10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to_________

Commission file number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number	IRS Employer Identification Number
1-32853	DUKE ENERGY CORPORATION	20-2777218

(a Delaware corporation)

526 South Church Street

Charlotte, North Carolina 28202-1803

704-382-3853

1-4928 DUKE ENERGY CAROLINAS, LLC 56-0205520

(a North Carolina limited liability company)

526 South Church Street

Charlotte, North Carolina 28202-1803

704-382-3853

1-15929 PROGRESS ENERGY, INC. 56-2155481

(a North Carolina corporation)

410 South Wilmington Street

Raleigh, North Carolina 27601-1748

704-382-3853

1-3382 DUKE ENERGY PROGRESS, LLC 56-0165465

(a North Carolina limited liability company)

410 South Wilmington Street

Raleigh, North Carolina 27601-1748

704-382-3853

1-3274 DUKE ENERGY FLORIDA, LLC 59-0247770

(a Florida limited liability company)

299 First Avenue North

St. Petersburg, Florida 33701

704-382-3853

1-1232 DUKE ENERGY OHIO, INC. 31-0240030

(an Ohio corporation)

139 East Fourth Street

Cincinnati, Ohio 45202

704-382-3853

1-3543 DUKE ENERGY INDIANA, LLC 35-0594457

(an Indiana limited liability company)

1000 East Main Street

Plainfield, Indiana 46168

704-382-3853

1-6196 PIEDMONT NATURAL GAS COMPANY, INC. 56-0556998

(a North Carolina corporation)

4720 Piedmont Row Drive

Charlotte, North Carolina 28210

704-364-3120

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Name of each exchange on

Registrant    Title of each class    Trading symbols        which registered

Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC

September 15, 2078

Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC

interest in a share of 5.75% Series A Cumulative

Redeemable Perpetual Preferred Stock, par value

$0.001 per share

Duke Energy    3.10% Senior Notes due 2028    DUK 28A    New York Stock Exchange LLC        

Duke Energy    3.85% Senior Notes due 2034    DUK 34    New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Duke Energy Corporation (Duke Energy)	Yes	☒	No	☐	Duke Energy Florida, LLC (Duke Energy Florida)	Yes	☒	No	☐
Duke Energy Carolinas, LLC (Duke Energy Carolinas)	Yes	☒	No	☐	Duke Energy Ohio, Inc. (Duke Energy Ohio)	Yes	☒	No	☐
Progress Energy, Inc. (Progress Energy)	Yes	☒	No	☐	Duke Energy Indiana, LLC (Duke Energy Indiana)	Yes	☒	No	☐
Duke Energy Progress, LLC (Duke Energy Progress)	Yes	☒	No	☐	Piedmont Natural Gas Company, Inc. (Piedmont)	Yes	☒	No	☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Duke Energy	Yes	☒	No	☐	Duke Energy Florida	Yes	☒	No	☐
Duke Energy Carolinas	Yes	☒	No	☐	Duke Energy Ohio	Yes	☒	No	☐
Progress Energy	Yes	☒	No	☐	Duke Energy Indiana	Yes	☒	No	☐
Duke Energy Progress	Yes	☒	No	☐	Piedmont	Yes	☒	No	☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Duke Energy	Large Accelerated Filer	☒	Accelerated filer	☐	Non-accelerated Filer	☐	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Carolinas	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Progress Energy	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Progress	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Florida	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Ohio	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Duke Energy Indiana	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐
Piedmont	Large Accelerated Filer	☐	Accelerated filer	☐	Non-accelerated Filer	☒	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Duke Energy	Yes	☐	No	☒	Duke Energy Florida	Yes	☐	No	☒
Duke Energy Carolinas	Yes	☐	No	☒	Duke Energy Ohio	Yes	☐	No	☒
Progress Energy	Yes	☐	No	☒	Duke Energy Indiana	Yes	☐	No	☒
Duke Energy Progress	Yes	☐	No	☒	Piedmont	Yes	☐	No	☒

Number of shares of common stock outstanding at October 31, 2022:

Registrant	Description	Shares
Duke Energy	Common stock, $0.001 par value	770,062,772

This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.

Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.

TABLE OF CONTENTS

	Cautionary Statement Regarding Forward-Looking Information
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Duke Energy Corporation Financial Statements	9
	Duke Energy Carolinas, LLC Financial Statements	15
	Progress Energy, Inc. Financial Statements	19
	Duke Energy Progress, LLC Financial Statements	23
	Duke Energy Florida, LLC Financial Statements	27
	Duke Energy Ohio, Inc. Financial Statements	31
	Duke Energy Indiana, LLC Financial Statements	35
	Piedmont Natural Gas Company, Inc. Financial Statements	39
	Combined Notes to Condensed Consolidated Financial Statements
	Note 1 – Organization and Basis of Presentation	43
	Note 2 – Business Segments	45
	Note 3 – Regulatory Matters	47
	Note 4 – Commitments and Contingencies	54
	Note 5 – Debt and Credit Facilities	57
	Note 6 – Asset Retirement Obligations	59
	Note 7 – Goodwill	60
	Note 8 – Related Party Transactions	61
	Note 9 – Derivatives and Hedging	62
	Note 10 – Investments in Debt and Equity Securities	68
	Note 11 – Fair Value Measurements	72
	Note 12 – Variable Interest Entities	77
	Note 13 – Revenue	81
	Note 14 – Stockholders' Equity	87
	Note 15 – Employee Benefit Plans	88
	Note 16 – Income Taxes	89
	Note 17 – Subsequent Events	90
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	91
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	109
Item 4.	Controls and Procedures	109
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	110
Item 1A.	Risk Factors	110
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 6.	Exhibits	111
	Signatures	114

GLOSSARY OF TERMS

Glossary of Terms 

The following terms or acronyms used in this Form 10-Q are defined below:

Term or Acronym	Definition
2021 Settlement	Settlement Agreement in 2021 among Duke Energy Florida, the Florida Office of Public Counsel, the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PSC Phosphate and NUCOR Steel Florida, Inc.
ACP	Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Inc. and Duke Energy
AFUDC	Allowance for funds used during construction
ARO	Asset retirement obligations
Bison	Bison Insurance Company Limited
Board of Directors	Duke Energy Board of Directors
CCR	Coal Combustion Residuals
the company	Duke Energy Corporation and its subsidiaries
COVID-19	Coronavirus Disease 2019
CRC	Cinergy Receivables Company, LLC
Crystal River Unit 3	Crystal River Unit 3 Nuclear Plant
DEFPF	Duke Energy Florida Project Finance, LLC
DEFR	Duke Energy Florida Receivables, LLC
DEPR	Duke Energy Progress Receivables, LLC
DERF	Duke Energy Receivables Finance Company, LLC
DOE	Department of Energy
Duke Energy	Duke Energy Corporation (collectively with its subsidiaries)
Duke Energy Ohio	Duke Energy Ohio, Inc.
Duke Energy Progress	Duke Energy Progress, LLC
Duke Energy Carolinas	Duke Energy Carolinas, LLC
Duke Energy Florida	Duke Energy Florida, LLC
Duke Energy Indiana	Duke Energy Indiana, LLC
Duke Energy Registrants	Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDIT	Excess deferred income tax
EPS	Earnings Per Share
ERCOT	Electric Reliability Council of Texas
ETR	Effective tax rate
Exchange Act	Securities Exchange Act of 1934
FERC	Federal Energy Regulatory Commission
FPSC	Florida Public Service Commission
FTR	Financial transmission rights
GAAP	Generally accepted accounting principles in the U.S.
GAAP Reported Earnings	Net Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPS	Basic Earnings Per Share Available to Duke Energy Corporation common stockholders
GIC	GIC Private Limited, Singapore's sovereign wealth fund and an experienced investor in U.S. infrastructure
GWh	Gigawatt-hours
IRA	Inflation Reduction Act
IRS	Internal Revenue Service
IURC	Indiana Utility Regulatory Commission

GLOSSARY OF TERMS

KPSC	Kentucky Public Service Commission
LLC	Limited Liability Company
MGP	Manufactured gas plant
MGP Settlement	Stipulation and Recommendation filed jointly by Duke Energy Ohio the staff of the PUCO, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group on August 31, 2021
MW	Megawatt
MWh	Megawatt-hour
NCUC	North Carolina Utilities Commission
NDTF	Nuclear decommissioning trust funds
NPNS	Normal purchase/normal sale
OPEB	Other Post-Retirement Benefit Obligations
OVEC	Ohio Valley Electric Corporation
Piedmont	Piedmont Natural Gas Company, Inc.
PJM	Pennsylvania-New Jersey-Maryland Interconnection
PPA	Purchase Power Agreement
Progress Energy	Progress Energy, Inc.
PSCSC	Public Service Commission of South Carolina
PUCO	Public Utilities Commission of Ohio
RTO	Regional Transmission Organization
Subsidiary Registrants	Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUC	Tennessee Public Utility Commission
U.S.	United States
VIE	Variable Interest Entity

FORWARD-LOOKING STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

◦The impact of the COVID-19 pandemic;

◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

◦Advancements in technology;

◦Additional competition in electric and natural gas markets and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns;

◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;

◦Operational interruptions to our natural gas distribution and transmission activities;

◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;

◦The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;

◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility's generation mix, and general market and economic conditions;

◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;

FORWARD-LOOKING STATEMENTS

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

◦Employee workforce factors, including the potential inability to attract and retain key personnel;

◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);

◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;

◦The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;

◦The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

◦The impacts from potential impairments of goodwill or equity method investment carrying values;

◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock; and

◦The ability to implement our business strategy, including its carbon emission reduction goals.

Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Operating Revenues
Regulated electric	$	7,374	$	6,495	$	19,381	$	16,972
Regulated natural gas	397		263		1,824		1,314
Nonregulated electric and other	197		193		580		573
Total operating revenues	7,968		6,951		21,785		18,859
Operating Expenses
Fuel used in electric generation and purchased power	2,629		1,844		6,418		4,702
Cost of natural gas	189		75		859		430
Operation, maintenance and other	1,394		1,507		4,471		4,319
Depreciation and amortization	1,364		1,265		3,986		3,698
Property and other taxes	378		371		1,149		1,073
Impairment of assets and other charges	(4)		211		202		342
Total operating expenses	5,950		5,273		17,085		14,564
Gains on Sales of Other Assets and Other, net	6		9		16		11
Operating Income	2,024		1,687		4,716		4,306
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	26		22		87		14
Other income and expenses, net	89		238		293		493
Total other income and expenses	115		260		380		507
Interest Expense	621		581		1,815		1,688
Income From Continuing Operations Before Income Taxes	1,518		1,366		3,281		3,125
Income Tax Expense From Continuing Operations	128		90		191		210
Income From Continuing Operations	1,390		1,276		3,090		2,915
Income From Discontinued Operations, net of tax	23		—		23		—
Net Income	1,413		1,276		3,113		2,915
Add: Net Loss Attributable to Noncontrolling Interests	9		129		73		247
Net Income Attributable to Duke Energy Corporation	1,422		1,405		3,186		3,162
Less: Preferred Dividends	39		39		92		92
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,383	$	1,366	$	3,094	$	3,070
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.78	$	1.79	$	4.00	$	4.00
Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	0.03	$	—	$	0.03	$	—
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.81	$	1.79	$	4.03	$	4.00
Weighted Average Shares Outstanding
Basic and Diluted	770		769		770		769

See Notes to Condensed Consolidated Financial Statements

9

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Net Income	$	1,413	$	1,276	$	3,113	$	2,915
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments	(7)		1		(3)		3
Net unrealized gains (losses) on cash flow hedges	14		9		276		(59)
Reclassification into earnings from cash flow hedges	—		2		9		9
Net unrealized losses on fair value hedges	(8)		—		(20)		—
Unrealized gains (losses) on available-for-sale securities	1		(2)		(20)		(6)
Other Comprehensive Income (Loss), net of tax	—		10		242		(53)
Comprehensive Income	1,413		1,286		3,355		2,862
Add: Comprehensive Loss Attributable to Noncontrolling Interests	4		128		56		240
Comprehensive Income Attributable to Duke Energy	1,417		1,414		3,411		3,102
Less: Preferred Dividends	39		39		92		92
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$	1,378	$	1,375	$	3,319	$	3,010

(a)Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

See Notes to Condensed Consolidated Financial Statements

10

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	453	$	343
Receivables (net of allowance for doubtful accounts of $38 at 2022 and $46 at 2021)	1,092		1,173
Receivables of VIEs (net of allowance for doubtful accounts of $136 at 2022 and $76 at 2021)	3,120		2,437
Inventory	3,487		3,199
Regulatory assets (includes $105 at 2022 and 2021 related to VIEs)	3,576		2,150
Other (includes $243 at 2022 and $256 at 2021 related to VIEs)	1,244		638
Total current assets	12,972		9,940
Property, Plant and Equipment
Cost	169,053		161,819
Accumulated depreciation and amortization	(53,241)		(50,555)
Facilities to be retired, net	95		144
Net property, plant and equipment	115,907		111,408
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,742 at 2022 and $1,823 at 2021 related to VIEs)	13,835		12,487
Nuclear decommissioning trust funds	8,123		10,401
Operating lease right-of-use assets, net	1,199		1,266
Investments in equity method unconsolidated affiliates	951		970
Other (includes $164 at 2022 and $92 at 2021 related to VIEs)	4,050		3,812
Total other noncurrent assets	47,461		48,239
Total Assets	$	176,340	$	169,587
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	4,175	$	3,629
Notes payable and commercial paper	3,606		3,304
Taxes accrued	946		749
Interest accrued	596		533
Current maturities of long-term debt (includes $635 at 2022 and $243 at 2021 related to VIEs)	3,249		3,387
Asset retirement obligations	798		647
Regulatory liabilities	1,338		1,211
Other	2,204		2,471
Total current liabilities	16,912		15,931
Long-Term Debt (includes $4,387 at 2022 and $4,854 at 2021 related to VIEs)	66,060		60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244		9,379
Asset retirement obligations	12,152		12,129
Regulatory liabilities	14,017		16,152
Operating lease liabilities	1,004		1,074
Accrued pension and other post-retirement benefit costs	995		855
Investment tax credits	851		833
Other (includes $202 at 2022 and $319 at 2021 related to VIEs)	1,936		1,650
Total other noncurrent liabilities	41,199		42,072
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2022 and 2021	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2022 and 2021	989		989
Common stock, $0.001 par value, 2 billion shares authorized; 770 million shares outstanding at 2022 and 769 million shares outstanding at 2021	1		1
Additional paid-in capital	44,397		44,371
Retained earnings	4,063		3,265
Accumulated other comprehensive loss	(78)		(303)
Total Duke Energy Corporation stockholders' equity	50,345		49,296
Noncontrolling interests	1,824		1,840
Total equity	52,169		51,136
Total Liabilities and Equity	$	176,340	$	169,587

See Notes to Condensed Consolidated Financial Statements

11

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	3,113	$	2,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	4,414		4,189
Equity component of AFUDC	(151)		(126)
Impairment of assets and other charges	202		342
Deferred income taxes	209		206
Equity in earnings of unconsolidated affiliates	(87)		(14)
Contributions to qualified pension plans	(58)		—
Payments for asset retirement obligations	(418)		(389)
Provision for rate refunds	(97)		(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	33		116
Receivables	(356)		(167)
Inventory	(290)		268
Other current assets(a)	(2,403)		(643)
Increase (decrease) in
Accounts payable	504		(146)
Taxes accrued	206		431
Other current liabilities	263		10
Other assets	(84)		199
Other liabilities	188		77
Net cash provided by operating activities	5,188		7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(8,148)		(7,089)
Contributions to equity method investments	(37)		(30)
Purchases of debt and equity securities	(3,619)		(4,292)
Proceeds from sales and maturities of debt and equity securities	3,691		4,335
Disbursements to canceled equity method investments	—		(855)
Other	(517)		(269)
Net cash used in investing activities	(8,630)		(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	9,466		6,379
Issuance of common stock	—		5
Payments for the redemption of long-term debt	(3,803)		(3,696)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	80		109
Payments for the redemption of short-term debt with original maturities greater than 90 days	(287)		(997)
Notes payable and commercial paper	476		165
Contributions from noncontrolling interests	132		1,556
Dividends paid	(2,389)		(2,340)
Other	(124)		(21)
Net cash provided by financing activities	3,551		1,160
Net increase in cash, cash equivalents and restricted cash	109		187
Cash, cash equivalents and restricted cash at beginning of period	520		556
Cash, cash equivalents and restricted cash at end of period	$	629	$	743
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	1,387	$	998

(a)    Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

See Notes to Condensed Consolidated Financial Statements

12

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended September 30, 2021 and 2022
											Accumulated Other Comprehensive
											(Loss) Income
											Net		Net Unrealized				Total
											Gains		(Losses) Gains				Duke Energy
			Common				Additional				(Losses)		on Available-		Pension and		Corporation		Non-
	Preferred		Stock		Common		Paid-in		Retained		on		for-Sale-		OPEB		Stockholders'		controlling		Total
(in millions)	Stock		Shares		Stock		Capital		Earnings		Hedges(c)		Securities		Adjustments		Equity		Interests		Equity
Balance at June 30, 2021	$	1,962	769		$	1	$	43,788	$	2,687	$	(234)	$	2	$	(74)	$	48,132	$	1,413	$	49,545
Net income (loss)	—		—		—		—		1,366		—		—		—		1,366		(129)		1,237
Other comprehensive income (loss)	—		—		—		—		—		10		(2)		1		9		1		10
Common stock issuances, including dividend reinvestment and employee benefits	—		—		—		20		—		—		—		—		20		—		20
Common stock dividends	—		—		—		—		(760)		—		—		—		(760)		—		(760)
Sale of noncontrolling interest(a)	—		—		—		545		—		—		—		—		545		454		999
Contribution from noncontrolling interests, net of transaction costs(b)	—		—		—		(3)		—		—		—		—		(3)		213		210
Distributions to noncontrolling interest in subsidiaries	—		—		—		—		—		—		—		—		—		(22)		(22)
Other	—		—		—		(2)		—		—		—		—		(2)		3		1
Balance at September 30, 2021	$	1,962	$	769	$	1	$	44,348	$	3,293	$	(224)	$	—	$	(73)	$	49,307	$	1,933	$	51,240
Balance at June 30, 2022	$	1,962	770		$	1	$	44,373	$	3,457	$	15	$	(23)	$	(65)	$	49,720	$	1,864	$	51,584
Net income (loss)	—		—		—		—		1,383		—		—		—		1,383		(9)		1,374
Other comprehensive income (loss)	—		—		—		—		—		1		1		(7)		(5)		5		—
Common stock issuances, including dividend reinvestment and employee benefits	—		—		—		21		—		—		—		—		21		—		21
Common stock dividends	—		—		—		—		(776)		—		—		—		(776)		—		(776)
Contribution from noncontrolling interests, net of transaction costs(b)	—		—		—		—		—		—		—		—		—		6		6
Distributions to noncontrolling interest in subsidiaries	—		—		—		—		—		—		—		—		—		(42)		(42)
Other	—		—		—		3		(1)		—		—		—		2		—		2
Balance at September 30, 2022	$	1,962	$	770	$	1	$	44,397	$	4,063	$	16	$	(22)	$	(72)	$	50,345	$	1,824	$	52,169

See Notes to Condensed Consolidated Financial Statements

13

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Nine Months Ended September 30, 2021 and 2022
										Accumulated Other Comprehensive
										(Loss) Income
										Net		Net Unrealized				Total
										Gains		Gains (Losses)				Duke Energy
			Common			Additional				(Losses)		on Available-		Pension and		Corporation		Non-
	Preferred		Stock	Common		Paid-in		Retained		on		for-Sale-		OPEB		Stockholders'		controlling		Total
(in millions)	Stock		Shares	Stock		Capital		Earnings		Hedges(c)		Securities		Adjustments		Equity		Interests		Equity
Balance at December 31, 2020	$	1,962	769	$	1	$	43,767	$	2,471	$	(167)	$	6	$	(76)	$	47,964	$	1,220	$	49,184
Net income (loss)	—		—	—		—		3,070		—		—		—		3,070		(247)		2,823
Other comprehensive (loss) income	—		—	—		—		—		(57)		(6)		3		(60)		7		(53)
Common stock issuances, including dividend reinvestment and employee benefits	—		—	—		43		—		—		—		—		43		—		43
Common stock dividends	—		—	—		—		(2,248)		—		—		—		(2,248)		—		(2,248)
Sale of noncontrolling interest(a)	—		—	—		545		—		—		—		—		545		454		999
Contributions from noncontrolling interests, net of transaction costs(b)	—		—	—		(6)		—		—		—		—		(6)		531		525
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(34)		(34)
Other	—		—	—		(1)		—		—		—		—		(1)		2		1
Balance at September 30, 2021	$	1,962	769	$	1	$	44,348	$	3,293	$	(224)	$	—	$	(73)	$	49,307	$	1,933	$	51,240
Balance at December 31, 2021	$	1,962	769	$	1	$	44,371	$	3,265	$	(232)	$	(2)	$	(69)	$	49,296	$	1,840	$	51,136
Net income (loss)	—		—	—		—		3,094		—		—		—		3,094		(73)		3,021
Other comprehensive income (loss)	—		—	—		—		—		248		(20)		(3)		225		17		242
Common stock issuances, including dividend reinvestment and employee benefits	—		1	—		41		—		—		—		—		41		—		41
Common stock dividends	—		—	—		—		(2,297)		—		—		—		(2,297)		—		(2,297)
Sale of noncontrolling interest	—		—	—		(17)		—		—		—		—		(17)		38		21
Contributions from noncontrolling interests, net of transaction costs(b)	—		—	—		—		—		—		—		—		—		94		94
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(92)		(92)
Other	—		—	—		2		1		—		—		—		3		—		3
Balance at September 30, 2022	$	1,962	770	$	1	$	44,397	$	4,063	$	16	$	(22)	$	(72)	$	50,345	$	1,824	$	52,169

(a)Relates to the sale of a noncontrolling interest in Duke Energy Indiana. See Note 2 for additional discussion.

(b)Relates primarily to tax equity financing activity in the Commercial Renewables segment.

(c)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

See Notes to Condensed Consolidated Financial Statements

14

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues	$	2,175	$	2,104	$	5,844	$	5,430
Operating Expenses
Fuel used in electric generation and purchased power	544		452		1,423		1,218
Operation, maintenance and other	436		471		1,410		1,347
Depreciation and amortization	375		366		1,138		1,088
Property and other taxes	88		91		258		248
Impairment of assets and other charges	6		163		(3)		238
Total operating expenses	1,449		1,543		4,226		4,139
Gains (Losses) on Sales of Other Assets and Other, net	4		(1)		4		1
Operating Income	730		560		1,622		1,292
Other Income and Expenses, net	59		126		172		218
Interest Expense	131		137		415		400
Income Before Income Taxes	658		549		1,379		1,110
Income Tax Expense	34		16		87		40
Net Income and Comprehensive Income	$	624	$	533	$	1,292	$	1,070

See Notes to Condensed Consolidated Financial Statements

15

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	36	$	7
Receivables (net of allowance for doubtful accounts of $2 at 2022 and $1 at 2021)	318		300
Receivables of VIEs (net of allowance for doubtful accounts of $60 at 2022 and $41 at 2021)	932		844
Receivables from affiliated companies	297		190
Inventory	1,112		1,026
Regulatory assets (includes $12 at 2022 and 2021 related to VIEs)	995		544
Other (includes $5 at 2022 and $0 at 2021 related to VIEs)	267		95
Total current assets	3,957		3,006
Property, Plant and Equipment
Cost	53,878		51,874
Accumulated depreciation and amortization	(18,504)		(17,854)
Facilities to be retired, net	86		102
Net property, plant and equipment	35,460		34,122
Other Noncurrent Assets
Regulatory assets (includes $211 at 2022 and $220 at 2021 related to VIEs)	3,969		2,935
Nuclear decommissioning trust funds	4,481		5,759
Operating lease right-of-use assets, net	87		92
Other	1,179		1,248
Total other noncurrent assets	9,716		10,034
Total Assets	$	49,133	$	47,162
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,184	$	988
Accounts payable to affiliated companies	196		266
Notes payable to affiliated companies	584		226
Taxes accrued	265		274
Interest accrued	118		125
Current maturities of long-term debt (includes $10 at 2022 and $5 at 2021 related to VIEs)	1,019		362
Asset retirement obligations	278		249
Regulatory liabilities	442		487
Other	565		546
Total current liabilities	4,651		3,523
Long-Term Debt (includes $718 at 2022 and $703 at 2021 related to VIEs)	12,903		12,595
Long-Term Debt Payable to Affiliated Companies	300		318
Other Noncurrent Liabilities
Deferred income taxes	4,107		3,634
Asset retirement obligations	5,115		5,052
Regulatory liabilities	5,974		7,198
Operating lease liabilities	73		78
Accrued pension and other post-retirement benefit costs	39		50
Investment tax credits	301		287
Other	537		536
Total other noncurrent liabilities	16,146		16,835
Commitments and Contingencies
Equity
Member's equity	15,139		13,897
Accumulated other comprehensive loss	(6)		(6)
Total equity	15,133		13,891
Total Liabilities and Equity	$	49,133	$	47,162

See Notes to Condensed Consolidated Financial Statements

16

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,292	$	1,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	1,335		1,295
Equity component of AFUDC	(75)		(46)
Gains on sales of other assets	—		(1)
Impairment of assets and other charges	(3)		238
Deferred income taxes	230		(146)
Contributions to qualified pension plans	(15)		—
Payments for asset retirement obligations	(137)		(132)
Provision for rate refunds	(55)		(29)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		(1)
Receivables	(17)		(172)
Receivables from affiliated companies	(107)		39
Inventory	(86)		41
Other current assets(a)	(1,139)		(153)
Increase (decrease) in
Accounts payable	104		(254)
Accounts payable to affiliated companies	(88)		(15)
Taxes accrued	(9)		315
Other current liabilities	279		72
Other assets	22		52
Other liabilities	(269)		167
Net cash provided by operating activities	1,262		2,340
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,313)		(1,947)
Purchases of debt and equity securities	(2,083)		(2,465)
Proceeds from sales and maturities of debt and equity securities	2,083		2,465
Other	(185)		(122)
Net cash used in investing activities	(2,498)		(2,069)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,352		1,367
Payments for the redemption of long-term debt	(389)		(616)
Notes payable to affiliated companies	358		(421)
Distributions to parent	(50)		(600)
Other	(1)		(1)
Net cash provided by (used in) financing activities	1,270		(271)
Net increase in cash, cash equivalents and restricted cash	34		—
Cash, cash equivalents and restricted cash at beginning of period	8		21
Cash, cash equivalents and restricted cash at end of period	$	42	$	21
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	460	$	308

(a)    Includes approximately $1.1 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

See Notes to Condensed Consolidated Financial Statements

17

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended September 30, 2021 and 2022
			Accumulated Other
			Comprehensive
			Loss
	Member's		Net Losses on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at June 30, 2021	$	13,399	$	(7)	$	13,392
Net income	533		—		533
Distributions to parent	(300)		—		(300)
Other	(1)		—		(1)
Balance at September 30, 2021	$	13,631	$	(7)	$	13,624
Balance at June 30, 2022	$	14,515	$	(6)	$	14,509
Net income	624		—		624
Balance at September 30, 2022	$	15,139	$	(6)	$	15,133
	Nine Months Ended September 30, 2021 and 2022
			Accumulated Other
			Comprehensive
			Loss
	Member's		Net Losses on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at December 31, 2020	$	13,161	$	(7)	$	13,154
Net income	1,070		—		1,070
Distributions to parent	(600)		—		(600)
Balance at September 30, 2021	$	13,631	$	(7)	$	13,624
Balance at December 31, 2021	$	13,897	$	(6)	$	13,891
Net income	1,292		—		1,292
Distributions to parent	(50)		—		(50)
Balance at September 30, 2022	$	15,139	$	(6)	$	15,133

See Notes to Condensed Consolidated Financial Statements

18

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues	$	3,881	$	3,233	$	10,087	$	8,417
Operating Expenses
Fuel used in electric generation and purchased power	1,605		1,074		3,927		2,702
Operation, maintenance and other	581		636		1,829		1,863
Depreciation and amortization	562		504		1,607		1,430
Property and other taxes	169		144		472		419
Impairment of assets and other charges	—		42		4		79
Total operating expenses	2,917		2,400		7,839		6,493
Gains on Sales of Other Assets and Other, net	3		8		6		9
Operating Income	967		841		2,254		1,933
Other Income and Expenses, net	45		86		150		167
Interest Expense	197		200		616		592
Income Before Income Taxes	815		727		1,788		1,508
Income Tax Expense	129		94		289		174
Net Income	686		633		1,499		1,334
Less: Net Income Attributable to Noncontrolling Interests	—		1		1		1
Net Income Attributable to Parent	$	686	$	632	$	1,498	$	1,333
Net Income	$	686	$	633	$	1,499	$	1,334
Other Comprehensive Income, net of tax
Pension and OPEB adjustments	—		(1)		—		—
Net unrealized gains on cash flow hedges	—		1		1		2
Unrealized losses on available-for-sale securities	(1)		—		(4)		—
Other Comprehensive (Loss) Income, net of tax	(1)		—		(3)		2
Comprehensive Income	$	685	$	633	$	1,496	$	1,336
Less: Comprehensive Income Attributable to Noncontrolling Interests	—		1		1		1
Comprehensive Income Attributable to Parent	$	685	$	632	$	1,495	$	1,335

