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Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Derivative Positions

The following table shows notional amounts of outstanding derivatives related to interest rate risk.


	March 31, 2022
			Duke		Duke		Duke
	Duke		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Indiana		Ohio
Cash flow hedges	$	2,913	$	—	$	—	$	—
Undesignated contracts	577		250		300		27
Total notional amount(a)	$	3,490	$	250	$	300	$	27


	December 31, 2021
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Indiana		Ohio
Cash flow hedges	$	2,415	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	1,177		350		500		500		300		27
Total notional amount(a)	$	3,592	$	350	$	500	$	500	$	300	$	27

(a)Duke Energy includes amounts related to consolidated VIEs of $663 million and $665 million in cash flow hedges as of March 31, 2022 and December 31, 2021, respectively.

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.


	March 31, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	16,176	—	—	—	791	4,501	—
Natural gas (millions of dekatherms)	860	284	243	243	—	7	326


	December 31, 2021
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	22,344	—	—	—	1,681	10,688	—
Natural gas (millions of dekatherms)	823	264	215	215	—	8	336

(a)Duke Energy includes 9,763 GWh and 9,975 GWh related to cash flow hedges as of March 31, 2022, and December 31, 2021, respectively.

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	March 31, 2022
			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	$	673	$	335	$	295	$	255	$	40	$	—	$	28	$	7
Noncurrent	280		151		130		130		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	953	$	486	$	425	$	385	$	40	$	—	$	28	$	7
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	94	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	37		—		—		—		—		—		—		—
Not Designated as Hedging Instruments

Noncurrent	24		7		—		—		—		—		17		—
Total Derivative Assets – Interest Rate Contracts	$	155	$	7	$	—	$	—	$	—	$	—	$	17	$	—








Total Derivative Assets	$	1,108	$	493	$	425	$	385	$	40	$	—	$	45	$	7


Derivative Liabilities	March 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current	$	49	$	—	$	—	$	—	$	—	$	—	$	—	—
Noncurrent	160		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	61		36		—		—		—		—		—		24
Noncurrent	149		1		—		—		—		—		—		149
Total Derivative Liabilities – Commodity Contracts	$	419	$	37	$	—	$	—	$	—	$	—	$	—	$	173
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	7		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	1		—		—		—		—		1		—		—
Noncurrent	2		—		—		—		—		2		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	14	$	—	$	—	$	—	$	—	$	3	$	—	$	—








Total Derivative Liabilities	$	433	$	37	$	—	$	—	$	—	$	3	$	—	$	173


Derivative Assets	December 31, 2021
			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	$	199	$	99	$	72	$	72	$	—	$	2	$	23	$	3
Noncurrent	113		63		50		50		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	312	$	162	$	122	$	122	$	—	$	2	$	23	$	3
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	3		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	2		—		2		2		—		—		—		—

Total Derivative Assets – Interest Rate Contracts	$	8	$	—	$	2	$	2	$	—	$	—	$	—	$	—








Total Derivative Assets	$	320	$	162	$	124	$	124	$	—	$	2	$	23	$	3


Derivative Liabilities	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current	$	27	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	117		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	72		18		19		5		14		—		13		21
Noncurrent	132		9		5		5		—		—		—		118
Total Derivative Liabilities – Commodity Contracts	$	348	$	27	$	24	$	10	$	14	$	—	$	13	$	139
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	75	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	21		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	10		8		—		—		—		1		—		—
Noncurrent	18		—		—		—		—		4		14		—
Total Derivative Liabilities – Interest Rate Contracts	$	124	$	8	$	—	$	—	$	—	$	5	$	14	$	—








Total Derivative Liabilities	$	472	$	35	$	24	$	10	$	14	$	5	$	27	$	139

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 gross amounts offset in the tables below show the effect of these netting arrangements on financial position, and include collateral posted to offset the net position. 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	March 31, 2022
			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	$	767	$	335	$	295	$	255	$	40	$	—	$	28	$	7
Gross amounts offset	(255)		(149)		(106)		(106)		—		—		—		—
Net amounts presented in Current Assets: Other	$	512	$	186	$	189	$	149	$	40	$	—	$	28	$	7
Noncurrent
Gross amounts recognized	$	341	$	158	$	130	$	130	$	—	$	—	$	17	$	—
Gross amounts offset	(115)		(64)		(51)		(51)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	226	$	94	$	79	$	79	$	—	$	—	$	17	$	—


