	$	1	$	2	$	1	$	18	$	1
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Net amounts presented in Current Assets: Other	$	59	$	5	$	2	$	—	$	2	$	1	$	18	$	1
Noncurrent
Gross amounts recognized	$	128	$	29	$	31	$	31	$	—	$	—	$	7	$	—
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	91	$	15	$	9	$	9	$	—	$	—	$	7	$	—

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	409	$	179	$	149	$	149	$	—	$	—	$	18	$	20
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Cash collateral posted	(96)		(48)		(30)		(30)		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	311	$	130	$	118	$	118	$	—	$	—	$	—	$	20
Noncurrent
Gross amounts recognized	$	320	$	81	$	85	$	70	$	15	$	1	$	—	$	127
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Cash collateral posted	(66)		(38)		(28)		(28)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	217	$	29	$	35	$	20	$	15	$	1	$	—	$	127

Offsetting Liabilities

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	48	$	5	$	5	$	4	$	—	$	2	$	36	$	1
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Net amounts presented in Current Assets: Other	$	40	$	1	$	1	$	—	$	—	$	2	$	36	$	1
Noncurrent
Gross amounts recognized	$	199	$	41	$	59	$	59	$	1	$	—	$	22	$	—
Offset	(36)		(17)		(19)		(19)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	163	$	24	$	40	$	40	$	1	$	—	$	22	$	—

Derivative Liabilities	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	249	$	114	$	77	$	77	$	—	$	—	$	8	$	19
Offset	(8)		(4)		(4)		(4)		—		—		—		—
Cash collateral posted	(16)		(7)		(1)		(1)		—		—		(8)		—
Net amounts presented in Current Liabilities: Other	$	225	$	103	$	72	$	72	$	—	$	—	$	—	$	19
Noncurrent
Gross amounts recognized	$	224	$	47	$	42	$	41	$	2	$	1	$	—	$	113
Offset	(35)		(17)		(19)		(19)		—		—		—		—
Cash collateral posted	(9)		(8)		(1)		(1)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	180	$	22	$	22	$	21	$	2	$	1	$	—	$	113

Derivative Assets	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	61	$	6	$	3	$	1	$	2	$	1	$	18	$	1
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Net amounts presented in Current Assets: Other	$	59	$	5	$	2	$	—	$	2	$	1	$	18	$	1
Noncurrent
Gross amounts recognized	$	128	$	29	$	31	$	31	$	—	$	—	$	7	$	—
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	91	$	15	$	9	$	9	$	—	$	—	$	7	$	—

Derivative Liabilities	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	409	$	179	$	149	$	149	$	—	$	—	$	18	$	20
Offset	(2)		(1)		(1)		(1)		—		—		—		—
Cash collateral posted	(96)		(48)		(30)		(30)		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	311	$	130	$	118	$	118	$	—	$	—	$	—	$	20
Noncurrent
Gross amounts recognized	$	320	$	81	$	85	$	70	$	15	$	1	$	—	$	127
Offset	(37)		(14)		(22)		(22)		—		—		—		—
Cash collateral posted	(66)		(38)		(28)		(28)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	217	$	29	$	35	$	20	$	15	$	1	$	—	$	127

Derivative Contracts with Contingent Credit Features

The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

	June 30, 2024
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	242	$	134	$	108	$	108
Fair value of collateral already posted	17		15		2		2
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	225	$	119	$	106	$	106

	December 31, 2023
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	342	$	175	$	166	$	166
Fair value of collateral already posted	144		86		58		58
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	198	$	89	$	108	$	108

XML

Investments in Debt and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2024

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	151	$	—	$	—	$	133
Equity securities	5,612		23		7,859		4,942		22		7,278
Corporate debt securities	7		44		691		12		43		632
Municipal bonds	3		15		330		6		16		347
U.S. government bonds	6		79		1,668		24		65		1,575
Other debt securities	1		10		244		1		13		178
Total NDTF Investments	$	5,629	$	171	$	10,943	$	4,985	$	159	$	10,143
Other Investments
Cash and cash equivalents	$	—	$	—	$	124	$	—	$	—	$	31
Equity securities	51		—		177		33		—		158
Corporate debt securities	—		6		91		—		6		82
Municipal bonds	—		2		81		1		2		77
U.S. government bonds	—		4		50		—		2		65
Other debt securities	—		4		47		—		2		47
Total Other Investments	$	51	$	16	$	570	$	34	$	12	$	460
Total Investments	$	5,680	$	187	$	11,513	$	5,019	$	171	$	10,603

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	151	$	—	$	—	$	133
Equity securities	5,612		23		7,859		4,942		22		7,278
Corporate debt securities	7		44		691		12		43		632
Municipal bonds	3		15		330		6		16		347
U.S. government bonds	6		79		1,668		24		65		1,575
Other debt securities	1		10		244		1		13		178
Total NDTF Investments	$	5,629	$	171	$	10,943	$	4,985	$	159	$	10,143
Other Investments
Cash and cash equivalents	$	—	$	—	$	124	$	—	$	—	$	31
Equity securities	51		—		177		33		—		158
Corporate debt securities	—		6		91		—		6		82
Municipal bonds	—		2		81		1		2		77
U.S. government bonds	—		4		50		—		2		65
Other debt securities	—		4		47		—		2		47
Total Other Investments	$	51	$	16	$	570	$	34	$	12	$	460
Total Investments	$	5,680	$	187	$	11,513	$	5,019	$	171	$	10,603

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	127	$	20	$	195	$	46
Realized losses	27		36		45		82
AFS:
Realized gains	2		13		12		21
Realized losses	22		27		36		59

Investments Classified by Contractual Maturity Date

The table below summarizes the maturity date for debt securities.

	June 30, 2024
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	115	$	11	$	81	$	18	$	63	$	8
Due after one through five years	785		297		403		289		114		21
Due after five through 10 years	664		411		209		197		12		9
Due after 10 years	1,638		865		679		639		40		24
Total	$	3,202	$	1,584	$	1,372	$	1,143	$	229	$	62

Duke Energy Carolinas

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	57	$	—	$	—	$	51
Equity securities	3,254		16		4,527		2,886		14		4,196
Corporate debt securities	2		37		424		4		35		390
Municipal bonds	—		4		41		—		4		50
U.S. government bonds	2		44		894		13		33		826
Other debt securities	1		10		225		1		13		172
Total NDTF Investments	$	3,259	$	111	$	6,168	$	2,904	$	99	$	5,685

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	57	$	—	$	—	$	51
Equity securities	3,254		16		4,527		2,886		14		4,196
Corporate debt securities	2		37		424		4		35		390
Municipal bonds	—		4		41		—		4		50
U.S. government bonds	2		44		894		13		33		826
Other debt securities	1		10		225		1		13		172
Total NDTF Investments	$	3,259	$	111	$	6,168	$	2,904	$	99	$	5,685

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	72	$	9	$	125	$	27
Realized losses	15		18		21		47
AFS:
Realized gains	1		4		5		9
Realized losses	11		8		17		28

Progress Energy

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	94	$	—	$	—	$	82
Equity securities	2,358		7		3,332		2,056		8		3,082
Corporate debt securities	5		7		267		8		8		242
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		35		774		11		32		749
Other debt securities	—		—		19		—		—		6
Total NDTF Investments	$	2,370	$	60	$	4,775	$	2,081	$	60	$	4,458
Other Investments
Cash and cash equivalents	$	—	$	—	$	25	$	—	$	—	$	18
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	48	$	—	$	1	$	41
Total Investments	$	2,370	$	61	$	4,823	$	2,081	$	61	$	4,499

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	94	$	—	$	—	$	82
Equity securities	2,358		7		3,332		2,056		8		3,082
Corporate debt securities	5		7		267		8		8		242
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		35		774		11		32		749
Other debt securities	—		—		19		—		—		6
Total NDTF Investments	$	2,370	$	60	$	4,775	$	2,081	$	60	$	4,458
Other Investments
Cash and cash equivalents	$	—	$	—	$	25	$	—	$	—	$	18
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	48	$	—	$	1	$	41
Total Investments	$	2,370	$	61	$	4,823	$	2,081	$	61	$	4,499

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	55	$	11	$	70	$	19
Realized losses	12		18		24		35
AFS:
Realized gains	1		9		7		12
Realized losses	11		19		19		31

Duke Energy Progress

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	77	$	—	$	—	$	55
Equity securities	2,243		7		3,205		1,956		8		2,970
Corporate debt securities	4		7		254		7		8		229
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		23		583		10		18		518
Other debt securities	—		—		17		—		—		6
Total NDTF Investments	$	2,254	$	48	$	4,425	$	1,979	$	46	$	4,075
Other Investments
Cash and cash equivalents	$	—	$	—	$	18	$	—	$	—	$	14
Total Other Investments	$	—	$	—	$	18	$	—	$	—	$	14
Total Investments	$	2,254	$	48	$	4,443	$	1,979	$	46	$	4,089

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	77	$	—	$	—	$	55
Equity securities	2,243		7		3,205		1,956		8		2,970
Corporate debt securities	4		7		254		7		8		229
Municipal bonds	3		11		289		6		12		297
U.S. government bonds	4		23		583		10		18		518
Other debt securities	—		—		17		—		—		6
Total NDTF Investments	$	2,254	$	48	$	4,425	$	1,979	$	46	$	4,075
Other Investments
Cash and cash equivalents	$	—	$	—	$	18	$	—	$	—	$	14
Total Other Investments	$	—	$	—	$	18	$	—	$	—	$	14
Total Investments	$	2,254	$	48	$	4,443	$	1,979	$	46	$	4,089

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2024, and 2023, were as follows.

	Three Months Ended				Six Months Ended
(in millions)	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
FV-NI:
Realized gains	$	55	$	11	$	70	$	19
Realized losses	12		17		24		34
AFS:
Realized gains	1		8		7		11
Realized losses	10		17		18		29

Duke Energy Florida

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	17	$	—	$	—	$	27
Equity securities	115		—		127		100		—		112
Corporate debt securities	1		—		13		1		—		13
U.S. government bonds	—		12		191		1		14		231
Other debt securities	—		—		2		—		—		—
Total NDTF Investments(a)	$	116	$	12	$	350	$	102	$	14	$	383
Other Investments
Cash and cash equivalents	$	—	$	—	$	3	$	—	$	—	$	3
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	26	$	—	$	1	$	26
Total Investments	$	116	$	13	$	376	$	102	$	15	$	409

(a)During the six months ended June 30, 2024, and the year ended December 31, 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	17	$	—	$	—	$	27
Equity securities	115		—		127		100		—		112
Corporate debt securities	1		—		13		1		—		13
U.S. government bonds	—		12		191		1		14		231
Other debt securities	—		—		2		—		—		—
Total NDTF Investments(a)	$	116	$	12	$	350	$	102	$	14	$	383
Other Investments
Cash and cash equivalents	$	—	$	—	$	3	$	—	$	—	$	3
Municipal bonds	—		1		23		—		1		23
Total Other Investments	$	—	$	1	$	26	$	—	$	1	$	26
Total Investments	$	116	$	13	$	376	$	102	$	15	$	409

(a)During the six months ended June 30, 2024, and the year ended December 31, 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Duke Energy Indiana

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	—	$	1
Equity securities	15		—		110		4		—		98
Corporate debt securities	—		—		7		—		—		8
Municipal bonds	—		1		47		1		1		46
U.S. government bonds	—		—		8		—		—		10
Total Investments	$	15	$	1	$	174	$	5	$	1	$	163

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	June 30, 2024						December 31, 2023
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	2	$	—	$	—	$	1
Equity securities	15		—		110		4		—		98
Corporate debt securities	—		—		7		—		—		8
Municipal bonds	—		1		47		1		1		46
U.S. government bonds	—		—		8		—		—		10
Total Investments	$	15	$	1	$	174	$	5	$	1	$	163

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.

	June 30, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	151	$	151	$	—	$	—	$	—
NDTF equity securities	7,859		7,827		—		—		32
NDTF debt securities	2,933		917		2,016		—		—
Other equity securities	177		177		—		—		—
Other debt securities	269		47		222		—		—
Other cash and cash equivalents	124		124		—		—		—
Derivative assets	247		3		209		35		—
Total assets	11,760		9,246		2,447		35		32
Derivative liabilities	(473)		(39)		(434)		—		—
Net assets	$	11,287	$	9,207	$	2,013	$	35	$	32

	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	133	$	133	$	—	$	—	$	—
NDTF equity securities	7,278		7,241		—		—		37
NDTF debt securities	2,732		829		1,903		—		—
Other equity securities	158		158		—		—		—
Other debt securities	271		55		216		—		—
Other cash and cash equivalents	31		31		—		—		—
Derivative assets	189		37		137		15		—
Total assets	10,792		8,484		2,256		15		37
Derivative liabilities	(729)		(60)		(669)		—		—
Net assets	$	10,063	$	8,424	$	1,587	$	15	$	37

Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	6	$	12	$	15	$	34
Purchases, sales, issuances and settlements:
Purchases	29		47		29		47
Settlements	(10)		(38)		(23)		(58)
Total gains included on the Condensed Consolidated Balance Sheet	10		20		14		18
Balance at end of period	$	35	$	41	$	35	$	41

Quantitative Information Table - Level 3

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

	June 30, 2024
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	2	RTO auction pricing	FTR price – per MWh	$	0.22	-	$	1.78	$	0.52
Duke Energy Indiana
FTRs	33		RTO auction pricing	FTR price – per MWh	(0.31)		-	14.00		1.82
Duke Energy
Total Level 3 derivatives	$	35

	December 31, 2023
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	2	RTO auction pricing	FTR price – per MWh	$	0.36	-	$	2.11	$	0.71
Duke Energy Indiana
FTRs	13		RTO auction pricing	FTR price – per MWh	(1.05)		-	9.64		1.26
Duke Energy
Total Level 3 derivatives	$	15

Schedule of Long Term Debt Fair Value

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

	June 30, 2024				December 31, 2023
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	78,779	$	70,796	$	75,252	$	69,790
Duke Energy Carolinas	17,026		15,409		16,012		15,077
Progress Energy	24,259		22,144		23,759		22,553
Duke Energy Progress	12,343		10,785		11,714		10,595
Duke Energy Florida	10,273		9,594		10,401		10,123
Duke Energy Ohio	4,163		3,829		3,518		3,310
Duke Energy Indiana	4,800		4,317		4,502		4,230
Piedmont	3,669		3,221		3,668		3,336

(a)Book value of long-term debt includes $1.1 billion and $1.0 billion at June 30, 2024, and December 31, 2023, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

Duke Energy Carolinas

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	57	$	57	$	—	$	—
NDTF equity securities	4,527		4,495		—		32
NDTF debt securities	1,584		455		1,129		—
Derivative assets	46		—		46		—
Total assets	6,214		5,007		1,175		32
Derivative liabilities	(161)		—		(161)		—
Net assets	$	6,053	$	5,007	$	1,014	$	32

	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	51	$	51	$	—	$	—
NDTF equity securities	4,196		4,159		—		37
NDTF debt securities	1,438		375		1,063		—
Derivative assets	35		—		35		—
Total assets	5,720		4,585		1,098		37
Derivative liabilities	(260)		—		(260)		—
Net assets	$	5,460	$	4,585	$	838	$	37

Progress Energy

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	94	$	94	$	—	$	82	$	82	$	—
NDTF equity securities	3,332		3,332		—		3,082		3,082		—
NDTF debt securities	1,349		462		887		1,294		454		840
Other debt securities	23		—		23		23		—		23
Other cash and cash equivalents	25		25		—		18		18		—
Derivative assets	64		—		64		34		—		34
Total assets	4,887		3,913		974		4,533		3,636		897
Derivative liabilities	(119)		—		(119)		(234)		—		(234)
Net assets	$	4,768	$	3,913	$	855	$	4,299	$	3,636	$	663

Duke Energy Progress

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	77	$	77	$	—	$	55	$	55	$	—
NDTF equity securities	3,205		3,205		—		2,970		2,970		—
NDTF debt securities	1,143		305		838		1,050		266		784
Other cash and cash equivalents	18		18		—		14		14		—
Derivative assets	63		—		63		32		—		32
Total assets	4,506		3,605		901		4,121		3,305		816
Derivative liabilities	(118)		—		(118)		(219)		—		(219)
Net assets	$	4,388	$	3,605	$	783	$	3,902	$	3,305	$	597

Duke Energy Florida

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	17	$	17	$	—	$	27	$	27	$	—
NDTF equity securities	127		127		—		112		112		—
NDTF debt securities	206		157		49		244		188		56
Other debt securities	23		—		23		23		—		23
Other cash and cash equivalents	3		3		—		3		3		—
Derivative assets	1		—		1		2		—		2
Total assets	377		304		73		411		330		81
Derivative liabilities	(2)		—		(2)		(15)		—		(15)
Net assets	$	375	$	304	$	71	$	396	$	330	$	66

Duke Energy Indiana

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024								December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	110	$	110	$	—	$	—	$	98	$	98	$	—	$	—
Other debt securities	62		—		62		—		64		—		64		—
Other cash and cash equivalents	2		2		—		—		1		1		—		—
Derivative assets	58		3		22		33		25		5		7		13
Total assets	232		115		84		33		188		104		71		13
Derivative liabilities	(8)		(8)		—		—		(18)		(18)		—		—
Net assets	$	224	$	107	$	84	$	33	$	170	$	86	$	71	$	13

Reconciliation of Assets and Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Balance at beginning of period	$	5	$	11	$	13	$	29
Purchases, sales, issuances and settlements:
Purchases	27		42		27		42
Settlements	(9)		(37)		(20)		(56)
Total gains included on the Condensed Consolidated Balance Sheet	10		21		13		22
Balance at end of period	$	33	$	37	$	33	$	37

Piedmont

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	June 30, 2024						December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	1	$	1	$	—	$	1	$	1	$	—
Derivative liabilities	(132)		—		(132)		(147)		—		(147)
Net (liabilities) assets	$	(131)	$	1	$	(132)	$	(146)	$	1	$	(147)

XML

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

	Duke Energy
		Duke Energy		Duke Energy		Duke Energy
		Carolinas		Progress		Florida
(in millions)	CRC	DERF		DEPR		DEFR
Expiration date	(a)	January 2025		April 2025		(b)
Credit facility amount	(a)	$	500	$	400	(b)
Amounts borrowed at June 30, 2024	—	500		400		—
Amounts borrowed at December 31, 2023	312	500		400		325
Restricted Receivables at June 30, 2024	—	1,128		881		—
Restricted Receivables at December 31, 2023	663	991		833		532

(a)    In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related $350 million CRC credit facility.