See Notes to Condensed Consolidated Financial Statements

19

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	101	$	70
Receivables (net of allowance for doubtful accounts of $12 at 2022 and $11 at 2021)	292		247
Receivables of VIEs (net of allowance for doubtful accounts of $55 at 2022 and $25 at 2021)	1,344		1,006
Receivables from affiliated companies	29		121
Notes receivable from affiliated companies	232		—
Inventory	1,549		1,398
Regulatory assets (includes $93 at 2022 and 2021 related to VIEs)	1,871		1,030
Other (includes $34 at 2022 and $39 at 2021 related to VIEs)	365		125
Total current assets	5,783		3,997
Property, Plant and Equipment
Cost	63,753		60,894
Accumulated depreciation and amortization	(20,475)		(19,214)
Facilities to be retired, net	—		26
Net property, plant and equipment	43,278		41,706
Other Noncurrent Assets
Goodwill	3,655		3,655
Regulatory assets (includes $1,531 at 2022 and $1,603 at 2021 related to VIEs)	6,520		5,909
Nuclear decommissioning trust funds	3,642		4,642
Operating lease right-of-use assets, net	653		691
Other	1,227		1,242
Total other noncurrent assets	15,697		16,139
Total Assets	$	64,758	$	61,842
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,431	$	1,099
Accounts payable to affiliated companies	475		506
Notes payable to affiliated companies	887		2,809
Taxes accrued	301		128
Interest accrued	183		192
Current maturities of long-term debt (includes $340 at 2022 and $71 at 2021 related to VIEs)	696		1,082
Asset retirement obligations	311		275
Regulatory liabilities	586		478
Other	725		868
Total current liabilities	5,595		7,437
Long-Term Debt (includes $2,004 at 2022 and $2,293 at 2021 related to VIEs)	20,303		19,591
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	5,015		4,564
Asset retirement obligations	5,892		5,837
Regulatory liabilities	4,949		5,566
Operating lease liabilities	563		606
Accrued pension and other post-retirement benefit costs	397		417
Other	625		526
Total other noncurrent liabilities	17,441		17,516
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2022 and 2021	—		—
Additional paid-in capital	9,626		9,149
Retained earnings	11,687		8,007
Accumulated other comprehensive loss	(14)		(11)
Total Progress Energy, Inc. stockholders' equity	21,299		17,145
Noncontrolling interests	(30)		3
Total equity	21,269		17,148
Total Liabilities and Equity	$	64,758	$	61,842

See Notes to Condensed Consolidated Financial Statements

20

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,499	$	1,334
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,826		1,707
Equity component of AFUDC	(50)		(37)
Impairment of assets and other charges	4		79
Deferred income taxes	284		235
Contributions to qualified pension plans	(13)		—
Payments for asset retirement obligations	(207)		(206)
Provision for rate refunds	(44)		(22)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		117
Receivables	(314)		(123)
Receivables from affiliated companies	110		96
Inventory	(154)		120
Other current assets(a)	(1,133)		(347)
Increase (decrease) in
Accounts payable	360		79
Accounts payable to affiliated companies	(31)		(68)
Taxes accrued	173		161
Other current liabilities	216		(36)
Other assets	(262)		(3)
Other liabilities	615		(139)
Net cash provided by operating activities	2,879		2,947
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,130)		(2,628)
Purchases of debt and equity securities	(1,301)		(1,583)
Proceeds from sales and maturities of debt and equity securities	1,357		1,649
Notes receivable from affiliated companies	(232)		—
Other	(88)		(131)
Net cash used in investing activities	(3,394)		(2,693)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,452		1,190
Payments for the redemption of long-term debt	(1,136)		(977)
Notes payable to affiliated companies	509		154
Dividends to parent	(250)		(700)
Other	(36)		(2)
Net cash provided by (used in) financing activities	539		(335)
Net increase (decrease) in cash, cash equivalents and restricted cash	24		(81)
Cash, cash equivalents and restricted cash at beginning of period	113		200
Cash, cash equivalents and restricted cash at end of period	$	137	$	119
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	472	$	290

(a)    Includes approximately $1 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

See Notes to Condensed Consolidated Financial Statements

21

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended September 30, 2021 and 2022
					Accumulated Other Comprehensive Loss
					Net Gains		Net Unrealized				Total Progress
	Additional				(Losses) on		Losses on		Pension and		Energy, Inc.
	Paid-in		Retained		Cash Flow		Available-for-		OPEB		Stockholders'		Noncontrolling		Total
(in millions)	Capital		Earnings		Hedges		Sale Securities		Adjustments		Equity		Interests		Equity
Balance at June 30, 2021	$	9,143	$	7,809	$	(4)	$	(2)	$	(7)	$	16,939	$	3	$	16,942
Net income	—		632		—		—		—		632		1		633
Other comprehensive income (loss)	—		—		1		—		(1)		—		—		—
Dividends to parent	—		(700)		—		—		—		(700)		—		(700)
Other	6		2		—		—		—		8		(1)		7
Balance at September 30, 2021	$	9,149	$	7,743	$	(3)	$	(2)	$	(8)	$	16,879	$	3	$	16,882
Balance at June 30, 2022	$	9,149	$	11,001	$	(1)	$	(5)	$	(7)	$	20,137	$	3	$	20,140
Net income	—		686		—		—		—		686		—		686
Other comprehensive loss	—		—		—		(1)		—		(1)		—		(1)
Distributions to noncontrolling interests	—		—		—		—		—		—		(33)		(33)
Equitization of certain notes payable to affiliates	475		—		—		—		—		475		—		475
Other	2		—		—		—		—		2		—		2
Balance at September 30, 2022	$	9,626	$	11,687	$	(1)	$	(6)	$	(7)	$	21,299	$	(30)	$	21,269
	Nine Months Ended September 30, 2021 and 2022
					Accumulated Other Comprehensive Loss
					Net Gains		Net Unrealized				Total Progress
	Additional				(Losses) on		Gains (Losses) on		Pension and		Energy, Inc.
	Paid-in		Retained		Cash Flow		Available-for-		OPEB		Stockholders'		Noncontrolling		Total
	Capital		Earnings		Hedges		Sale Securities		Adjustments		Equity		Interests		Equity
Balance at December 31, 2020	$	9,143	$	7,109	$	(5)	$	(2)	$	(8)	$	16,237	$	4	$	16,241
Net income	—		1,333		—		—		—		1,333		1		1,334
Other comprehensive income	—		—		2		—		—		2		—		2
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)
Dividends to parent	—		(700)		—		—		—		(700)		—		(700)
Other	6		1		—		—		—		7		(1)		6
Balance at September 30, 2021	$	9,149	$	7,743	$	(3)	$	(2)	$	(8)	$	16,879	$	3	$	16,882
Balance at December 31, 2021	$	9,149	$	8,007	$	(2)	$	(2)	$	(7)	$	17,145	$	3	$	17,148
Net income	—		1,498		—		—		—		1,498		1		1,499
Other comprehensive income (loss)	—		—		1		(4)		—		(3)		—		(3)
Distributions to noncontrolling interests	—		—		—		—		—		—		(34)		(34)
Dividends to parent	—		(250)		—		—		—		(250)		—		(250)
Equitization of certain notes payable to affiliates	475		2,431		—		—		—		2,906		—		2,906
Other	2		1		—		—		—		3		—		3
Balance at September 30, 2022	$	9,626	$	11,687	$	(1)	$	(6)	$	(7)	$	21,299	$	(30)	$	21,269

See Notes to Condensed Consolidated Financial Statements

22

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues	$	1,969	$	1,667	$	5,182	$	4,417
Operating Expenses
Fuel used in electric generation and purchased power	749		523		1,916		1,368
Operation, maintenance and other	350		368		1,101		1,092
Depreciation and amortization	313		290		890		811
Property and other taxes	46		39		136		129
Impairment of assets and other charges	—		42		4		60
Total operating expenses	1,458		1,262		4,047		3,460
Gains on Sales of Other Assets and Other, net	1		7		2		8
Operating Income	512		412		1,137		965
Other Income and Expenses, net	29		67		83		111
Interest Expense	85		79		260		226
Income Before Income Taxes	456		400		960		850
Income Tax Expense	59		25		129		50
Net Income and Comprehensive Income	$	397	$	375	$	831	$	800

See Notes to Condensed Consolidated Financial Statements

23

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	58	$	35
Receivables (net of allowance for doubtful accounts of $4 at 2022 and 2021)	130		127
Receivables of VIEs (net of allowance for doubtful accounts of $37 at 2022 and $17 at 2021)	733		574
Receivables from affiliated companies	19		65
Notes receivable from affiliated companies	329		—
Inventory	980		921
Regulatory assets (includes $39 at 2022 and 2021 related to VIEs)	658		533
Other (includes $17 at 2022 and $0 at 2021 related to VIEs)	189		83
Total current assets	3,096		2,338
Property, Plant and Equipment
Cost	38,503		37,018
Accumulated depreciation and amortization	(14,224)		(13,387)
Facilities to be retired, net	—		26
Net property, plant and equipment	24,279		23,657
Other Noncurrent Assets
Regulatory assets (includes $691 at 2022 and $720 at 2021 related to VIEs)	4,482		4,118
Nuclear decommissioning trust funds	3,204		4,089
Operating lease right-of-use assets, net	383		389
Other	749		792
Total other noncurrent assets	8,818		9,388
Total Assets	$	36,193	$	35,383
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	504	$	476
Accounts payable to affiliated companies	368		310
Notes payable to affiliated companies	—		172
Taxes accrued	161		163
Interest accrued	73		96
Current maturities of long-term debt (includes $34 at 2022 and $15 at 2021 related to VIEs)	368		556
Asset retirement obligations	310		274
Regulatory liabilities	336		381
Other	356		448
Total current liabilities	2,476		2,876
Long-Term Debt (includes $1,114 at 2022 and $1,097 at 2021 related to VIEs)	10,572		9,543
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	2,388		2,208
Asset retirement obligations	5,529		5,401
Regulatory liabilities	4,179		4,868
Operating lease liabilities	344		350
Accrued pension and other post-retirement benefit costs	212		221
Investment tax credits	125		128
Other	86		87
Total other noncurrent liabilities	12,863		13,263
Commitments and Contingencies
Equity
Member's Equity	10,132		9,551
Total Liabilities and Equity	$	36,193	$	35,383

See Notes to Condensed Consolidated Financial Statements

24

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	831	$	800
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	1,034		951
Equity component of AFUDC	(37)		(25)
Impairment of assets and other charges	4		60
Deferred income taxes	66		22
Contributions to qualified pension plans	(8)		—
Payments for asset retirement obligations	(133)		(129)
Provision for rate refunds	(44)		(22)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		108
Receivables	(95)		(66)
Receivables from affiliated companies	64		(18)
Inventory	(58)		95
Other current assets	(266)		(79)
Increase (decrease) in
Accounts payable	7		20
Accounts payable to affiliated companies	58		(102)
Taxes accrued	(1)		75
Other current liabilities	122		(36)
Other assets	(105)		48
Other liabilities	39		(32)
Net cash provided by operating activities	1,478		1,670
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,506)		(1,313)
Purchases of debt and equity securities	(1,148)		(1,306)
Proceeds from sales and maturities of debt and equity securities	1,141		1,291
Notes receivable from affiliated companies	(329)		—
Other	(11)		(36)
Net cash used in investing activities	(1,853)		(1,364)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,448		1,190
Payments for the redemption of long-term debt	(612)		(605)
Notes payable to affiliated companies	(172)		(178)
Distributions to parent	(250)		(700)
Other	(1)		(1)
Net cash provided by (used in) financing activities	413		(294)
Net increase in cash, cash equivalents and restricted cash	38		12
Cash, cash equivalents and restricted cash at beginning of period	39		39
Cash, cash equivalents and restricted cash at end of period	$	77	$	51
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	184	$	82

See Notes to Condensed Consolidated Financial Statements

25

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended
	September 30, 2021 and 2022
(in millions)	Member's Equity
Balance at June 30, 2021	$	9,685
Net income	375
Distributions to parent	(700)
Balance at September 30, 2021	$	9,360
Balance at June 30, 2022	$	9,735
Net income	397
Balance at September 30, 2022	$	10,132
	Nine Months Ended
	September 30, 2021 and 2022
(in millions)	Member's Equity
Balance at December 31, 2020	$	9,260
Net income	800
Distributions to parent	(700)
Balance at September 30, 2021	$	9,360
Balance at December 31, 2021	$	9,551
Net income	831
Distributions to parent	(250)
Balance at September 30, 2022	$	10,132

See Notes to Condensed Consolidated Financial Statements

26

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues	$	1,907	$	1,561	$	4,890	$	3,987
Operating Expenses
Fuel used in electric generation and purchased power	856		552		2,011		1,335
Operation, maintenance and other	226		263		716		760
Depreciation and amortization	249		214		717		619
Property and other taxes	123		105		335		290
Impairment of assets and other charges	—		—		—		19
Total operating expenses	1,454		1,134		3,779		3,023
Gains on Sales of Other Assets and Other, net	3		1		5		1
Operating Income	456		428		1,116		965
Other Income and Expenses, net	19		18		74		54
Interest Expense	84		79		258		239
Income Before Income Taxes	391		367		932		780
Income Tax Expense	72		70		181		149
Net Income	$	319	$	297	$	751	$	631
Other Comprehensive Loss, net of tax
Unrealized losses on available-for-sale securities	(1)		—		(3)		—
Comprehensive Income	$	318	$	297	$	748	$	631

See Notes to Condensed Consolidated Financial Statements

27

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	25	$	23
Receivables (net of allowance for doubtful accounts of $8 at 2022 and 2021)	159		117
Receivables of VIEs (net of allowance for doubtful accounts of $18 at 2022 and $8 at 2021)	611		432
Receivables from affiliated companies	6		16
Inventory	569		477
Regulatory assets (includes $54 at 2022 and $54 at 2021 related to VIEs)	1,212		497
Other (includes $17 at 2022 and $39 at 2021 related to VIEs)	162		80
Total current assets	2,744		1,642
Property, Plant and Equipment
Cost	25,243		23,865
Accumulated depreciation and amortization	(6,244)		(5,819)
Net property, plant and equipment	18,999		18,046
Other Noncurrent Assets
Regulatory assets (includes $840 at 2022 and $883 at 2021 related to VIEs)	2,038		1,791
Nuclear decommissioning trust funds	438		553
Operating lease right-of-use assets, net	269		302
Other	431		399
Total other noncurrent assets	3,176		3,045
Total Assets	$	24,919	$	22,733
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	926	$	623
Accounts payable to affiliated companies	119		209
Notes payable to affiliated companies	983		199
Taxes accrued	174		51
Interest accrued	82		68
Current maturities of long-term debt (includes $306 at 2022 and $56 at 2021 related to VIEs)	328		76
Asset retirement obligations	1		1
Regulatory liabilities	250		98
Other	338		408
Total current liabilities	3,201		1,733
Long-Term Debt (includes $890 at 2022 and $1,196 at 2021 related to VIEs)	8,089		8,406
Other Noncurrent Liabilities
Deferred income taxes	2,723		2,434
Asset retirement obligations	363		436
Regulatory liabilities	770		698
Operating lease liabilities	219		256
Accrued pension and other post-retirement benefit costs	156		166
Other	355		309
Total other noncurrent liabilities	4,586		4,299
Commitments and Contingencies
Equity
Member's equity	9,049		8,298
Accumulated other comprehensive loss	(6)		(3)
Total equity	9,043		8,295
Total Liabilities and Equity	$	24,919	$	22,733

See Notes to Condensed Consolidated Financial Statements

28

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	751	$	631
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	790		752
Equity component of AFUDC	(13)		(12)
Impairment of assets and other charges	—		19
Deferred income taxes	237		207
Contributions to qualified pension plans	(5)		—
Payments for asset retirement obligations	(73)		(77)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		7
Receivables	(218)		(57)
Receivables from affiliated companies	10		—
Inventory	(95)		25
Other current assets(a)	(814)		(247)
Increase (decrease) in
Accounts payable	354		59
Accounts payable to affiliated companies	(90)		44
Taxes accrued	123		95
Other current liabilities	72		(5)
Other assets	(162)		(46)
Other liabilities	37		(94)
Net cash provided by operating activities	904		1,301
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,624)		(1,316)
Purchases of debt and equity securities	(153)		(277)
Proceeds from sales and maturities of debt and equity securities	216		358
Other	(76)		(95)
Net cash used in investing activities	(1,637)		(1,330)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	4		—
Payments for the redemption of long-term debt	(74)		(372)
Notes payable to affiliated companies	784		408
Other	(1)		—
Net cash provided by financing activities	713		36
Net (decrease) increase in cash, cash equivalents and restricted cash	(20)		7
Cash, cash equivalents and restricted cash at beginning of period	62		50
Cash, cash equivalents and restricted cash at end of period	$	42	$	57
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	288	$	208

(a)    Includes approximately $746 million of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

See Notes to Condensed Consolidated Financial Statements

29

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended September 30, 2021 and 2022
			Accumulated
			Other
			Comprehensive
			Loss
			Net Unrealized
			Losses on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at June 30, 2021	$	7,893	$	(2)	$	7,891
Net income	297		—		297
Balance at September 30, 2021	$	8,190	$	(2)	$	8,188
Balance at June 30, 2022	$	8,730	$	(5)	$	8,725
Net income	319		—		319
Other comprehensive loss	—		(1)		(1)
Balance at September 30, 2022	$	9,049	$	(6)	$	9,043
	Nine Months Ended September 30, 2021 and 2022
			Accumulated
			Other
			Comprehensive
			Loss
			Net Unrealized
			Losses on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at December 31, 2020	$	7,560	$	(2)	$	7,558
Net income	631		—		631
Other	(1)		—		(1)
Balance at September 30, 2021	$	8,190	$	(2)	$	8,188
Balance at December 31, 2021	$	8,298	$	(3)	$	8,295
Net income	751		—		751
Other comprehensive loss	—		(3)		(3)
Balance at September 30, 2022	$	9,049	$	(6)	$	9,043

See Notes to Condensed Consolidated Financial Statements

30

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues
Regulated electric	$	507	$	413	$	1,320	$	1,119
Regulated natural gas	121		93		491		375
Total operating revenues	628		506		1,811		1,494
Operating Expenses
Fuel used in electric generation and purchased power	185		119		439		294
Cost of natural gas	21		9		174		76
Operation, maintenance and other	121		116		408		335
Depreciation and amortization	84		79		247		228
Property and other taxes	79		91		272		266
Impairment of assets and other charges	(11)		—		(11)		5
Total operating expenses	479		414		1,529		1,204
Losses on Sales of Other Assets and Other, net	(1)		—		—		—
Operating Income	148		92		282		290
Other Income and Expenses, net	4		4		16		14
Interest Expense	32		29		92		82
Income Before Income Taxes	120		67		206		222
Income Tax Expense (Benefit)	17		9		(30)		34
Net Income and Comprehensive Income	$	103	$	58	$	236	$	188

See Notes to Condensed Consolidated Financial Statements

31

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	9	$	13
Receivables (net of allowance for doubtful accounts of $6 at 2022 and $4 at 2021)	88		96
Receivables from affiliated companies	211		122
Notes receivable from affiliated companies	—		15
Inventory	118		116
Regulatory assets	81		72
Other	115		57
Total current assets	622		491
Property, Plant and Equipment
Cost	12,283		11,725
Accumulated depreciation and amortization	(3,203)		(3,106)
Generation facilities to be retired, net	—		6
Net property, plant and equipment	9,080		8,625
Other Noncurrent Assets
Goodwill	920		920
Regulatory assets	584		635
Operating lease right-of-use assets, net	18		19
Other	91		84
Total other noncurrent assets	1,613		1,658
Total Assets	$	11,315	$	10,774
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	327	$	348
Accounts payable to affiliated companies	60		64
Notes payable to affiliated companies	501		103
Taxes accrued	231		275
Interest accrued	33		30
Current maturities of long-term debt	300		—
Asset retirement obligations	23		13
Regulatory liabilities	71		62
Other	86		82
Total current liabilities	1,632		977
Long-Term Debt	2,919		3,168
Long-Term Debt Payable to Affiliated Companies	25		25
Other Noncurrent Liabilities
Deferred income taxes	1,133		1,050
Asset retirement obligations	132		123
Regulatory liabilities	572		739
Operating lease liabilities	18		18
Accrued pension and other post-retirement benefit costs	86		109
Other	97		101
Total other noncurrent liabilities	2,038		2,140
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2022 and 2021	762		762
Additional paid-in capital	3,100		3,100
Retained earnings	839		602
Total equity	4,701		4,464
Total Liabilities and Equity	$	11,315	$	10,774

See Notes to Condensed Consolidated Financial Statements

32

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	236	$	188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	251		231
Equity component of AFUDC	(7)		(5)
Impairment of assets and other charges	(11)		5
Deferred income taxes	(13)		27
Contributions to qualified pension plans	(3)		—
Payments for asset retirement obligations	(7)		(1)
Provision for rate refunds	5		12
(Increase) decrease in
Receivables	8		(9)
Receivables from affiliated companies	11		(11)
Inventory	(2)		(4)
Other current assets	(60)		(34)
Increase (decrease) in
Accounts payable	(6)		27
Accounts payable to affiliated companies	(4)		(9)
Taxes accrued	(44)		(37)
Other current liabilities	(76)		(12)
Other assets	(54)		(35)
Other liabilities	80		8
Net cash provided by operating activities	304		341
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(623)		(615)
Notes receivable from affiliated companies	(85)		36
Other	(47)		(42)
Net cash used in investing activities	(755)		(621)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	50		—
Notes payable to affiliated companies	399		282
Other	(2)		—
Net cash provided by financing activities	447		282
Net (decrease) increase in cash and cash equivalents	(4)		2
Cash and cash equivalents at beginning of period	13		14
Cash and cash equivalents at end of period	$	9	$	16
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	119	$	103

See Notes to Condensed Consolidated Financial Statements

33

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended September 30, 2021 and 2022
			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at June 30, 2021	$	762	$	2,776	$	527	$	4,065
Net income	—		—		58		58
Balance at September 30, 2021	$	762	$	2,776	$	585	$	4,123
Balance at June 30, 2022	$	762	$	3,100	$	735	$	4,597
Net income	—		—		103		103
Other	—		—		1		1
Balance at September 30, 2022	$	762	$	3,100	$	839	$	4,701
	Nine Months Ended September 30, 2021 and 2022
			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at December 31, 2020	$	762	$	2,776	$	397	$	3,935
Net income	—		—		188		188
Balance at September 30, 2021	$	762	$	2,776	$	585	$	4,123
Balance at December 31, 2021	$	762	$	3,100	$	602	$	4,464
Net income	—		—		236		236
Other	—		—		1		1
Balance at September 30, 2022	$	762	$	3,100	$	839	$	4,701

See Notes to Condensed Consolidated Financial Statements

34

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues	$	1,095	$	886	$	2,835	$	2,366
Operating Expenses
Fuel used in electric generation and purchased power	556		292		1,234		710
Operation, maintenance and other	177		173		551		543
Depreciation and amortization	167		154		478		458
Property and other taxes	13		16		60		57
Impairment of assets and other charges	—		—		211		8
Total operating expenses	913		635		2,534		1,776
Gains on Sales of Other Assets and Other, net	—		1		—		—
Operating Income	182		252		301		590
Other Income and Expenses, net	9		12		27		31
Interest Expense	48		49		138		148
Income Before Income Taxes	143		215		190		473
Income Tax Expense	24		34		1		77
Net Income and Comprehensive Income	$	119	$	181	$	189	$	396

See Notes to Condensed Consolidated Financial Statements

35

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	32	$	6
Receivables (net of allowance for doubtful accounts of $4 at 2022 and $3 at 2021)	106		100
Receivables from affiliated companies	247		98
Notes receivable from affiliated companies	—		134
Inventory	452		418
Regulatory assets	384		277
Other	245		68
Total current assets	1,466		1,101
Property, Plant and Equipment
Cost	17,916		17,343
Accumulated depreciation and amortization	(5,920)		(5,583)
Net property, plant and equipment	11,996		11,760
Other Noncurrent Assets
Regulatory assets	1,030		1,278
Operating lease right-of-use assets, net	49		53
Other	275		296
Total other noncurrent assets	1,354		1,627
Total Assets	$	14,816	$	14,488
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	310	$	282
Accounts payable to affiliated companies	72		221
Notes payable to affiliated companies	483		—
Taxes accrued	74		73
Interest accrued	59		49
Current maturities of long-term debt	3		84
Asset retirement obligations	185		110
Regulatory liabilities	175		127
Other	178		105
Total current liabilities	1,539		1,051
Long-Term Debt	4,157		4,089
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	1,323		1,303
Asset retirement obligations	773		877
Regulatory liabilities	1,468		1,565
Operating lease liabilities	47		50
Accrued pension and other post-retirement benefit costs	135		167
Investment tax credits	186		177
Other	59		44
Total other noncurrent liabilities	3,991		4,183
Commitments and Contingencies
Equity
Member's Equity	4,979		5,015
Total Liabilities and Equity	$	14,816	$	14,488

See Notes to Condensed Consolidated Financial Statements

36

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	189	$	396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	481		460
Equity component of AFUDC	(12)		(19)
Impairment of assets and other charges	211		8
Deferred income taxes	(26)		19
Contributions to qualified pension plans	(5)		—
Payments for asset retirement obligations	(67)		(49)
(Increase) decrease in
Receivables	(1)		(7)
Receivables from affiliated companies	17		17
Inventory	(34)		106
Other current assets	(181)		(58)
Increase (decrease) in
Accounts payable	44		46
Accounts payable to affiliated companies	(24)		(15)
Taxes accrued	5		25
Other current liabilities	18		23
Other assets	8		11
Other liabilities	9		3
Net cash provided by operating activities	632		966
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(643)		(584)
Purchases of debt and equity securities	(43)		(34)
Proceeds from sales and maturities of debt and equity securities	32		16
Notes receivable from affiliated companies	(32)		(218)
Other	(38)		(8)
Net cash used in investing activities	(724)		(828)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	67		—
Payments for the redemption of long-term debt	(81)		—
Notes payable to affiliated companies	483		(131)
Distributions to parent	(350)		—
Other	(1)		—
Net cash provided by (used in) financing activities	118		(131)
Net increase in cash and cash equivalents	26		7
Cash and cash equivalents at beginning of period	6		7
Cash and cash equivalents at end of period	$	32	$	14
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	102	$	105

See Notes to Condensed Consolidated Financial Statements

37

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended
	September 30, 2021 and 2022
(in millions)	Member's Equity
Balance at June 30, 2021	$	4,999
Net income	181
Distributions to parent	(125)
Balance at September 30, 2021	$	5,055
Balance at June 30, 2022	$	4,861
Net income	119
Other	$	(1)
Balance at September 30, 2022	$	4,979
	Nine Months Ended
	September 30, 2021 and 2022
(in millions)	Member's Equity
Balance at December 31, 2020	$	4,783
Net income	396
Distributions to parent	(125)
Other	1
Balance at September 30, 2021	$	5,055
Balance at December 31, 2021	$	5,015
Net income	189
Distributions to parent	(225)
Balance at September 30, 2022	$	4,979

See Notes to Condensed Consolidated Financial Statements

38

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2022		2021		2022		2021
Operating Revenues	$	306	$	195	$	1,421	$	1,016
Operating Expenses
Cost of natural gas	168		66		685		354
Operation, maintenance and other	87		77		270		231
Depreciation and amortization	56		51		166		150
Property and other taxes	13		16		44		44
Impairment of assets and other charges	1		4		1		9
Total operating expenses	325		214		1,166		788
Gains on Sales of Other Assets and Other, net	—		—		4		—
Operating (Loss) Income	(19)		(19)		259		228
Other Income and Expenses, net	13		16		41		51
Interest Expense	36		29		102		88
(Loss) Income Before Income Taxes	(42)		(32)		198		191
Income Tax (Benefit) Expense	(9)		(8)		18		16
Net (Loss) Income and Comprehensive (Loss) Income	$	(33)	$	(24)	$	180	$	175

See Notes to Condensed Consolidated Financial Statements

39

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	September 30, 2022		December 31, 2021
ASSETS
Current Assets
Receivables (net of allowance for doubtful accounts of $14 at 2022 and $15 at 2021)	$	116	$	318
Receivables from affiliated companies	10		11
Inventory	135		109
Regulatory assets	161		141
Other	90		9
Total current assets	512		588
Property, Plant and Equipment
Cost	10,561		9,918
Accumulated depreciation and amortization	(2,028)		(1,899)
Facilities to be retired, net	9		11
Net property, plant and equipment	8,542		8,030
Other Noncurrent Assets
Goodwill	49		49
Regulatory assets	379		316
Operating lease right-of-use assets, net	13		16
Investments in equity method unconsolidated affiliates	79		95
Other	299		288
Total other noncurrent assets	819		764
Total Assets	$	9,873	$	9,382
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	284	$	196
Accounts payable to affiliated companies	35		40
Notes payable to affiliated companies	308		518
Taxes accrued	45		63
Interest accrued	43		37
Regulatory liabilities	65		56
Other	84		81
Total current liabilities	864		991
Long-Term Debt	3,363		2,968
Other Noncurrent Liabilities
Deferred income taxes	870		815
Asset retirement obligations	23		22
Regulatory liabilities	1,032		1,058
Operating lease liabilities	11		14
Accrued pension and other post-retirement benefit costs	7		7
Other	174		158
Total other noncurrent liabilities	2,117		2,074
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2022 and 2021	1,635		1,635
Retained earnings	1,894		1,714
Total equity	3,529		3,349
Total Liabilities and Equity	$	9,873	$	9,382

See Notes to Condensed Consolidated Financial Statements

40

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	180	$	175
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	168		152
Equity component of AFUDC	(7)		(19)
Impairment of assets and other charges	1		10
Deferred income taxes	13		10
Equity in earnings from unconsolidated affiliates	(5)		(7)
Contributions to qualified pension plans	(2)		—
Provision for rate refunds	(3)		(3)
(Increase) decrease in
Receivables	198		151
Receivables from affiliated companies	1		(1)
Inventory	(26)		—
Other current assets	(91)		7
Increase (decrease) in
Accounts payable	24		(55)
Accounts payable to affiliated companies	(5)		(48)
Taxes accrued	(18)		17
Other current liabilities	23		(32)
Other assets	(8)		3
Other liabilities	(3)		2
Net cash provided by operating activities	440		362
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(598)		(628)
Contributions to equity method investments	(8)		(9)
Return of investment capital	—		1
Other	(17)		(23)
Net cash used in investing activities	(623)		(659)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	394		347
Payments for the redemption of long-term debt	—		(160)
Notes payable to affiliated companies	(210)		(215)
Capital contributions from parent	—		325
Other	(1)		—
Net cash provided by financing activities	183		297
Net increase in cash and cash equivalents	—		—
Cash and cash equivalents at beginning of period	—		—
Cash and cash equivalents at end of period	$	—	$	—
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	163	$	115

See Notes to Condensed Consolidated Financial Statements

41

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months Ended September 30, 2021 and 2022
	Common		Retained		Total
(in millions)	Stock		Earnings		Equity
Balance at June 30, 2021	$	1,635	$	1,604	$	3,239
Net loss	—		(24)		(24)
Other	—		(1)		(1)
Balance at September 30, 2021	$	1,635	$	1,579	$	3,214
Balance at June 30, 2022	$	1,635	$	1,927	$	3,562
Net loss	—		(33)		(33)
Balance at September 30, 2022	$	1,635	$	1,894	$	3,529
	Nine Months Ended September 30, 2021 and 2022
	Common		Retained		Total
(in millions)	Stock		Earnings		Equity
Balance at December 31, 2020	$	1,310	$	1,405	$	2,715
Net income	—		175		175
Contribution from parent	325		—		325
Other	—		(1)		(1)
Balance at September 30, 2021	$	1,635	$	1,579	$	3,214
Balance at December 31, 2021	$	1,635	$	1,714	$	3,349
Net income	—		180		180
Balance at September 30, 2022	$	1,635	$	1,894	$	3,529

See Notes to Condensed Consolidated Financial Statements

42

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

Index to Combined Notes to Condensed Consolidated Financial Statements

The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.

