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Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	3,623	$	3,535	$	61	$	27
Nuclear decommissioning trust fund debt securities			1,609		426		1,131		52
Other trading and available-for-sale equity securities^(a)			92		92		―		―
Other trading and available-for-sale debt securities^(b)			305		27		258		20
Derivative assets^(a)			125		35		72		18
	Total assets		5,754		4,115		1,522		117
Derivative liabilities^(c)			(334)		(41)		(261)		(32)
	Net assets	$	5,420	$	4,074	$	1,261	$	85

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	3,579	$	3,495	$	57	$	27
Nuclear decommissioning trust fund debt securities			1,553		402		1,100		51
Other trading and available-for-sale equity securities^(a)			102		91		11		―
Other trading and available-for-sale debt securities^(b)			333		36		277		20
Derivative assets^(a)			145		33		70		42
	Total assets		5,712		4,057		1,515		140
Derivative liabilities^(c)			(321)		11		(303)		(29)
	Net assets	$	5,391	$	4,068	$	1,212	$	111

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

		Three Months Ended March 31, 2014
(in millions)		Investments		Derivatives (net)		Total
Balance at beginning of period		$	98	$	13	$	111
Total pretax realized or unrealized gains (losses) included in earnings^(a)			―		18		18
Purchases, sales, issuances and settlements:
	Purchases		1		―		1
	Sales		(1)		―		(1)
	Settlements		―		(39)		(39)
Transfers out of Level 3 due to observability of inputs			―		(5)		(5)
Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities			1		(1)		―
Balance at end of period		$	99	$	(14)	$	85
Pretax amounts included in the Condensed Consolidated Statements of Comprehensive Income related to Level 3 measurements outstanding		$	―	$	(7)	$	(7)

		Three Months Ended March 31, 2013
(in millions)		Investments		Derivatives (net)		Total
Balance at beginning of period		$	98	$	(85)	$	13
Total pretax realized or unrealized gains (losses) included in earnings^(a)			―		(10)		(10)
Total pretax gains included in other comprehensive income			(1)		―		(1)
Purchases, sales, issuances and settlements:
	Issuances		―		6		6
	Settlements		―		7		7
Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities			1		―		1
Balance at end of period		$	98	$	(82)	$	16

Quantitative Information Table - Level 3

	March 31, 2014
Investment Type	Fair Value (in millions)		Valuation Technique	Unobservable Input	Range
Duke Energy
Natural gas contracts	$	4	Discounted cash flow	Forward natural gas curves - price per MMBtu	$	3.25	-	7.10
FERC mitigation power sale agreements		(7)	Discounted cash flow	Forward electricity curves - price per MWh		29.84	-	62.70
Financial transmission rights (FTRs)		7	RTO auction pricing	FTR price - price per MWh		(1.25)	-	35.00
Electricity contracts		7	Discounted cash flow	Forward electricity curves - price per MWh		24.08	-	58.75
Capacity option contracts		3	Discounted cash flow	Forward capacity option curves - price per MW day		24.50	-	148.75
Reserves		(28)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	(14)
Duke Energy Carolinas
FERC mitigation power sale agreements	$	(4)	Discounted cash flow	Forward electricity curves - price per MWh	$	29.84	-	62.70
Progress Energy
FERC mitigation power sale agreements		(3)	Discounted cash flow	Forward electricity curves - price per MWh		27.00	-	56.60
Duke Energy Progress
FERC mitigation power sale agreements		(3)	Discounted cash flow	Forward electricity curves - price per MWh		27.00	-	56.60
Duke Energy Ohio
Electricity contracts		2	Discounted cash flow	Forward electricity curves - price per MWh		24.08	-	58.75
Natural gas contracts		4	Discounted cash flow	Forward natural gas curves - price per MMBtu		3.25	-	7.10
Reserves		(25)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	(19)
Duke Energy Indiana
FTRs	$	7	RTO auction pricing	FTR price - per MWh	$	(1.25)	-	35.00