(b)    In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings and terminated the related $325 million DEFR credit facility.

VIE not primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.

	June 30, 2024
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—
Investments in equity method unconsolidated affiliates	58		—		—
Other noncurrent assets	29		—		—
Total assets	$	87	$	—	$	—
Other current liabilities	4		—		—
Other noncurrent liabilities	2		—		—
Total liabilities	$	6	$	—	$	—
Net assets	$	81	$	—	$	—

	December 31, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	150	$	208
Investments in equity method unconsolidated affiliates	67		—		—
Other noncurrent assets	43		—		—
Total assets	$	110	$	150	$	208
Other current liabilities	4		—		—
Other noncurrent liabilities	5		—		—
Total liabilities	$	9	$	—	$	—
Net assets	$	101	$	150	$	208

DEFPF | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions)	June 30, 2024	December 31, 2023
Regulatory Assets: Current	60	59
Current Assets: Other	32	37
Other Noncurrent Assets: Regulatory assets	775	803
Current Liabilities: Other	8	8
Current maturities of long-term debt	59	59
Long-Term Debt	801	831

DECNCSF and DEPNCSF | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

	June 30, 2024				December 31, 2023
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	10		31		9		31
Other Noncurrent Assets: Regulatory assets	191		626		196		643
Other Noncurrent Assets: Other	1		4		1		2
Current Liabilities: Other	2		10		10		34
Current maturities of long-term debt	10		34		3		8
Long-Term Debt	203		663		208		680

CRC | VIE not primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following table shows the gross and net receivables sold. See discussion under Consolidated VIEs for additional information related to CRC's termination in March 2024.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Receivables sold	$	—	$	361	$	—	$	351
Less: Retained interests	—		150		—		208
Net receivables sold	$	—	$	211	$	—	$	143

The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.

	Duke Energy Ohio				Duke Energy Indiana
	Six Months Ended					Six Months Ended
	June 30,					June 30,
(in millions)	2024		2023			2024		2023
Sales
Receivables sold	$	474	$	1,381		$	473	$	1,665
Loss recognized on sale	7		17			6		19
Cash flows
Cash proceeds from receivables sold	$	478	$	1,445		$	523	$	1,793
Collection fees received	—		1			—		1
Return received on retained interests	4		10			4		13

DEF ProCo | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.

(in millions)	June 30, 2024		December 31, 2023
Inventory	$	494	$	462
Accounts Payable	213		188

DEPSCSF | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the impact of this VIE on Duke Energy Progress' Consolidated Balance Sheets.

(in millions)	June 30, 2024
Regulatory Assets: Current	$	9
Other Noncurrent Assets: Regulatory assets	162
Current maturities of long-term debt	6
Long-Term Debt	166

XML

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations:

	Remaining Performance Obligations
(in millions)	2024		2025		2026		2027		2028		Thereafter		Total
Progress Energy	$	35	$	30	$	7	$	7	$	7	$	29	$	115
Duke Energy Progress	4		—		—		—		—		—		4
Duke Energy Florida	31		30		7		7		7		29		111
Duke Energy Indiana	8		17		17		15		5		—		62

Estimated remaining performance obligations are as follows:

	Remaining Performance Obligations
(in millions)	2024		2025		2026		2027		2028		Thereafter		Total
Piedmont	$	33	$	61	$	51	$	49	$	46	$	195	$	435

Disaggregation of Revenue

Disaggregated revenues are presented as follows:

	Three Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,092	$	959	$	1,625	$	661	$	964	$	240	$	269	$	—
General	2,013		755		933		427		506		144		180		—
Industrial	869		374		267		183		84		39		190		—
Wholesale	524		127		337		298		39		10		49		—
Other revenues	293		99		187		91		96		18		39		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,791	$	2,314	$	3,349	$	1,660	$	1,689	$	451	$	727	$	—
Gas Utilities and Infrastructure
Residential	$	182	$	—	$	—	$	—	$	—	$	86	$	—	$	96
Commercial	103		—		—		—		—		31		—		72
Industrial	32		—		—		—		—		6		—		24
Power Generation	—		—		—		—		—		—		—		8
Other revenues	32		—		—		—		—		9		—		23
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	349	$	—	$	—	$	—	$	—	$	132	$	—	$	223
Other
Revenue from contracts with customers	$	11	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,151	$	2,314	$	3,349	$	1,660	$	1,689	$	583	$	727	$	223
Other revenue sources(a)	$	21	$	(17)	$	8	$	(24)	$	27	$	25	$	20	$	21
Total revenues	$	7,172	$	2,297	$	3,357	$	1,636	$	1,716	$	608	$	747	$	244

	Three Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	2,740	$	715	$	1,555	$	539	$	1,016	$	208	$	262	$	—
General	1,876		607		914		369		545		141		212		—
Industrial	827		320		274		180		94		56		177		—
Wholesale	498		126		294		259		35		12		66		—
Other revenues	189		49		144		70		74		22		32		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,130	$	1,817	$	3,181	$	1,417	$	1,764	$	439	$	749	$	—
Gas Utilities and Infrastructure
Residential	$	179	$	—	$	—	$	—	$	—	$	82	$	—	$	97
Commercial	100		—		—		—		—		31		—		69
Industrial	30		—		—		—		—		6		—		24
Power Generation	—		—		—		—		—		—		—		23
Other revenues	25		—		—		—		—		5		—		5
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	334	$	—	$	—	$	—	$	—	$	124	$	—	$	218
Other
Revenue from contracts with customers	$	9	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,473	$	1,817	$	3,181	$	1,417	$	1,764	$	563	$	749	$	218
Other revenue sources(a)	$	105	$	11	$	31	$	8	$	18	$	26	$	31	$	18
Total revenues	$	6,578	$	1,828	$	3,212	$	1,425	$	1,782	$	589	$	780	$	236

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

	Six Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	6,207	$	2,017	$	3,142	$	1,403	$	1,739	$	493	$	556	$	—
General	3,947		1,472		1,799		849		950		296		381		—
Industrial	1,691		714		533		360		173		71		373		—
Wholesale	1,078		265		692		624		68		24		97		—
Other revenues	546		198		336		169		167		40		73		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	13,469	$	4,666	$	6,502	$	3,405	$	3,097	$	924	$	1,480	$	—
Gas Utilities and Infrastructure
Residential	$	702	$	—	$	—	$	—	$	—	$	233	$	—	$	469
Commercial	343		—		—		—		—		88		—		255
Industrial	79		—		—		—		—		17		—		62
Power Generation	—		—		—		—		—		—		—		16
Other revenues	72		—		—		—		—		14		—		58
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,196	$	—	$	—	$	—	$	—	$	352	$	—	$	860
Other
Revenue from contracts with customers	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	14,683	$	4,666	$	6,502	$	3,405	$	3,097	$	1,276	$	1,480	$	860
Other revenue sources(a)	$	160	$	38	$	83	$	19	$	55	$	10	$	26	$	60
Total revenues	$	14,843	$	4,704	$	6,585	$	3,424	$	3,152	$	1,286	$	1,506	$	920

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

	Six Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	5,591	$	1,539	$	2,976	$	1,146	$	1,830	$	442	$	634	$	—
General	3,707		1,195		1,755		727		1,028		276		482		—
Industrial	1,718		616		546		357		189		127		428		—
Wholesale	1,048		261		642		578		64		21		124		—
Other revenues	333		127		265		138		127		49		47		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	12,397	$	3,738	$	6,184	$	2,946	$	3,238	$	915	$	1,715	$	—
Gas Utilities and Infrastructure
Residential	$	686	$	—	$	—	$	—	$	—	$	244	$	—	$	442
Commercial	333		—		—		—		—		89		—		244
Industrial	77		—		—		—		—		15		—		61
Power Generation	—		—		—		—		—		—		—		46
Other revenues	65		—		—		—		—		11		—		24
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,161	$	—	$	—	$	—	$	—	$	359	$	—	$	817
Other
Revenue from contracts with customers	$	16	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	13,574	$	3,738	$	6,184	$	2,946	$	3,238	$	1,274	$	1,715	$	817
Other revenue sources(a)	$	280	$	24	$	76	$	12	$	54	$	24	$	40	$	94
Total revenues	$	13,854	$	3,762	$	6,260	$	2,958	$	3,292	$	1,298	$	1,755	$	911

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

Reserve for Credit Losses for Trade and Other Receivables

The following table presents the reserve for credit losses for trade and other receivables.

	Three Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at March 31, 2023	$	214	$	70	$	75	$	45	$	30	$	7	$	4	$	14
Write-Offs	(43)		(20)		(18)		(10)		(8)		—		—		(5)
Credit Loss Expense	23		6		12		4		8		1		—		4
Other Adjustments	5		1		4		4		—		—		—		—
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Balance at March 31, 2024	$	204	$	62	$	73	$	47	$	27	$	41	$	16	$	12
Write-Offs	(36)		(16)		(17)		(12)		(5)		—		—		(3)
Credit Loss Expense	35		10		11		6		5		1		—		2
Other Adjustments	4		9		6		6		(1)		—		—		—
Balance at June 30, 2024	$	207	$	65	$	73	$	47	$	26	$	42	$	16	$	11
	Six Months Ended June 30, 2023 and 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(85)		(40)		(40)		(19)		(20)		—		—		(6)
Credit Loss Expense	39		13		18		5		13		2		—		5
Other Adjustments	29		16		14		13		1		—		—		—
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Balance at December 31, 2023	$	205	$	56	$	74	$	44	$	31	$	9	$	5	$	11
Write-Offs	(68)		(28)		(33)		(19)		(14)		—		—		(4)
Credit Loss Expense	45		17		20		10		10		2		2		4
Other Adjustments	25		20		12		12		(1)		31		9		—
Balance at June 30, 2024	$	207	$	65	$	73	$	47	$	26	$	42	$	16	$	11

Aging of Trade Receivables

The aging of trade receivables is presented in the table below.

	June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(b)	$	1,155	$	414	$	426	$	278	$	148	$	127	$	177	$	11
Current	2,503		772		1,210		727		480		182		205		112
1-31 days past due	202		60		79		35		44		26		17		19
31-61 days past due	75		25		22		15		7		12		11		5
61-91 days past due	80		19		40		10		30		10		5		6
91+ days past due	229		60		61		26		35		84		18		6
Deferred Payment Arrangements(c)	99		36		40		26		14		18		5		—
Trade and Other Receivables(e)	$	4,343	$	1,386	$	1,878	$	1,117	$	758	$	459	$	438	$	159

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(d)	$	1,273	$	399	$	401	$	280	$	121	$	4	$	22	$	108
Current	2,306		680		1,009		612		395		48		87		199
1-31 days past due	275		97		91		41		50		12		14		9
31-61 days past due	78		20		34		23		11		3		7		2
61-91 days past due	47		15		17		10		7		2		4		1
91+ days past due	253		67		69		24		45		46		27		3
Deferred Payment Arrangements(c)	104		34		43		26		17		6		—		—
Trade and Other Receivables	$	4,336	$	1,312	$	1,664	$	1,016	$	646	$	121	$	161	$	322

(a)Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Condensed Consolidated Balance Sheets.

(b)In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility. Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets. See Note 13 for further information.

(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

(d)Duke Energy Ohio and Duke Energy Indiana sold, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and accounted for the transfers of receivables as sales. Accordingly, the receivables sold were not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. These receivables for unbilled revenues are $141 million and $197 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2023.

(e)The balance of the remaining proceeds from the sale of certain Commercial Renewables assets to Brookfield is not presented in the aging of trade and other receivables above. Refer to Note 2 for further information.

XML

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Earnings Per Share

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Net Income (Loss) available to Duke Energy common stockholders	$	886	$	(234)	$	1,985	$	531
Less: Loss from discontinued operations attributable to Duke Energy common stockholders	(10)		(948)		(13)		(1,093)
Accumulated preferred stock dividends adjustment	(12)		(12)		—		—
Less: Impact of participating securities	1		1		2		2
Income from continuing operations available to Duke Energy common stockholders	$	883	$	701	$	1,996	$	1,622
Loss from discontinued operations, net of tax	$	(10)	$	(955)	$	(13)	$	(1,164)
Add: Loss attributable to NCI	—		7		—		71
Loss from discontinued operations attributable to Duke Energy common stockholders	$	(10)	$	(948)	$	(13)	$	(1,093)
Weighted average common shares outstanding – basic and diluted	772		771		771		770
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)	$	1.14	$	0.91	$	2.59	$	2.10
Loss Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted(a)	$	(0.01)	$	(1.23)	$	(0.02)	$	(1.41)
Potentially dilutive items excluded from the calculation(b)	2		2		2		2
Dividends declared per common share	$	1.025	$	1.005	$	2.050	$	2.010
Dividends declared on Series A preferred stock per depositary share(c)	$	0.359	$	0.359	$	0.719	$	0.719
Dividends declared on Series B preferred stock per share(d)	$	—	$	—	$	24.375	$	24.375

(a)For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive.

(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

XML

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Qualified Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs

The following tables include the components of net periodic pension costs for qualified pension plans.