Applicable Notes

Registrant

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

Duke Energy

•

•

•

•

•

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•

•

•

•

•

•

•

•

•

Duke Energy Carolinas

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Progress Energy

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Progress

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Florida

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Ohio

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Indiana

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Piedmont

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.

1. ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

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

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

COMMERCIAL RENEWABLES STRATEGIC REVIEW

On November 1, 2022, the Board of Directors committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind lease for Carolina Long Bay. Duke Energy is actively marketing the business as two separate disposal units, the utility scale solar and wind unit and the distributed generation unit. Non-binding offers were received for the utility scale solar and wind unit in late October 2022. We are evaluating the initial offers and expect to receive final offers from select bidders in early 2023. Non-binding offers for the distributed generation unit are also expected in early 2023. Duke Energy expects to dispose of both units in mid-2023. In the fourth quarter of 2022, Duke Energy will reclassify the Commercial Renewables business segment to assets held for sale and report it as a discontinued operation. Duke Energy could record a material impairment loss in the fourth quarter of 2022 if the carrying value of one or both of the units is not expected to be recovered. If the proceeds exceed the carrying value of one or both of the units, a gain would be recognized at the closing of the transaction in mid-2023. Proceeds from a successful sale are expected to be used for debt reduction and avoidance.

NONCONTROLLING INTEREST

Duke Energy maintains a controlling financial interest in certain less than wholly owned nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets.

43

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period.

During September 2021, Duke Energy completed the initial minority interest investment in a portion of Duke Energy Indiana to an affiliate of GIC. GIC's ownership interest in Duke Energy Indiana represents a noncontrolling interest. See Note 2 for additional information on the sale.

Other operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.

The following table presents allocated losses to noncontrolling interest for the three and nine months ended September 30, 2022, and 2021.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Noncontrolling Interest Allocation of Income
Allocated losses to noncontrolling tax equity members utilizing the HLBV method	$	11	$	119	$	78	$	217
Allocated (income) losses to noncontrolling members based on pro rata shares of ownership	(2)		10		(5)		30
Total Noncontrolling Interest Allocated Losses	$	9	$	129	$	73	$	247

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

	September 30, 2022										December 31, 2021
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	453	$	36	$	101	$	58	$	25	$	343	$	7	$	70	$	35	$	23
Other	164		5		34		17		17		170		—		39		—		39
Other Noncurrent Assets
Other	12		1		2		2		—		7		1		4		4		—
Total cash, cash equivalents and restricted cash	$	629	$	42	$	137	$	77	$	42	$	520	$	8	$	113	$	39	$	62

INVENTORY

Provisions for inventory write-offs were not material at September 30, 2022, and December 31, 2021. The components of inventory are presented in the tables below.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	2,583	$	863	$	1,167	$	786	$	381	$	91	$	329	$	13
Coal	556		215		202		87		115		18		121		—
Natural gas, oil and other fuel	348		34		180		107		73		9		2		122
Total inventory	$	3,487	$	1,112	$	1,549	$	980	$	569	$	118	$	452	$	135

44

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

	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
Materials and supplies	$	2,397	$	793	$	1,067	$	729	$	338	$	80	$	311	$	14
Coal	486		195		167		94		73		19		105		—
Natural gas, oil and other fuel	316		38		164		98		66		17		2		95
Total inventory	$	3,199	$	1,026	$	1,398	$	921	$	477	$	116	$	418	$	109

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets.

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2022.

2. BUSINESS SEGMENTS

Duke Energy

Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.

The Electric Utilities and Infrastructure segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. On January 28, 2021, Duke Energy executed an agreement providing for an investment by an affiliate of GIC in Duke Energy Indiana in exchange for a 19.9% minority interest issued by Duke Energy Indiana Holdco, LLC, the holding company for Duke Energy Indiana. The transaction will be completed following two closings for an aggregate purchase price of approximately $2 billion. The first closing, which occurred on September 8, 2021, resulted in Duke Energy Indiana Holdco, LLC issuing 11.05% of its membership interests in exchange for approximately $1,025 million or 50% of the purchase price. Duke Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on the Condensed Consolidated Statements of Operations. Duke Energy has the discretion to determine the timing of the second closing, but it will occur no later than January 2023. At the second closing, Duke Energy will issue and sell additional membership interests such that GIC will own 19.9% of the membership interests for the remaining 50% of the purchase price.

The Gas Utilities and Infrastructure segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.

The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. See Note 1 for information on the strategic review of the Commercial Renewables business segment. Duke Energy continued to monitor recoverability of its renewable merchant plants located in the ERCOT West market and in the PJM West market during the third quarter of 2022 due to fluctuating market pricing and long-term forecasted energy prices. The assets were not impaired as of September 30, 2022, because the carrying value of approximately $192 million continued to be supported by the expected cash flows. Duke Energy has a 51% ownership interest in these assets.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Three Months Ended September 30, 2022
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	7,431	$	404	$	127	$	7,962	$	6	$	—	$	7,968
Intersegment revenues	8		23		3		34		23		(57)		—
Total revenues	$	7,439	$	427	$	130	$	7,996	$	29	$	(57)	$	7,968
Segment income (loss)(a)	$	1,540	$	4	$	2	$	1,546	$	(186)	$	—	$	1,360
Less: Noncontrolling interests													9
Add: Preferred stock dividend													39
Income from discontinued operations, net of tax(b)													23
Net Income													$	1,413
Segment assets	$	149,518	$	15,800	$	7,507	$	172,825	$	3,519	$	(4)	$	176,340

45

FINANCIAL STATEMENTS BUSINESS SEGMENTS

	Three Months Ended September 30, 2021
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,560	$	266	$	117	$	6,943	$	8	$	—	$	6,951
Intersegment revenues	9		23		—		32		20		(52)		—
Total revenues	$	6,569	$	289	$	117	$	6,975	$	28	$	(52)	$	6,951
Segment income (loss)(c)(d)	$	1,425	$	(3)	$	78	$	1,500	$	(134)	$	—	$	1,366
Less: Noncontrolling interests													129
Add: Preferred stock dividend													39
Net Income													$	1,276

(a)Commercial Renewables includes a $6 million gain recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.

(b)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

(c)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within Regulated electric operating revenues and $3 million within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.

(d)Other includes $8 million recorded within Impairment of assets and other charges, $1 million within Operations, maintenance and other on the Condensed Consolidated Statements of Operations, related to the workplace and workforce realignment.

	Nine Months Ended September 30, 2022
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	19,552	$	1,843	$	369	$	21,764	$	21	$	—	$	21,785
Intersegment revenues	24		69		3		96		68		(164)		—
Total revenues	$	19,576	$	1,912	$	372	$	21,860	$	89	$	(164)	$	21,785
Segment income (loss)(a)(b)	$	3,237	$	277	$	43	$	3,557	$	(486)	$	—	$	3,071
Less: Noncontrolling interests													73
Add: Preferred stock dividend													92
Income from discontinued operations, net of tax(c)													23
Net Income													$	3,113

	Nine Months Ended September 30, 2021
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	17,161	$	1,323	$	355	$	18,839	$	20	$	—	$	18,859
Intersegment revenues	24		68		—		92		61		(153)		—
Total revenues	$	17,185	$	1,391	$	355	$	18,931	$	81	$	(153)	$	18,859
Segment income (loss)(d)(e)(f)(g)	$	3,180	$	259	$	152	$	3,591	$	(521)	$	—	$	3,070
Less: Noncontrolling interests													247
Add: Preferred stock dividend													92
Net Income													$	2,915

46

FINANCIAL STATEMENTS BUSINESS SEGMENTS

(a)Electric Utilities and Infrastructure includes $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 3 for additional information.

(b)Commercial Renewables includes a $15 million loss recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.

(c)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

(d)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within regulated operating revenues and $3 million within interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.

(e)Gas Utilities and Infrastructure includes $19 million, recorded within Equity in earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments.

(f)Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which ($8 million) is recorded within Nonregulated electric and other revenues, $2 million within Operations, maintenance and other, $29 million within Equity in earnings of unconsolidated affiliates and $12 million within Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.

(g)Other includes $139 million recorded within Impairment of assets and other charges, $28 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Condensed Consolidated Statements of Operations, related to the workplace and workplace realignment.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. The remainder of Duke Energy Ohio's operations is presented as Other.

	Three Months Ended September 30, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	507	$	121	$	628	$	—	$	—	$	628
Segment income (loss)/Net income	$	74	$	30	$	104	$	(1)	$	—	$	103
Segment assets	$	7,400	$	4,023	$	11,423	$	14	$	(122)	$	11,315

	Three Months Ended September 30, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	413	$	93	$	506	$	—	$	506
Segment income (loss)/Net income	$	48	$	11	$	59	$	(1)	$	58

	Nine Months Ended September 30, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	1,320	$	491	$	1,811	$	—	$	1,811
Segment income (loss)/Net income	$	152	$	87	$	239	$	(3)	$	236

	Nine Months Ended September 30, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	1,119	$	375	$	1,494	$	—	$	1,494
Segment income (loss)/Net income	$	122	$	77	$	199	$	(11)	$	188

3. REGULATORY MATTERS

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects.

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FINANCIAL STATEMENTS REGULATORY MATTERS

Duke Energy Carolinas and Duke Energy Progress

Hurricane Ian

In late September and early October 2022, Hurricane Ian inflicted severe damage to the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 950,000 customers were impacted. Total storm restoration costs, including capital, are currently expected to be in the range of $100 million to $125 million and most of the costs were incurred in October 2022. Duke Energy Carolinas and Duke Energy Progress have regulatory tools to recover storm costs including deferral and securitization. Duke Energy Carolinas and Duke Energy Progress are estimating recovery of the majority of the incremental operation and maintenance costs through one or more of these mechanisms. These estimates will change as Duke Energy Carolinas and Duke Energy Progress receive additional information on actual costs.

Carbon Plan Proceeding

The NCUC is required by North Carolina Session Law 2021-165 (HB 951) to adopt an initial Carbon Plan on or before December 31, 2022. Duke Energy Carolinas and Duke Energy Progress filed their proposed Carbon Plan on May 16, 2022. The NCUC Public Staff and other parties filed their reply comments on July 15, 2022, including alternative Carbon Plans filed by some of the other parties. The NCUC conducted public hearings across North Carolina in July 2022 and August 2022 and held an evidentiary hearing in September 2022. Proposed orders and briefs were filed on October 24, 2022, and a final order is expected by the end of 2022. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.

Storm Cost Securitization Legislation

On June 15, 2022, the South Carolina General Assembly unanimously adopted S. 1077 (Act 227) in both the House and Senate and the bill was signed into law on June 17, 2022. The legislation enables the PSCSC to permit the issuance of bonds for the payment of storm costs and the creation of a storm charge for repayment.

On August 5, 2022, Duke Energy Progress filed a petition with the PSCSC for review and approval of deferred storm costs to be securitized of approximately $223 million. On September 1, 2022, the PSCSC approved a procedural schedule and scheduled an evidentiary hearing for February 1, 2023. Duke Energy Progress cannot predict the outcome of this matter.

Duke Energy Carolinas

2023 North Carolina Rate Case

On September 8, 2022, Duke Energy Carolinas requested initiation of the process necessary to file a performance-based regulation application (PBR Application). The request notified the NCUC that such PBR Application would be targeted for filing no earlier than January 6, 2023. In addition, the NCUC held a technical conference on November 2, 2022, in which Duke Energy Carolinas presented information on approximately $4 billion of planned transmission and distribution capital spending projects that it intends to include in the Multiyear Rate Plan (MYRP) portion of its PBR Application.

Oconee Nuclear Station Subsequent License Renewal

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions purporting to challenge Duke Energy Carolinas’ environmental report (ER). In general, the proposed contentions claimed that the ER did not consider certain information regarding the environmental aspects of severe accidents caused by a hypothetical failure of the Jocassee Dam in South Carolina and, therefore, did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Duke Energy Carolinas filed its answer to the proposed contentions on October 22, 2021, and the Petitioners filed their reply to Duke Energy Carolinas’ answer on November 5, 2021. On February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the proceeding.

On February 24, 2022, the NRC issued a decision in the SLR appeal related to the Turkey Point nuclear generating station in Florida and ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. While Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its ER providing information on environmental impacts during the SLR period prior to the rulemaking being completed. Duke Energy is evaluating the two options to determine which is preferable for ONS. Although the NRC’s decision will delay completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process.

Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations. New depreciation rates were implemented for all of the nuclear facilities during the second quarter of 2021. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of these additional relicensing proceedings.

48

FINANCIAL STATEMENTS REGULATORY MATTERS

Duke Energy Progress

2022 North Carolina Rate Case

On October 6, 2022, Duke Energy Progress filed an application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC includes a PBR Application, which includes a MYRP and proposes rates for three years within the MYRP period. In addition to the MYRP, the PBR Application includes an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms as required by HB 951. If approved, the overall retail revenue increase would be $326 million in Year 1, $151 million in Year 2 and $138 million in Year 3, for a combined total of $615 million or 16% by late 2025. The rate increase is driven primarily by major transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan filing. Duke Energy Progress plans to implement temporary rates, subject to refund, on June 1, 2023, and has requested permanent rates be effective by October 1, 2023. Duke Energy Progress cannot predict the outcome of this matter.

2022 South Carolina Rate Case

On September 1, 2022, Duke Energy Progress filed an application with the PSCSC to request an increase in base rate retail revenues. Duke Energy Progress' rate request proposes a step in of the proposed rate increase over two years. If approved, the overall retail revenue increase in Year 1 would be approximately $53 million or 8.6%. In Year 2, the remaining portion of the request would take effect for a net cumulative increase in retail revenues of approximately $68 million or 11%. The rate increase is driven by major capital investments, including grid improvements and advanced metering infrastructure, the addition of two new combined-cycle units located in Asheville, North Carolina, and environmental compliance costs, including recovery over a seven-year period of $108 million of deferred coal ash related compliance costs. Duke Energy Progress is proposing to accelerate flow back of the remaining portion of the federal unprotected EDIT associated with Property, Plant and Equipment over 26 months compared to the amortization over 20 years that was approved in the last base rate case. Duke Energy Progress also requested approval to establish a storm reserve for future incremental storm costs. Hearings are scheduled to begin in January 2023, and Duke Energy Progress has requested to implement new customer rates by April 1, 2023. Duke Energy Progress cannot predict the outcome of this matter.

FERC Return on Equity Complaint

On October 16, 2020, North Carolina Electric Membership Corporation (NCEMC) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the Federal Power Act (FPA), alleging that the 11% stated return on equity (ROE) component in the demand formula rate in the Power Supply and Coordination Agreement between NCEMC and Duke Energy Progress is unjust and unreasonable. On June 16, 2022, Duke Energy Progress submitted to the FERC an Offer of Settlement and Settlement Agreement (Settlement Agreement) between NCEMC and Duke Energy Progress. The Settlement Agreement provides for an ROE of 10%, effective January 1, 2022, among other contract modifications. On July 5, 2022, NCEMC filed comments in support of the Settlement Agreement. The parties are awaiting FERC approval of the Settlement Agreement. The final disposition of these proceedings is not expected to have a material effect on the results of operations, cash flows or financial position of Duke Energy Progress.

Duke Energy Florida

2021 Settlement Agreement

On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”).

Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC on August 12, 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida will be able to retain the $173 million retail portion of the expected DOE award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida will be able to recognize the $173 million into earnings from 2022 through 2024. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $180 million on June 15, 2022, of which the retail portion was approximately $154 million. The 2021 Settlement authorizes Duke Energy Florida to collect the difference between $173 million and the $154 million retail portion of the amount received through the capacity cost recovery clause.

The 2021 Settlement also contained a provision to recover or flow-back the effects of tax law changes. As a result of the IRA enacted on August 16, 2022, Duke Energy Florida is eligible for production tax credits associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC on October 17, 2022, to reduce base rates effective January 1, 2023, by $56 million to flow back the expected 2023 production tax credits and to flow back the expected 2022 production tax credits via an adjustment to the capacity cost recovery clause. Duke Energy Florida cannot predict the outcome of this matter. See Note 16 for additional information on the IRA.

In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian.

The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.

49

FINANCIAL STATEMENTS REGULATORY MATTERS

Clean Energy Connection

On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion and the projects are expected to be completed by the end of 2024. This investment will be included in base rates offset by the revenue from the subscription fees and the credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021.

On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard the oral argument on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. On September 23, 2022, the FPSC issued a revised order and submitted it on September 26, 2022, to the Supreme Court of Florida. The FPSC approval order remains in effect pending the outcome of the appeal. Duke Energy Florida cannot predict the outcome of this matter.

Storm Protection Plan

On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approximately $7 billion of capital investment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. The evidentiary hearing began on August 2, 2022. On October 4, 2022, the FPSC voted to approve Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025.

Hurricane Ian

On September 28, 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. Duke Energy Florida's September 30, 2022 Condensed Consolidated Balance Sheets included an estimate of approximately $162 million related to deferred Hurricane Ian storm costs incurred through September 30, 2022, consistent with the FPSC's storm rule, in Regulatory assets within Other Noncurrent Assets. Total storm restoration costs, including capital, are estimated to be in the range of $325 million to $375 million by the end of the year. The estimate will change as Duke Energy Florida receives additional information on actual costs. After depleting any existing storm reserves, which were approximately $107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $132 million. Duke Energy Florida plans to make this petition in late 2022 or early 2023.

Duke Energy Ohio

Duke Energy Ohio Electric Base Rate Case

Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million and an ROE of 10.3%. This is an approximate 3.3% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last electric distribution base rate case in 2017. Duke Energy Ohio is also seeking to adjust the caps on its Distribution Capital Investment Rider (DCI Rider). The Staff of the PUCO (Staff) report was issued on May 19, 2022, recommending an increase in electric distribution base rates of $2 million to $15 million with an ROE range of 8.84% to 9.85%. On September 19, 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which includes an increase in overall electric distribution base rates of approximately $23 million and an ROE of 9.5%. The stipulation is among all but one party to the proceeding. The four-day hearing ended on October 11, 2022. Initial briefs were filed on October 31, 2022, and reply briefs are due November 14, 2022. Duke Energy Ohio cannot predict the outcome of this matter.

Energy Efficiency Cost Recovery

In response to changes in Ohio law that eliminated Ohio's energy efficiency mandates, the PUCO issued an order on February 26, 2020, directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020. Duke Energy Ohio took the following actions:

•On March 27, 2020, Duke Energy Ohio filed an application for rehearing seeking clarification on the final true up and reconciliation process after 2020. On November 18, 2020, the PUCO issued an order replacing the cost cap previously imposed upon Duke Energy Ohio with a cap on shared savings recovery. On December 18, 2020, Duke Energy Ohio filed an additional application for rehearing challenging, among other things, the imposition of the cap on shared savings. On January 13, 2021, the application for rehearing was granted for further consideration.

•On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposed a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs. The application remains under review.

•On November 18, 2020, the PUCO issued an order directing all utilities to set their energy efficiency riders to zero effective January 1, 2021, and to file a separate application for final reconciliation of all energy efficiency costs prior to December 31, 2020. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs.

•On June 14, 2021, the PUCO requested each utility to file by July 15, 2021, a proposal to reestablish low-income programs through December 31, 2021. Duke Energy Ohio filed its application on July 14, 2021.

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FINANCIAL STATEMENTS REGULATORY MATTERS

•On February 23, 2022, the PUCO issued its Fifth Entry on Rehearing that 1) affirmed its reduction in Duke Energy Ohio's shared savings cap; 2) denied rehearing/clarification regarding lost distribution revenues and shared savings recovery for periods after December 31, 2020; and 3) directed Duke Energy Ohio to submit an updated application with exhibits.

•On March 25, 2022, Duke Energy Ohio filed its Amended Application consistent with the PUCO's order.

Duke Energy Ohio cannot predict the outcome of this matter.

Duke Energy Ohio Natural Gas Base Rate Case

Duke Energy Ohio filed with the PUCO a natural gas base rate case application on June 30, 2022, with supporting testimony filed on July 14, 2022, requesting an increase in natural gas base rates of approximately $49 million and an ROE of 10.3%. This is an approximate 5.6% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio is also seeking to adjust the caps on its Capital Expenditure Program Rider (CEP Rider). Duke Energy Ohio cannot predict the outcome of this matter.

Natural Gas Pipeline Extension

Duke Energy Ohio installed a new natural gas pipeline (the Central Corridor Project) in its Ohio service territory to increase system reliability and enable the retirement of older infrastructure. Construction of the pipeline extension was completed and placed in service on March 14, 2022, with a total cost of approximately $170 million (excluding overheads and AFUDC).

MGP Cost Recovery

In an order issued in 2013, the PUCO approved Duke Energy Ohio's deferral and recovery of costs related to environmental remediation at two sites (East End and West End) that housed former MGP operations. Duke Energy Ohio made annual applications with the PUCO to recover its incremental remediation costs consistent with the PUCO’s directive in Duke Energy Ohio’s 2012 natural gas base rate case. The Staff issued reports recommending a disallowance of MGP remediation costs incurred that the Staff believes are not eligible for recovery. The Staff interprets the PUCO’s 2013 order granting Duke Energy Ohio recovery of MGP remediation as limiting the recovery to work directly on the East End and West End sites. Duke Energy Ohio filed reply comments objecting to the Staff’s recommendations and explaining, among other things, the obligation Duke Energy Ohio has under Ohio law to remediate all areas impacted by the former MGPs and not just physical property that housed the former plants and equipment. Additionally, the Staff recommended that any discussion pertaining to Duke Energy Ohio's recovery of ongoing MGP costs should be directly tied to or netted against insurance proceeds collected by Duke Energy Ohio. An evidentiary hearing concluded on November 21, 2019. Initial briefs were filed on January 17, 2020, and reply briefs were filed on February 14, 2020.

The 2013 PUCO order also contained conditional deadlines for completing the MGP environmental remediation and the deferral of related remediation costs. Subsequent to the order, the deadline was extended to December 31, 2019. On May 10, 2019, Duke Energy Ohio filed an application requesting a continuation of its existing deferral authority for MGP remediation that must occur after December 31, 2019. On July 12, 2019, the Staff recommended the commission deny the deferral authority request. On September 13, 2019, intervenor comments were filed opposing Duke Energy Ohio's request for continuation of existing deferral authority and on October 2, 2019, Duke Energy Ohio filed reply comments.

A Stipulation and Recommendation was filed jointly by Duke Energy Ohio, the Staff, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group on August 31, 2021, which was approved without modification by the PUCO on April 20, 2022. The Stipulation and Recommendation resolved all open issues regarding MGP remediation costs incurred between 2013 and 2019, Duke Energy Ohio’s request for additional deferral authority beyond 2019 and the pending issues related to the Tax Cuts and Jobs Act (the Tax Act) described below as it related to Duke Energy Ohio’s natural gas operations. As a result of the approval of the Stipulation and Recommendation, Duke Energy Ohio recognized pretax charges of approximately $15 million to Operating revenues, regulated natural gas and $58 million to Operation, maintenance and other and a tax benefit of $72 million to Income Tax (Benefit) Expense in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. The Stipulation and Recommendation further acknowledged Duke Energy Ohio’s ability to file a request for additional deferral authority in the future related to environmental remediation of any MGP impacts in the Ohio River, if necessary, subject to specific conditions. On June 15, 2022, the PUCO granted the rehearing requests of Interstate Gas Supply, Inc. (IGS) and The Retail Energy Supply Association (RESA), which were filed on May 20, 2022, for further consideration. Duke Energy Ohio cannot predict the outcome of this matter.

Tax Act – Ohio

On December 21, 2018, Duke Energy Ohio filed an application to change its base rate tariffs and establish a new rider to implement the benefits of the Tax Act for natural gas customers. The new rider would flow through to customers the benefit of the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, all future benefits of the lower tax rates and a full refund of deferred income taxes collected at the higher tax rates in prior years. Deferred income taxes subject to normalization rules would be refunded consistent with federal law and deferred income taxes not subject to normalization rules will be refunded over a 10-year period. An evidentiary hearing occurred on August 7, 2019. The Stipulation and Recommendation filed on August 31, 2021, and approved on April 20, 2022, disclosed in the MGP Cost Recovery matter above, resolves the outstanding issues in this proceeding by providing customers a one-time bill credit for the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, through June 1, 2022, and reducing base rates going forward. Deferred income taxes subject to normalization rules will be refunded consistent with federal law through a new rider. Deferred income taxes not subject to normalization rules were written off. The commission granted the rehearing requests of IGS and RESA for further consideration. Duke Energy Ohio cannot predict the outcome of this matter.

51

FINANCIAL STATEMENTS REGULATORY MATTERS

Midwest Propane Caverns

Duke Energy Ohio used propane stored in caverns to meet peak demand during winter for several decades. Once the Central Corridor Project was complete and placed in service, the propane peaking facilities were no longer necessary and were retired. On October 7, 2021, Duke Energy Ohio requested deferral treatment of the property, plant and equipment as well as costs related to propane inventory and decommissioning costs. On January 6, 2022, the Staff issued a report recommending deferral authority for costs related to propane inventory and decommissioning costs, but not for the net book value of the remaining plant assets. As a result of the Staff's report, Duke Energy Ohio recorded a $19 million charge to Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income in the fourth quarter of 2021. A Stipulation and Recommendation was filed jointly by Duke Energy Ohio and the Staff on April 27, 2022, recommending, among other things, approval of deferral treatment of a portion of the net book value of the property, plant and equipment prior to the 2021 impairment at the time of the next natural gas base rate case, excluding operations and maintenance savings, decommissioning costs not to exceed $7 million and costs related to propane inventory. The Stipulation and Recommendation states that Duke Energy Ohio will seek recovery of the deferral through its next natural gas base rate case proceeding with a proposed amortization period of at least 10 years and include an independent engineering study analyzing the necessity and prudency of the incremental investments made at the facilities since March 31, 2012. Duke Energy Ohio will not seek a return on the deferred amounts. An evidentiary hearing was held on September 8, 2022. On October 5, 2022, the PUCO issued an order approving the Stipulation and Recommendation as filed. As a result of the order, Duke Energy Ohio recorded a reversal of $12 million to Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income for the three months and nine months ended September 30, 2022.

