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Significant Accounting Policies (Significant Accounting Policies)
9 Months Ended
Sep. 30, 2012
Policy Text Block [Line Items]  
Basis of presentation

B.       BASIS OF PRESENTATION

These Unaudited Condensed Interim Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Unaudited Condensed Interim Financial Statements do not include all of the information and notes required by GAAP in the U.S. for annual financial statements. The December 31, 2011 condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. Because the Unaudited Condensed Interim Financial Statements and Notes do not include all of the information and notes required by GAAP in the U.S. for annual financial statements, the Unaudited Condensed Interim Financial Statements and other information included in this quarterly report should be read in conjunction with the respective Financial Statements and Notes in the Progress Energy Registrants' combined Form 10-K for the year ended December 31, 2011 (2011 Form 10-K).

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

The Unaudited Condensed Interim Financial Statements and Notes have been reclassified to conform with the Duke Energy format.

Consolidation of variable interest entities

VARIABLE INTEREST ENTITIES

A variable interest entity (VIE) is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis to determine whether an entity is a VIE considers contracts with an entity, credit support for an entity, the adequacy of the equity investment of an entity and the relationship of voting power to the amount of equity invested in an entity. This analysis is performed either upon the creation of a legal entity or upon the occurrence of an event requiring reevaluation, such as a significant change in the entity's assets or activities. If an entity is determined to be a VIE, a qualitative analysis of control determines the party that consolidates a VIE based on what party has the power to direct the most significant activities of the VIE that impact its economic performance as well as what party has rights to receive benefits or is obligated to absorb losses that are significant to the VIE. The analysis of the party that consolidates a VIE is a continual reassessment.

Use of estimates and assumptions

C.       USE OF ESTIMATES

To conform to GAAP in the U.S., management makes estimates and assumptions that affect the amounts reported in the Unaudited Condensed Interim Financial Statements and Notes. Although these estimates are based on management's best available information at the time, actual results could differ.

Revenue recognition

D.       UNBILLED REVENUE

Revenues on sales of electricity are recognized when the service is provided to customers. Unbilled retail revenues are estimated by applying a weighted average revenue per kilowatt-hour for all customer classes to the number of estimated kilowatt-hours delivered but not billed. The amount of unbilled revenues can vary significantly from period to period as a result of numerous factors, including seasonality, weather, customer usage patterns and customer mix.

Excise taxes

EXCISE TAXES

Certain excise taxes levied by state or local governments are collected by the Utilities from their customers. Taxes that are required to be paid regardless of the ability to collect from the customer are accounted for on a gross basis. When the Utilities act as an agent, and the tax is not required to be remitted if it is not collected from the customer, the taxes are accounted for on a net basis.

PEC [Member]
 
Policy Text Block [Line Items]  
Basis of presentation

B.       BASIS OF PRESENTATION

These Unaudited Condensed Interim Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Unaudited Condensed Interim Financial Statements do not include all of the information and notes required by GAAP in the U.S. for annual financial statements. The December 31, 2011 condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. Because the Unaudited Condensed Interim Financial Statements and Notes do not include all of the information and notes required by GAAP in the U.S. for annual financial statements, the Unaudited Condensed Interim Financial Statements and other information included in this quarterly report should be read in conjunction with the respective Financial Statements and Notes in the Progress Energy Registrants' combined Form 10-K for the year ended December 31, 2011 (2011 Form 10-K).

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

The Unaudited Condensed Interim Financial Statements and Notes have been reclassified to conform with the Duke Energy format.

Consolidation of variable interest entities

VARIABLE INTEREST ENTITIES

A variable interest entity (VIE) is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis to determine whether an entity is a VIE considers contracts with an entity, credit support for an entity, the adequacy of the equity investment of an entity and the relationship of voting power to the amount of equity invested in an entity. This analysis is performed either upon the creation of a legal entity or upon the occurrence of an event requiring reevaluation, such as a significant change in the entity's assets or activities. If an entity is determined to be a VIE, a qualitative analysis of control determines the party that consolidates a VIE based on what party has the power to direct the most significant activities of the VIE that impact its economic performance as well as what party has rights to receive benefits or is obligated to absorb losses that are significant to the VIE. The analysis of the party that consolidates a VIE is a continual reassessment.