	Three Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	29	$	10	$	8	$	5	$	4	$	—	$	1	$	1
Interest cost on projected benefit obligation	83		20		26		12		14		4		7		3
Expected return on plan assets	(154)		(40)		(54)		(25)		(29)		(7)		(11)		(5)
Amortization of actuarial loss	8		2		3		2		1		1		1		—
Amortization of prior service credit	(4)		—		—		—		—		—		(1)		(2)
Amortization of settlement charges	4		2		1		1		1		—		1		1
Net periodic pension costs	$	(34)	$	(6)	$	(16)	$	(5)	$	(9)	$	(2)	$	(2)	$	(2)

	Three Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	29	$	9	$	7	$	5	$	4	$	—	$	2	$	1
Interest cost on projected benefit obligation	86		21		27		13		15		5		7		3
Expected return on plan assets	(147)		(40)		(49)		(23)		(26)		(6)		(10)		(5)
Amortization of actuarial loss	3		1		1		1		—		—		—		—
Amortization of prior service credit	(4)		—		—		—		—		—		(1)		(2)
Amortization of settlement charges	4		2		1		1		1		—		1		1
Net periodic pension costs	$	(29)	$	(7)	$	(13)	$	(3)	$	(6)	$	(1)	$	(1)	$	(2)

	Six Months Ended June 30, 2024
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	57	$	19	$	16	$	10	$	7	$	1	$	3	$	2
Interest cost on projected benefit obligation	165		40		52		24		28		8		13		5
Expected return on plan assets	(308)		(81)		(108)		(50)		(58)		(13)		(21)		(10)
Amortization of actuarial loss	16		4		5		3		2		1		2		1
Amortization of prior service credit	(7)		—		—		—		—		—		(1)		(4)
Amortization of settlement charges	9		4		2		2		1		—		1		2
Net periodic pension costs	$	(68)	$	(14)	$	(33)	$	(11)	$	(20)	$	(3)	$	(3)	$	(4)

	Six Months Ended June 30, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	59	$	19	$	16	$	10	$	7	$	1	$	3	$	2
Interest cost on projected benefit obligation	172		42		54		25		29		9		14		5
Expected return on plan assets	(294)		(80)		(99)		(46)		(52)		(12)		(20)		(10)
Amortization of actuarial loss	5		1		2		1		1		—		1		—
Amortization of prior service credit	(7)		—		—		—		—		—		(1)		(4)
Amortization of settlement charges	9		4		2		2		1		—		1		2
Net periodic pension costs	$	(56)	$	(14)	$	(25)	$	(8)	$	(14)	$	(2)	$	(2)	$	(5)

XML

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Summary of Effective Tax Rates

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Duke Energy	13.1	%	13.7	%	13.2	%	13.7	%
Duke Energy Carolinas	10.9	%	10.6	%	11.2	%	11.0	%
Progress Energy	16.6	%	16.7	%	16.6	%	16.7	%
Duke Energy Progress	14.9	%	14.1	%	14.9	%	14.4	%
Duke Energy Florida	19.5	%	19.9	%	19.5	%	19.9	%
Duke Energy Ohio	17.2	%	15.5	%	17.0	%	16.2	%
Duke Energy Indiana	16.7	%	17.4	%	16.9	%	17.3	%
Piedmont	20.0	%	25.0	%	19.6	%	17.8	%

XML

Organization and Basis of Presentation (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 390	$ 253
Other Noncurrent Assets
Total cash, cash equivalents and restricted cash	483	357	$ 567	$ 603
Duke Energy (Parent)
Current Assets
Cash and cash equivalents	390	253
Other	74	76
Other Noncurrent Assets
Other	18	16
Total cash, cash equivalents and restricted cash	482	345
Duke Energy Carolinas
Current Assets
Cash and cash equivalents	9	9
Other	10	9
Other Noncurrent Assets
Other	1	1
Total cash, cash equivalents and restricted cash	20	19	29	53
Progress Energy
Current Assets
Cash and cash equivalents	85	59
Other	64	67
Other Noncurrent Assets
Other	11	9
Total cash, cash equivalents and restricted cash	160	135	146	184
Duke Energy Progress
Current Assets
Cash and cash equivalents	33	18
Other	32	31
Other Noncurrent Assets
Other	5	2
Total cash, cash equivalents and restricted cash	70	51	50	79
Duke Energy Florida
Current Assets
Cash and cash equivalents	35	24
Other	32	36
Other Noncurrent Assets
Other	6	7
Total cash, cash equivalents and restricted cash	$ 73	$ 67	$ 73	$ 86

XML

Organization and Basis of Presentation (Schedule of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Public Utilities, Inventory [Line Items]
Total inventory	$ 4,390	$ 4,292
Duke Energy (Parent)
Public Utilities, Inventory [Line Items]
Materials and supplies	3,254	3,086
Coal	846	842
Natural gas, oil and other fuel	290	364
Total inventory	4,390	4,292
Duke Energy Carolinas
Public Utilities, Inventory [Line Items]
Materials and supplies	1,094	1,075
Coal	372	364
Natural gas, oil and other fuel	43	45
Total inventory	1,509	1,484
Progress Energy
Public Utilities, Inventory [Line Items]
Materials and supplies	1,588	1,465
Coal	233	231
Natural gas, oil and other fuel	198	205
Total inventory	2,019	1,901
Duke Energy Progress
Public Utilities, Inventory [Line Items]
Materials and supplies	1,051	963
Coal	146	154
Natural gas, oil and other fuel	106	110
Total inventory	1,303	1,227
Duke Energy Florida
Public Utilities, Inventory [Line Items]
Materials and supplies	537	502
Coal	87	77
Natural gas, oil and other fuel	92	95
Total inventory	716	674
Duke Energy Ohio
Public Utilities, Inventory [Line Items]
Materials and supplies	150	139
Coal	29	28
Natural gas, oil and other fuel	12	12
Total inventory	191	179
Duke Energy Indiana
Public Utilities, Inventory [Line Items]
Materials and supplies	373	361
Coal	212	219
Natural gas, oil and other fuel	2	2
Total inventory	587	582
Piedmont
Public Utilities, Inventory [Line Items]
Materials and supplies	12	12
Coal	0	0
Natural gas, oil and other fuel	35	100
Total inventory	$ 47	$ 112

XML

Organization and Basis of Presentation (Other Noncurrent Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	May 30, 2022
Regulatory Asset [Line Items]
Other	$ 3,556	$ 3,964
Offshore Wind Arrangement
Regulatory Asset [Line Items]
Other			$ 150

XML

Organization and Basis of Presentation (Confirmed Obligations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Duke Energy (Parent)
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	$ 76	$ 52	$ 50	$ 87
Invoices confirmed during the period	63	55	120	114
Confirmed invoices paid during the period	(111)	(67)	(142)	(161)
Confirmed obligations at end of period	28	40	28	40
Duke Energy Carolinas
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	0	7	0	6
Invoices confirmed during the period	0	10	0	20
Confirmed invoices paid during the period	0	(12)	0	(21)
Confirmed obligations at end of period	0	5	0	5
Progress Energy
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	2	15	3	19
Invoices confirmed during the period	0	20	1	42
Confirmed invoices paid during the period	(2)	(21)	(4)	(47)
Confirmed obligations at end of period	0	14	0	14
Duke Energy Progress
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	0	6	0	8
Invoices confirmed during the period	0	12	0	23
Confirmed invoices paid during the period	0	(6)	0	(19)
Confirmed obligations at end of period	0	12	0	12
Duke Energy Florida
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	2	9	3	11
Invoices confirmed during the period	0	8	1	19
Confirmed invoices paid during the period	(2)	(15)	(4)	(28)
Confirmed obligations at end of period	0	2	0	2
Duke Energy Ohio
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	0	0	0	5
Invoices confirmed during the period	0	2	0	3
Confirmed invoices paid during the period	0	0	0	(6)
Confirmed obligations at end of period	0	2	0	2
Duke Energy Indiana
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	0	0	0	0
Invoices confirmed during the period	0	0	0	0
Confirmed invoices paid during the period	0	0	0	0
Confirmed obligations at end of period	0	0	0	0
Piedmont
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	74	29	47	57
Invoices confirmed during the period	63	24	119	49
Confirmed invoices paid during the period	(109)	(34)	(138)	(87)
Confirmed obligations at end of period	$ 28	$ 19	$ 28	$ 19

XML

Dispositions (Narrative) (Details) - Commercial Renewables - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Oct. 25, 2023
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration to be received			$ 1,100
Consideration period			18 months
Discontinued Operations, Disposed of by Sale | Receivables
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration to be received	$ 538
Discontinued Operations, Disposed of by Sale | Noncurrent assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration to be received		$ 531
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest balance	13	66
Pre-tax impairment	$ 169	$ 278

XML

Dispositions (Balance Sheet) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets Held for Sale
Total current assets held for sale	$ 4	$ 14
Noncurrent Assets Held for Sale
Total other noncurrent assets held for sale	78	197
Current Liabilities Associated with Assets Held for Sale
Total current liabilities associated with assets held for sale	81	122
Noncurrent Liabilities Associated with Assets Held for Sale
Total other noncurrent liabilities associated with assets held for sale	112	157
Discontinued Operations, Held-for-sale | Commercial Renewables
Current Assets Held for Sale
Other	4	14
Total current assets held for sale	4	14
Noncurrent Assets Held for Sale
Cost	98	247
Accumulated depreciation and amortization	(24)	(57)
Net property, plant and equipment	74	190
Operating lease right-of-use assets, net	4	4
Other	0	3
Total other noncurrent assets held for sale	4	7
Total Assets Held for Sale	82	211
Current Liabilities Associated with Assets Held for Sale
Accounts payable	19	9
Taxes accrued	1	3
Current maturities of long-term debt	43	5
Unrealized losses on commodity hedges	16	68
Other	2	37
Total current liabilities associated with assets held for sale	81	122
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	0	39
Operating lease liabilities	5	5
Asset retirement obligations	8	8
Unrealized losses on commodity hedges	88	94
Other	11	11
Total other noncurrent liabilities associated with assets held for sale	112	157
Total Liabilities Associated with Assets Held for Sale	$ 193	$ 279

XML

Dispositions (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations	$ (10)	$ (955)	$ (13)	$ (1,164)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	0	7	0	71
Net loss from discontinued operations attributable to Duke Energy Corporation	(10)	(948)	(13)	(1,093)
Discontinued Operations, Held-for-sale | Commercial Renewables
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating revenues	13	110	7	190
Operation, maintenance and other	12	88	16	177
Property and other taxes	1	9	1	19
Other income and expenses, net	0	(3)	0	(7)
Interest expense	0	12	2	43
Loss on disposal	15	1,214	5	1,434
Loss before income taxes	(15)	(1,216)	(17)	(1,490)
Income tax benefit	(5)	(261)	(4)	(326)
Loss from discontinued operations	(10)	(955)	(13)	(1,164)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	0	7	0	71
Net loss from discontinued operations attributable to Duke Energy Corporation	$ (10)	$ (948)	$ (13)	$ (1,093)

XML

Dispositions (Cash Flow Statement) (Details) - Commercial Renewables - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating activities	$ 7	$ 274
Investing activities	$ (13)	$ (417)

XML

Business Segments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024 segment Segment
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Duke Energy Ohio
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2

XML

Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating Revenues	$ 7,172	$ 6,578	$ 14,843	$ 13,854
Income From Continuing Operations	896	714	1,998	1,624
Add: Noncontrolling interests	(21)	(16)	(34)	27
Add: Preferred stock dividend	14	14	53	53
Loss From Discontinued Operations, net of tax	(10)	(948)	(13)	(1,093)
Net Income (Loss)	921	(204)	2,072	557
Segment assets	181,575		181,575		$ 176,893
Impairment of assets and other charges	43	0	44	8
Operation, maintenance and other	1,320	1,375	2,699	2,685
Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	608	589	1,286	1,298
Income From Continuing Operations	77	71	171	171
Net Income (Loss)			171	171
Segment assets	12,601		12,601		$ 12,216
Operation, maintenance and other	121	121	247	244
Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	7,161	6,569	14,825	13,838
Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	6,802	6,232	13,587	12,613
Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	359	337	1,238	1,225
Operating Segments | Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	7,201	6,609	14,906	13,918
Income From Continuing Operations	1,096	875	2,401	1,953
Segment assets	177,370		177,370
Operating Segments | Total Reportable Segments | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	608	589	1,286	1,298
Income From Continuing Operations	78	72	174	173
Segment assets	12,423		12,423
Operating Segments | Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	6,820	6,250	13,623	12,648
Income From Continuing Operations	1,090	850	2,111	1,641
Segment assets	159,770		159,770
Operating Segments | Electric Utilities and Infrastructure | Impairment Of Assets And Other Charges
Segment Reporting Information [Line Items]
Income From Continuing Operations	42		42
Operating Segments | Electric Utilities and Infrastructure | Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses
Segment Reporting Information [Line Items]
Income From Continuing Operations	2		2
Operating Segments | Electric Utilities and Infrastructure | Nonoperating Income (Expense)
Segment Reporting Information [Line Items]
Income From Continuing Operations	(11)		(11)
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	476	465	934	939
Income From Continuing Operations	69	54	124	103
Segment assets	8,034		8,034
Operating Segments | Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	381	359	1,283	1,270
Income From Continuing Operations	6	25	290	312
Segment assets	17,600		17,600
Operating Segments | Gas Utilities and Infrastructure | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	132	124	352	359
Income From Continuing Operations	9	18	50	70
Segment assets	4,389		4,389
Other | Other | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	0	0	0	0
Income From Continuing Operations	(1)	(1)	(3)	(2)
Segment assets	13		13
Corporate And Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	40	34	78	65
Income From Continuing Operations	(200)	(161)	(403)	(329)
Segment assets	4,205		4,205
Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	(69)	(65)	(141)	(129)
Income From Continuing Operations	0	0
Segment assets	0		0
Eliminations | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	0
Income From Continuing Operations	0
Segment assets	165		165
Eliminations | Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	40	40	81	80
Eliminations | Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	18	18	36	35
Eliminations | Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	22	22	45	45
Eliminations | Other
Segment Reporting Information [Line Items]
Operating Revenues	29	25	60	49
Other
Segment Reporting Information [Line Items]
Operating Revenues	$ 11	$ 9	$ 18	$ 16

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas and Duke Energy Progress) (Details) - Nuclear Regulatory Commission - contention					6 Months Ended
	Sep. 27, 2021	Jul. 28, 2021	Jun. 07, 2021	Jun. 06, 2021	Jun. 30, 2024
Public Utilities, General Disclosures [Line Items]
Operating license extension (in years)					20 years
Oconee Nuclear Station Subsequent License Renewal | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Comment period (in days)		60 days
Number of contentions	3
Oconee Nuclear Station Subsequent License Renewal | Oconee Nuclear Station | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Operating license extension (in years)			20 years
Operating license (in years)			80 years	60 years

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas) (Details) $ in Millions								3 Months Ended		4 Months Ended	6 Months Ended		12 Months Ended
	Jul. 03, 2024 USD ($)	May 17, 2024 USD ($)	Mar. 14, 2024 USD ($) numberOfCombustionTurbines MW	Jan. 04, 2024	Dec. 15, 2023	Aug. 22, 2023 USD ($)	Jan. 19, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2026 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 14, 2027 USD ($)	Dec. 14, 2026 USD ($)	Aug. 31, 2026 USD ($)	Dec. 14, 2025 USD ($)	Aug. 31, 2025 USD ($)	Dec. 14, 2024 USD ($)	Aug. 31, 2024 USD ($)
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges								$ 43	$ 0		$ 44	$ 8
Operation, maintenance and other								1,320	1,375		2,699	2,685
Interest Expense								(824)	(727)		(1,641)	(1,447)
Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges								33	4		34	6
Operation, maintenance and other								444	421		895	861
Interest Expense								(168)	$ (172)		(348)	$ (332)
2023 North Carolina Rate Case | NCUC | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)							3 years
Settlement rate, amount						$ 19,500
Settlement rate, period (in years)						3 years
Approved return on equity percentage (as a percent)					10.10%
Public utilities, approved equity capital structure, percentage (as a percent)					53.00%
2023 North Carolina Rate Case | NCUC | Duke Energy Carolinas | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount										$ 823					$ 150		$ 172		$ 501
Requested rate increase (decrease) (as a percent)										15.70%
Approved rate increase (decrease), amount													$ 768	$ 158		$ 174		$ 436
2023 North Carolina Rate Case, Retail Allocated | NCUC | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Settlement rate, amount						$ 4,600
2024 South Carolina Rate Case | PSCSC | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)				2 years
Impairment of assets and other charges								33			33
Operation, maintenance and other								2			2
Interest Expense								$ 11			$ 11
Approved rate increase (decrease), amount		$ 240
Approved return on equity percentage (as a percent)		9.94%
Public utilities, approved equity capital structure, percentage (as a percent)		51.21%
EDIT		$ 84
2024 South Carolina Rate Case | PSCSC | Duke Energy Carolinas | Subsequent event
Public Utilities, General Disclosures [Line Items]
Settlement rate, amount	$ 7,400
2024 South Carolina Rate Case | PSCSC | Duke Energy Carolinas | Forecast
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount	$ 150
Marshall Combustion Turbines CPCN Proceedings | NCUC | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount			$ 104
Requested rate increase (decrease) (as a percent)			2.20%
New combustion turbines (in megawatts) | MW			850
Hydrogen-capable CTs | numberOfCombustionTurbines			2

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Progress) (Details)				3 Months Ended		6 Months Ended		7 Months Ended	11 Months Ended	12 Months Ended
	Mar. 28, 2024 USD ($) MW	Aug. 18, 2023 USD ($)	Apr. 26, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Apr. 30, 2024 USD ($)	Aug. 17, 2027 USD ($)	Aug. 17, 2026 USD ($)	May 31, 2026 USD ($)	Aug. 17, 2025 USD ($)	May 31, 2025 USD ($)	Aug. 17, 2024 USD ($)	Jan. 01, 2026 MW	Apr. 25, 2024 USD ($)
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges				$ 43,000,000	$ 0	$ 44,000,000	$ 8,000,000
Operation, maintenance and other				1,320,000,000	1,375,000,000	2,699,000,000	2,685,000,000
Debt issuances				6,365,000,000		6,365,000,000
Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges				9,000,000	3,000,000	9,000,000	7,000,000
Operation, maintenance and other				326,000,000	$ 356,000,000	701,000,000	$ 706,000,000
Debt issuances				$ 677,000,000		$ 677,000,000
Duke Energy Progress | Storm Recovery Bonds
Public Utilities, General Disclosures [Line Items]
Debt issuances																	$ 177,000,000
Duke Energy Progress | 5.404% Storm Recovery Bonds | Storm Recovery Bonds
Public Utilities, General Disclosures [Line Items]
Debt issuances									$ 177,000,000
2022 North Carolina Rate Case | NCUC | Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)			3 years
Requested rate increase (decrease), amount									$ 326,000,000
Settlement rate, amount		$ 12,200,000,000
Settlement rate, period (in years)		3 years
Approved return on equity percentage (as a percent)		9.80%
Public utilities, approved equity capital structure, percentage (as a percent)		53.00%
2022 North Carolina Rate Case | NCUC | Duke Energy Progress | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount								$ 615,000,000				$ 138,000,000		$ 151,000,000
Approved rate increase (decrease), amount										$ 494,000,000	$ 135,000,000		$ 126,000,000		$ 233,000,000
2022 North Carolina Rate Case, Retail Allocated | NCUC | Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Settlement rate, amount		$ 3,500,000,000
Person County Cycle CPCN Proceeding | NCUC | Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount	$ 98,000,000
Generation capacity (MW) | MW	1,360
Requested rate increase (decrease) (as a percent)	2.60%
Person County Cycle CPCN Proceeding | NCUC | NCEMC | Forecast
Public Utilities, General Disclosures [Line Items]
Generation capacity (MW) | MW																225
Person County Cycle CPCN Proceeding | NCEMC | Duke Energy Progress | Forecast
Public Utilities, General Disclosures [Line Items]
Generation capacity (MW) | MW																1,135