Duke Energy Indiana

2019 Indiana Rate Case

On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6% or $396 million average retail rate increase, including the impacts of the Utility Receipts Tax. Hearings concluded on February 7, 2020. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction was due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% was due to the approved ROE of 9.7% versus the requested ROE of 10.4% and approximately 20% was related to miscellaneous earnings neutral adjustments. Step one rates were estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates estimated to be the remaining 25% of the total rate increase were approved on July 28, 2021, and implemented in August 2021.

Several groups appealed the IURC order to the Indiana Court of Appeals. Appellate briefs were filed on October 14, 2020, focusing on three issues: wholesale sales allocations, coal ash basin cost recovery and the Edwardsport IGCC operating and maintenance expense level approved. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. The Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group filed a joint petition to transfer the rate case appeal to the Indiana Supreme Court on June 28, 2021. The Indiana Supreme Court issued its opinion on March 10, 2022, finding that the IURC erred in allowing Duke Energy Indiana to recover coal ash costs incurred before the IURC’s rate case order in June 2020. The Indiana Supreme Court found that allowing Duke Energy Indiana to recover coal ash costs incurred between rate cases that exceeded the amount built into base rates violated the prohibition against retroactive ratemaking. The IURC’s order has been remanded to the IURC for additional proceedings consistent with the Indiana Supreme Court’s opinion. As a result of the court's opinion, Duke Energy Indiana recognized pretax charges of approximately $211 million to Impairment of assets and other charges and $46 million to Operating revenues in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. Duke Energy Indiana filed a request for rehearing with the Supreme Court on April 11, 2022, which the court denied on May 26, 2022. Duke Energy Indiana filed its testimony in the remand proceeding on August 18, 2022. An evidentiary hearing is scheduled to begin January 20, 2023. Duke Energy Indiana cannot predict the outcome of this matter.

2020 Indiana Coal Ash Recovery Case

In Duke Energy Indiana’s 2019 rate case, the IURC also opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. An evidentiary hearing was held on September 14, 2020. Briefing was completed by mid-September 2021. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC filed a notice of appeal to the Indiana Court of Appeals on December 3, 2021. The OUCC's opening brief was filed on October 12, 2022. Duke Energy Indiana cannot predict the outcome of this matter.

TDSIC 2.0

On November 23, 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve reliability to our customers, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In addition, the IURC set up a subdocket to consider the targeted economic development project, which the IURC approved on March 2, 2022. On July 15, 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. An appellant brief was filed on October 28, 2022. Duke Energy Indiana cannot predict the outcome of this matter.

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FINANCIAL STATEMENTS REGULATORY MATTERS

Piedmont

2022 South Carolina Rate Case

On April 1, 2022, Piedmont filed an application with the PSCSC for a rate increase for retail customers of approximately $7 million, which represents an approximate 3.4% increase in retail revenues. The rate increase is driven by customer growth and infrastructure upgrade investments (plant additions) since Piedmont’s last proceeding in 2021 under South Carolina’s Rate Stabilization Act. In addition, Piedmont agreed with the South Carolina Office of Regulatory Staff (ORS) in 2019 to file a general rate case no later than April 1, 2022, to conduct a more comprehensive review of rates including the allocation of costs to residential, commercial and industrial customers. In addition to the ORS, the South Carolina Department of Consumer Affairs (DCA) and the South Carolina Energy Users Committee (SCEUC) intervened in the case and filed testimony on July 12, 2022, each recommending downward adjustments relating to several issues, including ROE, capital structure, depreciation and employee compensation. Prior to hearing, Piedmont entered into a comprehensive settlement with the ORS and the SCEUC, which included a stipulated ROE of 9.49% and capital structure of 53.5% equity. The DCA stipulated to all terms with the exception of ROE and capital structure. An evidentiary hearing was held on August 15, 2022. On September 15, 2022, the PSCSC delivered its decision, which included an ROE of 9.3% and a capital structure of 52.2% equity and 47.8% debt and issued its final order on October 6, 2022. Revised customer rates became effective in October 2022 and resulted in a rate decrease for retail customers of approximately $1 million.

Tennessee Annual Review Mechanism

On October 10, 2022, the TPUC approved Piedmont’s petition to adopt an Annual Review Mechanism (ARM) as allowed by Tennessee law. Under the ARM, Piedmont will adjust rates annually to achieve its allowed 9.80% ROE over the upcoming year and to true up any variance between its allowed ROE and actual ROE from the prior calendar year. The initial year subject to the true up is 2022, and the initial rate adjustments request will be filed in May 2023 for rates effective October 1, 2023.

OTHER REGULATORY MATTERS

Potential Coal Plant Retirements

The Subsidiary Registrants periodically file integrated resource plans (IRPs) with their state regulatory commissions. The IRPs provide a view of forecasted energy needs over a long term (10 to 20 years) and options being considered to meet those needs. IRPs filed by the Subsidiary Registrants included planning assumptions to potentially retire certain coal-fired generating facilities in North Carolina and Indiana earlier than their current estimated useful lives. Duke Energy continues to evaluate the potential need to retire these coal-fired generating facilities earlier than the current estimated useful lives and plans to seek regulatory recovery for amounts that would not be otherwise recovered when any of these assets are retired.

The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of September 30, 2022, and exclude capitalized asset retirement costs.

		Remaining Net
	Capacity	Book Value
	(in MW)	(in millions)
Duke Energy Carolinas
Allen Steam Station Unit 1(a)	167	$	11
Allen Steam Station Unit 5(b)	259	243
Cliffside Unit 5(b)	546	351
Duke Energy Progress
Mayo Unit 1(b)	713	623
Roxboro Units 3-4(b)	1,409	433
Duke Energy Florida
Crystal River Units 4-5(c)	1,442	1,578
Duke Energy Indiana
Gibson Units 1-5(d)	2,845	2,019
Cayuga Units 1-2(d)	1,005	644
Total Duke Energy	8,386	$	5,902

(a)As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Unit 1 by December 31, 2024. The long-term energy options considered in the IRP could result in retirement of this unit earlier than its current estimated useful life.

(b)These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives.

(c)On January 14, 2021, Duke Energy Florida filed the 2021 Settlement agreement with the FPSC, which proposed depreciation rates reflecting retirement dates for Duke Energy Florida's last two coal-fired generating facilities, Crystal River Units 4-5, eight years ahead of schedule in 2034 rather than in 2042. The FPSC approved the 2021 Settlement on May 4, 2021. The remaining net book value reflected in the table above excludes $200 million of accelerated deprecation collected from retail customers pursuant to Duke Energy Florida's 2017 Settlement.

(d)The rate case filed July 2, 2019, included proposed depreciation rates reflecting retirement dates from 2026 to 2038. The depreciation rates reflecting these updated retirement dates were approved by the IURC as part of the rate case order issued on June 29, 2020.

53

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

4. COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.

Remediation Activities

In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based upon site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)	September 30, 2022		December 31, 2021
Reserves for Environmental Remediation
Duke Energy	$	89	$	88
Duke Energy Carolinas	23		19
Progress Energy	24		23
Duke Energy Progress	12		11
Duke Energy Florida	11		11
Duke Energy Ohio	32		34
Duke Energy Indiana	3		4
Piedmont	7		9

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

Duke Energy

Michael Johnson et al. v. Duke Energy Corporation et al.

On September 23, 2020, plaintiff Michael Johnson, a former Duke Energy employee and participant in the Duke Energy Retirement Savings Plan (Plan) brought suit on his own behalf and on behalf of other participants and beneficiaries similarly situated against Duke Energy Corporation, the Duke Energy Benefits Committee, and other unnamed individual defendants. The complaint, which was subsequently amended to add a current participant as a plaintiff on November 23, 2020, alleges that the defendants breached their fiduciary duties with respect to certain fees associated with the Plan in violation of the Employee Retirement Income Security Act of 1974 and seeks certification of a class of all individuals who were participants or beneficiaries of the Plan at any time on or after September 23, 2014. The defendants filed a motion to dismiss the plaintiffs’ amended complaint on December 18, 2020. On January 31, 2022, the court denied the defendants' motion to dismiss. On February 28, 2022, Duke Energy responded to the amended complaint. Discovery commenced and the parties exchanged preliminary disclosures. After review of these disclosures, the plaintiff agreed to voluntarily dismiss its suit and the parties subsequently filed a joint stipulation of voluntary dismissal with prejudice on April 29, 2022, ending this litigation.

Texas Storm Uri Tort Litigation

Several Duke Energy renewables project companies, located in the ERCOT market, were named in lawsuits arising out of Texas Storm Uri in mid-February 2021. Duke Energy Corporation, which had originally been named in several suits, was dismissed from the lawsuits. The lawsuits against the Duke Energy renewables project companies seek recovery for property damages, personal injury and for wrongful death allegedly caused by the power outages, which the plaintiffs claim was the result of collective failures of generators, transmission and distribution operators, retail energy providers and others, including ERCOT. The cases have been consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-litigation purposes. Five MDL cases have been designated for motions to dismiss while all other cases are stayed. Duke Energy renewables projects are named as defendants in three of these five cases. Plaintiffs in these five cases have filed amended petitions, which are subject to renewed omnibus motions to dismiss focusing on lack of duty, tariff defenses and sovereign immunity. The motions were heard by the court on October 11 and 12, 2022. The court is expected to make a decision on all motions within two months. Thereafter, the parties expect an appeal which may have the effect of staying all or some of the litigation. Duke Energy cannot predict the outcomes of these matters.

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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

Duke Energy Carolinas

Ruben Villano, et al. v. Duke Energy Carolinas, LLC

On June 16, 2021, a group of nine individuals went over a low head dam adjacent to the Dan River Steam Station in Eden, North Carolina, while water tubing. Emergency personnel rescued four people and five others were confirmed deceased. On August 11, 2021, Duke Energy Carolinas was served with the complaint filed in Durham County Superior Court on behalf of four survivors, which was later amended to include all the decedents along with the survivors, except for one minor. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes and that Duke Energy did not adequately warn about the dam, and that Duke Energy Carolinas created a dangerous and hidden hazard on the Dan River in building and maintaining the low head dam. On September 30, 2021, Duke Energy Carolinas filed its motion to dismiss and motion for transfer of venue from Durham County to Rockingham County, both of which were denied on November 15, 2021. On November 15, 2021, Duke Energy Carolinas was also served with Plaintiffs Second Amended Complaint, which added the final minor plaintiff and consolidated all the actions into one lawsuit. Duke Energy Carolinas has filed its Answer and Affirmative Defenses to the Second Amended Complaint. Discovery has commenced and is scheduled to be completed on or before April 28, 2023. The parties are preparing for mediation in December 2022. If the case is not resolved, dispositive motions are due to be filed by September 6, 2023. The case is scheduled to be trial-ready by October 2, 2023. Duke Energy Carolinas cannot predict the outcome of this matter.

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims.

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. Duke Energy Carolinas is cooperating with the Office of Enforcement but cannot predict the outcome of this investigation.

On August 17, 2020, the court denied both NTE’s and Duke Energy Carolinas’ motions to dismiss. In October 2021, NTE filed a Second Amended Counterclaim and Complaint, and in January 2022, NTE filed a Third Amended Counterclaim and Complaint. Duke Energy Carolinas has responded to these pleadings. On December 6, 2021, Duke Energy Carolinas filed an Amended Complaint. Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior that violated various federal and state antitrust and deceptive trade practices statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. NTE has until November 14, 2022 to appeal the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Duke Energy Carolinas cannot predict the outcome of this matter.

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserves of $467 million at September 30, 2022, and $501 million at December 31, 2021. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2041 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2041 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $595 million at September 30, 2022, and $644 million at December 31, 2021. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables is $12 million for Duke Energy and Duke Energy Carolinas as of September 30, 2022, and December 31, 2021. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

55

FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

Duke Energy Progress and Duke Energy Florida

Spent Nuclear Fuel Matters

On June 18, 2018, Duke Energy Progress and Duke Energy Florida sued the U.S. in the U.S. Court of Federal Claims for damages incurred for the period 2014 through 2018. The lawsuit claimed the DOE breached a contract in failing to accept spent nuclear fuel under the Nuclear Waste Policy Act of 1982 and asserted damages for the cost of on-site storage in the amount of $100 million and $200 million for Duke Energy Progress and Duke Energy Florida, respectively.

On March 30, 2022, the DOE and Duke Energy Progress executed a settlement agreement, pursuant to which Duke Energy Progress will receive damages for costs incurred between 2014 and 2018, and will be able to submit future costs on a defined schedule. In April 2022, Duke Energy Progress received $87 million in proceeds that related to damages incurred in 2014 through 2018.

On May 2, 2022, the DOE and Duke Energy Florida executed a settlement agreement, pursuant to which Duke Energy Florida will receive damages for costs incurred between 2014 and 2018, and will be able to submit costs incurred in 2019 and 2020 pursuant to an audit process. In June 2022, Duke Energy Florida received $180 million in proceeds that related to damages incurred in 2014 through 2018.

Duke Energy Indiana

Coal Ash Basin Closure Plan Appeal

On January 27, 2020, Hoosier Environmental Council (HEC) filed a Petition for Administrative Review with the Indiana Office of Environmental Adjudication challenging the Indiana Department of Environmental Management’s (IDEM's) December 10, 2019, partial approval of Duke Energy Indiana’s ash pond closure plan at Duke Energy's Gallagher power station. After hearing oral arguments in early April 2021 on Duke Energy Indiana's and HEC's competing Motions for Summary Judgment, on May 4, 2021, the administrative court rejected all of HEC’s claims and issued a ruling in favor of Duke Energy Indiana. On June 3, 2021, HEC filed an appeal in Superior Court to seek judicial review of the order. On June 25, 2021, Duke Energy Indiana filed its response to the Petition to Review. On August 30, 2021, HEC served Duke Energy Indiana with its Brief in Support of Petition for Judicial Review. On October 29, 2021, Duke Energy Indiana and IDEM filed their response briefs. On December 13, 2021, HEC filed and served its Reply Brief.

On January 11, 2022, Duke Energy Indiana received a compliance obligation letter from the Environmental Protection Agency (EPA) notifying the company that the two basins at issue in the litigation are subject to requirements of the CCR Rule. The letter does not provide a deadline for compliance. Duke Energy Indiana is evaluating the EPA letter, its potential impacts on the litigation and the extent to which this letter could apply to CCR surface impoundments at its other Indiana sites.

Following the January 11, 2022 EPA notice of compliance letter, the parties filed a joint motion to stay the litigation for 45 days, which was approved by the court. As a result, the oral argument scheduled for February 1, 2022, was postponed. Duke Energy Indiana and HEC engaged in settlement discussions, but the parties were unable to reach resolution. On April 21, 2022, HEC filed a Motion to Lift Stay and Motion for Judicial Notice. HEC also requested that the court hold a hearing within 45 days and also take judicial notice of the EPA's January 11, 2022 letter. On April 22, 2022, Duke Energy Indiana sent IDEM a letter withdrawing the closure plans for the Gallagher North Ash Pond and Primary Pond Ash Fill. After acknowledgment by IDEM of withdrawal of these closure plans, Duke Energy Indiana filed a Motion to Dismiss the litigation as moot on April 28, 2022, which IDEM supported, and the court granted the Motion to Dismiss on July 8, 2022.

Coal Ash Insurance Coverage Litigation

In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A case schedule has not yet been set. Duke Energy Indiana cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.

In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.

56

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

5. DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).

				Nine Months Ended September 30, 2022
						Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Piedmont
Unsecured Debt
May 2022(a)	May 2052	5.050	%	$	400	$	—	$	—	$	—	$	400
June 2022(b)	June 2028	4.750	%	645		645		—		—		—
June 2022(b)	June 2034	5.306	%	537		537		—		—		—
August 2022(c)	March 2028	4.300	%	900		900		—		—		—
August 2022(c)	August 2032	4.500	%	1,150		1,150		—		—		—
August 2022(c)	August 2052	5.000	%	1,150		1,150		—		—		—
First Mortgage Bonds
March 2022(d)	March 2032	2.850	%	500		—		500		—		—
March 2022(d)	March 2052	3.550	%	650		—		650		—		—
March 2022(d)	April 2032	3.400	%	500		—		—		500		—
March 2022(d)	April 2052	4.000	%	400		—		—		400		—
Tax-exempt Bonds
June 2022(e)	September 2030	4.000	%	168		168		—		—		—
June 2022(e)	November 2039	4.250	%	234		234		—		—		—
September 2022(f)	October 2046	3.300	%	200		—		—		200		—
September 2022(g)	October 2046	3.700	%	210		—		—		210		—
September 2022(g)	October 2046	4.000	%	42		—		—		42		—
Total issuances				$	7,686	$	4,784	$	1,150	$	1,352	$	400

(a)Proceeds were used to pay down a portion of outstanding intercompany short-term debt and for general corporate purposes.

(b)Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Proceeds were used to repay a $500 million debt maturity, pay down short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 9 for additional information.

(c)Proceeds will be used to repay a portion of short-term debt and for general corporate purposes.

(d)Proceeds were used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework.

(e)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027.

(f)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026.

(g)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030.

57

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

CURRENT MATURITIES OF LONG-TERM DEBT

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)	Maturity Date	Interest Rate		September 30, 2022
Unsecured Debt(a)
Duke Energy (Parent)	April 2023	2.875	%	$	350
Duke Energy (Parent)(b)	June 2023	2.048	%	500
First Mortgage Bonds
Duke Energy Carolinas	March 2023	2.500	%	500
Duke Energy Carolinas	March 2023	3.050	%	500
Duke Energy Progress	September 2023	3.375	%	300
Duke Energy Ohio	September 2023	3.800	%	300
Other(c)				799
Current maturities of long-term debt				$	3,249

(a)In May 2022, Duke Energy (Parent) early retired $500 million of unsecured debt with an original maturity date of August 2022.

(b)Debt has a floating interest rate.

(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

AVAILABLE CREDIT FACILITIES

Master Credit Facility

In March 2022, Duke Energy amended its existing Master Credit Facility to increase the amount of the facility from $8 billion to $9 billion and to extend the termination date to March 2027. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

	September 30, 2022
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	9,000	$	3,000	$	1,225	$	950	$	1,350	$	775	$	900	$	800
Reduction to backstop issuances
Commercial paper(b)	(3,339)		(135)		(827)		(150)		(887)		(476)		(586)		(278)
Outstanding letters of credit	(38)		(25)		(4)		(2)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,542	$	2,840	$	394	$	798	$	456	$	299	$	233	$	522

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Other Credit Facilities

Duke Energy (Parent) Term Loan Facility

On March 9, 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 9, 2024. The maturity date of the Credit Agreement may be extended for up to two years by request of Duke Energy (Parent), upon satisfaction of certain conditions contained in the Credit Agreement. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. The balance is classified as Long-Term Debt on Duke Energy's Condensed Consolidated Balance Sheets. The Three-Year Revolving Credit Facility was terminated in March 2022.

Duke Energy Florida Term Loan Facility

In October 2022, Duke Energy Florida entered into a term loan facility with commitments totaling $800 million expiring in April 2024. The term loan was fully drawn at the time of closing in October and borrowings were used for storm costs, under-collected fuel and general company purposes. The balance will be classified as Long-Term Debt on Duke Energy Florida's Consolidated Balance Sheet.

58

FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

Other Debt Matters

In September 2022, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy, may issue debt and other securities, including preferred stock, in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy. Also in September 2022, Duke Energy filed a Form S-3 that allows Duke Energy to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time.

Intercompany Credit Agreements

In March 2022, Progress Energy closed a revolving credit agreement with Duke Energy (Parent), which allowed up to $2.5 billion in intercompany borrowings.

6. ASSET RETIREMENT OBLIGATIONS

The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities(a)	$	7,206	$	2,968	$	4,202	$	3,908	$	294	$	—	$	—	$	—
Closure of ash impoundments	5,293		2,360		1,914		1,885		29		99		919		—
Other	451		65		87		46		41		56		39		23
Total ARO	$	12,950	$	5,393	$	6,203	$	5,839	$	364	$	155	$	958	$	23
Less: Current portion	798		278		311		310		1		23		185		—
Total noncurrent ARO	$	12,152	$	5,115	$	5,892	$	5,529	$	363	$	132	$	773	$	23

(a)Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy.

ARO Liability Rollforward

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2021(a)	$	12,776	$	5,301	$	6,112	$	5,675	$	437	$	136	$	987	$	22
Accretion expense(b)	376		180		170		159		11		4		21		1
Liabilities settled(c)	(488)		(163)		(239)		(160)		(79)		(8)		(77)		—
Revisions in estimates of cash flows(d)	286		75		160		165		(5)		23		27		—
Balance at September 30, 2022	$	12,950	$	5,393	$	6,203	$	5,839	$	364	$	155	$	958	$	23

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the nine months ended September 30, 2022, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases primarily relate to higher unit costs associated with basin closure, routine maintenance and beneficiation activities, partially offset by lower post closure maintenance costs, a reduction in monitoring wells needed, and higher discount rates applied to future cash flows.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets within Other Noncurrent Assets, respectively, on the Condensed Consolidated Balance Sheets.

59

FINANCIAL STATEMENTS GOODWILL

7. GOODWILL

Duke Energy

The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2022, and December 31, 2021.

	Electric Utilities		Gas Utilities		Commercial
(in millions)	and Infrastructure		and Infrastructure		Renewables		Total
Goodwill balance	$	17,379	$	1,924	$	122	$	19,425
Accumulated impairment charges	—		—		(122)		(122)
Goodwill, adjusted for accumulated impairment charges	$	17,379	$	1,924	$	—	$	19,303

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to Electric Utilities and Infrastructure and $324 million to Gas Utilities and Infrastructure, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2022, and December 31, 2021.

Progress Energy

Progress Energy's Goodwill is included in the Electric Utilities and Infrastructure segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the Gas Utilities and Infrastructure segment and there are no accumulated impairment charges.

Impairment Testing

Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2022.

60

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

8. RELATED PARTY TRANSACTIONS

The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	193	$	207	$	590	$	653
Indemnification coverages(b)	7		6		21		18
Joint Dispatch Agreement (JDA) revenue(c)	16		6		54		32
JDA expense(c)	210		68		477		133
Intercompany natural gas purchases(d)	5		14		14		43
Progress Energy
Corporate governance and shared service expenses(a)	$	188	$	201	$	568	$	615
Indemnification coverages(b)	10		10		32		31
JDA revenue(c)	210		68		477		133
JDA expense(c)	16		6		54		32
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	111	$	121	$	338	$	367
Indemnification coverages(b)	5		4		15		14
JDA revenue(c)	210		68		477		133
JDA expense(c)	16		6		54		32
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	77	$	80	$	230	$	248
Indemnification coverages(b)	5		6		17		17
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	87	$	79	$	251	$	237
Indemnification coverages(b)	2		1		4		3
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	115	$	96	$	330	$	302
Indemnification coverages(b)	2		2		6		6
Piedmont
Corporate governance and shared service expenses(a)	$	37	$	32	$	109	$	101
Indemnification coverages(b)	1		1		2		3
Intercompany natural gas sales(d)	24		33		71		99
Natural gas storage and transportation costs(e)	6		6		17		17

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.

61

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

As discussed in Note 12, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
September 30, 2022
Intercompany income tax receivable	$	80	$	114	$	—	$	102	$	14	$	27	$	25
Intercompany income tax payable	—		—		33		—		—		—		—
December 31, 2021
Intercompany income tax receivable	$	—	$	—	$	—	$	40	$	19	$	—	$	—
Intercompany income tax payable	62		—		84		—		—		10		27

9. DERIVATIVES AND HEDGING

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, were not material. Duke Energy's interest rate derivatives designated as hedges include interest rate swaps used to hedge existing debt within the Commercial Renewables segment and forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

62

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

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

	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Indiana		Ohio
Cash flow hedges	$	1,125	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	1,102		625		150		150		300		27
Total notional amount(a)	$	2,227	$	625	$	150	$	150	$	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 $625 million and $665 million in cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Cash Flow Hedges

For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas costs volatility for customers.

Duke Energy’s undesignated contracts include long-term electricity sales in the Commercial Renewables segment.

Volumes

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.

	September 30, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	32,282	—	—	—	3,067	18,633	—
Natural gas (millions of dekatherms)	862	274	265	265	—	14	309

63

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

	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 4,335 GWh and 9,975 GWh related to cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

Fair Value Hedges

Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk. There were no fair value hedges in 2021.

	September 30, 2022
					Receive					Fair Value
	Pay Notional				Notional		Receive		Hedge	Gain (Loss)(a)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	(in millions)
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(57)
	537		5.31	%	500	euros	3.85	%	June 2034	(47)
Total notional amount	$	1,182			1,100	euros				$	(104)

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

64

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON 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	September 30, 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	$	615	$	282	$	263	$	241	$	22	$	4	$	58	$	—
Noncurrent	340		172		162		162		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	955	$	454	$	425	$	403	$	22	$	4	$	58	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	103	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	35		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	85		—		12		12		—		—		73		—
Noncurrent	81		81		—		—		—		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	304	$	81	$	12	$	12	$	—	$	—	$	73	$	—
Total Derivative Assets	$	1,259	$	535	$	437	$	415	$	22	$	4	$	131	$	—

Derivative Liabilities	September 30, 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	$	24	$	—	$	—	$	—	$	—	$	—	$	—	—
Noncurrent	106		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	168		99		—		—		—		—		18		31
Noncurrent	233		14		9		9		—		—		—		140
Total Derivative Liabilities – Commodity Contracts	$	531	$	113	$	9	$	9	$	—	$	—	$	18	$	171
Interest Rate Contracts
Not Designated as Hedging Instruments
Current	1		—		—		—		—		1		—		—
Noncurrent	2		—		—		—		—		2		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	3	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	116		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	137	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	671	$	113	$	9	$	9	$	—	$	3	$	18	$	171

65

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

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

66

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

OFFSETTING ASSETS AND LIABILITIES

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 cash collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable and letters of credit may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	September 30, 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	$	803	$	282	$	275	$	253	$	22	$	4	$	131	$	—
Gross amounts offset	(232)		(124)		(109)		(109)		—		—		—		—
Net amounts presented in Current Assets: Other	$	571	$	158	$	166	$	144	$	22	$	4	$	131	$	—
Noncurrent
Gross amounts recognized	$	456	$	253	$	162	$	162	$	—	$	—	$	—	$	—
Gross amounts offset	(191)		(86)		(105)		(105)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	265	$	167	$	57	$	57	$	—	$	—	$	—	$	—

Derivative Liabilities	September 30, 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	$	214	$	99	$	—	$	—	$	—	$	1	$	18	$	31
Gross amounts offset	(18)		—		—		—		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	196	$	99	$	—	$	—	$	—	$	1	$	—	$	31
Noncurrent
Gross amounts recognized	$	457	$	14	$	9	$	9	$	—	$	2	$	—	$	140
Gross amounts offset	(17)		(9)		(9)		(9)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	440	$	5	$	—	$	—	$	—	$	2	$	—	$	140

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	$	—	$	—	$	—	$	—

67

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

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

10. INVESTMENTS IN DEBT AND EQUITY SECURITIES

Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).

For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.

Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.

Investment Trusts

The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.

Other AFS Securities

Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2022, and December 31, 2021.

Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

68

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	120	$	—	$	—	$	160
Equity securities	3,238		181		5,447		4,905		43		7,350
Corporate debt securities	—		116		682		39		6		829
Municipal bonds	—		49		319		14		1		314
U.S. government bonds	—		139		1,391		31		12		1,568
Other debt securities	—		20		164		3		1		180
Total NDTF Investments	$	3,238	$	505	$	8,123	$	4,992	$	63	$	10,401
Other Investments
Cash and cash equivalents	$	—	$	—	$	37	$	—	$	—	$	36
Equity securities	15		20		116		36		—		156
Corporate debt securities	—		14		81		2		1		119
Municipal bonds	—		4		80		3		1		80
U.S. government bonds	—		1		63		—		—		56
Other debt securities	—		3		40		—		1		45
Total Other Investments	$	15	$	42	$	417	$	41	$	3	$	492
Total Investments	$	3,253	$	547	$	8,540	$	5,033	$	66	$	10,893

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	25	$	34	$	170	$	320
Realized losses	61		40		247		100
AFS:
Realized gains	7		17		22		51
Realized losses	40		15		105		46

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	41	$	—	$	—	$	53
Equity securities	1,903		87		3,154		2,887		19		4,265
Corporate debt securities	—		86		433		24		4		506
Municipal bonds	—		13		57		2		—		48
U.S. government bonds	—		65		637		16		3		712
Other debt securities	—		19		159		3		1		175
Total NDTF Investments	$	1,903	$	270	$	4,481	$	2,932	$	27	$	5,759

69

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	16	$	25	$	109	$	243
Realized losses	39		29		143		68
AFS:
Realized gains	7		10		19		35
Realized losses	20		10		57		32

PROGRESS ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	79	$	—	$	—	$	107
Equity securities	1,335		94		2,293		2,018		24		3,085
Corporate debt securities	—		30		249		15		2		323
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		74		754		15		9		856
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,335	$	235	$	3,642	$	2,060	$	36	$	4,642
Other Investments
Cash and cash equivalents	$	—	$	—	$	13	$	—	$	—	$	20
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	38	$	2	$	—	$	46
Total Investments	$	1,335	$	235	$	3,680	$	2,062	$	36	$	4,688

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	9	$	9	$	61	$	77
Realized losses	22		11		104		32
AFS:
Realized gains	—		7		3		14
Realized losses	9		6		32		12

70

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	47	$	—	$	—	$	94
Equity securities	1,261		94		2,206		1,915		23		2,970
Corporate debt securities	—		29		234		15		2		282
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		47		450		15		3		472
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,261	$	207	$	3,204	$	1,957	$	29	$	4,089
Other Investments
Cash and cash equivalents	$	—	$	—	$	11	$	—	$	—	$	16
Total Other Investments	$	—	$	—	$	11	$	—	$	—	$	16
Total Investments	$	1,261	$	207	$	3,215	$	1,957	$	29	$	4,105

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	9	$	9	$	60	$	76
Realized losses	21		11		101		31
AFS:
Realized gains	—		6		3		13
Realized losses	9		5		29		11

DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	32	$	—	$	—	$	13
Equity securities	74		—		87		103		1		115
Corporate debt securities	—		1		15		—		—		41
U.S. government bonds	—		27		304		—		6		384
Total NDTF Investments(a)	$	74	$	28	$	438	$	103	$	7	$	553
Other Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	3
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	26	$	2	$	—	$	29
Total Investments	$	74	$	28	$	464	$	105	$	7	$	582

(a)During the nine months ended September 30, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

71

FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were immaterial.

