Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants.

	December 31, 2019
	Estimated
	Useful				Duke						Duke			Duke			Duke			Duke
	Life	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	(Years)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Land		$	2,091		$	520		$	884		$	449		$	435		$	150		$	117		$	388
Plant – Regulated
Electric generation, distribution and transmission	15-100	111,739			42,723			48,142			30,018			18,124			5,838			15,032			—
Natural gas transmission and distribution	4-73	9,839			—			—			—			—			2,892			—			6,947
Other buildings and improvements	23-90	1,810			714			401			162			239			269			278			148
Plant – Nonregulated
Electric generation, distribution and transmission	5-30	5,103			—			—			—			—			—			—			—
Other buildings and improvements	25-35	488			—			—			—			—			—			—			—
Nuclear fuel		3,253			1,891			1,362			1,362			—			—			—			—
Equipment	3-25	2,313			546			665			452			213			319			205			128
Construction in process		6,102			1,389			2,149			1,114			1,035			504			381			531
Other	2-40	4,916			1,139			1,467			1,046			411			269			292			304
Total property, plant and equipment(a)(e)		147,654			48,922			55,070			34,603			20,457			10,241			16,305			8,446
Total accumulated depreciation – regulated(b)(c)		(43,419		)	(16,525		)	(17,159		)	(11,915		)	(5,236		)	(2,843		)	(5,233		)	(1,681		)
Total accumulated depreciation – nonregulated(d)(e)		(2,354		)	—			—			—			—			—			—			—
Generation facilities to be retired, net		246			—			246			246			—			—			—			—
Total net property, plant and equipment		$	102,127		$	32,397		$	38,157		$	22,934		$	15,221		$	7,398		$	11,072		$	6,765

(a) Includes finance leases of $952 million, $211 million, $443 million, $308 million, $135 million and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $143 million, $17 million and $126 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,807 million, $1,082 million, $725 million and $725 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(c) Includes accumulated amortization of finance leases of $6 million, $13 million and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d) Includes accumulated amortization of finance leases of $20 million at Duke Energy.

(e) Includes gross property, plant and equipment cost of consolidated VIEs of $5,747 million and accumulated depreciation of consolidated VIEs of $1,041 million at Duke Energy.

During the year ended December 31, 2019, Duke Energy evaluated recoverability of the wind and solar generation assets included in the minority interest sale as a result of the portfolio fair value of consideration received being less than the carrying value of the assets and determined the assets were all recoverable. Additionally, in 2019, Duke Energy evaluated recoverability of its renewable merchant plants principally located in the Electric Reliability Council of Texas West market due to declining market pricing and declining long-term forecasted energy prices, primarily driven by lower forecasted natural gas prices. Duke Energy determined that the assets were not impaired because the carrying value of $160 million approximates the aggregate estimated future cash flows. A continued decline in energy market pricing would likely result in a future impairment.

	December 31, 2018
	Estimated
	Useful				Duke						Duke			Duke			Duke			Duke
	Life	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	(Years)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Land		$	2,072		$	472		$	868		$	445		$	423		$	136		$	116		$	448
Plant – Regulated
Electric generation, distribution and transmission	15-100	100,706			38,468			42,760			26,147			16,613			5,182			14,292			—
Natural gas transmission and distribution	12-80	8,808			—			—			—			—			2,719			—			6,089
Other buildings and improvements	24-90	1,966			681			636			295			341			270			253			126
Plant – Nonregulated
Electric generation, distribution and transmission	5-30	4,410			—			—			—			—			—			—			—
Other buildings and improvements	25-35	494			—			—			—			—			—			—			—
Nuclear fuel		3,460			1,898			1,562			1,562			—			—			—			—
Equipment	3-55	2,141			467			565			399			166			384			178			141
Construction in process		5,726			1,678			2,515			1,659			856			412			325			382
Other	3-40	4,675			1,077			1,354			952			393			257			279			300
Total property, plant and equipment(a)(d)		134,458			44,741			50,260			31,459			18,792			9,360			15,443			7,486
Total accumulated depreciation – regulated(b)(c)(d)		(41,079		)	(15,496		)	(16,398		)	(11,423		)	(4,968		)	(2,717		)	(4,914		)	(1,575		)
Total accumulated depreciation – nonregulated(c)(d)		(2,047		)	—			—			—			—			—			—			—
Generation facilities to be retired, net		362			—			362			362			—			—			—			—
Total net property, plant and equipment		$	91,694		$	29,245		$	34,224		$	20,398		$	13,824		$	6,643		$	10,529		$	5,911

(a) Includes finance leases of $1,237 million, $135 million, $257 million, $137 million, $120 million, $73 million and $35 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $131 million, $14 million and $117 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,947 million, $1,087 million, $860 million and $860 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(c) Includes accumulated amortization of finance leases of $61 million, $12 million, $20 million and $10 million at Duke Energy, Duke Energy Carolinas, Duke Energy Ohio and Duke Energy Indiana, respectively.

(d) Includes gross property, plant and equipment cost of consolidated VIEs of $4,007 million and accumulated depreciation of consolidated VIEs of $698 million at Duke Energy.

During the year ended December 31, 2017, Duke Energy recorded a pretax impairment charge of $69 million on a wholly owned non-contracted wind project. The impairment was recorded within Impairment charges on Duke Energy’s Consolidated Statements of Operations. $58 million of the impairment related to property, plant and equipment and $11 million of the impairment related to a net intangible asset. The charge represents the excess carrying value over the estimated fair value of the project, which was based on a Level 3 Fair Value measurement that was determined from the income approach using discounted cash flows. The impairment was primarily due to the non-contracted wind project being located in a market that has experienced continued declining market pricing during 2017 and declining long-term forecasted energy and capacity prices, driven by low natural gas prices, additional renewable generation placed in service and lack of significant load growth.

The following tables present capitalized interest, which includes the debt component of AFUDC.

	Years Ended December 31,
(in millions)	2019		2018		2017
Duke Energy	$	159	$	161	$	128
Duke Energy Carolinas	30		35		45
Progress Energy	31		51		45
Duke Energy Progress	28		26		21
Duke Energy Florida	3		25		24
Duke Energy Ohio	22		17		10
Duke Energy Indiana	26		27		9
Piedmont	26		17		12