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Florida) (Details) outage in Millions, customer in Millions										1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 15, 2024 solar_projects	Apr. 02, 2024	Oct. 16, 2023 USD ($)	Jan. 23, 2023 USD ($)	Oct. 17, 2022 USD ($)	Oct. 04, 2022 USD ($)	Jun. 15, 2022 USD ($)	Jan. 14, 2021 USD ($)	Jul. 01, 2020 USD ($) plant MW	Jan. 31, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2027 USD ($)	Dec. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 29, 2023 USD ($)	Aug. 30, 2023 customer	Sep. 28, 2022 outage	Sep. 27, 2022 USD ($)	Apr. 11, 2022 USD ($)
Duke Energy Florida | Solar Project
Public Utilities, General Disclosures [Line Items]
Estimated cost of facilities									$ 1,000,000,000
FPSC | Duke Energy Florida
Public Utilities, General Disclosures [Line Items]
Number of solar plants | plant									10
Generation capacity (MW) | MW									750
2021 Settlement | FPSC | Duke Energy Florida
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount																			$ 49,000,000	$ 67,000,000
Public utilities, approved equity capital structure, percentage (as a percent)								53.00%
Public utilities, basis points, increase, percentage								0.25%
Contract with customer, asset, after allowance for credit loss, noncurrent							$ 154,000,000	$ 173,000,000			$ 157,000,000		$ 157,000,000
Earnings recognized during period											$ 8,000,000	$ 9,000,000	$ 16,000,000	$ 63,000,000
Proceeds from legal settlements							$ 180,000,000
Requested rate increase (decrease), amount					$ (56,000,000)
Future investment in infrastructure								$ 1,000,000,000
2021 Settlement | FPSC | Duke Energy Florida | US Treasury Securities
Public Utilities, General Disclosures [Line Items]
Public utilities, basis points, increase, percentage								0.50%
2021 Settlement | FPSC | Duke Energy Florida | Minimum
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)								8.85%
2021 Settlement | FPSC | Duke Energy Florida | Minimum | US Treasury Securities
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)								9.85%
2021 Settlement | FPSC | Duke Energy Florida | Maximum
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)								10.85%
2021 Settlement | FPSC | Duke Energy Florida | Maximum | US Treasury Securities
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)								10.10%
2021 Settlement | FPSC | Duke Energy Florida | Weighted Average
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)								9.85%
2021 Settlement | FPSC | Duke Energy Florida | Forecast
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount																		$ 79,000,000
Contract with customer, asset, after allowance for credit loss, noncurrent																		$ 16,000,000
Storm Protection Plan | FPSC | Duke Energy Florida
Public Utilities, General Disclosures [Line Items]
Investment in transmission and distribution																									$ 7,000,000,000
Cost reduction to transmission loop						$ 80,000,000
Cost reduction period (in years)						10 years
Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Actual storm costs																					$ 431,000,000
Hurricane Ian | FPSC | Duke Energy Florida | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Number of outages | outage																							1.1
Storm reserves												$ 132,000,000		$ 132,000,000										$ 107,000,000
Interim recovery payments				$ 442,000,000
Hurricane Idalia | FPSC | Duke Energy Florida | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Interim recovery payments			$ 74,000,000
Hurricane Idalia, Retail Portion | FPSC | Duke Energy Florida | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Interim recovery payments			92,000,000
Hurricane Idalia | FPSC | Duke Energy Florida | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Interim recovery payments			$ 166,000,000
Number of impacted customers | customer																						0.2
2022 North Carolina Rate Case | FPSC | Duke Energy Florida
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease) (as a percent)										4.00%
2022 North Carolina Rate Case | FPSC | Duke Energy Florida | Weighted Average
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)		11.15%
Public utilities, approved equity capital structure, percentage (as a percent)		53.00%
2022 North Carolina Rate Case | FPSC | Duke Energy Florida | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount															$ 129,000,000	$ 98,000,000	$ 593,000,000
2024 Florida Rate Case | FPSC | Duke Energy Florida | Subsequent event
Public Utilities, General Disclosures [Line Items]
Number of solar plants | solar_projects	12
2024 Florida Rate Case | FPSC | Duke Energy Florida | Minimum | Subsequent event
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)	9.30%
2024 Florida Rate Case | FPSC | Duke Energy Florida | Maximum | Subsequent event
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)	11.30%
2024 Florida Rate Case | FPSC | Duke Energy Florida | Weighted Average | Subsequent event
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)	10.30%
Public utilities, approved equity capital structure, percentage (as a percent)	53.00%
2024 Florida Rate Case | FPSC | Duke Energy Florida | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount																59,000,000	203,000,000
2024 Florida Rate Case, Solar Facilities | FPSC | Duke Energy Florida | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount															$ 58,000,000	$ 71,000,000	$ 12,000,000

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Ohio) (Details) - Duke Energy Ohio - USD ($) $ in Millions	Apr. 01, 2024	Oct. 12, 2023	Apr. 28, 2023	Dec. 01, 2022	Sep. 19, 2022	Jul. 14, 2022	Oct. 01, 2021
Duke Energy Ohio Electric Base Rate Case | PUCO
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount					$ 23		$ 55
Requested return on equity (as a percent)					9.50%
Equity ratio (as a percent)					50.50%
Duke Energy Ohio Gas Base Rate Case | PUCO
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount			$ 32			$ 49
Requested return on equity (as a percent)			9.60%
Duke Energy Ohio Gas Base Rate Case | PUCO | Maximum
Public Utilities, General Disclosures [Line Items]
Equity ratio (as a percent)			52.32%
Duke Energy Kentucky Electric Base Rate Case | KPSC
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount				$ 75
Approved rate increase (decrease), amount		$ 48
Duke Energy Kentucky Electric Base Rate Case | KPSC | Maximum
Public Utilities, General Disclosures [Line Items]
Equity ratio (as a percent)		52.145%
Duke Energy Kentucky Electric Base Rate Case, Electric Riders | KPSC
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)		9.65%
Duke Energy Kentucky Electric Base Rate Case, Electric Base Rates | KPSC
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)		9.75%
Duke Energy Ohio Energy Security Plan | PUCO
Public Utilities, General Disclosures [Line Items]
Settlement rate, period (in years)	3 years

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Indiana) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 04, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2026	Dec. 31, 2025	Sep. 20, 2023	Jun. 15, 2022
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges		$ 43	$ 0	$ 44	$ 8
Operating Revenues		7,172	6,578	14,843	13,854
Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Operating Revenues		$ 747	$ 780	$ 1,506	$ 1,755
Indiana Coal Ash Recovery | IURC | Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Interest rate on refunds (as a percent)								4.71%
TDSIG 2.0 | IURC | Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Future investment in infrastructure									$ 2,000
2024 Indiana Rate Case | IURC | Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Future investment in infrastructure	$ 1,600
Requested rate increase (decrease), amount	$ 492
Requested rate increase, percentage, net of tax	16.20%
Requested return on equity (as a percent)	10.50%
Equity ratio (as a percent)	53.00%
2024 Indiana Rate Case | IURC | Duke Energy Indiana | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase, percentage, net of tax						4.50%	11.70%

XML

Regulatory Matters (Regulatory Matters Narrative - Piedmont) (Details) - Piedmont - 2024 North Carolina Rate Case - NCUC $ in Millions	Apr. 01, 2024 USD ($)
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount	$ 159
Requested rate increase, percentage, net of tax	12.50%
Requested return on equity (as a percent)	10.50%
Equity ratio (as a percent)	53.00%
Percentage of additions covered under IMR mechanism	40.00%

XML

Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	$ 82	$ 88
Duke Energy Carolinas
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	23	23
Progress Energy
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	20	19
Duke Energy Progress
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	9	9
Duke Energy Florida
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	10	10
Duke Energy Ohio
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	31	36
Duke Energy Indiana
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	2	2
Piedmont
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	$ 7	$ 7

XML

Commitments and Contingencies (Narrative) (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 28, 2021 case
Texas Storm Uri Tort Litigation | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending claims, number | case			5
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims
Loss Contingencies [Line Items]
Asbestos-related injuries and damages reserves	$ 410	$ 423
Probable insurance recoveries	572	572
Duke Energy and Duke Energy Carolinas | ASU 2016-13
Loss Contingencies [Line Items]
Reserve for credit losses for insurance receivables	$ 9	$ 9

XML

Debt and Credit Facilities (Summary of Debt Issuances) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Apr. 30, 2024
Debt Instrument [Line Items]
Debt issuances		$ 6,365,000,000
4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		4.85%
Debt issuances		$ 600,000,000
4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		4.85%
Debt issuances		$ 650,000,000
April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		5.648%
Debt issuances		$ 815,000,000	$ 815,000,000
June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		5.45%
Debt issuances		$ 750,000,000
June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		5.80%
Debt issuances		$ 750,000,000
June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		5.90%
Debt issuances		$ 80,000,000
June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		6.00%
Debt issuances		$ 95,000,000
June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		6.17%
Debt issuances		$ 50,000,000
April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)		5.404%
Debt issuances		$ 177,000,000
4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)		4.85%
Debt issuances		$ 575,000,000
5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)		5.40%
Debt issuances		$ 425,000,000
5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)		5.25%
Debt issuances		$ 300,000,000
5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)		5.10%
Debt issuances		$ 500,000,000
5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)		5.55%
Debt issuances		$ 425,000,000
April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)		4.97%
Debt issuances		$ 173,000,000
Maturities Due March 2024
Debt Instrument [Line Items]
Repayments of debt	$ 1,000,000,000
Duke Energy (Parent)
Debt Instrument [Line Items]
Debt issuances		3,565,000,000
Duke Energy (Parent) | 4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		600,000,000
Duke Energy (Parent) | 4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		650,000,000
Duke Energy (Parent) | April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		815,000,000
Duke Energy (Parent) | June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		750,000,000
Duke Energy (Parent) | June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		750,000,000
Duke Energy (Parent) | June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | 4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | 5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | 5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | 5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | 5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy (Parent) | April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas
Debt Instrument [Line Items]
Debt issuances		1,000,000,000
Duke Energy Carolinas | 4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | 4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | 4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		575,000,000
Duke Energy Carolinas | 5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		425,000,000
Duke Energy Carolinas | 5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | 5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | 5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Carolinas | April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress
Debt Instrument [Line Items]
Debt issuances		677,000,000
Duke Energy Progress | 4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | 4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Debt issuances		177,000,000
Duke Energy Progress | 4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | 5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | 5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | 5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		500,000,000
Duke Energy Progress | 5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Progress | April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio
Debt Instrument [Line Items]
Debt issuances		650,000,000
Duke Energy Ohio | 4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | 4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		80,000,000
Duke Energy Ohio | June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		95,000,000
Duke Energy Ohio | June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		50,000,000
Duke Energy Ohio | April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | 4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | 5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | 5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | 5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Ohio | 5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		425,000,000
Duke Energy Ohio | April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana
Debt Instrument [Line Items]
Debt issuances		300,000,000
Duke Energy Indiana | 4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | 4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | 4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | 5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | 5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		300,000,000
Duke Energy Indiana | 5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | 5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Indiana | April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida
Debt Instrument [Line Items]
Debt issuances		173,000,000
Duke Energy Florida | 4.85% January 2024 2024 Notes Due January 2027 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | 4.85% January 2024 2024 Notes Due January 2029 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | April 2024 5.648% Notes Due April 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | June 2024 5.450% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | June 2024 5.800% Notes Due June 2054 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | June 2024 5.900% Notes Due June 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | June 2024 6.000% Notes Due July 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | June 2024 6.170% Notes Due July 2039 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | April 2024 5.404% Notes | Secured Debt
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | 4.85% January 2024 Notes Due January 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | 5.40% January 2024 Notes Due January 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | 5.25% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | 5.10% March 2024 Notes Due March 2034 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | 5.55% March 2024 Notes Due March 2054 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		0
Duke Energy Florida | April 2024 Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances		$ 173,000,000

XML

Debt and Credit Facilities (Narrative) (Details) € in Millions			3 Months Ended
	Apr. 24, 2024 USD ($)	Mar. 26, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Apr. 30, 2024 EUR (€)	Apr. 25, 2024 USD ($)	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Sale of debt			$ 6,365,000,000
Master Credit Facility
Debt Instrument [Line Items]
Facility size			9,000,000,000				$ 9,000,000,000
Duke Energy (Parent)
Debt Instrument [Line Items]
Sale of debt			3,565,000,000
Duke Energy Florida
Debt Instrument [Line Items]
Sale of debt			173,000,000
Duke Energy Florida | Master Credit Facility
Debt Instrument [Line Items]
Facility size			875,000,000
Duke Energy Progress
Debt Instrument [Line Items]
Sale of debt			677,000,000
Duke Energy Progress | Master Credit Facility
Debt Instrument [Line Items]
Facility size			1,500,000,000
Term Loan Facility | Duke Energy (Parent) | Duke Energy Term Loan Facility
Debt Instrument [Line Items]
Repayments of debt			$ 500,000,000
Facility size		$ 700,000,000
Extension period (in years)		30 days
Facility term (in years)		364 days
Borrowing amount	$ 500,000,000
Unsecured Debt | Senior Notes 3.75% Due 2031
Debt Instrument [Line Items]
Sale of debt | €					€ 750
Interest rate (as a percent)				3.75%	3.75%
Secured Debt | Variable Rate Term Loan Due March 2024
Debt Instrument [Line Items]
Repayment of debt				$ 1,000,000,000
Storm Recovery Bonds | Duke Energy Progress
Debt Instrument [Line Items]
Sale of debt						$ 177,000,000
Storm Recovery Bonds | Duke Energy Progress | 5.404% Storm Recovery Bonds
Debt Instrument [Line Items]
Sale of debt				$ 177,000,000

XML

Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 2,340	$ 2,800
Other debt securities
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 247
Duke Energy (Parent) | Debt Maturing April 2025, 3.364% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	3.364%
Current maturities of long-term debt	$ 420
Duke Energy (Parent) | Debt Maturing April 2025, 3.950% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	3.95%
Current maturities of long-term debt	$ 250
Duke Energy Ohio
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 150	0
Duke Energy Ohio | Debt Maturing June 2025, 6.900% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	6.90%
Current maturities of long-term debt	$ 150
Duke Energy Carolinas
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 520	19
Duke Energy Carolinas | 6.177% Notes Due January 2025 | Secured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	6.177%
Current maturities of long-term debt	$ 305
Duke Energy Carolinas | 5.973% Notes Due January 2025 | Secured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	5.973%
Current maturities of long-term debt	$ 195
Duke Energy Progress
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 479	72
Duke Energy Progress | 6.199% Notes Due April 2025 | Secured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	6.199%
Current maturities of long-term debt	$ 240
Duke Energy Progress | 6.177% Notes Due April 2025 | Secured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)	6.177%
Current maturities of long-term debt	$ 160
Duke Energy Florida
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 435	$ 589
Duke Energy Florida | 4.998% Notes Due October 2073 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)	4.998%
Current maturities of long-term debt	$ 200
Duke Energy Florida | 4.970% Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest rate (as a percent)	4.97%
Current maturities of long-term debt	$ 173
Duke Energy Florida | 4.998% Notes Due October 2073 And 4.970% Notes Due April 2074 | First Mortgage Bonds
Debt Instrument [Line Items]
Facility term (in years)	12 months