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	—
Equity securities	—		20		72		6		—		97
Corporate debt securities	—		1		7		—		—		6
Municipal bonds	—		4		45		1		1		46
U.S. government bonds	—		—		7		—		—		12
Total Investments	$	—	$	25	$	132	$	7	$	1	$	161

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	139	$	7	$	115	$	35	$	80	$	8
Due after one through five years	854		301		473		259		214		22
Due after five through 10 years	451		208		191		176		15		7
Due after 10 years	1,376		770		516		481		35		22
Total	$	2,820	$	1,286	$	1,295	$	951	$	344	$	59

11. FAIR VALUE MEASUREMENTS

Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.

Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value (NAV) per share practical expedient. The NAV is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.

Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.

Valuation methods of the primary fair value measurements disclosed below are as follows.

Investments in equity securities

The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.

72

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

Investments in debt securities

Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.

Commodity derivatives

Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of natural gas commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.

Interest rate derivatives

Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.

Foreign currency derivatives

Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, rates and credit quality of the counterparties.

Other fair value considerations

See Note 11 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of the valuation of goodwill and intangible assets.

DUKE ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.

	September 30, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	120	$	120	$	—	$	—	$	—
NDTF equity securities	5,447		5,402		—		—		45
NDTF debt securities	2,556		778		1,778		—		—
Other equity securities	116		116		—		—		—
Other debt securities	264		56		208		—		—
Other cash and cash equivalents	37		37		—		—		—
Derivative assets	1,259		3		1,196		60		—
Total assets	9,799		6,512		3,182		60		45
Derivative liabilities	(671)		(18)		(432)		(221)		—
Net assets (liabilities)	$	9,128	$	6,494	$	2,750	$	(161)	$	45

	December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	160	$	160	$	—	$	—	$	—
NDTF equity securities	7,350		7,300		—		—		50
NDTF debt securities	2,891		967		1,924		—		—
Other equity securities	156		156		—		—		—
Other debt securities	300		45		255		—		—
Other cash and cash equivalents	36		36		—		—		—
Derivative assets	320		3		293		24		—
Total assets	11,213		8,667		2,472		24		50
Derivative liabilities	(472)		(13)		(314)		(145)		—
Net assets (liabilities)	$	10,741	$	8,654	$	2,158	$	(121)	$	50

73

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	(156)	$	(131)	$	(121)	$	(77)
Total pretax realized or unrealized gains included in earnings	15		—		15		—
Total pretax realized or unrealized losses included in comprehensive income	(5)		(11)		(115)		(86)
Purchases, sales, issuances and settlements:
Purchases	—		—		77		21
Settlements	(6)		4		12		(4)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(9)		7		(29)		15
Balance at end of period	$	(161)	$	(131)	$	(161)	$	(131)

DUKE ENERGY CAROLINAS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	41	$	41	$	—	$	—
NDTF equity securities	3,154		3,109		—		45
NDTF debt securities	1,286		276		1,010		—
Derivative assets	535		—		535		—
Total assets	5,016		3,426		1,545		45
Derivative liabilities	(113)		—		(113)		—
Net assets	$	4,903	$	3,426	$	1,432	$	45

	December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	53	$	53	$	—	$	—
NDTF equity securities	4,265		4,215		—		50
NDTF debt securities	1,441		339		1,102		—
Derivative assets	162		—		162		—
Total assets	5,921		4,607		1,264		50
Derivative liabilities	(35)		—		(35)		—
Net assets	$	5,886	$	4,607	$	1,229	$	50

PROGRESS ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	79	$	79	$	—	$	107	$	107	$	—
NDTF equity securities	2,293		2,293		—		3,085		3,085		—
NDTF debt securities	1,270		502		768		1,450		628		822
Other debt securities	25		—		25		26		—		26
Other cash and cash equivalents	13		13		—		20		20		—
Derivative assets	437		—		437		124		—		124
Total assets	4,117		2,887		1,230		4,812		3,840		972
Derivative liabilities	(9)		—		(9)		(24)		—		(24)
Net assets	$	4,108	$	2,887	$	1,221	$	4,788	$	3,840	$	948

74

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

DUKE ENERGY PROGRESS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	47	$	47	$	—	$	94	$	94	$	—
NDTF equity securities	2,206		2,206		—		2,970		2,970		—
NDTF debt securities	951		243		708		1,025		289		736
Other cash and cash equivalents	11		11		—		16		16		—
Derivative assets	415		—		415		124		—		124
Total assets	3,630		2,507		1,123		4,229		3,369		860
Derivative liabilities	(9)		—		(9)		(10)		—		(10)
Net assets	$	3,621	$	2,507	$	1,114	$	4,219	$	3,369	$	850

DUKE ENERGY FLORIDA

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	32	$	32	$	—	$	13	$	13	$	—
NDTF equity securities	87		87		—		115		115		—
NDTF debt securities	319		259		60		425		339		86
Other debt securities	25		—		25		26		—		26
Other cash and cash equivalents	1		1		—		3		3		—
Derivative assets	22		—		22		—		—		—
Total assets	486		379		107		582		470		112
Derivative liabilities	—		—		—		(14)		—		(14)
Net assets	$	486	$	379	$	107	$	568	$	470	$	98

DUKE ENERGY OHIO

The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2022, and December 31, 2021.

DUKE ENERGY INDIANA

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022								December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	72	$	72	$	—	$	—	$	97	$	97	$	—	$	—
Other debt securities	59		—		59		—		64		—		64		—
Other cash and cash equivalents	1		1		—		—		—		—		—		—
Derivative assets	131		2		73		56		23		1		—		22
Total assets	263		75		132		56		184		98		64		22
Derivative liabilities	(18)		(18)		—		—		(27)		(13)		(14)		—
Net assets	$	245	$	57	$	132	$	56	$	157	$	85	$	50	$	22

75

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	84	$	22	$	22	$	6
Purchases, sales, issuances and settlements:
Purchases	—		—		74		18
Settlements	(20)		(3)		(10)		(12)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(8)		5		(30)		12
Balance at end of period	$	56	$	24	$	56	$	24

PIEDMONT

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	—	$	—	$	—	$	3	$	3	$	—
Derivative liabilities	(171)		—		(171)		(139)		—		(139)
Net (liabilities) assets	$	(171)	$	—	$	(171)	$	(136)	$	3	$	(139)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

	September 30, 2022
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy
Electricity contracts	$	(221)	RTO forward pricing	Forward electricity curves – price per MWh	$	24.46	-	$	145.44	$	52.10
Duke Energy Ohio
FTRs	4		RTO auction pricing	FTR price – per MWh	—		-	3.00		1.49
Duke Energy Indiana
FTRs	56		RTO auction pricing	FTR price – per MWh	(0.64)		-	21.81		3.41
Duke Energy
Total Level 3 derivatives	$	(161)

	December 31, 2021
									Weighted
	Fair Value								Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range				Range
Duke Energy
Electricity contracts	$	(145)	RTO forward pricing	Forward electricity curves – price per MWh	$	19.04	-	$139.11	$37.57
Duke Energy Ohio
FTRs	2		RTO auction pricing	FTR price – per MWh	0.06		-	1.79	0.96
Duke Energy Indiana
FTRs	22		RTO auction pricing	FTR price – per MWh	(1.18)		-	13.11	2.68
Duke Energy
Total Level 3 derivatives	$	(121)

76

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

	September 30, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	69,309	$	60,247	$	63,835	$	69,683
Duke Energy Carolinas	14,222		12,614		13,275		15,101
Progress Energy	21,149		18,744		20,823		23,751
Duke Energy Progress	11,090		9,495		10,249		11,252
Duke Energy Florida	8,417		7,528		8,482		9,772
Duke Energy Ohio	3,244		2,891		3,193		3,570
Duke Energy Indiana	4,310		3,821		4,323		5,067
Piedmont	3,363		2,857		2,968		3,278

(a)Book value of long-term debt includes $1.19 billion and $1.25 billion at September 30, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both September 30, 2022, and December 31, 2021, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

12. VARIABLE INTEREST ENTITIES

CONSOLIDATED VIEs

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2022, and the year ended December 31, 2021, or is expected to be provided in the future that was not previously contractually required.

Receivables Financing – DERF/DEPR/DEFR

DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt.

The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.

Receivables Financing – CRC

CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt.

The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million.

CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC.

77

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

Receivables Financing – Credit Facilities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

	Duke Energy
			Duke Energy		Duke Energy		Duke Energy
			Carolinas		Progress		Florida
(in millions)	CRC		DERF		DEPR		DEFR
Expiration date	February 2025		January 2025		April 2025		April 2023
Credit facility amount	$	350	$	500	$	400	$	250
Amounts borrowed at September 30, 2022	350		500		400		250
Amounts borrowed at December 31, 2021	350		475		350		250
Restricted Receivables at September 30, 2022	844		932		733		603
Restricted Receivables at December 31, 2021	587		844		574		427

Nuclear Asset-Recovery Bonds – DEFPF

DEFPF is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions)	September 30, 2022		December 31, 2021
Receivables of VIEs	$	8	$	5
Regulatory Assets: Current	54		54
Current Assets: Other	17		39
Other Noncurrent Assets: Regulatory assets	840		883
Current Liabilities: Other	2		9
Current maturities of long-term debt	56		56
Long-Term Debt	890		946

Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs.

In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress.

DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively.

78

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

	September 30, 2022				December 31, 2021
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	5		17		—		—
Other Noncurrent Assets: Regulatory assets	211		691		220		720
Other Noncurrent Assets: Other	1		2		1		4
Current Liabilities: Other	1		4		1		2
Current maturities of long-term debt	10		34		5		15
Long-Term Debt	219		714		228		747

Commercial Renewables

Certain of Duke Energy’s renewable energy facilities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Assets are restricted and cannot be pledged as collateral or sold to third parties without prior approval of debt holders. Additionally, Duke Energy has VIEs associated with tax equity arrangements entered into with third-party investors in order to finance the cost of renewable assets eligible for tax credits. The activities that most significantly impacted the economic performance of these renewable energy facilities were decisions associated with siting, negotiating PPAs and Engineering, Procurement and Construction agreements, and decisions associated with ongoing operations and maintenance-related activities. Duke Energy is considered the primary beneficiary and consolidates the entities as it is responsible for all of these decisions.

The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs.

(in millions)	September 30, 2022		December 31, 2021
Current Assets: Other	$	201	$	215
Property, Plant and Equipment: Cost	7,554		7,339
Accumulated depreciation and amortization	(1,710)		(1,474)
Other Noncurrent Assets: Other	115		62
Current maturities of long-term debt	285		167
Long-Term Debt	1,252		1,475
Other Noncurrent Liabilities: AROs	178		173
Other Noncurrent Liabilities: Other	202		319

NON-CONSOLIDATED VIEs

The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.

	September 30, 2022
	Duke Energy						Duke		Duke
	Natural Gas		Commercial				Energy		Energy
(in millions)	Investments		Renewables		Total		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—	$	178	$	263
Investments in equity method unconsolidated affiliates	34		505		539		—		—
Other noncurrent assets	60		—		60		—		—
Total assets	$	94	$	505	$	599	$	178	$	263
Other current liabilities	56		2		58		—		—
Other noncurrent liabilities	49		2		51		—		—
Total liabilities	$	105	$	4	$	109	$	—	$	—
Net (liabilities) assets	$	(11)	$	501	$	490	$	178	$	263

79

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

	December 31, 2021
	Duke Energy						Duke		Duke
	Natural Gas		Commercial				Energy		Energy
(in millions)	Investments		Renewables		Total		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—	$	79	$	97
Investments in equity method unconsolidated affiliates	15		508		523		—		—
Other noncurrent assets	61		—		61		—		—
Total assets	$	76	$	508	$	584	$	79	$	97
Other current liabilities	47		4		51		—		—
Other noncurrent liabilities	54		3		57		—		—
Total liabilities	$	101	$	7	$	108	$	—	$	—
Net (liabilities) assets	$	(25)	$	501	$	476	$	79	$	97

The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above.

Natural Gas Investments

Duke Energy has investments in various joint ventures to construct and operate pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

Commercial Renewables

Duke Energy has investments in various renewable energy project entities. Duke Energy has a 50% ownership in a VIE, which owns a portfolio of wind projects. This entity is a VIE as a result of Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Duke Energy does not consolidate this VIE because power to direct and control key activities is shared jointly by Duke Energy and the other owner. Duke Energy also has equity ownership in an entity, which owns a portfolio of fuel cell projects. Duke Energy does not consolidate the fuel cell portfolio as it does not have the power to direct the activities that most significantly impact the economic performance of the entity.

OVEC

Duke Energy Ohio’s 9% ownership interest in OVEC is considered a non-consolidated VIE due to OVEC having insufficient equity to finance its activities without subordinated financial support. The activities that most significantly impact OVEC's economic performance include fuel strategy and supply activities and decisions associated with ongoing operations and maintenance-related activities. Duke Energy Ohio does not have the unilateral power to direct these activities, and therefore, does not consolidate OVEC.

As a counterparty to an Inter-Company Power Agreement (ICPA), Duke Energy Ohio has a contractual arrangement to receive entitlements to capacity and energy from OVEC’s power plants through June 2040 commensurate with its power participation ratio, which is equivalent to Duke Energy Ohio's ownership interest. Costs, including fuel, operating expenses, fixed costs, debt amortization and interest expense, are allocated to counterparties to the ICPA based on their power participation ratio. The value of the ICPA is subject to variability due to fluctuation in power prices and changes in OVEC's cost of business.

CRC

See discussion under Consolidated VIEs for additional information related to CRC.

Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value.

The following table shows the gross and net receivables sold.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Receivables sold	$	334	$	269	$	531	$	328
Less: Retained interests	178		79		263		97
Net receivables sold	$	156	$	190	$	268	$	231

80

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

The following table shows sales and cash flows related to receivables sold.

	Duke Energy Ohio					Duke Energy Indiana
		Nine Months Ended					Nine Months Ended
		September 30,					September 30,
(in millions)		2022		2021			2022		2021
Sales
Receivables sold		$	1,869	$	1,490		$	2,646	$	2,176
Loss recognized on sale		11		7			15		10
Cash flows
Cash proceeds from receivables sold		$	1,757	$	1,519		$	2,465	$	2,199
Collection fees received		1		1			1		1
Return received on retained interests		6		3			9		4

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.

13. 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)	2022		2023		2024		2025		2026		Thereafter		Total
Progress Energy	$	27	$	53	$	45	$	7	$	7	$	43	$	182
Duke Energy Progress	2		8		8		—		—		—		18
Duke Energy Florida	25		45		37		7		7		43		164
Duke Energy Indiana	1		11		16		17		15		12		72

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)	2022		2023		2024		2025		2026		Thereafter		Total
Piedmont	$	16	$	64	$	62	$	61	$	51	$	290	$	544

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.

81

FINANCIAL STATEMENTS REVENUE

Disaggregated Revenues

Disaggregated revenues are presented as follows:

	Three Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,250	$	887	$	1,719	$	670	$	1,049	$	249	$	396	$	—
General	2,077		686		947		419		528		150		291		—
Industrial	986		366		298		216		82		62		260		—
Wholesale	874		140		588		403		185		32		115		—
Other revenues	248		105		317		259		58		15		19		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	7,435	$	2,184	$	3,869	$	1,967	$	1,902	$	508	$	1,081	$	—
Gas Utilities and Infrastructure
Residential	$	167	$	—	$	—	$	—	$	—	$	88	$	—	$	79
Commercial	108		—		—		—		—		26		—		82
Industrial	34		—		—		—		—		4		—		30
Power Generation	—		—		—		—		—		—		—		24
Other revenues	103		—		—		—		—		4		—		83
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	412	$	—	$	—	$	—	$	—	$	122	$	—	$	298
Commercial Renewables
Revenue from contracts with customers	$	89	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	6	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,942	$	2,184	$	3,869	$	1,967	$	1,902	$	630	$	1,081	$	298
Other revenue sources(a)	$	26	$	(9)	$	12	$	2	$	5	$	(2)	$	14	$	8
Total revenues	$	7,968	$	2,175	$	3,881	$	1,969	$	1,907	$	628	$	1,095	$	306

(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.

82

FINANCIAL STATEMENTS REVENUE

	Three Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	2,955	$	892	$	1,525	$	619	$	906	$	223	$	316	$	—
General	1,873		685		826		400		426		119		240		—
Industrial	861		360		264		195		69		35		202		—
Wholesale	619		111		399		324		75		19		89		—
Other revenues	252		72		198		118		80		17		23		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,560	$	2,120	$	3,212	$	1,656	$	1,556	$	413	$	870	$	—
Gas Utilities and Infrastructure
Residential	$	129	$	—	$	—	$	—	$	—	$	62	$	—	$	66
Commercial	78		—		—		—		—		24		—		58
Industrial	30		—		—		—		—		3		—		26
Power Generation	—		—		—		—		—		—		—		23
Other revenues	33		—		—		—		—		4		—		9
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	270	$	—	$	—	$	—	$	—	$	93	$	—	$	182
Commercial Renewables
Revenue from contracts with customers	$	56	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	8	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,894	$	2,120	$	3,212	$	1,656	$	1,556	$	506	$	870	$	182
Other revenue sources(a)	$	57	$	(16)	$	21	$	11	$	5	$	—	$	16	$	13
Total revenues	$	6,951	$	2,104	$	3,233	$	1,667	$	1,561	$	506	$	886	$	195

(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.

83

FINANCIAL STATEMENTS REVENUE

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	8,642	$	2,454	$	4,487	$	1,824	$	2,663	$	656	$	1,046	$	—
General	5,498		1,796		2,562		1,114		1,448		377		760		—
Industrial	2,582		938		842		594		248		130		672		—
Wholesale	2,129		356		1,388		1,033		355		90		296		—
Other revenues	652		308		775		608		167		56		6		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	19,503	$	5,852	$	10,054	$	5,173	$	4,881	$	1,309	$	2,780	$	—
Gas Utilities and Infrastructure
Residential	$	936	$	—	$	—	$	—	$	—	$	331	$	—	$	605
Commercial	504		—		—		—		—		128		—		376
Industrial	125		—		—		—		—		17		—		108
Power Generation	—		—		—		—		—		—		—		71
Other revenues	284		—		—		—		—		16		—		220
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,849	$	—	$	—	$	—	$	—	$	492	$	—	$	1,380
Commercial Renewables
Revenue from contracts with customers	$	217	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	21,590	$	5,852	$	10,054	$	5,173	$	4,881	$	1,801	$	2,780	$	1,380
Other revenue sources(a)	$	195	$	(8)	$	33	$	9	$	9	$	10	$	55	$	41
Total revenues	$	21,785	$	5,844	$	10,087	$	5,182	$	4,890	$	1,811	$	2,835	$	1,421

(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.

84

FINANCIAL STATEMENTS REVENUE

	Nine Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	7,753	$	2,368	$	3,903	$	1,657	$	2,246	$	589	$	894	$	—
General	4,805		1,685		2,170		1,036		1,134		329		619		—
Industrial	2,228		872		700		500		200		99		558		—
Wholesale	1,644		341		1,056		901		155		45		202		—
Other revenues	712		208		509		272		237		61		64		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	17,142	$	5,474	$	8,338	$	4,366	$	3,972	$	1,123	$	2,337	$	—
Gas Utilities and Infrastructure
Residential	$	747	$	—	$	—	$	—	$	—	$	241	$	—	$	505
Commercial	373		—		—		—		—		99		—		273
Industrial	110		—		—		—		—		14		—		96
Power Generation	—		—		—		—		—		—		—		69
Other revenues	100		—		—		—		—		21		—		34
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,330	$	—	$	—	$	—	$	—	$	375	$	—	$	977
Commercial Renewables
Revenue from contracts with customers	$	163	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	20	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	18,655	$	5,474	$	8,338	$	4,366	$	3,972	$	1,498	$	2,337	$	977
Other revenue sources(a)	$	204	$	(44)	$	79	$	51	$	15	$	(4)	$	29	$	39
Total revenues	$	18,859	$	5,430	$	8,417	$	4,417	$	3,987	$	1,494	$	2,366	$	1,016

(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.

85

FINANCIAL STATEMENTS REVENUE

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 September 30, 2021 and 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at June 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	13
Write-Offs	(13)		(3)		(6)		(3)		(3)		—		—		(4)
Credit Loss Expense	11		4		6		3		3		—		—		2
Other Adjustments	2		(1)		—		—		—		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Balance at June 30, 2022	$	136	$	52	$	52	$	31	$	21	$	4	$	3	$	15
Write-Offs	(49)		(19)		(26)		(11)		(15)		—		—		(4)
Credit Loss Expense	36		10		20		5		15		2		1		3
Other Adjustments	51		19		21		16		5		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14
	Nine Months Ended September 30, 2021 and 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2020	$	146	$	23	$	37	$	23	$	14	$	4	$	3	$	12
Write-Offs	(39)		(10)		(20)		(11)		(9)		—		—		(7)
Credit Loss Expense	40		20		19		9		10		—		—		6
Other Adjustments	(24)		9		—		—		1		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Balance at December 31, 2021	$	122	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Write-Offs	(103)		(44)		(45)		(18)		(28)		—		—		(10)
Credit Loss Expense	80		23		39		11		28		2		1		9
Other Adjustments	75		41		37		27		10		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14

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.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(b)	$	1,046	$	342	$	328	$	233	$	95	$	3	$	32	$	14
0-30 days	2,589		728		1,132		534		595		34		50		100
30-60 days	169		60		48		34		14		6		6		6
60-90 days	95		27		40		28		12		2		3		3
90+ days	308		97		76		35		41		45		19		7
Deferred Payment Arrangements(c)	179		58		79		40		39		4		—		—
Trade and Other Receivables	$	4,386	$	1,312	$	1,703	$	904	$	796	$	94	$	110	$	130

86

FINANCIAL STATEMENTS REVENUE

	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
Unbilled Revenue(a)(b)	$	964	$	316	$	266	$	193	$	73	$	4	$	27	$	106
0-30 days	2,104		595		800		405		393		42		51		202
30-60 days	212		77		72		44		28		4		13		12
60-90 days	88		37		41		21		20		1		1		2
90+ days	249		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 12 for further information. These receivables for unbilled revenues are $100 million and $168 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 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.

14. STOCKHOLDERS' EQUITY

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements, were exercised or settled. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income available to Duke Energy common stockholders	$	1,383	$	1,366	$	3,094	$	3,070
Less: Income from discontinued operations	23		—		23		—
Accumulated preferred stock dividends adjustment	12		12		12		12
Less: Impact of participating securities	1		1		2		3
Income from continuing operations available to Duke Energy common stockholders	$	1,371	$	1,377	$	3,081	$	3,079
Weighted average common shares outstanding – basic and diluted	770		769		770		769
EPS available to Duke Energy common stockholders
Basic and diluted	$	1.78	$	1.79	$	4.00	$	4.00
Potentially dilutive items excluded from the calculation(a)	2		2		2		2
Dividends declared per common share	$	1.005	$	0.985	$	2.975	$	2.915
Dividends declared on Series A preferred stock per depositary share(b)	$	0.359	$	0.359	$	1.078	$	1.078
Dividends declared on Series B preferred stock per share(c)	$	24.375	$	24.375	$	48.750	$	48.750

(a)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(b)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(c)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

87

FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS

15. EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.

The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans.

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Contributions made	$	58	$	15	$	13	$	8	$	5	$	3	$	5	$	2

Duke Energy uses a December 31 measurement date for its qualified non-contributory defined benefit retirement plan assets and obligations. However, because Duke Energy believes it is probable in 2022 that total lump-sum benefit payments will exceed the settlement threshold, which is defined as the sum of the service cost and interest cost on projected benefit obligation components of net periodic pension costs, Duke Energy remeasured the plan assets and plan obligations associated with one of its qualified pension plans as of September 30, 2022. The discount rate used for the remeasurement was 5.7% as of September 30, 2022. The cash balance interest crediting rate was 4.5% as of September 30, 2022. The interest rate for lump sum and annuity conversions was updated to reflect current market conditions. All other assumptions used for the September 30, 2022, remeasurement were consistent with the measurement as of December 31, 2021.

As a result of the remeasurement, Duke Energy recognized a remeasurement loss of $276 million, of which $266 million was recorded in Regulatory Assets within Other Noncurrent Assets and $10 million was recorded in Accumulated Other Comprehensive Loss within the Condensed Consolidated Balance Sheets as of September 30, 2022. The remeasurement loss, which represents a decrease in funded status, reflects a decrease of $1,198 million in the fair value of plan assets and a decrease of $922 million in the projected benefit obligation.

As the result of settlement accounting, Duke Energy recognized settlement charges of $66 million, of which $55 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets and $11 million was recorded to Other Income and Expenses, net, within the Condensed Consolidated Statement of Operations as of September 30, 2022. Settlement charges recognized by the Subsidiary Registrants as of September 30, 2022, were $28 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $5 million for Duke Energy Florida, $4 million for Duke Energy Indiana, $2 million for Duke Energy Ohio and $11 million for Piedmont.

QUALIFIED PENSION PLANS

The following tables include the components of net periodic pension costs for qualified pension plans.

	Three Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	39	$	12	$	11	$	6	$	4	$	1	$	3	$	1
Interest cost on projected benefit obligation	58		14		19		9		10		3		4		2
Expected return on plan assets	(140)		(38)		(46)		(22)		(24)		(6)		(9)		(6)
Amortization of actuarial loss	24		5		6		3		3		2		3		2
Amortization of prior service credit	(5)		(1)		—		—		—		—		—		(2)
Amortization of settlement charges	14		3		5		4		1		2		1		2
Net periodic pension costs	$	(10)	$	(5)	$	(5)	$	—	$	(6)	$	2	$	2	$	(1)

	Three Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	43	$	14	$	13	$	7	$	5	$	2	$	2	$	1
Interest cost on projected benefit obligation	55		13		17		8		10		2		5		2
Expected return on plan assets	(139)		(36)		(47)		(21)		(25)		(7)		(10)		(5)
Amortization of actuarial loss	33		7		10		5		5		2		3		2
Amortization of prior service credit	(7)		(2)		(1)		—		(1)		—		—		(1)
Amortization of settlement charges	2		1		1		—		—		—		—		1
Net periodic pension costs	$	(13)	$	(3)	$	(7)	$	(1)	$	(6)	$	(1)	$	—	$	—

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FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	120	$	38	$	34	$	20	$	14	$	3	$	7	$	4
Interest cost on projected benefit obligation	175		41		55		25		30		9		14		6
Expected return on plan assets	(421)		(114)		(139)		(66)		(72)		(17)		(28)		(18)
Amortization of actuarial loss	71		15		19		10		9		4		8		5
Amortization of prior service credit	(14)		(3)		—		—		—		—		(1)		(6)
Amortization of settlement charges	18		6		6		5		1		2		1		2
Net periodic pension costs	$	(51)	$	(17)	$	(25)	$	(6)	$	(18)	$	1	$	1	$	(7)

	Nine Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	131	$	42	$	38	$	22	$	16	$	4	$	7	$	4
Interest cost on projected benefit obligation	165		38		52		23		29		9		14		6
Expected return on plan assets	(418)		(106)		(141)		(63)		(76)		(21)		(30)		(15)
Amortization of actuarial loss	100		22		29		14		15		5		10		7
Amortization of prior service credit	(22)		(6)		(2)		(1)		(1)		—		(1)		(6)
Amortization of settlement charges	6		4		2		1		—		—		—		1
Net periodic pension costs	$	(38)	$	(6)	$	(22)	$	(4)	$	(17)	$	(3)	$	—	$	(3)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2022, and 2021.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2022, and 2021.

16. INCOME TAXES

Inflation Reduction Act

On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA implemented a new 15% corporate alternative minimum tax based on GAAP net income, with certain adjustments as defined by the IRA, and clean energy-related provisions. The IRA's clean energy provisions include, among other provisions, the extension and modification of existing investment and production tax credits for projects placed in service through 2024 and introduces new technology-neutral clean energy related credits beginning in 2025. In addition, the IRA created a new, zero-emission nuclear power production tax credit and a clean hydrogen production tax credit.