	December 31, 2013
Investment Type	Fair Value (in millions)		Valuation Technique	Unobservable Input	Range
Duke Energy
Natural gas contracts	$	(2)	Discounted cash flow	Forward natural gas curves - price per MMBtu	$	3.07	-	5.37
FERC mitigation power sale agreements		(2)	Discounted cash flow	Forward electricity curves - price per MWh		25.79	-	52.38
FTRs		12	RTO auction pricing	FTR price - price per MWh		(0.30)	-	13.80
Electricity contracts		23	Discounted cash flow	Forward electricity curves - price per MWh		20.77	-	58.90
Capacity option contracts		4	Discounted cash flow	Forward capacity option curves - price per MW day		30.40	-	165.10
Reserves		(22)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	13
Duke Energy Carolinas
FERC mitigation power sale agreements	$	(2)	Discounted cash flow	Forward electricity curves - price per MWh	$	25.79	-	52.38
Duke Energy Ohio
Electricity contracts		18	Discounted cash flow	Forward electricity curves - price per MWh		20.77	-	58.90
Natural gas contracts		(2)	Discounted cash flow	Forward natural gas curves - price per MMBtu		3.07	-	5.37
Reserves		(20)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	(4)
Duke Energy Indiana
FTRs	$	12	RTO auction pricing	FTR price - per MWh	$	(0.30)	-	13.80

Schedule of Long-term debt, including current

	March 31, 2014				December 31, 2013
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy	$	39,885	$	43,188	$	40,256	$	42,592
Duke Energy Carolinas		8,436		9,346		8,436		9,123
Progress Energy		15,046		16,083		14,115		15,234
Duke Energy Progress		5,717		5,940		5,235		5,323
Duke Energy Florida		5,110		5,783		4,886		5,408
Duke Energy Ohio		2,187		2,299		2,188		2,237
Duke Energy Indiana		3,796		4,279		3,796		4,171

Duke Energy Carolinas [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	1,982	$	1,894	$	61	$	27
Nuclear decommissioning trust fund debt securities			918		190		676		52
Other trading and available-for-sale debt securities			3		-		-		3
	Total assets		2,903		2,084		737		82
Derivative liabilities^(a)			(4)		―		―		(4)
	Net assets	$	2,899	$	2,084	$	737	$	78

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	1,964	$	1,879	$	58	$	27
Nuclear decommissioning trust fund debt securities			870		168		651		51
Other trading and available-for-sale debt securities			3		-		-		3
	Total assets		2,837		2,047		709		81
Derivative liabilities^(a)			(2)		―		―		(2)
	Net assets	$	2,835	$	2,047	$	709	$	79

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

		Three Months Ended March 31, 2014
(in millions)		Investments		Derivatives (net)		Total
Balance at beginning of period		$	81	$	(2)	$	79
Purchases, sales, issuances and settlements:
	Purchases		1		―		1
	Sales		(1)		―		(1)
	Settlements		―		(2)		(2)
Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities			1		―		1
Balance at end of period		$	82	$	(4)	$	78

		Three Months Ended March 31, 2013
(in millions)		Investments		Derivatives (net)		Total
Balance at beginning of period		$	72	$	(12)	$	60
Purchases, sales, issuances and settlements:
	Settlements		―		7		7
Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities			1		―		1
Balance at end of period		$	73	$	(5)	$	68

Progress Energy [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	1,641	$	1,641	$	―	$	―
Nuclear decommissioning trust fund debt securities and other			691		236		455		―
Other trading and available-for-sale debt securities and other^(a)			56		16		40		―
Derivative assets^(b)			4		―		4		―
	Total assets		2,392		1,893		499		―
Derivative liabilities^(c)			(158)		―		(155)		(3)
	Net assets	$	2,234	$	1,893	$	344	$	(3)

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	1,615	$	1,615	$	―	$	―
Nuclear decommissioning trust fund debt securities and other			677		233		444		―
Other trading and available-for-sale debt securities and other^(a)			58		19		39		―
Derivative assets^(b)			3		―		3		―
	Total assets		2,353		1,867		486		―
Derivative liabilities^(c)			(187)		―		(187)		―
	Net assets	$	2,166	$	1,867	$	299	$	―

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

		Derivatives (net)
		Three Months Ended March 31,
(in millions)				2014		2013
Balance at beginning of period			$	―	$	(38)
Total pretax realized or unrealized gains included in earnings				(3)		―
Purchases, sales, issuances and settlements:
	Issuances			―		6
Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities				―		1
Balance at end of period			$	(3)	$	(31)
Pretax amounts included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to Level 3 measurements outstanding at March 31, 2014			$	(3)