XML

Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - Master Credit Facility - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Line of Credit Facility [Line Items]
Facility size	$ 9,000,000,000	$ 9,000,000,000
Commercial paper	(3,271,000,000)
Outstanding letters of credit	(38,000,000)
Tax-exempt bonds	(81,000,000)
Available capacity under the Master Credit Facility	5,610,000,000
Duke Energy Carolinas
Line of Credit Facility [Line Items]
Facility size	1,400,000,000
Commercial paper	(307,000,000)
Outstanding letters of credit	(4,000,000)
Tax-exempt bonds	0
Available capacity under the Master Credit Facility	1,089,000,000
Duke Energy Progress
Line of Credit Facility [Line Items]
Facility size	1,500,000,000
Commercial paper	(813,000,000)
Outstanding letters of credit	(1,000,000)
Tax-exempt bonds	0
Available capacity under the Master Credit Facility	686,000,000
Duke Energy Florida
Line of Credit Facility [Line Items]
Facility size	875,000,000
Commercial paper	(227,000,000)
Outstanding letters of credit	(7,000,000)
Tax-exempt bonds	0
Available capacity under the Master Credit Facility	641,000,000
Duke Energy Ohio
Line of Credit Facility [Line Items]
Facility size	1,050,000,000
Commercial paper	(348,000,000)
Outstanding letters of credit	0
Tax-exempt bonds	0
Available capacity under the Master Credit Facility	702,000,000
Duke Energy Indiana
Line of Credit Facility [Line Items]
Facility size	950,000,000
Commercial paper	(150,000,000)
Outstanding letters of credit	0
Tax-exempt bonds	(81,000,000)
Available capacity under the Master Credit Facility	719,000,000
Piedmont
Line of Credit Facility [Line Items]
Facility size	950,000,000
Commercial paper	(623,000,000)
Outstanding letters of credit	0
Tax-exempt bonds	0
Available capacity under the Master Credit Facility	327,000,000
Duke Energy (Parent) | Proceeds loaned to subsidiary registrants
Line of Credit Facility [Line Items]
Commercial paper	(625,000,000)
Duke Energy (Parent) | Duke Energy (Parent)
Line of Credit Facility [Line Items]
Facility size	2,275,000,000
Commercial paper	(803,000,000)
Outstanding letters of credit	(26,000,000)
Tax-exempt bonds	0
Available capacity under the Master Credit Facility	$ 1,446,000,000

XML

Asset Retirement Obligations (ARO by Category) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Asset Retirement Obligations [Line Items]
Total ARO	$ 10,354	$ 9,156
Less: Current portion	636	596
Total noncurrent ARO	9,718	8,560
Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	4,112	4,013
Less: Current portion	252	224
Total noncurrent ARO	3,860	3,789
Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	4,791	4,145
Less: Current portion	215	245
Total noncurrent ARO	4,576	3,900
Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	4,556	3,870
Less: Current portion	214	244
Total noncurrent ARO	4,342	3,626
Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	235	275
Less: Current portion	1	1
Total noncurrent ARO	234	274
Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	136	136
Less: Current portion	7	6
Total noncurrent ARO	129	130
Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	1,282	809
Less: Current portion	162	120
Total noncurrent ARO	1,120	689
Piedmont
Asset Retirement Obligations [Line Items]
Total ARO	27	26
Less: Current portion	0
Total noncurrent ARO	27	$ 26
Decommissioning of nuclear power facilities
Asset Retirement Obligations [Line Items]
Total ARO	4,608
Decommissioning of nuclear power facilities | Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	1,999
Decommissioning of nuclear power facilities | Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	2,603
Decommissioning of nuclear power facilities | Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	2,455
Decommissioning of nuclear power facilities | Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	148
Decommissioning of nuclear power facilities | Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	0
Decommissioning of nuclear power facilities | Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	0
Decommissioning of nuclear power facilities | Piedmont
Asset Retirement Obligations [Line Items]
Total ARO	0
Closure of ash impoundments
Asset Retirement Obligations [Line Items]
Total ARO	5,473
Closure of ash impoundments | Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	2,058
Closure of ash impoundments | Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	2,091
Closure of ash impoundments | Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	2,067
Closure of ash impoundments | Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	24
Closure of ash impoundments | Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	71
Closure of ash impoundments | Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	1,253
Closure of ash impoundments | Piedmont
Asset Retirement Obligations [Line Items]
Total ARO	0
Other
Asset Retirement Obligations [Line Items]
Total ARO	273
Other | Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	55
Other | Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	97
Other | Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	34
Other | Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	63
Other | Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	65
Other | Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	29
Other | Piedmont
Asset Retirement Obligations [Line Items]
Total ARO	$ 27

XML

Asset Retirement Obligations (ARO Rollforward) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 9,156
Accretion expense	204
Liabilities settled	(306)
Revision in estimates of cash flows	1,300
Balance at end of period	10,354
Duke Energy Carolinas
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	4,013
Accretion expense	90
Liabilities settled	(95)
Revision in estimates of cash flows	104
Balance at end of period	4,112
Progress Energy
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	4,145
Accretion expense	96
Liabilities settled	(167)
Revision in estimates of cash flows	717
Balance at end of period	4,791
Duke Energy Progress
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	3,870
Accretion expense	91
Liabilities settled	(120)
Revision in estimates of cash flows	715
Balance at end of period	4,556
Duke Energy Florida
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	275
Accretion expense	5
Liabilities settled	(47)
Revision in estimates of cash flows	2
Balance at end of period	235
Duke Energy Ohio
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	136
Accretion expense	3
Liabilities settled	(3)
Revision in estimates of cash flows	0
Balance at end of period	136
Duke Energy Indiana
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	809
Accretion expense	17
Liabilities settled	(40)
Revision in estimates of cash flows	496
Balance at end of period	1,282
Piedmont
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	26
Accretion expense	1
Liabilities settled	0
Revision in estimates of cash flows	0
Balance at end of period	$ 27

XML

Goodwill (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 19,303,000,000	$ 19,303,000,000
Accumulated impairment charges	0	0
Duke Energy Ohio
Goodwill [Line Items]
Goodwill	920,000,000	920,000,000
Accumulated impairment charges	216,000,000	216,000,000
Progress Energy
Goodwill [Line Items]
Goodwill	3,655,000,000	3,655,000,000
Piedmont
Goodwill [Line Items]
Goodwill	49,000,000	49,000,000
Electric Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	17,400,000,000	17,400,000,000
Electric Utilities and Infrastructure | Duke Energy Ohio
Goodwill [Line Items]
Goodwill	596,000,000	596,000,000
Electric Utilities and Infrastructure | Progress Energy
Goodwill [Line Items]
Accumulated impairment charges	0	0
Gas Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	1,900,000,000	1,900,000,000
Gas Utilities and Infrastructure | Duke Energy Ohio
Goodwill [Line Items]
Goodwill	324,000,000	324,000,000
Gas Utilities and Infrastructure | Piedmont
Goodwill [Line Items]
Accumulated impairment charges	$ 0	$ 0

XML

Related Party Transactions (Other Revenue and Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 5,471	$ 5,179	$ 11,191	$ 10,788
Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,752	1,439	3,555	2,965
Duke Energy Carolinas | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	189	192	403	388
Duke Energy Carolinas | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	11	8	22	17
Duke Energy Carolinas | JDA | Duke Energy Progress
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	53	34	93	63
Related party transaction, other revenues from transactions with related party	6	8	22	21
Duke Energy Carolinas | Intercompany natural gas purchases and sales | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	5	4	9	9
Progress Energy
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,533	2,575	5,049	5,011
Progress Energy | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	171	172	359	350
Progress Energy | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	15	12	29	24
Progress Energy | JDA | Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	6	8	22	21
Related party transaction, other revenues from transactions with related party	53	34	93	63
Progress Energy | Intercompany natural gas purchases and sales | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	18	18	37	37
Duke Energy Progress
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,288	1,191	2,673	2,453
Duke Energy Progress | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	100	104	214	211
Duke Energy Progress | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	6	5	12	10
Duke Energy Progress | JDA | Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	6	8	22	21
Related party transaction, other revenues from transactions with related party	53	34	93	63
Duke Energy Progress | Intercompany natural gas purchases and sales | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	18	18	37	37
Duke Energy Florida
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,240	1,380	2,368	2,550
Duke Energy Florida | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	71	68	145	139
Duke Energy Florida | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	9	7	17	14
Duke Energy Ohio
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	472	475	998	1,036
Duke Energy Ohio | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	77	76	154	149
Duke Energy Ohio | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1	2	3	3
Duke Energy Indiana
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	572	604	1,206	1,413
Duke Energy Indiana | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	83	84	185	183
Duke Energy Indiana | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	3	2	5	4
Piedmont
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	223	209	565	578
Piedmont | Corporate governance and shared service expenses | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	40	37	81	75
Piedmont | Indemnification coverages | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1	1	2	2
Piedmont | Intercompany natural gas purchases and sales | Related Party
Related Party Transaction [Line Items]
Related party transaction, other revenues from transactions with related party	23	22	46	46
Piedmont | Natural gas storage and transportation costs | Related Party
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 6	$ 6	$ 12	$ 12

XML

Related Party Transactions (Intercompany Income Taxes) (Details) - Related Party - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Duke Energy Carolinas
Related Party Transaction [Line Items]
Intercompany income tax receivable	$ 0	$ 0
Intercompany income tax payable	98	81
Progress Energy
Related Party Transaction [Line Items]
Intercompany income tax receivable	0	0
Intercompany income tax payable	167	92
Duke Energy Progress
Related Party Transaction [Line Items]
Intercompany income tax receivable	0	0
Intercompany income tax payable	53	94
Duke Energy Florida
Related Party Transaction [Line Items]
Intercompany income tax receivable	0	0
Intercompany income tax payable	120	114
Duke Energy Ohio
Related Party Transaction [Line Items]
Intercompany income tax receivable	2	91
Intercompany income tax payable	0	0
Duke Energy Indiana
Related Party Transaction [Line Items]
Intercompany income tax receivable	0	53
Intercompany income tax payable	29	0
Piedmont
Related Party Transaction [Line Items]
Intercompany income tax receivable	39	0
Intercompany income tax payable	$ 0	$ 57

XML

Derivative and Hedging - Narrative (Details) € in Millions	Jun. 30, 2024 USD ($)	Apr. 30, 2024 EUR (€)
Debt Instrument [Line Items]
Debt issuances	$ 6,365,000,000
Duke Energy (Parent)
Debt Instrument [Line Items]
Debt issuances	$ 3,565,000,000
Senior Notes 3.75% Due 2031 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances | €		€ 750
Interest rate (as a percent)		3.75%

XML

Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) GWh Mcf	Dec. 31, 2023 USD ($) GWh Mcf
Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 4,752	$ 5,027
Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	27,518	13,608
Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	781	846
Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,700	$ 2,300
Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	3,052	2,727
Duke Energy Carolinas | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,150	$ 1,050
Duke Energy Carolinas | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	0	0
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	249	279
Duke Energy Carolinas | Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 0	$ 0
Duke Energy Carolinas | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	1,150	1,050
Progress Energy | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,675	$ 1,250
Progress Energy | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	0	0
Progress Energy | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	241	274
Progress Energy | Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 0	$ 0
Progress Energy | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	1,675	1,250
Duke Energy Progress | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,125	$ 925
Duke Energy Progress | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	0	0
Duke Energy Progress | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	241	274
Duke Energy Progress | Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 0	$ 0
Duke Energy Progress | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	1,125	925
Duke Energy Florida | Interest Rate Contracts
Derivative [Line Items]
Notional amount	550	325
Duke Energy Florida | Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	0	0
Duke Energy Florida | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	550	325
Duke Energy Indiana | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 200	$ 400
Duke Energy Indiana | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	24,552	11,992
Duke Energy Indiana | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	38	30
Duke Energy Indiana | Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 0	$ 0
Duke Energy Indiana | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	200	400
Duke Energy Ohio | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 27	$ 27
Duke Energy Ohio | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	2,966	1,616
Duke Energy Ohio | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	0	0
Duke Energy Ohio | Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 0	$ 0
Duke Energy Ohio | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 27	$ 27
Piedmont | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	0	0
Piedmont | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	253	263

XML

Derivatives and Hedging (Foreign Exchange Risk) (Details) - Foreign Currency Contracts - Designated contracts € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 1,997		$ 1,997
Receive notional | €					€ 1,850
Fair value gain (loss)	(13)	$ 8	(9)	$ 18
Senior Notes, 3.10% Due June 2028
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 645		$ 645
Pay Rate	4.75%		4.75%		4.75%
Receive notional | €					€ 600
Rate	0.0310		0.0310		0.0310
Fair value gain (loss)	$ (2)	5	$ 0	10
Senior Notes, 3.85% Due June 2034
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 537		$ 537
Pay Rate	5.31%		5.31%		5.31%
Receive notional | €					€ 500
Rate	0.0385		0.0385		0.0385
Fair value gain (loss)	$ (2)	3	$ 0	8
Senior Notes, 3.75% Due April 2031
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 815		$ 815
Pay Rate	5.648%		5.648%		5.648%
Receive notional | €					€ 750
Rate	0.0375		0.0375		0.0375
Fair value gain (loss)	$ (9)	$ 0	$ (9)	$ 0

XML

Derivatives and Hedging (Location and Fair Value Amounts of Derivatives Reflected in the Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	$ 247	$ 189
Location and fair value amounts of derivatives (Liability)	473	729
Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	48	61
Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	199	128
Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	249	409
Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	224	320
Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	101	82
Location and fair value amounts of derivatives (Liability)	413	609
Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	130	63
Location and fair value amounts of derivatives (Liability)	14	103
Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	16	44
Location and fair value amounts of derivatives (Liability)	46	17
Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	48	25
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	53	57
Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	218	354
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	195	255
Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		5
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	70	10
Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		13
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	9	39
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	60
Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		31
Location and fair value amounts of derivatives (Liability)		25
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		17
Location and fair value amounts of derivatives (Liability)	5	26
Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	16
Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	31	17
Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		44
Location and fair value amounts of derivatives (Liability)	15
Duke Energy Carolinas
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	46	35
Location and fair value amounts of derivatives (Liability)	161	260
Duke Energy Carolinas | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	5	6
Duke Energy Carolinas | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	41	29
Duke Energy Carolinas | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	114	179
Duke Energy Carolinas | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	47	81
Duke Energy Carolinas | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	28	27
Location and fair value amounts of derivatives (Liability)	159	244
Duke Energy Carolinas | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	18	8
Location and fair value amounts of derivatives (Liability)	2	16
Duke Energy Carolinas | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	5	1
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	23	26
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	114	177
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	45	67
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		5
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	18	3
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		2
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	2	14
Duke Energy Carolinas | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Carolinas | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Carolinas | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Carolinas | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Carolinas | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Carolinas | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0
Progress Energy
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	64	34
Location and fair value amounts of derivatives (Liability)	119	234
Progress Energy | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	5	3
Progress Energy | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	59	31
Progress Energy | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	77	149
Progress Energy | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	42	85
Progress Energy | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	34	34
Location and fair value amounts of derivatives (Liability)	113	199
Progress Energy | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	30	0
Location and fair value amounts of derivatives (Liability)	6	35
Progress Energy | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	5	3
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	29	31
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	77	138
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	36	61
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	30	0
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		11
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	6	24
Progress Energy | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Progress Energy | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Progress Energy | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Progress Energy | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Progress Energy | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Progress Energy | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0
Duke Energy Progress
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	63	32
Location and fair value amounts of derivatives (Liability)	118	219
Duke Energy Progress | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	4	1
Duke Energy Progress | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	59	31
Duke Energy Progress | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	77	149
Duke Energy Progress | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	41	70
Duke Energy Progress | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	33	32
Location and fair value amounts of derivatives (Liability)	113	199
Duke Energy Progress | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	30	0
Location and fair value amounts of derivatives (Liability)	5	20
Duke Energy Progress | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	4	1
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	29	31
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	77	138
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	36	61
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	30	0
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		11
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	5	9
Duke Energy Progress | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Progress | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Progress | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Progress | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Progress | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Progress | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0
Duke Energy Florida
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	2
Location and fair value amounts of derivatives (Liability)	2	15
Duke Energy Florida | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	2
Duke Energy Florida | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	0
Duke Energy Florida | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	2	15
Duke Energy Florida | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	2
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	0
Location and fair value amounts of derivatives (Liability)	2	15
Duke Energy Florida | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	2
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	0
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	2	15
Duke Energy Florida | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Florida | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Florida | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Florida | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Florida | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0
Duke Energy Ohio
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	2	1
Location and fair value amounts of derivatives (Liability)	1	1
Duke Energy Ohio | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	2	1
Duke Energy Ohio | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Duke Energy Ohio | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	1
Duke Energy Ohio | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	2	1
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	1	1
Duke Energy Ohio | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	2	1
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	1
Duke Energy Ohio | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Ohio | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Ohio | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Ohio | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Ohio | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0
Duke Energy Indiana
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	58	25
Location and fair value amounts of derivatives (Liability)	8	18
Duke Energy Indiana | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	36	18
Duke Energy Indiana | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22	7
Duke Energy Indiana | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	8	18
Duke Energy Indiana | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	36	18
Location and fair value amounts of derivatives (Liability)	8	18
Duke Energy Indiana | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22	7
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	36	18
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	8	18
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22	7
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Indiana | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Duke Energy Indiana | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Duke Energy Indiana | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Duke Energy Indiana | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0
Piedmont
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	1
Location and fair value amounts of derivatives (Liability)	132	147
Piedmont | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	1
Piedmont | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Piedmont | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	19	20
Piedmont | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	113	127
Piedmont | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	1
Location and fair value amounts of derivatives (Liability)	132	147
Piedmont | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Piedmont | Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Location and fair value amounts of derivatives (Liability)	0	0
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	1
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	19	20
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	113	127
Piedmont | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Piedmont | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0	0
Piedmont | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		0
Piedmont | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Piedmont | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Piedmont | Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)		0
Piedmont | Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		0
Location and fair value amounts of derivatives (Liability)	0	0
Piedmont | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	0
Piedmont | Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	0	0
Piedmont | Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		$ 0
Location and fair value amounts of derivatives (Liability)	$ 0