Duke Energy has preliminarily reviewed the provisions of the IRA and has determined there were no material impacts on the results of operations, financial position, or cash flows in the periods presented for the Duke Energy Registrants as a result of the IRA being signed into law. Based on the preliminary review of the IRA provisions, future annual cash flow impacts related to the energy credits could be material to the Duke Energy Registrants. However, the majority of Duke Energy's operations are regulated and the FERC and state utility commissions will determine the regulatory treatment. We anticipate the Subsidiary Registrants will defer and expect to pass along the net financial impact associated with the IRA to customers over time. See Note 3 for further details on the IRA as it relates to Duke Energy Florida. Duke Energy will continue to assess the IRA as new information and anticipated guidance from the U.S. Department of the Treasury becomes available.

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FINANCIAL STATEMENTS INCOME TAXES

EFFECTIVE TAX RATES

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Duke Energy	8.4	%	6.6	%	5.8	%	6.7	%
Duke Energy Carolinas	5.2	%	2.9	%	6.3	%	3.6	%
Progress Energy	15.8	%	12.9	%	16.2	%	11.5	%
Duke Energy Progress	12.9	%	6.3	%	13.4	%	5.9	%
Duke Energy Florida	18.4	%	19.1	%	19.4	%	19.1	%
Duke Energy Ohio	14.2	%	13.4	%	(14.6)	%	15.3	%
Duke Energy Indiana	16.8	%	15.8	%	0.5	%	16.3	%
Piedmont	21.4	%	25.0	%	9.1	%	8.4	%

The increase in the ETR for Duke Energy for the three months ended September 30, 2022, was primarily due to a decrease in the amortization of excess deferred taxes.

The increase in the ETR for Duke Energy Carolinas for the three and nine months ended September 30, 2022, was primarily due to the amortization of excess deferred taxes in relation to higher pretax income.

The increase in the ETR for Progress Energy for the three and nine months ended September 30, 2022, was primarily due to a decrease in the amortization of excess deferred taxes.

The increase in the ETR for Duke Energy Progress for the three and nine months ended September 30, 2022, was primarily due to a decrease in the amortization of excess deferred taxes.

The decrease in the ETR for Duke Energy Ohio for the nine months ended September 30, 2022, was primarily due to an increase in the amortization of excess deferred taxes related to the MGP Settlement.

The decrease in the ETR for Duke Energy Indiana for the nine months ended September 30, 2022, was primarily due to the coal ash impairment based on the Indiana Supreme Court Opinion recorded and an increase in the amortization of excess deferred taxes.

The decrease in the ETR for Piedmont for the three months ended September 30, 2022, was primarily due to a decrease in research tax credits.

17. SUBSEQUENT EVENTS

For information on subsequent events related to organization and basis of presentation, regulatory matters, commitments and contingencies, and debt and credit facilities see Notes 1, 3, 4, and 5.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.

DUKE ENERGY

Duke Energy is an energy company headquartered in Charlotte, North Carolina. Duke Energy operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of the Subsidiary Registrants, which along with Duke Energy are collectively referred to as the Duke Energy Registrants.

Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the nine months ended September 30, 2022, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2021.

Executive Overview

Advancing Our Clean Energy Transformation

During the third quarter of 2022, we continued to execute on our clean energy transformation, delivering strong, sustainable value for shareholders, customers, communities and employees.

•In October 2022, we announced an additional interim target to reduce carbon emissions from electric generation by 80% by 2040. We also adopted a goal of reducing Scope 2 and certain Scope 3 emissions, including emissions from upstream purchased power and fossil fuel purchases, as well as downstream customer use of natural gas, by 50% by 2035. Duke Energy is one of the first utilities to address the totality of its impact – 95% of the company's greenhouse gas emissions are now tied to a measurable net-zero goal. Over the next decade, we expect to deploy approximately $145 billion of capital into our regulated businesses, driven by clean energy transition investments.

•In August 2022, we announced a strategic review of our commercial renewables business, which has been an integral part of Duke Energy's renewable energy platform over the past 15 years. Since 2007, we have built a portfolio of approximately 5,000 megawatts of commercial wind, solar and battery projects across the U.S., and established a robust development pipeline. As we look forward to the remainder of this decade and beyond, we have line of sight to significant renewable, grid and other investment opportunities within our faster-growing regulated operations. In November 2022, the Board of Directors committed to a plan to sell the Commercial Renewables business segment, excluding the Offshore Wind lease for Carolina Long Bay. See Note 1 to the Condensed Consolidated Financial Statements, "Organization and Basis of Presentation," for additional information.

•In August 2022, Duke Energy launched the utility industry’s first sustainable commercial paper notes focused on socioeconomic advancement. The company plans to disburse or allocate an amount equal to the net proceeds from the sustainable commercial paper notes to fund expenditures and programs related to enabling opportunities for diverse businesses.

•In August 2022, Duke Energy Carolinas filed for approval of a new demand response pilot program expected to launch in 2023 for customers in the Duke Energy Carolinas (DEC) service area. Pilot incentives will reduce vehicle lease payments for program participants who lease an eligible electric vehicle, including Ford F-150 Lightning trucks. In exchange, customers will allow their electric vehicles to feed energy back to the grid – helping to balance it during peak demand. Also in August 2022, Duke Energy Florida announced a research and development pilot program to test and evaluate the viability of the new Ford F-150 Lightning all-electric truck's high-capacity batteries as a grid edge resource.

Regulatory Activity. During the third quarter of 2022, we continued to monitor developments while moving our regulatory strategy forward. See Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information.

•In October 2022, Duke Energy Florida received approval from the FPSC for its proposed ten year storm protection plan, with minor modifications. This plan will continue to provide for investments to enhance the integrity and reliability of the state's electric grid. Also in October 2022, as a result of rising interest rates and as allowed under the 2021 Settlement, the FPSC approved an increase in Duke Energy Florida's ROE band, increasing the ROE midpoint effective in January 1, 2023 base rates from 9.85% to 10.1%.

•In October 2022, Duke Energy Progress filed a rate case in North Carolina to request an increase in base rate retail revenues. This proposal is the first by Duke Energy Progress in North Carolina to increase base rates since 2019 and is our first rate case filing in North Carolina to include a Performance Based Regulation Application and a Multiyear Rate Plan as allowed under HB 951. Duke Energy Progress’ rate request before the NCUC proposes a gradual rate increase over three years as the company continues to strengthen the electricity grid, reducing power outages for customers and facilitating the clean energy transition in a manner that supports economic development across the state.

•In September 2022, Duke Energy Progress filed a rate case in South Carolina to request an increase in base rate retail revenues. This proposal is the first by Duke Energy Progress in South Carolina to increase base rates since 2018 and is driven by ongoing investments to improve resiliency, work toward an orderly transition to a secure energy future and improve the customer experience. Duke Energy Progress’ rate request before the PSCSC proposes a step in of the proposed rate increase over two years.

•In September 2022, Duke Energy Ohio reached an electric distribution base rate settlement with the PUCO's technical staff and other parties, subject to review and approval of the PUCO.

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MD&A MATTERS IMPACTING FUTURE RESULTS

Matters Impacting Future Results

The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants and Business Segments.

Regulatory Matters

Coal Ash Costs

Future spending of coal ash costs, including amounts recorded for depreciation and liability accretion, is expected to continue to be deferred and recovered in future rate cases or rider filings. The majority of spend is expected to occur over the next 15-20 years.

Duke Energy Indiana has interpreted the CCR rule to identify the coal ash basin sites impacted and has assessed the amounts of coal ash subject to the rule and a method of compliance. Interpretation of the requirements of the CCR rule is subject to further legal challenges and regulatory approvals, which could result in additional coal ash basin closure requirements, higher costs of compliance and greater AROs. Additionally, Duke Energy Indiana has retired facilities that are not subject to the CCR rule. Duke Energy Indiana may incur costs at these facilities to comply with environmental regulations or to mitigate risks associated with on-site storage of coal ash. In January 2022, Duke Energy Indiana received a letter from the EPA regarding interpretation of the CCR rule. See Note 4 to the Condensed Consolidated Financial Statements, "Commitments and Contingencies" for more information.

Commercial Renewables

On November 1, 2022, the Board of Directors committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind lease for Carolina Long Bay. Duke Energy is actively marketing the business as two separate disposal units, the utility scale solar and wind unit and the distributed generation unit. Non-binding offers were received for the utility scale solar and wind unit in late October 2022. We are evaluating the initial offers and expect to receive final offers from select bidders in early 2023. Non-binding offers for the distributed generation unit are also expected in early 2023. Duke Energy expects to dispose of both units in mid-2023. In the fourth quarter of 2022, Duke Energy will reclassify the Commercial Renewables business segment to assets held for sale and report it as a discontinued operation. Duke Energy could record a material impairment loss in the fourth quarter of 2022 if the carrying value of one or both of the units is not expected to be recovered. If the proceeds exceed the carrying value of one or both of the units, a gain would be recognized at the closing of the transaction in mid-2023. Proceeds from a successful sale are expected to be used for debt reduction and avoidance.

In February 2021, a severe winter storm impacted certain Commercial Renewables assets in Texas. Extreme weather conditions limited the ability for these solar and wind facilities to generate and sell electricity into the ERCOT market. Duke Energy has been named in multiple lawsuits arising out of this winter storm. For more information, see Note 4 to the Condensed Consolidated Financial Statements, "Commitments and Contingencies."

Supply Chain

Duke Energy is monitoring supply chain disruptions, which could impact the timing of in-service dates and may result in adverse impacts on operating results. The company is also monitoring the potential impacts on future financial results and clean energy goals due to supply chain challenges regarding the availability of transformers and renewable components like solar panels and batteries.

Other

Duke Energy is monitoring general market conditions, including rising interest rates, and evaluating the impact to its results of operations, financial position and cash flows in the future. Duke Energy is developing mitigation plans to partially offset the impacts of these general market conditions. These mitigation plans could result in charges related to a reduction in workforce, primarily in corporate and operational support roles as work is reassessed, real estate modifications to leased office space or asset impairments on property, plant and equipment.

Results of Operations

Non-GAAP Measures

Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures such as adjusted earnings and adjusted EPS discussed below. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.

Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Earnings (Loss) Per Share, respectively.

Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:

•Regulatory Matters represents the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash.

•Mark-to-Market represents the income statement impact of derivative instruments that do not qualify for hedge accounting or regulatory accounting.

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MD&A DUKE ENERGY

•Workplace and Workforce Realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.

•Regulatory Settlements represents an impairment charge related to the South Carolina Supreme Court decision on coal ash, insurance proceeds and the Duke Energy Carolinas and Duke Energy Progress coal ash settlement.

•Gas Pipeline Investments represents additional exit obligations related to ACP.

Three Months Ended September 30, 2022, as compared to September 30, 2021

GAAP reported EPS was $1.81 for the third quarter of 2022 compared to $1.79 in the third quarter of 2021. GAAP reported EPS increased primarily due to regulatory settlements in the prior year and higher volumes and lower operations and maintenance expense in the current year, partially offset by lower Commercial Renewables earnings, higher depreciation and interest expense and lower returns on investments..

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s third quarter 2022 adjusted EPS was $1.78 compared to $1.88 for the third quarter of 2021. The decrease in adjusted EPS was primarily due to lower Commercial Renewables earnings, higher depreciation and interest expense and lower returns on investments, partially offset by higher volumes and lower operation and maintenance expense.

The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

	Three Months Ended September 30,
	2022				2021
(in millions, except per share amounts)	Earnings		EPS		Earnings		EPS
GAAP Reported Earnings/GAAP Reported EPS	$	1,383	$	1.81	$	1,366	$	1.79
Adjustments:
Mark-to-Market(a)	(4)		—		—		—
Workplace and Workforce Realignment(b)	—		—		7		—
Regulatory Settlements(c)	—		—		64		0.09
Gas Pipeline Investments(d)	—		—		(2)		—
Discontinued Operations(e)	(23)		(0.03)		—		—
Adjusted Earnings/Adjusted EPS	$	1,356	$	1.78	$	1,435	$	1.88

(a)Net of tax expense of $2 million.

(b)Net of tax benefit of $2 million.

(c)Net of tax benefit of $19 million.

(d)Net of tax expense of $1 million.

(e)Represents the net impact of the expiration of statutes related to the International Disposal Group.

Nine Months Ended September 30, 2022, as compared to September 30, 2021

GAAP Reported EPS was $4.03 for the nine months ended September 30, 2022, compared to $4.00 for the nine months ended September 30, 2021. In addition to the drivers below, GAAP reported EPS increased due to higher volumes, favorable weather and workplace and workforce realignment costs in the prior year, partially offset by the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash, higher operations and maintenance expense, including storm costs, the impact of GIC minority interest sale and lower returns on investments.

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $4.22 for the nine months ended September 30, 2022, compared to $4.30 for the nine months ended September 30, 2021. The decrease in adjusted EPS was primarily due to lower Commercial Renewables earnings and higher operations and maintenance expense, including storm costs,, the impact of the GIC minority interest sale and lower returns on investments, partially offset by higher volumes and favorable weather in the current year.

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MD&A DUKE ENERGY

The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.

	Nine Months Ended September 30,
	2022				2021
(in millions, except per share amounts)	Earnings		EPS		Earnings		EPS
GAAP Reported Earnings/GAAP Reported EPS	$	3,094	$	4.03	$	3,070	$	4.00
Adjustments:
Regulatory Matters(a)	157		0.20		—		—
Mark-to-Market(b)	12		0.02		—		—
Workplace and Workforce Realignment(c)	—		—		142		0.19
Regulatory Settlements(d)	—		—		64		0.09
Gas Pipeline Investments(e)	—		—		15		0.02
Discontinued Operations(f)	(23)		(0.03)		—		—
Adjusted Earnings/Adjusted EPS	$	3,240	$	4.22	$	3,291	$	4.30

(a)Net of tax benefit of $80 million and $20 million in noncontrolling interests.

(b)Net of tax benefit of $3 million.

(c)Net of tax benefit of $42 million.

(d)Net of tax benefit of $19 million.

(e)Net of tax benefit of $4 million.

(f)Represents the net impact of the expiration of statutes related to the International Disposal Group.

SEGMENT RESULTS

The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements.

Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The remainder of Duke Energy’s operations is presented as Other. See Note 2 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.

Electric Utilities and Infrastructure

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2022		2021		Variance		2022		2021		Variance
Operating Revenues	$	7,439	$	6,569	$	870	$	19,576	$	17,185	$	2,391
Operating Expenses
Fuel used in electric generation and purchased power	2,653		1,864		789		6,481		4,760		1,721
Operation, maintenance and other	1,257		1,363		(106)		4,011		3,907		104
Depreciation and amortization	1,170		1,084		86		3,411		3,154		257
Property and other taxes	336		330		6		1,004		949		55
Impairment of assets and other charges	8		202		(194)		214		203		11
Total operating expenses	5,424		4,843		581		15,121		12,973		2,148
Gains on Sales of Other Assets and Other, net	7		9		(2)		12		11		1
Operating Income	2,022		1,735		287		4,467		4,223		244
Other Income and Expenses, net	114		220		(106)		381		421		(40)
Interest Expense	377		365		12		1,144		1,066		78
Income Before Income Taxes	1,759		1,590		169		3,704		3,578		126
Income Tax Expense	207		160		47		448		393		55
Less: Income Attributable to Noncontrolling Interest	12		5		7		19		5		14
Segment Income	$	1,540	$	1,425	$	115	$	3,237	$	3,180	$	57
Duke Energy Carolinas GWh sales	24,554		25,033		(479)		69,125		67,357		1,768
Duke Energy Progress GWh sales	19,608		19,219		389		54,492		51,555		2,937
Duke Energy Florida GWh sales	13,555		12,983		572		35,797		32,731		3,066
Duke Energy Ohio GWh sales	7,074		6,844		230		18,635		18,586		49
Duke Energy Indiana GWh sales	8,934		8,788		146		24,528		23,880		648
Total Electric Utilities and Infrastructure GWh sales	73,725		72,867		858		202,577		194,109		8,468
Net proportional MW capacity in operation							49,520		49,749		(229)

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MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Three Months Ended September 30, 2022, as compared to September 30, 2021

Electric Utilities and Infrastructure’s higher segment income is due to favorable retail sales volumes, lower operations and maintenance expense, and a prior year impairment charge related to the South Carolina Supreme Court decision on coal ash, partially offset by higher depreciation. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $732 million increase in fuel revenues primarily due to higher fuel prices and retail sales volumes;

•an $85 million increase in weather-normal retail sales volumes;

•a $72 million increase in wholesale revenues primarily due to higher capacity volumes; and

•a $48 million increase in rider revenues primarily due to storm securitization in North Carolina and energy efficiency programs.

Operating Expenses. The variance was driven primarily by:

•a $789 million increase in fuel used in electric generation and purchased power due to higher fuel prices and volumes from customer demand; and

•an $86 million increase in depreciation and amortization primarily due to higher plant in service and resolution of prior year rate cases.

Partially offset by:

•a $194 million decrease in impairment of assets and other charges due to a prior year impairment charge related to the South Carolina Supreme Court decision on coal ash; and

•a $106 million decrease in operation, maintenance and other primarily driven by lower employee benefits.

Other Income and Expenses, net. The decrease is primarily due to coal ash insurance litigation proceeds received in the prior year.

Interest Expense. The variance was primarily driven by interest expense on excess deferred tax liabilities and higher outstanding debt.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred taxes. The ETRs for the three months ended September 30, 2022, and 2021, were 11.8% and 10.1%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of excess deferred taxes.

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Electric Utilities and Infrastructure’s higher segment income is due to higher retail sales volumes and favorable weather, partially offset by higher depreciation and higher storm costs. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $1,526 million increase in fuel revenues primarily due to higher fuel prices and retail sales volumes;

•a $356 million increase in weather-normal retail sales volumes;

•a $238 million increase in retail base rate pricing due to general rate cases in North Carolina, net of rider impacts as well as multiyear rate adjustments in Florida;

•a $149 million increase in wholesale revenues primarily due to higher capacity volumes

•a $117 million increase in rider revenues primarily due to higher sales volumes and storm securitization in North Carolina; and

•a $71 million increase in retail sales due to favorable weather compared to prior year.

Partially offset by

•a $60 million decrease due to the Indiana Supreme Court ruling on recovery of certain coal ash costs.

Operating Expenses. The variance was driven primarily by:

•a $1,721 million increase in fuel used in electric generation and purchased power due to higher fuel prices and volumes from customer demand;

•a $257 million increase in depreciation and amortization primarily due to higher plant in service and resolution of prior year rate cases, partially offset by lower depreciation related to the extension of the lives of nuclear facilities;

•a $104 million increase in operation, maintenance and other primarily driven by higher storm costs and higher outage and maintenance costs;

•a $55 million increase in property and other taxes primarily due to higher property taxes as well as higher revenue related taxes; and

•an $11 million increase in impairment of assets and other charges primarily due to the Indiana Supreme Court ruling on recovery of certain coal ash costs, partially offset by a prior year impairment charge related to the South Carolina Supreme Court decision on coal ash.

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MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Other Income and Expenses, net. The decrease is primarily due to coal ash insurance litigation proceeds received in the prior year, partially offset by a 2022 settlement with the Department of Energy over spent nuclear fuel storage and higher AFUDC equity.

Interest Expense. The variance was primarily driven by interest expense on excess deferred tax liabilities and higher outstanding debt.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred taxes. The ETRs for the nine months ended September 30, 2022, and 2021, were 12.1% and 11.0%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of excess deferred taxes.

Gas Utilities and Infrastructure

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2022		2021		Variance		2022		2021		Variance
Operating Revenues	$	427	$	289	$	138	$	1,912	$	1,391	$	521
Operating Expenses
Cost of natural gas	189		75		114		859		430		429
Operation, maintenance and other	115		102		13		410		302		108
Depreciation and amortization	80		74		6		241		216		25
Property and other taxes	29		30		(1)		103		92		11
Impairment of assets and other charges	(12)		—		(12)		(12)		—		(12)
Total operating expenses	401		281		120		1,601		1,040		561
Gains on Sales of Other Assets and Other, net	—		—		—		4		—		4
Operating Income	26		8		18		315		351		(36)
Other Income and Expenses, Net	25		25		—		61		52		9
Interest Expense	45		37		8		127		105		22
Income (Loss) Before Income Taxes	6		(4)		10		249		298		(49)
Income Tax Expense (Benefit)	2		(1)		3		(28)		39		(67)
Segment Income (Loss)	$	4	$	(3)	$	7	$	277	$	259	$	18
Piedmont LDC throughput (dekatherms)	157,145,659		134,549,588		22,596,071		463,863,034		390,210,785		73,652,249
Duke Energy Midwest LDC throughput (Mcf)	9,559,214		10,268,918		(709,704)		63,346,715		62,220,827		1,125,888

Three Months Ended September 30, 2022, as compared to September 30, 2021

Gas Utilities and Infrastructure’s results were impacted primarily by margin growth and the partial reversal of the prior year impairment related to the propane caverns in Ohio, partially offset by higher operation and maintenance costs. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $114 million increase due to increased off-system sales natural gas costs and higher natural gas costs passed through to customers;

•a $17 million increase due to rider revenues related to Ohio Capital Expenditure Program (CEP); and

•a $5 million increase due to base rate increases.

Operating Expenses. The variance was driven primarily by:

•a $114 million increase due to increased off-system sales natural gas costs and higher natural gas costs passed through to customers;

•a $13 million increase in operations, maintenance and other primarily due to higher spend on internal and contract labor costs and materials; and

•a $6 million increase in depreciation and amortization due to additional plant in service.

Partially offset by:

•a $12 million decrease in impairment of assets and other charges due to the partial reversal of the prior year impairment related to the propane caverns in Ohio.

Interest Expense. The increase was primarily due to higher debt outstanding.

Income Tax Expense (Benefit). The increase in tax expense was primarily due to an increase in pretax income. The ETRs for the three months ended September 30, 2022, and 2021, were 33.3% and 25.0%, respectively. The increase in the ETR was primarily due to the amortization of excess deferred taxes in relation to higher pretax income.

96

MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Gas Utilities and Infrastructure’s results were impacted primarily by margin growth, partially offset by higher operation and maintenance costs. The following is a detailed discussion of the variance drivers by line item.

Operating Revenues. The variance was driven primarily by:

•a $429 million increase due to higher natural gas costs passed through to customers, increased off-system sales activity and higher volumes;

•a $50 million increase due to base rate increases;

•a $32 million increase due to rider revenues related to Ohio CEP; and

•a $5 million increase due to customer growth.

Partially offset by:

•a $15 million decrease due to the MGP settlement.

Operating Expenses. The variance was driven primarily by:

•a $429 million increase due to higher natural gas costs passed through to customers, increased off-system sales activity and higher volumes;

•a $108 million increase in operations, maintenance and other primarily due to the MGP settlement and higher spend on internal and contract labor costs, fleet and materials;

•a $25 million increase in depreciation and amortization due to additional plant in service and lower CEP deferrals; and

•an $11 million increase in property and other taxes due to lower CEP deferrals.

Partially offset by:

•a $12 million decrease in impairment of assets and other charges due to the partial reversal of the prior year impairment related to the propane caverns in Ohio.

Interest Expense. The increase was primarily due to lower AFUDC debt income and higher debt outstanding.

Income Tax Expense (Benefit). The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes related to the Ohio MGP Settlement and a decrease in pretax income. The ETRs for the nine months ended September 30, 2022, and 2021, were (11.2)% and 13.1%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of excess deferred taxes related to the Ohio MGP Settlement.

Commercial Renewables

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2022		2021		Variance		2022		2021		Variance
Operating Revenues	$	130	$	117	$	13	$	372	$	355	$	17
Operating Expenses
Operation, maintenance and other	87		90		(3)		251		240		11
Depreciation and amortization	61		58		3		181		167		14
Property and other taxes	11		10		1		31		28		3
Total operating expenses	159		158		1		463		435		28
Losses on Sales of Other Assets and Other, net	—		—		—		(1)		—		(1)
Operating Loss	(29)		(41)		12		(92)		(80)		(12)
Other Income and Expenses, net	—		(2)		2		—		(24)		24
Interest Expense	18		20		(2)		55		53		2
Loss Before Income Taxes	(47)		(63)		16		(147)		(157)		10
Income Tax Benefit	(29)		(6)		(23)		(98)		(56)		(42)
Add: Loss Attributable to Noncontrolling Interests	20		135		(115)		92		253		(161)
Segment Income	$	2	$	78	$	(76)	$	43	$	152	$	(109)
Renewable plant production, GWh	2,742		2,567		175		9,160		7,942		1,218
Net proportional MW capacity in operation(a)							4,759		4,630		129

(a)Certain projects are included in tax equity structures where investors have differing interests in the project's economic attributes. One hundred percent of the tax equity project's capacity is included in the table above.

97

MD&A SEGMENT RESULTS — COMMERCIAL RENEWABLES

Three Months Ended September 30, 2022, as compared to September 30, 2021

Commercial Renewables' results were unfavorable to prior year primarily driven by fewer project investments financed by tax equity being placed into service in the current year.

Operating Revenues. The variance was primarily driven by a $10 million increase due to higher wind resource and higher market prices impacting the wind portfolio and a $6 million gain related to derivative contracts that do not qualify for hedge accounting, partially offset by a $4 million decrease in the distributed energy portfolio primarily due to fewer projects placed in service.

Income Tax Benefit. The increase in the tax benefit was primarily due to fewer project investments financed by tax equity being placed into service in the current year.

Loss Attributable to Noncontrolling Interests. The variance was primarily driven by a $100 million decrease for fewer projects placed in service financed with tax equity in the current year and a $15 million net decrease in losses allocated to tax equity members from existing tax equity structures.

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Commercial Renewables' results were unfavorable primarily driven by fewer project investments financed by tax equity being placed into service in the current year and higher expenses from projects placed in service since the prior year, partially offset by the impacts for losses experienced in the prior year from Texas Storm Uri.

Operating Revenues. The variance was primarily driven by a $41 million increase due to higher wind resource and market prices impacting the wind portfolio, partially offset by a $15 million loss related to derivative contracts that do not qualify for hedge accounting and an $8 million decrease for market sales in excess of market purchases experienced during Texas Storm Uri in the prior year.

Operating Expenses. The variance was primarily driven by a $33 million increase due to higher operating expenses, depreciation, property tax expense and other development costs from the growth of new projects, partially offset by a $5 million decrease for lower operating expenses attributed to maintenance and other operating expenses.

Other Income and Expenses, net. The increase was primarily due to $29 million of losses experienced in the prior year from Texas Storm Uri.

Income Tax Benefit. The increase in the tax benefit was primarily due to a decrease in taxes associated with tax equity investments and an increase in production tax credits generated.

Loss Attributable to Noncontrolling Interests. The variance was primarily driven by a $133 million decrease for fewer projects placed in service financed with tax equity in the current year and a $40 million net decrease in losses allocated to tax equity members from existing tax equity structures, partially offset by a $12 million increase for losses experienced in the prior year from Texas Storm Uri.

Other

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2022		2021		Variance		2022		2021		Variance
Operating Revenues	$	29	$	28	$	1	$	89	$	81	$	8
Operating Expenses	29		46		(17)		78		282		(204)
Gains (Losses) on Sales of Other Assets and Other, net	—		(1)		1		1		(1)		2
Operating Income (Loss)	—		(19)		19		12		(202)		214
Other Income and Expenses, net	5		25		(20)		(8)		78		(86)
Interest Expense	205		163		42		529		470		59
Loss Before Income Taxes	(200)		(157)		(43)		(525)		(594)		69
Income Tax Benefit	(52)		(63)		11		(131)		(166)		35
Less: Net (Loss) Income Attributable to Noncontrolling Interests	(1)		1		(2)		—		1		(1)
Less: Preferred Dividends	39		39		—		92		92		—
Net Loss	$	(186)	$	(134)	$	(52)	$	(486)	$	(521)	$	35

Three Months Ended September 30, 2022, as compared to September 30, 2021

The higher net loss was driven by current year higher interest rates on commercial paper, higher outstanding long-term debt and lower return on investments that fund certain employee benefit obligations.

Operating Expenses. The decrease was primarily driven by prior year asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business moved to a hybrid and remote workforce strategy and lower return on investments on certain employee benefit obligations in the current year.

Other Income and Expenses, net. The variance was primarily due to lower return on investments that fund certain employee benefit obligations.

Interest Expense. The variance was primarily due to higher interest rates on commercial paper and higher outstanding long-term debt.

98

PART I

Income Tax Benefit. The decrease in the tax benefit was primarily due to unfavorable tax impacts related to lower investment returns on certain employee benefit obligations, partially offset by an increase in pretax losses. The ETRs for the three months ended September 30, 2022, and 2021, were 26.0% and 40.1%, respectively. The decrease in the ETR was primarily due to unfavorable tax impacts related to lower investment returns on certain employee benefit obligations.

Nine Months Ended September 30, 2022, as compared to September 30, 2021

The lower net loss was driven by prior year asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business moved to a hybrid and remote workforce strategy, partially offset by lower return on investments that fund certain employee benefit obligations, higher outstanding long-term debt and higher interest rates on commercial paper in the current year.

Operating Expenses. The decrease was primarily driven by prior year asset impairments to optimize the company's real estate portfolio and reduce office space as parts of the business moved to a hybrid and remote workforce strategy and lower return on investments on certain employee benefit obligations in the current year.