Duke Energy Progress [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	1,088	$	1,088	$	―	$	―
Nuclear decommissioning trust fund debt securities and other			481		152		329		―
Derivative assets^(b)			1		―		1		―
	Total assets		1,570		1,240		330		―
Derivative liabilities^(c)			(58)		―		(55)		(3)
	Net assets	$	1,512	$	1,240	$	275	$	(3)

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	1,069	$	1,069	$	―	$	―
Nuclear decommissioning trust fund debt securities and other			470		137		333		―
Other trading and available-for-sale debt securities and other^(a)			3		3		―		―
Derivative assets^(b)			1		―		1		―
	Total assets		1,543		1,209		334		―
Derivative liabilities^(c)			(66)		―		(66)		―
	Net assets	$	1,477	$	1,209	$	268	$	―

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

		Derivatives (net)
		Three Months Ended March 31,
(in millions)				2014		2013
Balance at beginning of period			$	―	$	(38)
Total pretax realized or unrealized gains (losses) included in earnings:				(3)		―
Purchases, sales, issuances and settlements:
	Issuances			―		6
Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities				―		1
Balance at end of period			$	(3)	$	(31)
Pretax amounts included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to Level 3 measurements outstanding at March 31, 2014			$	(3)

Duke Energy Florida [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	553	$	553	$	―	$	―
Nuclear decommissioning trust fund debt securities and other			210		84		126		―
Other trading and available-for-sale debt securities and other^(a)			42		2		40		―
Derivative assets			3		―		3		―
	Total assets		808		639		169		―
Derivative liabilities^(b)			(99)		―		(99)		―
	Net assets	$	709	$	639	$	70	$	―

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities		$	546	$	546	$	―	$	―
Nuclear decommissioning trust fund debt securities and other			214		96		118		―
Other trading and available-for-sale debt securities and other^(a)			40		2		38		―
Derivative assets			1		―		1		―
	Total assets		801		644		157		―
Derivative liabilities^(b)			(116)		―		(116)		―
	Net assets	$	685	$	644	$	41	$	―

Duke Energy Ohio [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Derivative assets^(a)		$	63	$	31	$	25	$	7
Derivative liabilities^(b)			(113)		(33)		(54)		(26)
	Net assets (liabilities)	$	(50)	$	(2)	$	(29)	$	(19)

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Derivative assets^(c)		$	96	$	50	$	21	$	25
Derivative liabilities^(d)			(95)		(1)		(65)		(29)
	Net assets (liabilities)	$	1	$	49	$	(44)	$	(4)

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

		Derivatives (net)
		Three Months Ended March 31,
(in millions)				2014		2013
Balance at beginning of period			$	(4)	$	(6)
Total pretax realized or unrealized gains (losses) included in earnings				(6)		4
Purchases, sales, issuances and settlements:
	Settlements			(4)		(3)
Transfers out of Level 3 due to observability of inputs				(5)		―
Balance at end of period			$	(19)	$	(5)
Pretax amounts included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to Level 3 measurements outstanding at March 31, 2014			$	(7)

Duke Energy Indiana [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

		March 31, 2014
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Available-for-sale equity securities^(a)		$	66	$	66	$	―	$	―
Available-for-sale debt securities^(a)			29		―		29		―
Derivative assets^(b)			8		1		―		7
	Total assets		103		67		29	$	7

		December 31, 2013
(in millions)		Total Fair Value		Level 1		Level 2		Level 3
Available-for-sale equity securities^(a)		$	65	$	65	$	―	$	―
Available-for-sale debt securities^(a)			29		―		29		―
Derivative assets^(b)			12		―		―		12
	Total assets		106		65		29	$	12

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

		Derivatives (net)
		Three Months Ended March 31,
(in millions)				2014		2013
Balance at beginning of period			$	12	$	10
Total pretax realized or unrealized gains (losses) included in earnings				27		(5)
Purchases, sales, issuances and settlements:
	Settlements			(31)		―
Total losses included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities				(1)		(1)
Balance at end of period			$	7	$	4

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details