XML

Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 247	$ 189
Derivative Asset, Current	40	59
Net amounts presented in Current Assets: Other	163	91
Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	48	61
Offset	$ (8)	$ (2)
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Current Assets: Other	Current Assets: Other
Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 199	$ 128
Offset	$ (36)	$ (37)
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other	Other
Duke Energy Carolinas
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 46	$ 35
Derivative Asset, Current	1	5
Net amounts presented in Current Assets: Other	24	15
Duke Energy Carolinas | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	5	6
Offset	(4)	(1)
Duke Energy Carolinas | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	41	29
Offset	(17)	(14)
Progress Energy
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	64	34
Derivative Asset, Current	1	2
Net amounts presented in Current Assets: Other	40	9
Progress Energy | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	5	3
Offset	(4)	(1)
Progress Energy | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	59	31
Offset	(19)	(22)
Duke Energy Progress
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	63	32
Derivative Asset, Current	0	0
Net amounts presented in Current Assets: Other	40	9
Duke Energy Progress | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	4	1
Offset	(4)	(1)
Duke Energy Progress | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	59	31
Offset	(19)	(22)
Duke Energy Florida
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1	2
Derivative Asset, Current	0	2
Net amounts presented in Current Assets: Other	1	0
Duke Energy Florida | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	0	2
Offset	0	0
Duke Energy Florida | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1	0
Offset	0	0
Duke Energy Ohio
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	2	1
Derivative Asset, Current	2	1
Net amounts presented in Current Assets: Other	0	0
Duke Energy Ohio | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	2	1
Offset	0	0
Duke Energy Ohio | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	0	0
Offset	0	0
Duke Energy Indiana
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	58	25
Derivative Asset, Current	36	18
Net amounts presented in Current Assets: Other	22	7
Duke Energy Indiana | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	36	18
Offset	0	0
Duke Energy Indiana | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	22	7
Offset	0	0
Piedmont
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1	1
Derivative Asset, Current	1	1
Net amounts presented in Current Assets: Other	0	0
Piedmont | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1	1
Offset	0	0
Piedmont | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	0	0
Offset	$ 0	$ 0

XML

Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 473	$ 729
Net amounts presented in Current Liabilities: Other	225	311
Net amounts presented in Other Noncurrent Liabilities: Other	180	217
Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	249	409
Offset	(8)	(2)
Cash collateral posted	$ (16)	$ (96)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current Liabilities: Other	Current Liabilities: Other
Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 224	$ 320
Offset	(35)	(37)
Cash collateral posted	$ (9)	$ (66)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other	Other
Duke Energy Carolinas
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 161	$ 260
Net amounts presented in Current Liabilities: Other	103	130
Net amounts presented in Other Noncurrent Liabilities: Other	22	29
Duke Energy Carolinas | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	114	179
Offset	(4)	(1)
Cash collateral posted	(7)	(48)
Duke Energy Carolinas | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	47	81
Offset	(17)	(14)
Cash collateral posted	(8)	(38)
Progress Energy
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	119	234
Net amounts presented in Current Liabilities: Other	72	118
Net amounts presented in Other Noncurrent Liabilities: Other	22	35
Progress Energy | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	77	149
Offset	(4)	(1)
Cash collateral posted	(1)	(30)
Progress Energy | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	42	85
Offset	(19)	(22)
Cash collateral posted	(1)	(28)
Duke Energy Progress
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	118	219
Net amounts presented in Current Liabilities: Other	72	118
Net amounts presented in Other Noncurrent Liabilities: Other	21	20
Duke Energy Progress | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	77	149
Offset	(4)	(1)
Cash collateral posted	(1)	(30)
Duke Energy Progress | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	41	70
Offset	(19)	(22)
Cash collateral posted	(1)	(28)
Duke Energy Florida
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	2	15
Net amounts presented in Current Liabilities: Other	0	0
Net amounts presented in Other Noncurrent Liabilities: Other	2	15
Duke Energy Florida | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	0	0
Offset	0	0
Cash collateral posted	0	0
Duke Energy Florida | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	2	15
Offset	0	0
Cash collateral posted	0	0
Duke Energy Ohio
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	1	1
Net amounts presented in Current Liabilities: Other	0	0
Net amounts presented in Other Noncurrent Liabilities: Other	1	1
Duke Energy Ohio | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	0	0
Offset	0	0
Cash collateral posted	0	0
Duke Energy Ohio | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	1	1
Offset	0	0
Cash collateral posted	0	0
Duke Energy Indiana
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	8	18
Net amounts presented in Current Liabilities: Other	0	0
Net amounts presented in Other Noncurrent Liabilities: Other	0	0
Duke Energy Indiana | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	8	18
Offset	0	0
Cash collateral posted	(8)	(18)
Duke Energy Indiana | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	0	0
Offset	0	0
Cash collateral posted	0	0
Piedmont
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	132	147
Net amounts presented in Current Liabilities: Other	19	20
Net amounts presented in Other Noncurrent Liabilities: Other	113	127
Piedmont | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	19	20
Offset	0	0
Cash collateral posted	0	0
Piedmont | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	113	127
Offset	0	0
Cash collateral posted	$ 0	$ 0

XML

Derivatives and Hedging (Derivative Instruments with Credit-Risk Related Contingent Features and Cash Collateral) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	$ 242	$ 342
Fair value of collateral already posted	17	144
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	225	198
Duke Energy Carolinas
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	134	175
Fair value of collateral already posted	15	86
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	119	89
Progress Energy
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	108	166
Fair value of collateral already posted	2	58
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	106	108
Duke Energy Progress
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	108	166
Fair value of collateral already posted	2	58
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$ 106	$ 108

XML

Investments in Debt and Equity Securities (Estimated Fair Value of Investments in Debt and Equity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale
Estimated Fair Value	$ 3,202
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	5,680	$ 5,019
Unrealized Holding Losses	187	171
Estimated Fair Value	11,513	10,603
NDTF
Cash and Cash Equivalents
Estimated Fair Value	151	133
Equity Securities, FV-NI
Gross Unrealized Holding Gains	5,612	4,942
Gross Unrealized Holding Losses	23	22
Estimated Fair Value	7,859	7,278
Debt Securities, Available-for-sale
Estimated Fair Value	2,933	2,732
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	5,629	4,985
Unrealized Holding Losses	171	159
Estimated Fair Value	10,943	10,143
Other Investments
Cash and Cash Equivalents
Estimated Fair Value	124	31
Equity Securities, FV-NI
Gross Unrealized Holding Gains	51	33
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	177	158
Debt Securities, Available-for-sale
Estimated Fair Value	269	271
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	51	34
Unrealized Holding Losses	16	12
Estimated Fair Value	570	460
Duke Energy Carolinas
Debt Securities, Available-for-sale
Estimated Fair Value	1,584
Duke Energy Carolinas | NDTF
Cash and Cash Equivalents
Estimated Fair Value	57	51
Equity Securities, FV-NI
Gross Unrealized Holding Gains	3,254	2,886
Gross Unrealized Holding Losses	16	14
Estimated Fair Value	4,527	4,196
Debt Securities, Available-for-sale
Estimated Fair Value	1,584	1,438
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	3,259	2,904
Unrealized Holding Losses	111	99
Estimated Fair Value	6,168	5,685
Progress Energy
Debt Securities, Available-for-sale
Estimated Fair Value	1,372
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	2,370	2,081
Unrealized Holding Losses	61	61
Estimated Fair Value	4,823	4,499
Progress Energy | NDTF
Cash and Cash Equivalents
Estimated Fair Value	94	82
Equity Securities, FV-NI
Gross Unrealized Holding Gains	2,358	2,056
Gross Unrealized Holding Losses	7	8
Estimated Fair Value	3,332	3,082
Debt Securities, Available-for-sale
Estimated Fair Value	1,349	1,294
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	2,370	2,081
Unrealized Holding Losses	60	60
Estimated Fair Value	4,775	4,458
Progress Energy | Other Investments
Cash and Cash Equivalents
Estimated Fair Value	25	18
Debt Securities, Available-for-sale
Estimated Fair Value	23	23
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	0	0
Unrealized Holding Losses	1	1
Estimated Fair Value	48	41
Duke Energy Progress
Debt Securities, Available-for-sale
Estimated Fair Value	1,143
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	2,254	1,979
Unrealized Holding Losses	48	46
Estimated Fair Value	4,443	4,089
Duke Energy Progress | NDTF
Cash and Cash Equivalents
Estimated Fair Value	77	55
Equity Securities, FV-NI
Gross Unrealized Holding Gains	2,243	1,956
Gross Unrealized Holding Losses	7	8
Estimated Fair Value	3,205	2,970
Debt Securities, Available-for-sale
Estimated Fair Value	1,143	1,050
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	2,254	1,979
Unrealized Holding Losses	48	46
Estimated Fair Value	4,425	4,075
Duke Energy Progress | Other Investments
Cash and Cash Equivalents
Estimated Fair Value	18	14
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	0	0
Unrealized Holding Losses	0	0
Estimated Fair Value	18	14
Duke Energy Florida
Debt Securities, Available-for-sale
Estimated Fair Value	229
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	116	102
Unrealized Holding Losses	13	15
Estimated Fair Value	376	409
Duke Energy Florida | NDTF
Cash and Cash Equivalents
Estimated Fair Value	17	27
Equity Securities, FV-NI
Gross Unrealized Holding Gains	115	100
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	127	112
Debt Securities, Available-for-sale
Estimated Fair Value	206	244
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	116	102
Unrealized Holding Losses	12	14
Estimated Fair Value	350	383
Duke Energy Florida | Other Investments
Cash and Cash Equivalents
Estimated Fair Value	3	3
Debt Securities, Available-for-sale
Estimated Fair Value	23	23
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	0	0
Unrealized Holding Losses	1	1
Estimated Fair Value	26	26
Duke Energy Indiana
Debt Securities, Available-for-sale
Estimated Fair Value	62
Duke Energy Indiana | Other Investments
Cash and Cash Equivalents
Estimated Fair Value	2	1
Equity Securities, FV-NI
Gross Unrealized Holding Gains	15	4
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	110	98
Debt Securities, Available-for-sale
Estimated Fair Value	62	64
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	15	5
Unrealized Holding Losses	1	1
Estimated Fair Value	174	163
Corporate debt securities | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	7	12
Gross Unrealized Holding Losses	44	43
Estimated Fair Value	691	632
Corporate debt securities | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	6	6
Estimated Fair Value	91	82
Corporate debt securities | Duke Energy Carolinas | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	2	4
Gross Unrealized Holding Losses	37	35
Estimated Fair Value	424	390
Corporate debt securities | Progress Energy | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	5	8
Gross Unrealized Holding Losses	7	8
Estimated Fair Value	267	242
Corporate debt securities | Duke Energy Progress | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	4	7
Gross Unrealized Holding Losses	7	8
Estimated Fair Value	254	229
Corporate debt securities | Duke Energy Florida | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1	1
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	13	13
Corporate debt securities | Duke Energy Indiana | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	7	8
Municipal bonds | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	3	6
Gross Unrealized Holding Losses	15	16
Estimated Fair Value	330	347
Municipal bonds | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	1
Gross Unrealized Holding Losses	2	2
Estimated Fair Value	81	77
Municipal bonds | Duke Energy Carolinas | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	4	4
Estimated Fair Value	41	50
Municipal bonds | Progress Energy | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	3	6
Gross Unrealized Holding Losses	11	12
Estimated Fair Value	289	297
Municipal bonds | Progress Energy | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	1	1
Estimated Fair Value	23	23
Municipal bonds | Duke Energy Progress | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	3	6
Gross Unrealized Holding Losses	11	12
Estimated Fair Value	289	297
Municipal bonds | Duke Energy Florida | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	1	1
Estimated Fair Value	23	23
Municipal bonds | Duke Energy Indiana | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	1
Gross Unrealized Holding Losses	1	1
Estimated Fair Value	47	46
U.S. government bonds | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	6	24
Gross Unrealized Holding Losses	79	65
Estimated Fair Value	1,668	1,575
U.S. government bonds | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	4	2
Estimated Fair Value	50	65
U.S. government bonds | Duke Energy Carolinas | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	2	13
Gross Unrealized Holding Losses	44	33
Estimated Fair Value	894	826
U.S. government bonds | Progress Energy | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	4	11
Gross Unrealized Holding Losses	35	32
Estimated Fair Value	774	749
U.S. government bonds | Duke Energy Progress | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	4	10
Gross Unrealized Holding Losses	23	18
Estimated Fair Value	583	518
U.S. government bonds | Duke Energy Florida | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	1
Gross Unrealized Holding Losses	12	14
Estimated Fair Value	191	231
U.S. government bonds | Duke Energy Indiana | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	8	10
Other debt securities | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1	1
Gross Unrealized Holding Losses	10	13
Estimated Fair Value	244	178
Other debt securities | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	4	2
Estimated Fair Value	47	47
Other debt securities | Duke Energy Carolinas | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1	1
Gross Unrealized Holding Losses	10	13
Estimated Fair Value	225	172
Other debt securities | Progress Energy | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	19	6
Other debt securities | Duke Energy Progress | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	17	6
Other debt securities | Duke Energy Florida | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Estimated Fair Value	$ 2	$ 0

XML

Investments in Debt and Equity Securities (Realized Gains and Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
FV-NI:
Realized gains	$ 127	$ 20	$ 195	$ 46
Realized losses	27	36	45	82
AFS:
Realized gains	2	13	12	21
Realized losses	22	27	36	59
Duke Energy Carolinas
FV-NI:
Realized gains	72	9	125	27
Realized losses	15	18	21	47
AFS:
Realized gains	1	4	5	9
Realized losses	11	8	17	28
Progress Energy
FV-NI:
Realized gains	55	11	70	19
Realized losses	12	18	24	35
AFS:
Realized gains	1	9	7	12
Realized losses	11	19	19	31
Duke Energy Progress
FV-NI:
Realized gains	55	11	70	19
Realized losses	12	17	24	34
AFS:
Realized gains	1	8	7	11
Realized losses	$ 10	$ 17	$ 18	$ 29

XML

Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	$ 115
Due after one through five years	785
Due after five through 10 years	664
Due after 10 years	1,638
Total	3,202
Duke Energy Carolinas
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	11
Due after one through five years	297
Due after five through 10 years	411
Due after 10 years	865
Total	1,584
Progress Energy
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	81
Due after one through five years	403
Due after five through 10 years	209
Due after 10 years	679
Total	1,372
Duke Energy Progress
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	18
Due after one through five years	289
Due after five through 10 years	197
Due after 10 years	639
Total	1,143
Duke Energy Florida
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	63
Due after one through five years	114
Due after five through 10 years	12
Due after 10 years	40
Total	229
Duke Energy Indiana
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	8
Due after one through five years	21
Due after five through 10 years	9
Due after 10 years	24
Total	$ 62