Other Income and Expenses, net. The variance was primarily due to lower return on investments that fund certain employee benefit obligations, partially offset by higher equity earnings from the NMC investment.

Interest Expense. The variance was primarily due to higher outstanding long-term debt and higher interest rates on commercial paper.

Income Tax Benefit. The decrease in the tax benefit was primarily due to a decrease in pretax losses and unfavorable tax impacts related to lower investment returns on certain employee benefit obligations. The ETRs for the nine months ended September 30, 2022, and 2021, were 25% and 27.9%, respectively. The decrease in the ETR was primarily due to unfavorable tax impacts related to lower investment returns on certain employee benefit obligations.

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2022		2021		Variance		2022		2021		Variance
Income From Discontinued Operations, net of tax	$	23	$	—	$	23	$	23	$	—	$	23

Three Months Ended September 30, 2022, as compared to September 30, 2021

The variance was primarily driven by a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

Nine Months Ended September 30, 2022, as compared to September 30, 2021

The variance was primarily driven by a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

DUKE ENERGY CAROLINAS

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues	$	5,844	$	5,430	$	414
Operating Expenses
Fuel used in electric generation and purchased power	1,423		1,218		205
Operation, maintenance and other	1,410		1,347		63
Depreciation and amortization	1,138		1,088		50
Property and other taxes	258		248		10
Impairment of assets and other charges	(3)		238		(241)
Total operating expenses	4,226		4,139		87
Gains on Sales of Other Assets and Other, net	4		1		3
Operating Income	1,622		1,292		330
Other Income and Expenses, net	172		218		(46)
Interest Expense	415		400		15
Income Before Income Taxes	1,379		1,110		269
Income Tax Expense	87		40		47
Net Income	$	1,292	$	1,070	$	222

99

MD&A DUKE ENERGY CAROLINAS

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year	2022
Residential sales	0.6	%
General service sales	5.4	%
Industrial sales	2.7	%
Wholesale power sales	(1.2)	%
Joint dispatch sales	(35.6)	%
Total sales	2.6	%
Average number of customers	1.8	%

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $173 million increase in fuel revenues due to higher fuel prices and weather-normal retail sales volumes in the current year;

•a $121 million increase in weather-normal retail sales volumes;

•a $45 million increase in rider revenues primarily due to energy efficiency, storm securitization, and competitive procurement of renewable energy programs; and

•a $36 million increase due to higher pricing from the North Carolina retail rate case, net of a return of EDIT to customers.

Operating Expenses. The variance was driven primarily by:

•a $205 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and changes in the generation mix, partially offset by the recovery of fuel expenses and lower coal prices;

•a $63 million increase in operation, maintenance and other expense primarily due to higher storm restoration costs and higher outage and maintenance costs; and

•a $50 million increase in depreciation and amortization primarily due to an increase in assets placed into service, new depreciation rates associated with the North Carolina rate case and a higher depreciable base, partially offset by the extension of the lives of nuclear facilities.

Partially offset by:

•a $241 million decrease in impairment of assets and other charges due to the prior year optimization of the company's real estate portfolio and reduction of office space as parts of the business moved to a hybrid and remote workforce strategy and an adjustment to the South Carolina Supreme Court decision on coal ash.

Other Income and Expenses. The variance was driven by the coal ash insurance litigation proceeds received in the prior year, partially offset by an increase in AFUDC equity due to higher AFUDC base.

Interest Expense. The variance was driven by interest expense on excess deferred tax liabilities.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of excess deferred taxes.

100

MD&A PROGRESS ENERGY

PROGRESS ENERGY

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues	$	10,087	$	8,417	$	1,670
Operating Expenses
Fuel used in electric generation and purchased power	3,927		2,702		1,225
Operation, maintenance and other	1,829		1,863		(34)
Depreciation and amortization	1,607		1,430		177
Property and other taxes	472		419		53
Impairment of assets and other charges	4		79		(75)
Total operating expenses	7,839		6,493		1,346
Gains on Sales of Other Assets and Other, net	6		9		(3)
Operating Income	2,254		1,933		321
Other Income and Expenses, net	150		167		(17)
Interest Expense	616		592		24
Income Before Income Taxes	1,788		1,508		280
Income Tax Expense	289		174		115
Net Income	1,499		1,334		165
Less: Net Income Attributable to Noncontrolling Interests	1		1		—
Net Income Attributable to Parent	$	1,498	$	1,333	$	165

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $1,182 million increase in fuel cost recovery driven by higher fuel prices and volumes in the current year;

•a $202 million increase in retail pricing due to the North Carolina rate case and base rate adjustments at Duke Energy Florida related to annual increases from the 2021 Settlement Agreement and the solar base rate adjustment;

•a $171 million increase in weather-normal retail sales volumes;

•a $63 million increase in wholesale revenues, net of fuel, due to higher capacity volumes; and

•a $30 million increase in retail sales due to favorable weather.

Partially offset by:

•a $62 million decrease in capacity revenue primarily due to accelerated recovery of retired Crystal River coal units in 2021.

Operating Expenses. The variance was driven primarily by:

•a $1,225 million increase in fuel used in electric generation and purchased power primarily due to higher demand and higher natural gas prices;

•a $177 million increase in depreciation and amortization primarily due to increased rates at Duke Energy Florida and higher amortization of deferred coal ash and storm costs at Duke Energy Progress, partially offset by the extension of the lives at nuclear facilities at Duke Energy Progress; and

•a $53 million increase in property and other taxes primarily due to an increase in gross receipts taxes at Duke Energy Florida.

Partially offset by:

•a $75 million decrease in impairment of assets and other charges due to the prior year South Carolina Supreme Court decision on coal ash and optimization of the company's real estate portfolio and reduction of office space as parts of the business moved to hybrid and remote workforce strategy; and

•a $34 million decrease in operation, maintenance and other expense primarily due to reduced storm amortization at Duke Energy Florida, partially offset by higher storm costs at Duke Energy Progress.

Other Income and Expenses, net. The decrease is primarily due to coal ash insurance litigation proceeds received in the prior year at Duke Energy Progress, partially offset by a 2022 settlement with the Department of Energy over spent nuclear fuel storage at Duke Energy Florida.

Interest Expense. The variance was driven primarily by interest expense on excess deferred tax liabilities at Duke Energy Progress and higher outstanding debt.

101

MD&A PROGRESS ENERGY

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred taxes.

DUKE ENERGY PROGRESS

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues	$	5,182	$	4,417	$	765
Operating Expenses
Fuel used in electric generation and purchased power	1,916		1,368		548
Operation, maintenance and other	1,101		1,092		9
Depreciation and amortization	890		811		79
Property and other taxes	136		129		7
Impairment of assets and other charges	4		60		(56)
Total operating expenses	4,047		3,460		587
Gains on Sales of Other Assets and Other, net	2		8		(6)
Operating Income	1,137		965		172
Other Income and Expenses, net	83		111		(28)
Interest Expense	260		226		34
Income Before Income Taxes	960		850		110
Income Tax Expense	129		50		79
Net Income	$	831	$	800	$	31

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period	2022
Residential sales	—	%
General service sales	3.1	%
Industrial sales	10.0	%
Wholesale power sales	2.1	%
Joint dispatch sales	43.2	%
Total sales	5.7	%
Average number of customers	1.9	%

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $514 million increase in fuel revenues due to higher fuel prices and retail sales volumes in the current year;

•a $111 million increase due to higher pricing from the North Carolina retail rate case, net of a return of EDIT to customers;

•a $48 million increase in weather-normal retail sales volumes;

•a $34 million increase in wholesale revenues, net of fuel, due to higher capacity volumes;

•a $29 million increase in rider revenues primarily due to storm securitization and energy efficiency, partially offset by renewable energy and energy efficiency portfolio standard programs; and

•a $19 million increase in retail sales due to favorable weather compared to prior year.

Operating Expenses. The variance was driven primarily by:

•a $548 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices and changes in the generation mix, partially offset by the recovery of fuel expenses and lower coal expense; and

•a $79 million increase in depreciation and amortization due to higher amortization of deferred coal ash costs and amortization related to deferred storm costs, partially offset by lower depreciation related to the extension of the lives of nuclear facilities.

Partially offset by:

•a $56 million decrease in impairment of assets and other charges primarily due to the prior year South Carolina Supreme Court decision on coal ash and optimization of the company's real estate portfolio and reduction of office space as parts of the business moved to a hybrid and remote workforce strategy.

102

MD&A DUKE ENERGY PROGRESS

Other Income and Expenses, net. The variance was primarily due to coal ash insurance litigation proceeds received in the prior year.

Interest Expense. The variance was driven primarily by interest expense on excess deferred tax liabilities and higher outstanding debt.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred taxes.

DUKE ENERGY FLORIDA

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues	$	4,890	$	3,987	$	903
Operating Expenses
Fuel used in electric generation and purchased power	2,011		1,335		676
Operation, maintenance and other	716		760		(44)
Depreciation and amortization	717		619		98
Property and other taxes	335		290		45
Impairment of assets and other charges	—		19		(19)
Total operating expenses	3,779		3,023		756
Gains on Sales of Other Assets and Other, net	5		1		4
Operating Income	1,116		965		151
Other Income and Expenses, net	74		54		20
Interest Expense	258		239		19
Income Before Income Taxes	932		780		152
Income Tax Expense	181		149		32
Net Income	$	751	$	631	$	120

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior period	2022
Residential sales	3.9	%
General service sales	5.1	%
Industrial sales	6.4	%
Wholesale and other	48.7	%
Total sales	9.4	%
Average number of customers	1.7	%

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $668 million increase in fuel revenue primarily due to higher retail and wholesale sales volumes and a higher fuel rate in the current year in response to an increase in natural gas prices;

•a $123 million increase in weather-normal retail sales volumes;

•a $91 million increase in retail pricing due to base rate adjustments related to annual increases from the 2021 Settlement Agreement and the solar base rate adjustment;

•a $43 million increase in rider revenues primarily due to increased Storm Protection Plan rider revenue driven by higher debt and equity returns from increased capital expenditures in the current year;

•a $29 million increase in wholesale power revenues, net of fuel, primarily due to higher capacity revenues and bulk power sales; and

•an $11 million increase in retail sales due to favorable weather in the current year.

Partially offset by:

•a $62 million decrease in capacity revenue primarily due to accelerated recovery of the retired coal units Crystal River 1 and 2 in 2021.

103

MD&A DUKE ENERGY FLORIDA

Operating Expenses. The variance was driven primarily by:

•a $676 million increase in fuel used in electric generation and purchased power primarily due to higher natural gas prices;

•a $98 million increase in depreciation and amortization primarily due to an increase in depreciation rates starting in January 2022; and

•a $45 million increase in property and other taxes primarily due to an increase in gross receipt taxes driven by higher revenues and franchise and property taxes.

Partially offset by:

•a $44 million decrease in operation, maintenance and other primarily due to reduced storm amortization and reduced vegetation management costs, partially offset by increased charge-offs; and

•a $19 million decrease in impairment of assets and other charges due to the prior year optimization of the company's real estate portfolio and reduction of office space as parts of the business moved to hybrid and remote workforce strategy.

Other Income and Expenses, net. The increase is primarily due to a 2022 settlement with the Department of Energy over spent nuclear fuel storage.

Interest Expense. The increase in interest expense was primarily due to higher outstanding debt.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income.

DUKE ENERGY OHIO

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues
Regulated electric	$	1,320	$	1,119	$	201
Regulated natural gas	491		375		116
Total operating revenues	1,811		1,494		317
Operating Expenses
Fuel used in electric generation and purchased power	439		294		145
Cost of natural gas	174		76		98
Operation, maintenance and other	408		335		73
Depreciation and amortization	247		228		19
Property and other taxes	272		266		6
Impairment of assets and other charges	(11)		5		(16)
Total operating expenses	1,529		1,204		325
Operating Income	282		290		(8)
Other Income and Expenses, net	16		14		2
Interest Expense	92		82		10
Income Before Income Taxes	206		222		(16)
Income Tax (Benefit) Expense	(30)		34		(64)
Net Income	$	236	$	188	$	48

The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

	Electric		Natural Gas
Increase (Decrease) over prior year	2022		2022
Residential sales	0.6	%	6.1	%
General service sales	(2.2)	%	1.7	%
Industrial sales	(8.5)	%	2.6	%
Wholesale electric power sales	(25.0)	%	n/a
Other natural gas sales	n/a		(4.8)	%
Total sales	0.3	%	1.8	%
Average number of customers	1.3	%	0.5	%

104

MD&A DUKE ENERGY OHIO

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $227 million increase in fuel related revenues primarily due to higher retail sales volumes and a higher fuel rates in the current year in response to an increase in natural gas prices and purchased power expense;

•a $36 million increase in retail revenue riders primarily due to the Ohio CEP and Distribution Capital Investment Rider (DCI);

•a $30 million increase in other electric revenues primarily due to Distribution Decoupling rider adjustments recorded in 2021; and

•an $11 million increase in revenues related to OVEC collections and OVEC sales into PJM.

Partially offset by:

•a $15 million decrease due to the MGP settlement.

Operating Expenses. The variance was driven primarily by:

•a $243 million increase in fuel expense primarily driven by higher retail prices and increased volumes for natural gas and purchased power;

•a $73 million increase in operation, maintenance and other expense primarily due to the MGP settlement and higher storm costs; and

•a $19 million increase in depreciation and amortization primarily driven by lower CEP deferrals and an increase in distribution plant in service.

Partially offset by:

•a $16 million decrease in impairment of assets and other charges primarily due to the partial reversal of the prior year impairment related to the propane caverns in Ohio.

Interest Expense. The increase was primarily due to interest costs on long term debt.

Income Tax (Benefit) Expense. The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes related to the MGP Settlement and a decrease in pretax income.

DUKE ENERGY INDIANA

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues	$	2,835	$	2,366	$	469
Operating Expenses
Fuel used in electric generation and purchased power	1,234		710		524
Operation, maintenance and other	551		543		8
Depreciation and amortization	478		458		20
Property and other taxes	60		57		3
Impairment of assets and other charges	211		8		203
Total operating expenses	2,534		1,776		758
Operating Income	301		590		(289)
Other Income and Expenses, net	27		31		(4)
Interest Expense	138		148		(10)
Income Before Income Taxes	190		473		(283)
Income Tax Expense	1		77		(76)
Net Income	$	189	$	396	$	(207)

The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.

Increase (Decrease) over prior year	2022
Residential sales	0.6	%
General service sales	2.1	%
Industrial sales	(9.2)	%
Wholesale power sales	11.2	%
Total sales	2.7	%
Average number of customers	1.4	%

105

MD&A DUKE ENERGY INDIANA

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $406 million increase in retail fuel revenues primarily due to higher fuel cost recovery driven by retail sales volumes and fuel prices;

•an $86 million increase primarily due to wholesale revenues, including fuel revenues, driven by higher rates and BPM sharing provision; and

•a $37 million increase in weather-normal retail sales volumes driven by higher nonresidential customer demand.

Partially offset by:

•a $60 million decrease due to the Indiana Supreme Court ruling on recovery of certain coal ash costs.

Operating Expenses. The variance was driven primarily by:

•a $524 million increase in fuel used in electric generation and purchased power expense primarily due to higher purchased power expense and higher coal and natural gas costs;

•a $203 million increase in impairment of assets and other charges primarily due to the Indiana Supreme Court ruling on recovery of certain coal ash costs; and

•a $20 million increase in depreciation and amortization primarily due to additional plant in service and the Step 2 rates true-up adjustment to depreciation expense.

Income Tax Expense. The decrease in tax expense was primarily due the change in pretax income from the coal ash impairment and an increase in the amortization of excess deferred income taxes.

PIEDMONT

Results of Operations

	Nine Months Ended September 30,
(in millions)	2022		2021		Variance
Operating Revenues	$	1,421	$	1,016	$	405
Operating Expenses
Cost of natural gas	685		354		331
Operation, maintenance and other	270		231		39
Depreciation and amortization	166		150		16
Property and other taxes	44		44		—
Impairment of assets and other charges	1		9		(8)
Total operating expenses	1,166		788		378
Gains on Sales of Other Assets and Other, net	4		—		4
Operating Income	259		228		31
Other Income and Expenses, net	41		51		(10)
Interest Expense	102		88		14
Income Before Income Taxes	198		191		7
Income Tax Expense	18		16		2
Net Income	$	180	$	175	$	5

The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.

Increase (Decrease) over prior year	2022
Residential deliveries	(4.6)	%
Commercial deliveries	0.9	%
Industrial deliveries	0.8	%
Power generation deliveries	31.3	%
For resale	(5.1)	%
Total throughput deliveries	18.9	%
Secondary market volumes	31.8	%
Average number of customers	1.4	%

The margin decoupling mechanism adjusts for variations in residential and commercial use per customer, including those due to weather and conservation. The weather normalization adjustment mechanisms mostly offset the impact of weather on bills rendered, but do not ensure full recovery of approved margin during periods when winter weather is significantly warmer or colder than normal.

106

MD&A PIEDMONT

Nine Months Ended September 30, 2022, as compared to September 30, 2021

Operating Revenues. The variance was driven primarily by:

•a $331 million increase due to higher natural gas costs passed through to customers and increased off-system sales natural gas costs;

•a $50 million increase due to base rate increases; and

•a $5 million increase due to customer growth.

Operating Expenses. The variance was driven primarily by:

•a $331 million increase due to higher natural gas costs passed through to customers and increased off-system sales natural gas;

•a $39 million increase in operation, maintenance and other due to higher spend on internal and contract labor costs, fleet, materials and other; and

•a $16 million increase in depreciation and amortization due to additional plant in service.

Other Income and Expenses, net. The decrease was primarily due to lower AFUDC equity income.

Interest Expense. The increase was primarily due to higher debt outstanding and lower AFUDC debt income.

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Uses of Cash

Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Additionally, due to its existing tax attributes and projected tax credits to be generated relating to the IRA, Duke Energy does not expect to be a significant federal cash taxpayer until around 2030. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2021, included a summary and detailed discussion of projected primary sources and uses of cash for 2022 to 2024.

As of September 30, 2022, Duke Energy had approximately $453 million of cash on hand and $5.5 billion available under its $9 billion Master Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs. Refer to Note 5 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities," for information regarding Duke Energy's debt issuances and maturities, and available credit facilities including the Master Credit Facility.

Cash Flow Information

The following table summarizes Duke Energy’s cash flows.

	Nine Months Ended
	September 30,
(in millions)	2022		2021
Cash flows provided by (used in):
Operating activities	$	5,188	$	7,227
Investing activities	(8,630)		(8,200)
Financing activities	3,551		1,160
Net increase in cash, cash equivalents and restricted cash	109		187
Cash, cash equivalents and restricted cash at beginning of period	520		556
Cash, cash equivalents and restricted cash at end of period	$	629	$	743

107

MD&A LIQUIDITY AND CAPITAL RESOURCES

OPERATING CASH FLOWS

The following table summarizes key components of Duke Energy’s operating cash flows.

	Nine Months Ended
	September 30,
(in millions)	2022		2021		Variance
Net income	$	3,113	$	2,915	$	198
Non-cash adjustments to net income	4,490		4,556		(66)
Contributions to qualified pension plans	(58)		—		(58)
Payments for asset retirement obligations	(418)		(389)		(29)
Working capital	(1,939)		145		(2,084)
Net cash provided by operating activities	$	5,188	$	7,227	$	(2,039)

The variance is primarily due to the timing of accruals and payments in working capital accounts, including fuel purchases.

INVESTING CASH FLOWS

The following table summarizes key components of Duke Energy’s investing cash flows.

	Nine Months Ended
	September 30,
(in millions)	2022		2021		Variance
Capital, investment and acquisition expenditures	$	(8,185)	$	(7,119)	$	(1,066)
Other investing items	(445)		(1,081)		636
Net cash used in investing activities	$	(8,630)	$	(8,200)	$	(430)

The variance is primarily due to higher overall investments in the Electric Utilities and Infrastructure segment, partially offset by a payment made in 2021 to fund ACP's outstanding debt.

FINANCING CASH FLOWS

The following table summarizes key components of Duke Energy’s financing cash flows.

	Nine Months Ended
	September 30,
(in millions)	2022		2021		Variance
Issuances of long-term debt, net	$	5,663	$	2,683	$	2,980
Issuances of common stock	—		5		(5)
Notes payable, commercial paper and other short-term borrowings	269		(723)		992
Dividends paid	(2,389)		(2,340)		(49)
Contributions from noncontrolling interests	132		1,556		(1,424)
Other financing items	(124)		(21)		(103)
Net cash provided by financing activities	$	3,551	$	1,160	$	2,391

The variance was primarily due to:

•a $3 billion increase in net proceeds from issuances of long-term debt, primarily due to timing of issuances and redemptions of long-term debt; and

•a $992 million increase in net borrowings from notes payable and commercial paper.

Partially offset by:

•a $1.4 billion decrease in contributions from noncontrolling interests due to fewer project investments financed by tax equity being placed into service in the current year.

OTHER MATTERS

Environmental Regulations

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 3 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for further information regarding potential plant retirements and regulatory filings related to the Duke Energy Registrants.

108

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021.

Foreign Currency Exchange Risk

Duke Energy is exposed to risk resulting from changes in the foreign currency exchange rates as a result of its issuances of long-term debt denominated in a foreign currency. Duke Energy manages foreign currency exchange risk exposure by entering into cross-currency swaps, a type of financial derivative instrument, which mitigate foreign currency exchange exposure. See Notes 5, 9 and 11 to the Condensed Consolidated Financial Statements, “Debt and Credit Facilities,” “Derivatives and Hedging” and “Fair Value Measurements," respectively.

Credit Risk

Duke Energy is subject to credit risk from transactions with counterparties to cross-currency swaps related to future interest and principal payments. The credit exposure to such counterparties may take the form of higher costs to meet Duke Energy's future Euro-denominated interest and principal payments in the event of counterparty default. Duke Energy selects highly rated banks as counterparties and allocates the hedge for each debt issuance across multiple counterparties. The master agreements with the counterparties impose collateral requirements on the parties in certain circumstances indicative of material deterioration in a party's creditworthiness.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2022, and, based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2022, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

109

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For information regarding material legal proceedings, including regulatory and environmental matters, see Note 3, "Regulatory Matters," and Note 4, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021, which could materially affect the Duke Energy Registrants’ financial condition or future results. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021.

The Duke Energy Registrants rely on access to short-term borrowings and longer-term debt and equity markets to finance their capital requirements and support their liquidity needs. Access to those markets can be adversely affected by a number of conditions, many of which are beyond the Duke Energy Registrants’ control.

The Duke Energy Registrants’ businesses are significantly financed through issuances of debt and equity. The maturity and repayment profile of debt used to finance investments often does not correlate to cash flows from their assets. Accordingly, as a source of liquidity for capital requirements not satisfied by the cash flows from their operations and to fund investments originally financed through debt instruments with disparate maturities, the Duke Energy Registrants rely on access to short-term money markets as well as longer-term capital markets. The Subsidiary Registrants also rely on access to short-term intercompany borrowings. If the Duke Energy Registrants are not able to access debt or equity at competitive rates or at all, the ability to finance their operations and implement their strategy and business plan as scheduled could be adversely affected. An inability to access debt and equity may limit the Duke Energy Registrants’ ability to pursue improvements or acquisitions that they may otherwise rely on for future growth.

Market disruptions may increase the cost of borrowing or adversely affect the ability to access one or more financial markets. Such disruptions could include: economic downturns, unfavorable capital market conditions, market prices for natural gas and coal, geopolitical risks, actual or threatened terrorist attacks, or the overall health of the energy industry. Additionally, rapidly rising interest rates could impact the ability to affordably finance the capital plan or increase rates to customers and could have an impact on our ability to execute on our clean energy strategy. The availability of credit under Duke Energy’s Master Credit Facility depends upon the ability of the banks providing commitments under the facility to provide funds when their obligations to do so arise. Systemic risk of the banking system and the financial markets could prevent a bank from meeting its obligations under the facility agreement.

Duke Energy maintains a revolving credit facility to provide backup for its commercial paper program and letters of credit to support variable rate demand tax-exempt bonds that may be put to the Duke Energy Registrant issuer at the option of the holder. The facility includes borrowing sublimits for the Duke Energy Registrants, each of whom is a party to the credit facility, and financial covenants that limit the amount of debt that can be outstanding as a percentage of the total capital for the specific entity. Failure to maintain these covenants at a particular entity could preclude Duke Energy from issuing commercial paper or the Duke Energy Registrants from issuing letters of credit or borrowing under the Master Credit Facility.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

110

EXHIBITS

ITEM 6. EXHIBITS

Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).

			Duke		Duke	Duke	Duke	Duke
Exhibit		Duke	Energy	Progress	Energy	Energy	Energy	Energy
Number		Energy	Carolinas	Energy	Progress	Florida	Ohio	Indiana	Piedmont
3.1	Amended and Restated By-Laws of Duke Energy Corporation, effective as of September 22, 2022, (incorporated by reference to Exhibit 3.1 to registrant's Current Report on Form 8-K filed on September 28, 2022, File No. 1-32853).	X
4.1	Twenty-eighth Supplemental Indenture, dated as of August 11, 2022, to the indenture, dated as of June 3, 2008, between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, and forms of global notes included therein (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on August 11, 2022, File No. 1-32853).	X
*31.1.1	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
*31.1.2	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		X
*31.1.3	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.			X
*31.1.4	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
*31.1.5	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
*31.1.6	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.						X
*31.1.7	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.							X
*31.1.8	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.								X
*31.2.1	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
*31.2.2	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		X
*31.2.3	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.			X
*31.2.4	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
*31.2.5	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
*31.2.6	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.						X

111

EXHIBITS

*31.2.7	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.							X
*31.2.8	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.								X
*32.1.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
*32.1.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.		X
*32.1.3	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			X
*32.1.4	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
*32.1.5	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
*32.1.6	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.						X
*32.1.7	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.							X
*32.1.8	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.								X
*32.2.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	X
*32.2.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.		X
*32.2.3	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.			X
*32.2.4	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
*32.2.5	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.					X
*32.2.6	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.						X
*32.2.7	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.							X
*32.2.8	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.								X
*101.INS	XBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).	X	X	X	X	X	X	X	X

112

EXHIBITS

*101.SCH	XBRL Taxonomy Extension Schema Document.	X	X	X	X	X	X	X	X
*101.CAL	XBRL Taxonomy Calculation Linkbase Document.	X	X	X	X	X	X	X	X
*101.LAB	XBRL Taxonomy Label Linkbase Document.	X	X	X	X	X	X	X	X
*101.PRE	XBRL Taxonomy Presentation Linkbase Document.	X	X	X	X	X	X	X	X
*101.DEF	XBRL Taxonomy Definition Linkbase Document.	X	X	X	X	X	X	X	X
*104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).	X	X	X	X	X	X	X	X

The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.

113

SIGNATURES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

		DUKE ENERGY CORPORATION DUKE ENERGY CAROLINAS, LLC PROGRESS ENERGY, INC. DUKE ENERGY PROGRESS, LLC DUKE ENERGY FLORIDA, LLC DUKE ENERGY OHIO, INC. DUKE ENERGY INDIANA, LLC PIEDMONT NATURAL GAS COMPANY, INC.
Date:	November 4, 2022	/s/ BRIAN D. SAVOY
		Brian D. Savoy Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	November 4, 2022	/s/ CYNTHIA S. LEE
		Cynthia S. Lee Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

114

EX-31.1 1

EXHIBIT 31.1.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chair, President and
Chief Executive Officer

EX-31.1 2

EXHIBIT 31.1.2

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.1 3

EXHIBIT 31.1.3

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.1 4

EXHIBIT 31.1.4

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.1 5

EXHIBIT 31.1.5

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.1 6

EXHIBIT 31.1.6

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.1 7

EXHIBIT 31.1.7

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.1 8

EXHIBIT 31.1.8

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lynn J. Good, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

EX-31.2 1

EXHIBIT 31.2.1

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 2

EXHIBIT 31.2.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 3

EXHIBIT 31.2.3

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 4

EXHIBIT 31.2.4

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 5

EXHIBIT 31.2.5

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 6

EXHIBIT 31.2.6

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 7

EXHIBIT 31.2.7

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-31.2 8

EXHIBIT 31.2.8

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Brian D. Savoy, certify that:

1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;

2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

EX-32.1 1

EXHIBIT 32.1.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chair, President and Chief Executive Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.

/s/ LYNN J. GOOD

Lynn J. Good
Chair, President and
Chief Executive Officer

November 4, 2022

EX-32.1 2

EXHIBIT 32.1.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.1 3

EXHIBIT 32.1.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.1 4

EXHIBIT 32.1.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.1 5

EXHIBIT 32.1.5

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.1 6

EXHIBIT 32.1.6

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.1 7

EXHIBIT 32.1.7

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.1 8

EXHIBIT 32.1.8

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.

/s/ LYNN J. GOOD

Lynn J. Good
Chief Executive Officer

November 4, 2022

EX-32.2 1

EXHIBIT 32.2.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 2

EXHIBIT 32.2.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 3

EXHIBIT 32.2.3

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 4

EXHIBIT 32.2.4

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 5

EXHIBIT 32.2.5

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 6

EXHIBIT 32.2.6

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 7

EXHIBIT 32.2.7

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

EX-32.2 8

EXHIBIT 32.2.8

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.