Derivative Liabilities	March 31, 2022
			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	$	115	$	36	$	—	$	—	$	—	$	1	$	—	$	24
Gross amounts offset	—		—		—		—		—		—		—		—
Net amounts presented in Current Liabilities: Other	$	115	$	36	$	—	$	—	$	—	$	1	$	—	$	24
Noncurrent
Gross amounts recognized	$	318	$	1	$	—	$	—	$	—	$	2	$	—	$	149
Gross amounts offset	—		—		—		—		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	318	$	1	$	—	$	—	$	—	$	2	$	—	$	149


Derivative Assets	December 31, 2021
			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	$	204	$	99	$	74	$	74	$	—	$	2	$	23	$	3
Gross amounts offset	(25)		(16)		(9)		(9)		—		—		—		—
Net amounts presented in Current Assets: Other	$	179	$	83	$	65	$	65	$	—	$	2	$	23	$	3
Noncurrent
Gross amounts recognized	$	116	$	63	$	50	$	50	$	—	$	—	$	—	$	—
Gross amounts offset	(23)		(15)		(8)		(8)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	93	$	48	$	42	$	42	$	—	$	—	$	—	$	—


Derivative Liabilities	December 31, 2021
			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	$	184	$	26	$	19	$	5	$	14	$	1	$	13	$	21
Gross amounts offset	(11)		(6)		(5)		(5)		—		—		—		—
Net amounts presented in Current Liabilities: Other	$	173	$	20	$	14	$	—	$	14	$	1	$	13	$	21
Noncurrent
Gross amounts recognized	$	288	$	9	$	5	$	5	$	—	$	4	$	14	$	118
Gross amounts offset	(12)		(8)		(5)		(5)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	276	$	1	$	—	$	—	$	—	$	4	$	14	$	118

Offsetting Liabilities


Derivative Assets	March 31, 2022
			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	$	767	$	335	$	295	$	255	$	40	$	—	$	28	$	7
Gross amounts offset	(255)		(149)		(106)		(106)		—		—		—		—
Net amounts presented in Current Assets: Other	$	512	$	186	$	189	$	149	$	40	$	—	$	28	$	7
Noncurrent
Gross amounts recognized	$	341	$	158	$	130	$	130	$	—	$	—	$	17	$	—
Gross amounts offset	(115)		(64)		(51)		(51)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	226	$	94	$	79	$	79	$	—	$	—	$	17	$	—


Derivative Liabilities	March 31, 2022
			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	$	115	$	36	$	—	$	—	$	—	$	1	$	—	$	24
Gross amounts offset	—		—		—		—		—		—		—		—
Net amounts presented in Current Liabilities: Other	$	115	$	36	$	—	$	—	$	—	$	1	$	—	$	24
Noncurrent
Gross amounts recognized	$	318	$	1	$	—	$	—	$	—	$	2	$	—	$	149
Gross amounts offset	—		—		—		—		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	318	$	1	$	—	$	—	$	—	$	2	$	—	$	149


Derivative Assets	December 31, 2021
			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	$	204	$	99	$	74	$	74	$	—	$	2	$	23	$	3
Gross amounts offset	(25)		(16)		(9)		(9)		—		—		—		—
Net amounts presented in Current Assets: Other	$	179	$	83	$	65	$	65	$	—	$	2	$	23	$	3
Noncurrent
Gross amounts recognized	$	116	$	63	$	50	$	50	$	—	$	—	$	—	$	—
Gross amounts offset	(23)		(15)		(8)		(8)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	93	$	48	$	42	$	42	$	—	$	—	$	—	$	—


Derivative Liabilities	December 31, 2021
			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	$	184	$	26	$	19	$	5	$	14	$	1	$	13	$	21
Gross amounts offset	(11)		(6)		(5)		(5)		—		—		—		—
Net amounts presented in Current Liabilities: Other	$	173	$	20	$	14	$	—	$	14	$	1	$	13	$	21
Noncurrent
Gross amounts recognized	$	288	$	9	$	5	$	5	$	—	$	4	$	14	$	118
Gross amounts offset	(12)		(8)		(5)		(5)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	276	$	1	$	—	$	—	$	—	$	4	$	14	$	118