XML

Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 3,202
Derivative assets	247	$ 189
Total assets	11,760	10,792
Derivative liabilities	(473)	(729)
Net assets (liabilities)	11,287	10,063
NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	151	133
Estimated Fair Value	7,859	7,278
Debt securities, available-for-sale	2,933	2,732
NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	7,859	7,278
Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	124	31
Estimated Fair Value	177	158
Debt securities, available-for-sale	269	271
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	3	37
Total assets	9,246	8,484
Derivative liabilities	(39)	(60)
Net assets (liabilities)	9,207	8,424
Level 1 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	151	133
Debt securities, available-for-sale	917	829
Level 1 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	7,827	7,241
Level 1 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	124	31
Estimated Fair Value	177	158
Debt securities, available-for-sale	47	55
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	209	137
Total assets	2,447	2,256
Derivative liabilities	(434)	(669)
Net assets (liabilities)	2,013	1,587
Level 2 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	2,016	1,903
Level 2 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	0	0
Level 2 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Estimated Fair Value	0	0
Debt securities, available-for-sale	222	216
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	35	15
Total assets	35	15
Derivative liabilities	0	0
Net assets (liabilities)	35	15
Level 3 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	0	0
Level 3 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	0	0
Level 3 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Estimated Fair Value	0	0
Debt securities, available-for-sale	0	0
Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Total assets	32	37
Derivative liabilities	0	0
Net assets (liabilities)	32	37
Not Categorized | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	0	0
Not Categorized | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	32	37
Not Categorized | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Estimated Fair Value	0	0
Debt securities, available-for-sale	0	0
Duke Energy Carolinas
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,584
Derivative assets	46	35
Total assets	6,214	5,720
Derivative liabilities	(161)	(260)
Net assets (liabilities)	6,053	5,460
Duke Energy Carolinas | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	57	51
Estimated Fair Value	4,527	4,196
Debt securities, available-for-sale	1,584	1,438
Duke Energy Carolinas | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	4,527	4,196
Duke Energy Carolinas | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Total assets	5,007	4,585
Derivative liabilities	0	0
Net assets (liabilities)	5,007	4,585
Duke Energy Carolinas | Level 1 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	57	51
Debt securities, available-for-sale	455	375
Duke Energy Carolinas | Level 1 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	4,495	4,159
Duke Energy Carolinas | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	46	35
Total assets	1,175	1,098
Derivative liabilities	(161)	(260)
Net assets (liabilities)	1,014	838
Duke Energy Carolinas | Level 2 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	1,129	1,063
Duke Energy Carolinas | Level 2 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	0	0
Duke Energy Carolinas | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Total assets	32	37
Derivative liabilities	0	0
Net assets (liabilities)	32	37
Duke Energy Carolinas | Not Categorized | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	0	0
Duke Energy Carolinas | Not Categorized | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	32	37
Progress Energy
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,372
Derivative assets	64	34
Total assets	4,887	4,533
Derivative liabilities	(119)	(234)
Net assets (liabilities)	4,768	4,299
Progress Energy | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	94	82
Estimated Fair Value	3,332	3,082
Debt securities, available-for-sale	1,349	1,294
Progress Energy | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	3,332	3,082
Progress Energy | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	25	18
Debt securities, available-for-sale	23	23
Progress Energy | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Total assets	3,913	3,636
Derivative liabilities	0	0
Net assets (liabilities)	3,913	3,636
Progress Energy | Level 1 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	94	82
Debt securities, available-for-sale	462	454
Progress Energy | Level 1 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	3,332	3,082
Progress Energy | Level 1 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	25	18
Debt securities, available-for-sale	0	0
Progress Energy | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	64	34
Total assets	974	897
Derivative liabilities	(119)	(234)
Net assets (liabilities)	855	663
Progress Energy | Level 2 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	887	840
Progress Energy | Level 2 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	0	0
Progress Energy | Level 2 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	23	23
Duke Energy Progress
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,143
Derivative assets	63	32
Total assets	4,506	4,121
Derivative liabilities	(118)	(219)
Net assets (liabilities)	4,388	3,902
Duke Energy Progress | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	77	55
Estimated Fair Value	3,205	2,970
Debt securities, available-for-sale	1,143	1,050
Duke Energy Progress | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	3,205	2,970
Duke Energy Progress | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	18	14
Duke Energy Progress | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Total assets	3,605	3,305
Derivative liabilities	0	0
Net assets (liabilities)	3,605	3,305
Duke Energy Progress | Level 1 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	77	55
Debt securities, available-for-sale	305	266
Duke Energy Progress | Level 1 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	3,205	2,970
Duke Energy Progress | Level 1 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	18	14
Duke Energy Progress | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	63	32
Total assets	901	816
Derivative liabilities	(118)	(219)
Net assets (liabilities)	783	597
Duke Energy Progress | Level 2 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	838	784
Duke Energy Progress | Level 2 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	0	0
Duke Energy Progress | Level 2 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Duke Energy Florida
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	229
Derivative assets	1	2
Total assets	377	411
Derivative liabilities	(2)	(15)
Net assets (liabilities)	375	396
Duke Energy Florida | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	17	27
Estimated Fair Value	127	112
Debt securities, available-for-sale	206	244
Duke Energy Florida | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	127	112
Duke Energy Florida | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	3	3
Debt securities, available-for-sale	23	23
Duke Energy Florida | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Total assets	304	330
Derivative liabilities	0	0
Net assets (liabilities)	304	330
Duke Energy Florida | Level 1 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	17	27
Debt securities, available-for-sale	157	188
Duke Energy Florida | Level 1 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	127	112
Duke Energy Florida | Level 1 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	3	3
Debt securities, available-for-sale	0	0
Duke Energy Florida | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	2
Total assets	73	81
Derivative liabilities	(2)	(15)
Net assets (liabilities)	71	66
Duke Energy Florida | Level 2 | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	49	56
Duke Energy Florida | Level 2 | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	0	0
Duke Energy Florida | Level 2 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Debt securities, available-for-sale	23	23
Duke Energy Indiana
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	62
Derivative assets	58	25
Total assets	232	188
Derivative liabilities	(8)	(18)
Net assets (liabilities)	224	170
Duke Energy Indiana | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	2	1
Estimated Fair Value	110	98
Debt securities, available-for-sale	62	64
Duke Energy Indiana | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	3	5
Total assets	115	104
Derivative liabilities	(8)	(18)
Net assets (liabilities)	107	86
Duke Energy Indiana | Level 1 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	2	1
Estimated Fair Value	110	98
Debt securities, available-for-sale	0	0
Duke Energy Indiana | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	22	7
Total assets	84	71
Derivative liabilities	0	0
Net assets (liabilities)	84	71
Duke Energy Indiana | Level 2 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Estimated Fair Value	0	0
Debt securities, available-for-sale	62	64
Duke Energy Indiana | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	33	13
Total assets	33	13
Derivative liabilities	0	0
Net assets (liabilities)	33	13
Duke Energy Indiana | Level 3 | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Estimated Fair Value	0	0
Debt securities, available-for-sale	0	0
Piedmont
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	1
Derivative liabilities	(132)	(147)
Net assets (liabilities)	(131)	(146)
Piedmont | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	1
Derivative liabilities	0	0
Net assets (liabilities)	1	1
Piedmont | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	(132)	(147)
Net assets (liabilities)	$ (132)	$ (147)

XML

Fair Value Measurements (Reconciliation of Assets and Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives (net)
Balance at beginning of period	$ 6	$ 12	$ 15	$ 34
Purchases, sales, issuances and settlements:
Purchases	29	47	29	47
Settlements	(10)	(38)	(23)	(58)
Total gains included on the Condensed Consolidated Balance Sheet	10	20	14	18
Balance at end of period	35	41	35	41
Duke Energy Indiana
Derivatives (net)
Balance at beginning of period	5	11	13	29
Purchases, sales, issuances and settlements:
Purchases	27	42	27	42
Settlements	(9)	(37)	(20)	(56)
Total gains included on the Condensed Consolidated Balance Sheet	10	21	13	22
Balance at end of period	$ 33	$ 37	$ 33	$ 37

XML

Fair Value Measurements (Quantitative Level 3 Fair Value Disclosures) (Details) $ in Millions	Jun. 30, 2024 USD ($) $ / MWh	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / MWh	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 35	$ 6	$ 15	$ 41	$ 12	$ 34
Duke Energy Ohio | FTRs | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 2		$ 2
Duke Energy Ohio | FTRs | RTO auction pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	0.22		0.36
Duke Energy Ohio | FTRs | RTO auction pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	1.78		2.11
Duke Energy Ohio | FTRs | RTO auction pricing | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	0.52		0.71
Duke Energy Indiana
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 33	$ 5	$ 13	$ 37	$ 11	$ 29
Duke Energy Indiana | FTRs | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 33		$ 13
Duke Energy Indiana | FTRs | RTO auction pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	(0.31)		(1.05)
Duke Energy Indiana | FTRs | RTO auction pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	14.00		9.64
Duke Energy Indiana | FTRs | RTO auction pricing | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	1.82		1.26

XML

Fair Value Measurements (Other Fair Value Disclosure) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 78,779	$ 75,252
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	70,796	69,790
Piedmont Natural Gas and Progress Energy
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt discount (premium), net	1,100	1,000
Duke Energy Carolinas | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	17,026	16,012
Duke Energy Carolinas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	15,409	15,077
Progress Energy | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	24,259	23,759
Progress Energy | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	22,144	22,553
Duke Energy Progress | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	12,343	11,714
Duke Energy Progress | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	10,785	10,595
Duke Energy Florida | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	10,273	10,401
Duke Energy Florida | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,594	10,123
Duke Energy Ohio | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	4,163	3,518
Duke Energy Ohio | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,829	3,310
Duke Energy Indiana | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	4,800	4,502
Duke Energy Indiana | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	4,317	4,230
Piedmont | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,669	3,668
Piedmont | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,221	$ 3,336

XML

Variable Interest Entities (Narrative) (Details) - USD ($)	1 Months Ended			6 Months Ended	12 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Nov. 30, 2021	Jun. 30, 2024	Dec. 31, 2023	Apr. 25, 2024	Apr. 01, 2024	Feb. 29, 2024
Variable Interest Entities [Line Items]
Debt issuances				$ 6,365,000,000
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Debt issuances				1,000,000,000
Duke Energy Progress
Variable Interest Entities [Line Items]
Debt issuances				677,000,000
Duke Energy Progress | Storm Recovery Bonds
Variable Interest Entities [Line Items]
Debt issuances						$ 177,000,000
Duke Energy Progress | 5.404% Storm Recovery Bonds | Storm Recovery Bonds
Variable Interest Entities [Line Items]
Debt issuances	$ 177,000,000
Duke Energy (Parent)
Variable Interest Entities [Line Items]
Debt issuances				3,565,000,000
Duke Energy Florida
Variable Interest Entities [Line Items]
Debt issuances				173,000,000
Duke Energy Indiana
Variable Interest Entities [Line Items]
Debt issuances				300,000,000
Duke Energy Ohio
Variable Interest Entities [Line Items]
Debt issuances				650,000,000
VIE primary beneficiary
Variable Interest Entities [Line Items]
Variable interest entity, financial or other support, amount				0	$ 0
VIE primary beneficiary | Duke Energy Florida | DEFR Accounts Receivable Securitization Facility Maturing April 2024 | Secured Debt
Variable Interest Entities [Line Items]
Repayments of debt	$ 325,000,000
VIE primary beneficiary | CRC
Variable Interest Entities [Line Items]
Repayments of debt		$ 350,000,000
Accounts receivable from securitization				$ 0	663,000,000			$ 682,000,000
Percent of proceeds received as cash				75.00%
Percent of proceeds received as subordinated note				25.00%
Minimum equity balance required by Cinergy Receivables				$ 3,000,000
VIE primary beneficiary | CRC | Duke Energy Indiana
Variable Interest Entities [Line Items]
Accounts receivable from securitization								316,000,000
VIE primary beneficiary | CRC | Duke Energy Ohio
Variable Interest Entities [Line Items]
Accounts receivable from securitization								$ 366,000,000
VIE primary beneficiary | DECNCSF | Duke Energy Carolinas
Variable Interest Entities [Line Items]
Proceeds from issuance of senior secured bonds			$ 237,000,000
VIE primary beneficiary | DEPNCSF | Duke Energy Progress
Variable Interest Entities [Line Items]
Proceeds from issuance of senior secured bonds			$ 770,000,000
VIE primary beneficiary | DEFR | Duke Energy Florida
Variable Interest Entities [Line Items]
Accounts receivable from securitization				$ 0	$ 532,000,000		$ 459,000,000

XML

Variable Interest Entities (Schedule of Accounts Receivable Securitizations) (Details) - USD ($)	Jun. 30, 2024	Apr. 01, 2024	Feb. 29, 2024	Dec. 31, 2023
Variable Interest Entities [Line Items]
Long-Term Debt	$ 76,439,000,000			$ 72,452,000,000
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Long-Term Debt	16,206,000,000			15,693,000,000
Duke Energy Progress
Variable Interest Entities [Line Items]
Long-Term Debt	11,714,000,000			11,492,000,000
Duke Energy Florida
Variable Interest Entities [Line Items]
Long-Term Debt	9,838,000,000			9,812,000,000
CRC | VIE primary beneficiary
Variable Interest Entities [Line Items]
Long-Term Debt	0			312,000,000
Accounts receivable from securitization	0		$ 682,000,000	663,000,000
DERF | Duke Energy Carolinas | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	500,000,000
Long-Term Debt	500,000,000			500,000,000
Accounts receivable from securitization	1,128,000,000			991,000,000
DEPR | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	400,000,000
Long-Term Debt	400,000,000			400,000,000
Accounts receivable from securitization	881,000,000			833,000,000
DEFR | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Long-Term Debt	0			325,000,000
Accounts receivable from securitization	$ 0	$ 459,000,000		$ 532,000,000

XML

Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entities [Line Items]
Regulatory Assets: Current	$ 2,663	$ 3,648
Current Assets: Other	436	431
Other Noncurrent Assets: Regulatory assets	13,446	13,618
Other	3,556	3,964
Current Liabilities: Other	2,212	2,319
Current maturities of long-term debt	2,340	2,800
Long-Term Debt	76,439	72,452
Inventory	4,390	4,292
Accounts payable	3,777	4,228
Duke Energy Florida
Variable Interest Entities [Line Items]
Regulatory Assets: Current	367	720
Current Assets: Other	61	51
Other Noncurrent Assets: Regulatory assets	1,939	1,883
Other	461	429
Current Liabilities: Other	323	350
Current maturities of long-term debt	435	589
Long-Term Debt	9,838	9,812
Inventory	716	674
Accounts payable	735	738
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Regulatory Assets: Current	1,122	1,564
Current Assets: Other	56	31
Other Noncurrent Assets: Regulatory assets	3,711	3,916
Other	1,158	1,109
Current Liabilities: Other	635	702
Current maturities of long-term debt	520	19
Long-Term Debt	16,206	15,693
Inventory	1,509	1,484
Accounts payable	1,125	1,183
Duke Energy Progress
Variable Interest Entities [Line Items]
Regulatory Assets: Current	785	942
Current Assets: Other	73	72
Other Noncurrent Assets: Regulatory assets	4,487	4,546
Other	694	682
Current Liabilities: Other	493	481
Current maturities of long-term debt	479	72
Long-Term Debt	11,714	11,492
Inventory	1,303	1,227
Accounts payable	523	634
DEFPF | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	60	59
Current Assets: Other	32	37
Other Noncurrent Assets: Regulatory assets	775	803
Current Liabilities: Other	8	8
Current maturities of long-term debt	59	59
Long-Term Debt	801	831
DECNCSF | Duke Energy Carolinas | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	12	12
Current Assets: Other	10	9
Other Noncurrent Assets: Regulatory assets	191	196
Other	1	1
Current Liabilities: Other	2	10
Current maturities of long-term debt	10	3
Long-Term Debt	203	208
DEPNCSF | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	39	39
Current Assets: Other	31	31
Other Noncurrent Assets: Regulatory assets	626	643
Other	4	2
Current Liabilities: Other	10	34
Current maturities of long-term debt	34	8
Long-Term Debt	663	680
DEF ProCo | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Inventory	494	462
Accounts payable	213	$ 188
DEPSCSF | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	9
Other Noncurrent Assets: Regulatory assets	162
Current maturities of long-term debt	6
Long-Term Debt	$ 166

XML

Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entities [Line Items]
Receivables from affiliated companies	$ 2,127	$ 1,112
Investments in equity method unconsolidated affiliates	483	492
Other noncurrent assets	3,556	3,964
Total Assets	181,575	176,893
Other current liabilities	2,212	2,319
Other	1,466	1,393
Duke Energy Ohio
Variable Interest Entities [Line Items]
Other noncurrent assets	88	84
Total Assets	12,601	12,216
Other current liabilities	65	65
Other	94	86
Duke Energy Ohio | Affiliated Entity
Variable Interest Entities [Line Items]
Receivables from affiliated companies	10	239
Duke Energy Ohio | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	0	0
Other noncurrent assets	0	0
Total Assets	0	150
Other current liabilities	0	0
Other	0	0
Total liabilities	0	0
Net assets	0	150
Duke Energy Ohio | VIE not primary beneficiary | Affiliated Entity
Variable Interest Entities [Line Items]
Receivables from affiliated companies	0	150
Duke Energy Indiana
Variable Interest Entities [Line Items]
Other noncurrent assets	366	325
Total Assets	15,649	14,811
Other current liabilities	213	184
Other	13	0
Duke Energy Indiana | Affiliated Entity
Variable Interest Entities [Line Items]
Receivables from affiliated companies	11	197
Duke Energy Indiana | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	0	0
Other noncurrent assets	0	0
Total Assets	0	208
Other current liabilities	0	0
Other	0	0
Total liabilities	0	0
Net assets	0	208
Duke Energy Indiana | VIE not primary beneficiary | Affiliated Entity
Variable Interest Entities [Line Items]
Receivables from affiliated companies	0	208
Pipeline Investments | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	58	67
Other noncurrent assets	29	43
Total Assets	87	110
Other current liabilities	4	4
Other	2	5
Total liabilities	6	9
Net assets	81	101
Pipeline Investments | VIE not primary beneficiary | Affiliated Entity
Variable Interest Entities [Line Items]
Receivables from affiliated companies	$ 0	$ 0

XML

Variable Interest Entities (Receivables Sold) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Duke Energy Ohio
Variable Interest Entities [Line Items]
Receivables sold	$ 0	$ 361
Less: Retained interests	0	150
Net receivables sold	0	211
Duke Energy Indiana
Variable Interest Entities [Line Items]
Receivables sold	0	351
Less: Retained interests	0	208
Net receivables sold	$ 0	$ 143

XML

Variable Interest Entities (Sales and Cash Flows) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Duke Energy Ohio
Sales
Receivables sold	$ 474	$ 1,381
Loss recognized on sale	7	17
Cash flows
Cash proceeds from receivables sold	478	1,445
Collection fees received	0	1
Return received on retained interests	4	10
Duke Energy Indiana
Sales
Receivables sold	473	1,665
Loss recognized on sale	6	19
Cash flows
Cash proceeds from receivables sold	523	1,793
Collection fees received	0	1
Return received on retained interests	$ 4	$ 13