Use of estimates and assumptions

C.       USE OF ESTIMATES

To conform to GAAP in the U.S., management makes estimates and assumptions that affect the amounts reported in the Unaudited Condensed Interim Financial Statements and Notes. Although these estimates are based on management's best available information at the time, actual results could differ.

Revenue recognition

D.       UNBILLED REVENUE

Revenues on sales of electricity are recognized when the service is provided to customers. Unbilled retail revenues are estimated by applying a weighted average revenue per kilowatt-hour for all customer classes to the number of estimated kilowatt-hours delivered but not billed. The amount of unbilled revenues can vary significantly from period to period as a result of numerous factors, including seasonality, weather, customer usage patterns and customer mix.

Excise taxes

EXCISE TAXES

Certain excise taxes levied by state or local governments are collected by the Utilities from their customers. Taxes that are required to be paid regardless of the ability to collect from the customer are accounted for on a gross basis. When the Utilities act as an agent, and the tax is not required to be remitted if it is not collected from the customer, the taxes are accounted for on a net basis.

PEF [Member]
 
Policy Text Block [Line Items]  
Basis of presentation

B.       BASIS OF PRESENTATION

These Unaudited Condensed Interim Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Unaudited Condensed Interim Financial Statements do not include all of the information and notes required by GAAP in the U.S. for annual financial statements. The December 31, 2011 condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. Because the Unaudited Condensed Interim Financial Statements and Notes do not include all of the information and notes required by GAAP in the U.S. for annual financial statements, the Unaudited Condensed Interim Financial Statements and other information included in this quarterly report should be read in conjunction with the respective Financial Statements and Notes in the Progress Energy Registrants' combined Form 10-K for the year ended December 31, 2011 (2011 Form 10-K).

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

The Unaudited Condensed Interim Financial Statements and Notes have been reclassified to conform with the Duke Energy format.

Consolidation of variable interest entities

VARIABLE INTEREST ENTITIES

A variable interest entity (VIE) is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis to determine whether an entity is a VIE considers contracts with an entity, credit support for an entity, the adequacy of the equity investment of an entity and the relationship of voting power to the amount of equity invested in an entity. This analysis is performed either upon the creation of a legal entity or upon the occurrence of an event requiring reevaluation, such as a significant change in the entity's assets or activities. If an entity is determined to be a VIE, a qualitative analysis of control determines the party that consolidates a VIE based on what party has the power to direct the most significant activities of the VIE that impact its economic performance as well as what party has rights to receive benefits or is obligated to absorb losses that are significant to the VIE. The analysis of the party that consolidates a VIE is a continual reassessment.

Use of estimates and assumptions

C.       USE OF ESTIMATES

To conform to GAAP in the U.S., management makes estimates and assumptions that affect the amounts reported in the Unaudited Condensed Interim Financial Statements and Notes. Although these estimates are based on management's best available information at the time, actual results could differ.

Revenue recognition

D.       UNBILLED REVENUE

Revenues on sales of electricity are recognized when the service is provided to customers. Unbilled retail revenues are estimated by applying a weighted average revenue per kilowatt-hour for all customer classes to the number of estimated kilowatt-hours delivered but not billed. The amount of unbilled revenues can vary significantly from period to period as a result of numerous factors, including seasonality, weather, customer usage patterns and customer mix.

Excise taxes

EXCISE TAXES

Certain excise taxes levied by state or local governments are collected by the Utilities from their customers. Taxes that are required to be paid regardless of the ability to collect from the customer are accounted for on a gross basis. When the Utilities act as an agent, and the tax is not required to be remitted if it is not collected from the customer, the taxes are accounted for on a net basis.