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Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.
Electric Utilities and Infrastructure
Electric Utilities and Infrastructure 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)20222023202420252026ThereafterTotal
Progress Energy$80 $53 $45 $7 $7 $43 $235 
Duke Energy Progress6 8 8 — — — 22 
Duke Energy Florida74 45 37 7 7 43 213 
Duke Energy Indiana2 11 16 17 15 12 73 
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
Gas Utilities and Infrastructure 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 Gas Utilities and Infrastructure 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)20222023202420252026ThereafterTotal
Piedmont$48 $64 $61 $60 $50 $286 $569 
Commercial Renewables
Commercial Renewables earns the majority of its revenues through long-term PPAs and generally sells all of its wind and solar facility output, electricity and Renewable Energy Certificates (RECs) to customers. Some of these PPAs have been accounted for as leases. For PPAs that are not accounted for as leases, the delivery of electricity and the delivery of RECs are considered separate performance obligations.
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 March 31, 2022
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$2,767 $831 $1,368 $624 $744 $211 $354 $— 
   General1,604 544 726 325 401 116 218 — 
   Industrial772 276 270 194 76 35 192 — 
   Wholesale626 113 411 349 62 23 79 — 
   Other revenues202 111 211 139 72 21 (36)— 
Total Electric Utilities and Infrastructure revenue from contracts with customers$5,971 $1,875 $2,986 $1,631 $1,355 $406 $807 $— 
Gas Utilities and Infrastructure
   Residential$572 $— $— $— $— $149 $— $423 
   Commercial269 — — — — 64 — 204 
   Industrial57 — — — — 7 — 50 
   Power Generation— — — — — — — 24 
   Other revenues115 — — — — 6 — 93 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,013 $— $— $— $— $226 $— $794 
Commercial Renewables
Revenue from contracts with customers$51 $— $— $— $— $— $— $— 
Other
Revenue from contracts with customers$7 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,042 $1,875 $2,986 $1,631 $1,355 $632 $807 $794 
Other revenue sources(a)
$90 $13 $6 $1 $— $6 $15 $11 
Total revenues$7,132 $1,888 $2,992 $1,632 $1,355 $638 $822 $805 
(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.
Three Months Ended March 31, 2021
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$2,462 $793 $1,162 $560 $602 $195 $313 $— 
   General1,419 502 624 306 318 104 189 — 
   Industrial662 256 207 145 62 31 167 — 
   Wholesale504 114 326 292 34 13 50 — 
   Other revenues226 74 160 83 77 22 18 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$5,273 $1,739 $2,479 $1,386 $1,093 $365 $737 $— 
Gas Utilities and Infrastructure
   Residential$460 $— $— $— $— $110 $— $351 
   Commercial204 — — — — 48 — 156 
   Industrial50 — — — — 7 — 43 
   Power Generation— — — — — — — 22 
   Other revenues47 — — — — 5 — 26 
Total Gas Utilities and Infrastructure revenue from contracts with customers$761 $— $— $— $— $170 $— $598 
Commercial Renewables
Revenue from contracts with customers$54 $— $— $— $— $— $— $— 
Other
Revenue from contracts with customers$6 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$6,094 $1,739 $2,479 $1,386 $1,093 $535 $737 $598 
Other revenue sources(a)
$56 $(23)$26 $15 $8 $(3)$8 $8 
Total revenues$6,150 $1,716 $2,505 $1,401 $1,101 $532 $745 $606 
(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.
Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard.
Three Months Ended March 31, 2021 and 2022
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2020$146 $23 $37 $23 $14 $4 $3 $12 
Write-Offs(21)(8)(10)(5)(5)— — (1)
Credit Loss Expense17 10 7 2 5 — — 3 
Other Adjustments5 9 3 3 1 — — — 
Balance at March 31, 2021$147 $34 $37 $23 $15 $4 $3 $14 
Balance at December 31, 2021$122 $42 $36 $21 $16 $4 $3 $15 
Write-Offs(23)(9)(10)(2)(8)— — (1)
Credit Loss Expense24 5 12 4 8 — — 3 
Other Adjustments17 14 13 8 5 — — — 
Balance at March 31, 2022$140 $52 $51 $31 $21 $4 $3 $17 
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. Duke Energy considers receivables greater than 30 days outstanding past due.
March 31, 2022
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unbilled Revenue(a)(b)
$945 $339 $270 $161 $109 $7 $44 $64 
0-30 days2,133 518 944 558 386 40 26 215 
30-60 days288 75 111 64 47 8 4 23 
60-90 days102 33 40 22 18 2 3 7 
90+ days274 119 77 39 38 46 9 7 
Deferred Payment Arrangements(c)
136 60 61 33 28 2 — 4 
Trade and Other Receivables$3,878 $1,144 $1,503 $877 $626 $105 $86 $320 
December 31, 2021
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unbilled Revenue(a)(b)
$964 $316 $266 $193 $73 $4 $27 $106 
0-30 days2,104 595 800 405 393 42 51 202 
30-60 days212 77 72 44 28 4 13 12 
60-90 days88 37 41 21 20 1 1 2 
90+ days249 106 65 37 28 47 11 7 
Deferred Payment Arrangements(c)
115 55 45 22 23 2 — 4 
Trade and Other Receivables$3,732 $1,186 $1,289 $722 $565 $100 $103 $333 
(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)Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 11 for further information. These receivables for unbilled revenues are $63 million and $100 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2022, and $82 million and $121 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2021.
(c)Due to certain customer financial hardships created by the COVID-19 pandemic and resulting stay-at-home orders, Duke Energy permitted customers to defer payment of past-due amounts through an installment payment plan over a period of several months.