XML

Revenue (Remaining Performance Obligations) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Progress Energy
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 115
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 35
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 30
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 29
Duke Energy Progress
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 4
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 4
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 0
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 0
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 0
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 0
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 0
Duke Energy Florida
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 111
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 31
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 30
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 29
Duke Energy Indiana
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 62
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 8
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 17
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 17
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 15
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 5
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 0
Piedmont
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 435
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 33
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 61
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 51
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 49
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 46
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 195

XML

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 7,151	$ 6,473	$ 14,683	$ 13,574
Revenue from sources other than contracts with customers	21	105	160	280
Total operating revenues	7,172	6,578	14,843	13,854
Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,791	6,130	13,469	12,397
Total operating revenues	6,802	6,232	13,587	12,613
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,092	2,740	6,207	5,591
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,013	1,876	3,947	3,707
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	869	827	1,691	1,718
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	524	498	1,078	1,048
Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	293	189	546	333
Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	349	334	1,196	1,161
Total operating revenues	359	337	1,238	1,225
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	182	179	702	686
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	103	100	343	333
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32	30	79	77
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32	25	72	65
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			18
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	9		16
Duke Energy Carolinas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,314	1,817	4,666	3,738
Revenue from sources other than contracts with customers	(17)	11	38	24
Total operating revenues	2,297	1,828	4,704	3,762
Duke Energy Carolinas | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,314	1,817	4,666	3,738
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	959	715	2,017	1,539
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	755	607	1,472	1,195
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	374	320	714	616
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	127	126	265	261
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	99	49	198	127
Duke Energy Carolinas | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Carolinas | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Carolinas | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Carolinas | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Carolinas | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Carolinas | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Carolinas | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			0
Duke Energy Carolinas | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0		0
Progress Energy
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,349	3,181	6,502	6,184
Revenue from sources other than contracts with customers	8	31	83	76
Total operating revenues	3,357	3,212	6,585	6,260
Progress Energy | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,349	3,181	6,502	6,184
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,625	1,555	3,142	2,976
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	933	914	1,799	1,755
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	267	274	533	546
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	337	294	692	642
Progress Energy | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	187	144	336	265
Progress Energy | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Progress Energy | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Progress Energy | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Progress Energy | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Progress Energy | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Progress Energy | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Progress Energy | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			0
Progress Energy | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0		0
Duke Energy Progress
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,660	1,417	3,405	2,946
Revenue from sources other than contracts with customers	(24)	8	19	12
Total operating revenues	1,636	1,425	3,424	2,958
Duke Energy Progress | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,660	1,417	3,405	2,946
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	661	539	1,403	1,146
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	427	369	849	727
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	183	180	360	357
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	298	259	624	578
Duke Energy Progress | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	91	70	169	138
Duke Energy Progress | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Progress | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Progress | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Progress | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Progress | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Progress | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Progress | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			0
Duke Energy Progress | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0		0
Duke Energy Florida
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,689	1,764	3,097	3,238
Revenue from sources other than contracts with customers	27	18	55	54
Total operating revenues	1,716	1,782	3,152	3,292
Duke Energy Florida | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,689	1,764	3,097	3,238
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	964	1,016	1,739	1,830
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	506	545	950	1,028
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	84	94	173	189
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39	35	68	64
Duke Energy Florida | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	96	74	167	127
Duke Energy Florida | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Florida | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Florida | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Florida | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Florida | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Florida | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Florida | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			0
Duke Energy Florida | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0		0
Duke Energy Ohio
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	583	563	1,276	1,274
Revenue from sources other than contracts with customers	25	26	10	24
Total operating revenues	608	589	1,286	1,298
Duke Energy Ohio | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	451	439	924	915
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	240	208	493	442
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	144	141	296	276
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39	56	71	127
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10	12	24	21
Duke Energy Ohio | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	18	22	40	49
Duke Energy Ohio | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	132	124	352	359
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	86	82	233	244
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	31	31	88	89
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6	6	17	15
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Ohio | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9	5	14	11
Duke Energy Ohio | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			0
Duke Energy Ohio | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0		0
Duke Energy Indiana
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	727	749	1,480	1,715
Revenue from sources other than contracts with customers	20	31	26	40
Total operating revenues	747	780	1,506	1,755
Duke Energy Indiana | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	727	749	1,480	1,715
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	269	262	556	634
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	180	212	381	482
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	190	177	373	428
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	49	66	97	124
Duke Energy Indiana | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39	32	73	47
Duke Energy Indiana | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Indiana | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Indiana | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Indiana | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Indiana | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Indiana | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Duke Energy Indiana | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			0
Duke Energy Indiana | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0		0
Piedmont
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	223	218	860	817
Revenue from sources other than contracts with customers	21	18	60	94
Total operating revenues	244	236	920	911
Piedmont | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Piedmont | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Piedmont | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Piedmont | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Piedmont | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Piedmont | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Piedmont | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	223	218	860	817
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	96	97	469	442
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	72	69	255	244
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24	24	62	61
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8	23	16	46
Piedmont | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	23	5	58	24
Piedmont | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			$ 0
Piedmont | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0		$ 0

XML

Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 204	$ 214	$ 205	$ 216
Cumulative Change in Accounting Principle	207	199	207	199
Write-Offs	(36)	(43)	(68)	(85)
Credit Loss Expense	35	23	45	39
Other Adjustments	4	5	25	29
Ending balance	207	199	207	199
Duke Energy Carolinas
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	62	70	56	68
Cumulative Change in Accounting Principle	65	57	65	57
Write-Offs	(16)	(20)	(28)	(40)
Credit Loss Expense	10	6	17	13
Other Adjustments	9	1	20	16
Ending balance	65	57	65	57
Progress Energy
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	73	75	74	81
Cumulative Change in Accounting Principle	73	73	73	73
Write-Offs	(17)	(18)	(33)	(40)
Credit Loss Expense	11	12	20	18
Other Adjustments	6	4	12	14
Ending balance	73	73	73	73
Duke Energy Progress
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	47	45	44	44
Cumulative Change in Accounting Principle	47	43	47	43
Write-Offs	(12)	(10)	(19)	(19)
Credit Loss Expense	6	4	10	5
Other Adjustments	6	4	12	13
Ending balance	47	43	47	43
Duke Energy Florida
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	27	30	31	36
Cumulative Change in Accounting Principle	26	30	26	30
Write-Offs	(5)	(8)	(14)	(20)
Credit Loss Expense	5	8	10	13
Other Adjustments	(1)	0	(1)	1
Ending balance	26	30	26	30
Duke Energy Ohio
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	41	7	9	6
Cumulative Change in Accounting Principle	42	8	42	8
Write-Offs	0	0	0	0
Credit Loss Expense	1	1	2	2
Other Adjustments	0	0	31	0
Ending balance	42	8	42	8
Duke Energy Indiana
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	16	4	5	4
Cumulative Change in Accounting Principle	16	4	16	4
Write-Offs	0	0	0	0
Credit Loss Expense	0	0	2	0
Other Adjustments	0	0	9	0
Ending balance	16	4	16	4
Piedmont
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12	14	11	14
Cumulative Change in Accounting Principle	11	13	11	13
Write-Offs	(3)	(5)	(4)	(6)
Credit Loss Expense	2	4	4	5
Other Adjustments	0	0	0	0
Ending balance	$ 11	$ 13	$ 11	$ 13

XML

Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	$ 1,155		$ 1,273
Current	2,503		2,306
Deferred Payment Arrangements	99		104
Trade and Other Receivables	4,343		4,336
CRC | VIE primary beneficiary
Financing Receivable, Past Due [Line Items]
Accounts receivable from securitization	0	$ 682	663
30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	75		78
60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	80		47
Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	202		275
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	229		253
Duke Energy Carolinas
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	414		399
Current	772		680
Deferred Payment Arrangements	36		34
Trade and Other Receivables	1,386		1,312
Duke Energy Carolinas | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	25		20
Duke Energy Carolinas | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	19		15
Duke Energy Carolinas | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	60		97
Duke Energy Carolinas | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	60		67
Progress Energy
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	426		401
Current	1,210		1,009
Deferred Payment Arrangements	40		43
Trade and Other Receivables	1,878		1,664
Progress Energy | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	22		34
Progress Energy | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	40		17
Progress Energy | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	79		91
Progress Energy | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	61		69
Duke Energy Progress
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	278		280
Current	727		612
Deferred Payment Arrangements	26		26
Trade and Other Receivables	1,117		1,016
Duke Energy Progress | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	15		23
Duke Energy Progress | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	10		10
Duke Energy Progress | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	35		41
Duke Energy Progress | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	26		24
Duke Energy Florida
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	148		121
Current	480		395
Deferred Payment Arrangements	14		17
Trade and Other Receivables	758		646
Duke Energy Florida | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	7		11
Duke Energy Florida | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	30		7
Duke Energy Florida | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	44		50
Duke Energy Florida | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	35		45
Duke Energy Ohio
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	127		4
Current	182		48
Deferred Payment Arrangements	18		6
Trade and Other Receivables	459		121
Duke Energy Ohio | CRC
Financing Receivable, Past Due [Line Items]
Unbilled Receivables			141
Duke Energy Ohio | CRC | VIE primary beneficiary
Financing Receivable, Past Due [Line Items]
Accounts receivable from securitization		366
Duke Energy Ohio | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	12		3
Duke Energy Ohio | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	10		2
Duke Energy Ohio | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	26		12
Duke Energy Ohio | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	84		46
Duke Energy Indiana
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	177		22
Current	205		87
Deferred Payment Arrangements	5		0
Trade and Other Receivables	438		161
Duke Energy Indiana | CRC
Financing Receivable, Past Due [Line Items]
Unbilled Receivables			197
Duke Energy Indiana | CRC | VIE primary beneficiary
Financing Receivable, Past Due [Line Items]
Accounts receivable from securitization		$ 316
Duke Energy Indiana | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	11		7
Duke Energy Indiana | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	5		4
Duke Energy Indiana | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	17		14
Duke Energy Indiana | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	18		27
Piedmont
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	11		108
Current	112		199
Deferred Payment Arrangements	0		0
Trade and Other Receivables	159		322
Piedmont | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	5		2
Piedmont | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	6		1
Piedmont | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	19		9
Piedmont | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	$ 6		$ 3

XML

Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Net Income (Loss) Available to Duke Energy Corporation Common Stockholders	$ 886	$ (234)	$ 1,985	$ 531
Accumulated preferred stock dividends adjustment	(12)	(12)	0	0
Less: Impact of participating securities	1	1	2	2
Income from continuing operations available to Duke Energy common stockholders	883	701	1,996	1,622
Loss from discontinued operations, net of tax	(10)	(955)	(13)	(1,164)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	0	7	0	71
Loss From Discontinued Operations, net of tax	$ (10)	$ (948)	$ (13)	$ (1,093)
Weighted average common shares outstanding – basic (in shares)	772	771	771	770
Weighted average common shares outstanding – diluted (in shares)	772	771	771	770
Basic (in usd per share)	$ 1.14	$ 0.91	$ 2.59	$ 2.10
Diluted (in usd per share)	1.14	0.91	2.59	2.10
EPS from continuing operations available to Duke Energy common stockholders
Basic (usd per share)	(0.01)	(1.23)	(0.02)	(1.41)
Diluted (usd per share)	$ (0.01)	$ (1.23)	$ (0.02)	$ (1.41)
Potentially dilutive items excluded from the calculation (in shares)	2	2	2	2
Common Stock
EPS from continuing operations available to Duke Energy common stockholders
Dividends declared per common share (in usd per share)	$ 1.025	$ 1.005	$ 2.050	$ 2.010
Preferred stock, Series A
EPS from continuing operations available to Duke Energy common stockholders
Dividends declared on preferred stock per depositary share (in usd per share)	0.359	0.359	$ 0.719	0.719
Cumulative dividend rate per annum			5.75%
Liquidation preference per share (in usd per share)	25		$ 25
Preferred stock, Series B
EPS from continuing operations available to Duke Energy common stockholders
Dividends declared on preferred stock per depositary share (in usd per share)	0	$ 0	$ 24.375	$ 24.375
Cumulative dividend rate per annum			4.875%
Liquidation preference per share (in usd per share)	$ 1,000		$ 1,000

XML

Stockholders' Equity (Common Stock) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Billions	1 Months Ended
	May 31, 2024	Mar. 31, 2024	Nov. 30, 2022
Forward Contract Indexed to Issuer's Equity [Line Items]
Maximum value of shares to be issued under ATM program			$ 1.5
If net share settlement was elected | Equity Forwards, First Tranche
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares offered (in shares)		0.8
Forward contract indexed to issuer's equity, forward rate per share (in dollars per share)		$ 92.77
If net share settlement was elected | Equity Forwards, Second Tranche
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares offered (in shares)	0.7
Forward contract indexed to issuer's equity, forward rate per share (in dollars per share)	$ 101.10
If net share settlement was elected | Equity Forwards, Third Tranche
Forward Contract Indexed to Issuer's Equity [Line Items]
Shares offered (in shares)	0.7
Forward contract indexed to issuer's equity, forward rate per share (in dollars per share)	$ 100.99

XML

Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - Qualified Pension Plans - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 29	$ 29	$ 57	$ 59
Interest cost on projected benefit obligation	83	86	165	172
Expected return on plan assets	(154)	(147)	(308)	(294)
Amortization of actuarial loss	8	3	16	5
Amortization of prior service credit	(4)	(4)	(7)	(7)
Amortization of settlement charges	4	4	9	9
Net periodic pension costs	(34)	(29)	(68)	(56)
Duke Energy Carolinas
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	10	9	19	19
Interest cost on projected benefit obligation	20	21	40	42
Expected return on plan assets	(40)	(40)	(81)	(80)
Amortization of actuarial loss	2	1	4	1
Amortization of prior service credit	0	0	0	0
Amortization of settlement charges	2	2	4	4
Net periodic pension costs	(6)	(7)	(14)	(14)
Progress Energy
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	8	7	16	16
Interest cost on projected benefit obligation	26	27	52	54
Expected return on plan assets	(54)	(49)	(108)	(99)
Amortization of actuarial loss	3	1	5	2
Amortization of prior service credit	0	0	0	0
Amortization of settlement charges	1	1	2	2
Net periodic pension costs	(16)	(13)	(33)	(25)
Duke Energy Progress
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	5	5	10	10
Interest cost on projected benefit obligation	12	13	24	25
Expected return on plan assets	(25)	(23)	(50)	(46)
Amortization of actuarial loss	2	1	3	1
Amortization of prior service credit	0	0	0	0
Amortization of settlement charges	1	1	2	2
Net periodic pension costs	(5)	(3)	(11)	(8)
Duke Energy Florida
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	4	4	7	7
Interest cost on projected benefit obligation	14	15	28	29
Expected return on plan assets	(29)	(26)	(58)	(52)
Amortization of actuarial loss	1	0	2	1
Amortization of prior service credit	0	0	0	0
Amortization of settlement charges	1	1	1	1
Net periodic pension costs	(9)	(6)	(20)	(14)
Duke Energy Ohio
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	1	1
Interest cost on projected benefit obligation	4	5	8	9
Expected return on plan assets	(7)	(6)	(13)	(12)
Amortization of actuarial loss	1	0	1	0
Amortization of prior service credit	0	0	0	0
Amortization of settlement charges	0	0	0	0
Net periodic pension costs	(2)	(1)	(3)	(2)
Duke Energy Indiana
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	2	3	3
Interest cost on projected benefit obligation	7	7	13	14
Expected return on plan assets	(11)	(10)	(21)	(20)
Amortization of actuarial loss	1	0	2	1
Amortization of prior service credit	(1)	(1)	(1)	(1)
Amortization of settlement charges	1	1	1	1
Net periodic pension costs	(2)	(1)	(3)	(2)
Piedmont
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	2	2
Interest cost on projected benefit obligation	3	3	5	5
Expected return on plan assets	(5)	(5)	(10)	(10)
Amortization of actuarial loss	0	0	1	0
Amortization of prior service credit	(2)	(2)	(4)	(4)
Amortization of settlement charges	1	1	2	2
Net periodic pension costs	$ (2)	$ (2)	$ (4)	$ (5)

XML

Income Taxes (Narrative) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Duke Energy Carolinas
Tax Credit Carryforward [Line Items]
Deferred tax asset	$ 209
Duke Energy Progress
Tax Credit Carryforward [Line Items]
Deferred tax asset	$ 34

XML

Income Taxes (Effective Tax Rates) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	13.10%	13.70%	13.20%	13.70%
Duke Energy Carolinas
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	10.90%	10.60%	11.20%	11.00%
Progress Energy
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	16.60%	16.70%	16.60%	16.70%
Duke Energy Progress
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	14.90%	14.10%	14.90%	14.40%
Duke Energy Florida
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	19.50%	19.90%	19.50%	19.90%
Duke Energy Ohio
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	17.20%	15.50%	17.00%	16.20%
Duke Energy Indiana
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	16.70%	17.40%	16.90%	17.30%
Piedmont
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	20.00%	25.00%	19.60%	17.80%