/s/ BRIAN D. SAVOY

Brian D. Savoy
Executive Vice President and Chief Financial Officer

November 4, 2022

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-32853
Entity Registrant Name	DUKE ENERGY CORPORATION
Entity Tax Identification Number	20-2777218
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	526 South Church Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202-1803
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		770,062,772
Entity Central Index Key	0001326160
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Duke Energy Carolinas
Entity Information [Line Items]
Entity File Number	1-4928
Entity Registrant Name	DUKE ENERGY CAROLINAS, LLC
Entity Tax Identification Number	56-0205520
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	526 South Church Street
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28202-1803
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000030371
Current Fiscal Year End Date	--12-31
Progress Energy
Entity Information [Line Items]
Entity File Number	1-15929
Entity Registrant Name	PROGRESS ENERGY, INC.
Entity Tax Identification Number	56-2155481
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	410 South Wilmington Street
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27601-1748
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001094093
Current Fiscal Year End Date	--12-31
Duke Energy Progress
Entity Information [Line Items]
Entity File Number	1-3382
Entity Registrant Name	DUKE ENERGY PROGRESS, LLC
Entity Tax Identification Number	56-0165465
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	410 South Wilmington Street
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27601-1748
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000017797
Current Fiscal Year End Date	--12-31
Duke Energy Florida
Entity Information [Line Items]
Entity File Number	1-3274
Entity Registrant Name	DUKE ENERGY FLORIDA, LLC
Entity Tax Identification Number	59-0247770
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	299 First Avenue North
Entity Address, City or Town	St. Petersburg
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33701
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000037637
Current Fiscal Year End Date	--12-31
Duke Energy Ohio
Entity Information [Line Items]
Entity File Number	1-1232
Entity Registrant Name	DUKE ENERGY OHIO, INC.
Entity Tax Identification Number	31-0240030
Entity Incorporation, State or Country Code	OH
Entity Address, Address Line One	139 East Fourth Street
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000020290
Current Fiscal Year End Date	--12-31
Duke Energy Indiana
Entity Information [Line Items]
Entity File Number	1-3543
Entity Registrant Name	DUKE ENERGY INDIANA, LLC
Entity Tax Identification Number	35-0594457
Entity Incorporation, State or Country Code	IN
Entity Address, Address Line One	1000 East Main Street
Entity Address, City or Town	Plainfield
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46168
City Area Code	704
Local Phone Number	382-3853
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000081020
Current Fiscal Year End Date	--12-31
Piedmont
Entity Information [Line Items]
Entity File Number	1-6196
Entity Registrant Name	PIEDMONT NATURAL GAS COMPANY, INC.
Entity Tax Identification Number	56-0556998
Entity Incorporation, State or Country Code	NC
Entity Address, Address Line One	4720 Piedmont Row Drive
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28210
City Area Code	704
Local Phone Number	364-3120
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000078460
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	DUK
Security Exchange Name	NYSE
Junior Subordinated Debentures 5.625% Coupon Due September 2078
Entity Information [Line Items]
Title of 12(b) Security	5.625% Junior Subordinated Debentures
Trading Symbol	DUKB
Security Exchange Name	NYSE
Depositary Share
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares
Trading Symbol	DUK PR A
Security Exchange Name	NYSE
Senior Notes 3.10% Due 2028
Entity Information [Line Items]
Title of 12(b) Security	3.10% Senior Notes
Trading Symbol	DUK 28A
Security Exchange Name	NYSE
Senior Notes 3.85% Due 2034
Entity Information [Line Items]
Title of 12(b) Security	3.85% Senior Notes
Trading Symbol	DUK 34
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues
Regulated electric	$ 7,374	$ 6,495	$ 19,381	$ 16,972
Regulated natural gas	397	263	1,824	1,314
Nonregulated electric and other	197	193	580	573
Total operating revenues	7,968	6,951	21,785	18,859
Operating Expenses
Operation, maintenance and other	1,394	1,507	4,471	4,319
Depreciation and amortization	1,364	1,265	3,986	3,698
Property and other taxes	378	371	1,149	1,073
Impairment (reversal) of assets and other charges	(4)	211	202	342
Total operating expenses	5,950	5,273	17,085	14,564
Gains (Losses) on Sales of Other Assets and Other, net	6	9	16	11
Operating Income	2,024	1,687	4,716	4,306
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	26	22	87	14
Other income and expenses, net	89	238	293	493
Total other income and expenses	115	260	380	507
Interest Expense	621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes	1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations	128	90	191	210
Income From Continuing Operations	1,390	1,276	3,090	2,915
Income From Discontinued Operations, net of tax	23	0	23	0
Net Income	1,413	1,276	3,113	2,915
Add: Net Loss Attributable to Noncontrolling Interests	9	129	73	247
Net Income Attributable to Duke Energy Corporation	1,422	1,405	3,186	3,162
Less: Preferred Dividends	39	39	92	92
Net Income Available to Duke Energy Corporation Common Stockholders	$ 1,383	$ 1,366	$ 3,094	$ 3,070
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic (in usd per share)	$ 1.78	$ 1.79	$ 4.00	$ 4.00
Diluted (in usd per share)	1.78	1.79	4.00	4.00
Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic (in usd per share)	0.03	0	0.03	0
Diluted (in usd per share)	0.03	0	0.03	0
Net income available to Duke Energy Corporation common stockholders
Basic (in usd per share)	1.81	1.79	4.03	4.00
Diluted (in usd per share)	$ 1.81	$ 1.79	$ 4.03	$ 4.00
Weighted Average Shares Outstanding
Basic (in shares)	770	769	770	769
Diluted (in shares)	770	769	770	769
Fuel used in electric generation and purchased power
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	$ 2,629	$ 1,844	$ 6,418	$ 4,702
Cost of natural gas
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	$ 189	$ 75	$ 859	$ 430

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net income		$ 1,413	$ 1,276		$ 3,113		$ 2,915
Other Comprehensive Income (Loss), net of tax
Pension and OPEB adjustments	[1]	(7)	1		(3)		3
Net unrealized gains (losses) on cash flow hedges	[1]	14	9		276		(59)
Reclassification into earnings from cash flow hedges	[1]		2		9		9
Net unrealized losses on fair value hedges	[1]	(8)			(20)
Unrealized gains (losses) on available-for-sale securities	[1]	1	(2)		(20)		(6)
Other Comprehensive Income (Loss), net of tax		0	10	[1]	242	[1]	(53)	[1]
Comprehensive Income		1,413	1,286		3,355		2,862
Add: Comprehensive Loss Attributable to Noncontrolling Interests		4	128		56		240
Comprehensive income		1,417	1,414		3,411		3,102
Less: Preferred Dividends		39	39		92		92
Comprehensive Income Available to Duke Energy Corporation Common Stockholders		$ 1,378	$ 1,375		$ 3,319		$ 3,010

[1] Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax	$ 72	$ (16)

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables (net of allowance for doubtful accounts)	1,092	1,173
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Facilities to be retired, net	95	144
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Nuclear decommissioning trust funds	8,123	10,401
Operating lease right-of-use assets, net	1,199	1,266
Investments in equity method unconsolidated affiliates	951	970
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Notes payable and commercial paper	3,606	3,304
Taxes accrued	946	749
Interest accrued	596	533
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Investment tax credits	851	833
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	44,397	44,371
Retained earnings	4,063	3,265
Accumulated other comprehensive loss	(78)	(303)
Total Duke Energy Corporation stockholders' equity	50,345	49,296
Noncontrolling interests	1,824	1,840
Total equity	52,169	51,136
Total Liabilities and Equity	176,340	169,587
Preferred stock, Series A
Equity
Preferred stock	973	973
Preferred stock, Series B
Equity
Preferred stock	$ 989	$ 989

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Current Assets: Other	1,244	638
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Other Noncurrent Assets: Other	4,050	3,812
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Long-Term Debt	66,060	60,448
Other, noncurrent liabilities	$ 1,936	$ 1,650
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	770,000,000	769,000,000
Preferred stock, Series A
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, depositary shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, depositary shares outstanding (in shares)	40,000,000	40,000,000
Preferred stock, Series B
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, depositary shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, depositary shares outstanding (in shares)	1,000,000	1,000,000
Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	$ 136	$ 76
Regulatory assets (includes amounts related to VIEs)	105	105
Current Assets: Other	243	256
Regulatory assets (includes amounts related to VIEs)	1,742	1,823
Other Noncurrent Assets: Other	164	92
Current maturities of long-term debt (includes amounts related to VIEs)	635	243
Long-Term Debt	4,387	4,854
Other, noncurrent liabilities	$ 202	$ 319

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 3,113	$ 2,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Equity in earnings of unconsolidated affiliates		(87)	(14)
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Contributions to equity method investments		(37)	(30)
Purchases of debt and equity securities		(3,619)	(4,292)
Proceeds from sales and maturities of debt and equity securities		3,691	4,335
Disbursements to canceled equity method investments			855
Other		517	269
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Proceeds from the issuance of common stock			5
Payments for the redemption of long-term debt		(3,803)	(3,696)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days		80	109
Payments for the redemption of short-term debt with original maturities greater than 90 days		(287)	(997)
Notes payable and commercial paper		476	165
Contributions from noncontrolling interests		132	1,556
Dividends paid		(2,389)	(2,340)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		$ 1,387	$ 998

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions		Total		Preferred Stock	Common Stockholders' Equity	Additional Paid-in Capital	Retained Earnings	Net Gains (Losses) on Hedges	[1]	Accumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities	Accumulated Other Comprehensive (Loss) Income, Pension and OPEB Adjustments	Noncontrolling Interests	Accumulated Other Comprehensive (Loss) Income, Net (Losses) Gains on Cash Flow Hedges	Common Stock	Common Stock Common Stockholders' Equity	Common Stock Common Stock	Common Stock Additional Paid-in Capital
Beginning Balance at Dec. 31, 2020		$ 49,184		$ 1,962	$ 47,964	$ 43,767	$ 2,471	$ (167)		$ 6	$ (76)	$ 1,220				$ 1
Beginning Balance, in shares at Dec. 31, 2020																769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,823			3,070		3,070					(247)
Other comprehensive (loss) income		(53)	[2]		(60)			(57)		(6)	3	7
Common stock issuances, including dividend reinvestment and employee benefits														$ 43	$ 43		$ 43
Common stock dividends		(2,248)			(2,248)		(2,248)
Sale of noncontrolling interest	[3]	999			545	545						454	$ 0
Contributions from noncontrolling interests, net of transaction costs	[4]	525			(6)	(6)						531
Distributions to noncontrolling interest in subsidiaries		(34)										(34)
Other		1			(1)	(1)	0					2
Ending Balance at Sep. 30, 2021		51,240		1,962	49,307	44,348	3,293	(224)			(73)	1,933				$ 1
Ending Balance, in shares at Sep. 30, 2021																769
Beginning Balance at Jun. 30, 2021		49,545		1,962	48,132	43,788	2,687	(234)		2	(74)	1,413				$ 1
Beginning Balance, in shares at Jun. 30, 2021																769
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,237			1,366		1,366					(129)
Other comprehensive (loss) income		10	[2]		9			10		(2)	1	1
Common stock issuances, including dividend reinvestment and employee benefits														20	20		20
Common stock dividends		(760)			(760)		(760)
Sale of noncontrolling interest	[3]	999			545	545						454
Contributions from noncontrolling interests, net of transaction costs	[4]	210			(3)	(3)						213
Distributions to noncontrolling interest in subsidiaries		(22)										(22)
Other		1			(2)	(2)						3
Ending Balance at Sep. 30, 2021		51,240		1,962	49,307	44,348	3,293	(224)			(73)	1,933				$ 1
Ending Balance, in shares at Sep. 30, 2021																769
Beginning Balance at Dec. 31, 2021		$ 51,136		1,962	49,296	44,371	3,265	(232)		(2)	(69)	1,840				$ 1
Beginning Balance, in shares at Dec. 31, 2021		769														769
Beginning Balance (parent) at Dec. 31, 2021		$ 49,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		3,021			3,094		3,094					(73)
Other comprehensive (loss) income		242	[2]		225			248		(20)	(3)	17
Common stock issuances, including dividend reinvestment and employee benefits														41	41	$ 1	41
Common stock dividends		(2,297)			(2,297)		(2,297)
Sale of noncontrolling interest		21			(17)	(17)						38
Contributions from noncontrolling interests, net of transaction costs	[4]	94										94
Distributions to noncontrolling interest in subsidiaries		(92)										(92)
Other		3			3	2	1
Ending Balance at Sep. 30, 2022		$ 52,169		1,962	50,345	44,397	4,063	16		(22)	(72)	1,824				$ 1
Ending Balance, in shares at Sep. 30, 2022		770														770
Ending Balance (parent) at Sep. 30, 2022		$ 50,345
Beginning Balance at Jun. 30, 2022		51,584		1,962	49,720	44,373	3,457	15		(23)	(65)	1,864				$ 1
Beginning Balance, in shares at Jun. 30, 2022																770
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,374			1,383		1,383					(9)
Other comprehensive (loss) income		0			(5)			1		1	(7)	5
Common stock issuances, including dividend reinvestment and employee benefits														$ 21	$ 21		$ 21
Common stock dividends		(776)			(776)		(776)
Contributions from noncontrolling interests, net of transaction costs	[4]	6			0	0						6
Distributions to noncontrolling interest in subsidiaries		(42)										(42)
Other		2			2	3	(1)
Ending Balance at Sep. 30, 2022		$ 52,169		$ 1,962	$ 50,345	$ 44,397	$ 4,063	$ 16		$ (22)	$ (72)	$ 1,824				$ 1
Ending Balance, in shares at Sep. 30, 2022		770														770
Ending Balance (parent) at Sep. 30, 2022		$ 50,345

[1] See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

[2] Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

[3] Relates to the sale of a noncontrolling interest in Duke Energy Indiana. See Note 2 for additional discussion.

[4] Relates primarily to tax equity financing activity in the Commercial Renewables segment.

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Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Carolinas - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues	$ 7,968	$ 6,951	$ 21,785	$ 18,859
Operating Expenses
Operation, maintenance and other	1,394	1,507	4,471	4,319
Depreciation and amortization	1,364	1,265	3,986	3,698
Property and other taxes	378	371	1,149	1,073
Impairment (reversal) of assets and other charges	(4)	211	202	342
Total operating expenses	5,950	5,273	17,085	14,564
Gains (Losses) on Sales of Other Assets and Other, net	6	9	16	11
Operating Income	2,024	1,687	4,716	4,306
Total other income and expenses	115	260	380	507
Interest Expense	621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes	1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations	128	90	191	210
Comprehensive Income	1,417	1,414	3,411	3,102
Net Income Attributable to Duke Energy Corporation	1,422	1,405	3,186	3,162
Duke Energy Carolinas
Operating Revenues	2,175	2,104	5,844	5,430
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	544	452	1,423	1,218
Operation, maintenance and other	436	471	1,410	1,347
Depreciation and amortization	375	366	1,138	1,088
Property and other taxes	88	91	258	248
Impairment (reversal) of assets and other charges	6	163	(3)	238
Total operating expenses	1,449	1,543	4,226	4,139
Gains (Losses) on Sales of Other Assets and Other, net	4	(1)	4	1
Operating Income	730	560	1,622	1,292
Total other income and expenses	59	126	172	218
Interest Expense	131	137	415	400
Income From Continuing Operations Before Income Taxes	658	549	1,379	1,110
Income Tax Expense From Continuing Operations	34	16	87	40
Comprehensive Income	624	533	1,292	1,070
Net Income Attributable to Duke Energy Corporation	$ 624	$ 533	$ 1,292	$ 1,070

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Condensed Consolidated Balance Sheets - Duke Energy Carolinas - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Receivables (net of allowance for doubtful accounts)	1,092	1,173
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Facilities to be retired, net	95	144
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Nuclear decommissioning trust funds	8,123	10,401
Operating lease right-of-use assets, net	1,199	1,266
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Investment tax credits	851	833
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Accumulated other comprehensive loss	(78)	(303)
Total Liabilities and Equity	176,340	169,587
Duke Energy Carolinas
Current Assets
Cash and cash equivalents	36	7
Receivables of VIEs (net of allowance for doubtful accounts)	318	300
Receivables (net of allowance for doubtful accounts)	932	844
Receivables from affiliated companies	297	190
Inventory	1,112	1,026
Regulatory assets (includes amounts related to VIEs)	995	544
Other (includes amounts related to VIEs)	267	95
Total current assets	3,957	3,006
Property, Plant and Equipment
Cost	53,878	51,874
Accumulated depreciation and amortization	(18,504)	(17,854)
Facilities to be retired, net	86	102
Net property, plant and equipment	35,460	34,122
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	3,969	2,935
Nuclear decommissioning trust funds	4,481	5,759
Operating lease right-of-use assets, net	87	92
Other (includes amounts related to VIEs)	1,179	1,248
Total other noncurrent assets	9,716	10,034
Total Assets	49,133	47,162
Current Liabilities
Accounts payable	1,184	988
Accounts payable to affiliated companies	196	266
Notes payable to affiliated companies	584	226
Taxes accrued	265	274
Interest accrued	118	125
Current maturities of long-term debt (includes amounts related to VIEs)	1,019	362
Asset retirement obligations	278	249
Regulatory liabilities	442	487
Other	565	546
Total current liabilities	4,651	3,523
Long-Term Debt (includes amounts related to VIEs)	12,903	12,595
Long-Term Debt Payable to Affiliated Companies	300	318
Other Noncurrent Liabilities
Deferred income taxes	4,107	3,634
Asset retirement obligations	5,115	5,052
Regulatory liabilities	5,974	7,198
Operating lease liabilities	73	78
Accrued pension and other post-retirement benefit costs	39	50
Investment tax credits	301	287
Other (includes amounts related to VIEs)	537	536
Total other noncurrent liabilities	16,146	16,835
Commitments and Contingencies
Equity
Member's equity	15,139	13,897
Accumulated other comprehensive loss	(6)	(6)
Total equity	15,133	13,891
Total Liabilities and Equity	$ 49,133	$ 47,162

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Condensed Consolidated Balance Sheets - Duke Energy Carolinas (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Current Assets: Other	1,244	638
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Long-Term Debt	66,060	60,448
Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	136	76
Regulatory assets (includes amounts related to VIEs)	105	105
Current Assets: Other	243	256
Regulatory assets (includes amounts related to VIEs)	1,742	1,823
Current maturities of long-term debt (includes amounts related to VIEs)	635	243
Long-Term Debt	4,387	4,854
Duke Energy Carolinas
Allowance for doubtful accounts - receivables	2	1
Allowance for doubtful accounts - receivables of VIEs	60	41
Regulatory assets (includes amounts related to VIEs)	995	544
Current Assets: Other	267	95
Regulatory assets (includes amounts related to VIEs)	3,969	2,935
Current maturities of long-term debt (includes amounts related to VIEs)	1,019	362
Long-Term Debt	12,903	12,595
Duke Energy Carolinas | Variable Interest Entity
Regulatory assets (includes amounts related to VIEs)	12	12
Current Assets: Other	5	0
Regulatory assets (includes amounts related to VIEs)	211	220
Current maturities of long-term debt (includes amounts related to VIEs)	10	5
Long-Term Debt	$ 718	$ 703

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Condensed Consolidated Statements of Cash Flows - Duke Energy Carolinas - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		$ 3,186	$ 3,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Equity in earnings of unconsolidated affiliates		(87)	(14)
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Purchases of debt and equity securities		(3,619)	(4,292)
Proceeds from sales and maturities of debt and equity securities		3,691	4,335
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Payments for the redemption of long-term debt		(3,803)	(3,696)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Duke Energy Carolinas
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		1,292	1,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		1,335	1,295
Equity component of AFUDC		(75)	(46)
Gains on sales of other assets			(1)
Impairment of assets and other charges		(3)	238
Deferred income taxes		230	(146)
Contributions to qualified pension plans		(15)
Payments for asset retirement obligations		(137)	(132)
Provision for rate refunds		(55)	(29)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			(1)
Receivables		(17)	(172)
Receivables from affiliated companies		(107)	39
Inventory		(86)	41
Other current assets(a)	[2]	(1,139)	(153)
Increase (decrease) in
Accounts payable		104	(254)
Accounts payable to affiliated companies		(88)	(15)
Taxes accrued		(9)	315
Other current liabilities		279	72
Other assets		22	52
Other liabilities		(269)	167
Net cash provided by operating activities		1,262	2,340
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(2,313)	(1,947)
Purchases of debt and equity securities		(2,083)	(2,465)
Proceeds from sales and maturities of debt and equity securities		2,083	2,465
Other		(185)	(122)
Net cash used in investing activities		(2,498)	(2,069)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		1,352	1,367
Payments for the redemption of long-term debt		(389)	(616)
Notes receivable from affiliated companies		358	(421)
Distributions to parent		(50)	(600)
Other		(1)	(1)
Net cash provided by financing activities		1,270	(271)
Net increase in cash, cash equivalents and restricted cash		34
Cash, cash equivalents and restricted cash at beginning of period		8	21
Cash, cash equivalents and restricted cash at end of period		42	21
Significant non-cash transactions:
Accrued capital expenditures		$ 460	$ 308

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

[2] Includes approximately $1.1 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Duke Energy Carolinas - USD ($) $ in Millions	Total	Duke Energy Carolinas	Duke Energy Carolinas Member's Equity	Duke Energy Carolinas Accumulated Other Comprehensive (Loss) Income, Net (Losses) Gains on Cash Flow Hedges
Beginning Balance (member's equity) at Dec. 31, 2020		$ 13,154	$ 13,161	$ (7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	$ 3,162	1,070	1,070
Common stock dividends	(2,248)	(600)	(600)
Other	1
Ending Balance (member's equity) at Sep. 30, 2021		13,624	13,631	(7)
Beginning Balance (member's equity) at Jun. 30, 2021		13,392	13,399	(7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,405	533	533
Common stock dividends	(760)	(300)	(300)
Other	1	(1)	(1)
Ending Balance (member's equity) at Sep. 30, 2021		13,624	13,631	(7)
Beginning Balance (member's equity) at Dec. 31, 2021		13,891	13,897	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	3,186	1,292	1,292
Common stock dividends	(2,297)	(50)	(50)
Other	3
Ending Balance (member's equity) at Sep. 30, 2022		15,133	15,139	(6)
Beginning Balance (member's equity) at Jun. 30, 2022		14,509	14,515	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,422	624	624
Common stock dividends	(776)
Other	$ 2
Ending Balance (member's equity) at Sep. 30, 2022		$ 15,133	$ 15,139	$ (6)

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Condensed Consolidated Statements of Operations and Comprehensive Income - Progress Energy - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021		Sep. 30, 2022		Sep. 30, 2021
Operating Revenues		$ 7,968	$ 6,951		$ 21,785		$ 18,859
Operating Expenses
Operation, maintenance and other		1,394	1,507		4,471		4,319
Depreciation and amortization		1,364	1,265		3,986		3,698
Property and other taxes		378	371		1,149		1,073
Impairment (reversal) of assets and other charges		(4)	211		202		342
Total operating expenses		5,950	5,273		17,085		14,564
Gains (Losses) on Sales of Other Assets and Other, net		6	9		16		11
Operating Income		2,024	1,687		4,716		4,306
Total other income and expenses		115	260		380		507
Interest Expense		621	581		1,815		1,688
Income From Continuing Operations Before Income Taxes		1,518	1,366		3,281		3,125
Income Tax Expense From Continuing Operations		128	90		191		210
Net Income		1,413	1,276		3,113		2,915
Add: Net Loss Attributable to Noncontrolling Interests		(9)	(129)		(73)		(247)
Net Income Attributable to Duke Energy Corporation		1,422	1,405		3,186		3,162
Pension and OPEB adjustments	[1]	(7)	1		(3)		3
Net unrealized gains (losses) on cash flow hedges	[1]	14	9		276		(59)
Unrealized losses on available-for-sale securities	[1]	1	(2)		(20)		(6)
Other comprehensive (loss) income		0	10	[1]	242	[1]	(53)	[1]
Comprehensive Income		1,413	1,286		3,355		2,862
Less: Comprehensive Loss Attributable to Noncontrolling Interests		(4)	(128)		(56)		(240)
Comprehensive Income		1,417	1,414		3,411		3,102
Progress Energy
Operating Revenues		3,881	3,233		10,087		8,417
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas		1,605	1,074		3,927		2,702
Operation, maintenance and other		581	636		1,829		1,863
Depreciation and amortization		562	504		1,607		1,430
Property and other taxes		169	144		472		419
Impairment (reversal) of assets and other charges			42		4		79
Total operating expenses		2,917	2,400		7,839		6,493
Gains (Losses) on Sales of Other Assets and Other, net		3	8		6		9
Operating Income		967	841		2,254		1,933
Total other income and expenses		45	86		150		167
Interest Expense		197	200		616		592
Income From Continuing Operations Before Income Taxes		815	727		1,788		1,508
Income Tax Expense From Continuing Operations		129	94		289		174
Net Income		686	633		1,499		1,334
Add: Net Loss Attributable to Noncontrolling Interests		0	1		1		1
Net Income Attributable to Duke Energy Corporation		686	632		1,498		1,333
Pension and OPEB adjustments			(1)				0
Net unrealized gains (losses) on cash flow hedges			1		1		2
Unrealized losses on available-for-sale securities		(1)			(4)
Other comprehensive (loss) income		(1)	0		(3)		2
Comprehensive Income		685	633		1,496		1,336
Less: Comprehensive Loss Attributable to Noncontrolling Interests			1		1		1
Comprehensive Income		$ 685	$ 632		$ 1,495		$ 1,335

[1] Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

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Condensed Consolidated Balance Sheets - Progress Energy - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Receivables (net of allowance for doubtful accounts)	1,092	1,173
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Facilities to be retired, net	95	144
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Nuclear decommissioning trust funds	8,123	10,401
Operating lease right-of-use assets, net	1,199	1,266
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	44,397	44,371
Retained earnings	4,063	3,265
Accumulated other comprehensive loss	(78)	(303)
Total Duke Energy Corporation stockholders' equity	50,345	49,296
Stockholders' Equity Attributable to Noncontrolling Interest	1,824	1,840
Total equity	52,169	51,136
Total Liabilities and Equity	176,340	169,587
Progress Energy
Current Assets
Cash and cash equivalents	101	70
Receivables of VIEs (net of allowance for doubtful accounts)	292	247
Receivables (net of allowance for doubtful accounts)	1,344	1,006
Receivables from affiliated companies	29	121
Notes receivable from affiliated companies	232
Inventory	1,549	1,398
Regulatory assets (includes amounts related to VIEs)	1,871	1,030
Other (includes amounts related to VIEs)	365	125
Total current assets	5,783	3,997
Property, Plant and Equipment
Cost	63,753	60,894
Accumulated depreciation and amortization	(20,475)	(19,214)
Facilities to be retired, net		26
Net property, plant and equipment	43,278	41,706
Other Noncurrent Assets
Goodwill	3,655	3,655
Regulatory assets (includes amounts related to VIEs)	6,520	5,909
Nuclear decommissioning trust funds	3,642	4,642
Operating lease right-of-use assets, net	653	691
Other (includes amounts related to VIEs)	1,227	1,242
Total other noncurrent assets	15,697	16,139
Total Assets	64,758	61,842
Current Liabilities
Accounts payable	1,431	1,099
Accounts payable to affiliated companies	475	506
Notes payable to affiliated companies	887	2,809
Taxes accrued	301	128
Interest accrued	183	192
Current maturities of long-term debt (includes amounts related to VIEs)	696	1,082
Asset retirement obligations	311	275
Regulatory liabilities	586	478
Other	725	868
Total current liabilities	5,595	7,437
Long-Term Debt (includes amounts related to VIEs)	20,303	19,591
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	5,015	4,564
Asset retirement obligations	5,892	5,837
Regulatory liabilities	4,949	5,566
Operating lease liabilities	563	606
Accrued pension and other post-retirement benefit costs	397	417
Other (includes amounts related to VIEs)	625	526
Total other noncurrent liabilities	17,441	17,516
Commitments and Contingencies
Equity
Additional paid-in capital	9,626	9,149
Retained earnings	11,687	8,007
Accumulated other comprehensive loss	(14)	(11)
Total Duke Energy Corporation stockholders' equity	21,299	17,145
Stockholders' Equity Attributable to Noncontrolling Interest	(30)	3
Total equity	21,269	17,148
Total Liabilities and Equity	$ 64,758	$ 61,842

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Condensed Consolidated Balance Sheets - Progress Energy (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Current Assets: Other	1,244	638
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Long-Term Debt	$ 66,060	$ 60,448
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	770,000,000	769,000,000
Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	$ 136	$ 76
Regulatory assets (includes amounts related to VIEs)	105	105
Current Assets: Other	243	256
Regulatory assets (includes amounts related to VIEs)	1,742	1,823
Current maturities of long-term debt (includes amounts related to VIEs)	635	243
Long-Term Debt	4,387	4,854
Progress Energy
Allowance for doubtful accounts - receivables	12	11
Regulatory assets (includes amounts related to VIEs)	1,871	1,030
Current Assets: Other	365	125
Regulatory assets (includes amounts related to VIEs)	6,520	5,909
Current maturities of long-term debt (includes amounts related to VIEs)	696	1,082
Long-Term Debt	$ 20,303	$ 19,591
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
Progress Energy | Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	$ 55	$ 25
Regulatory assets (includes amounts related to VIEs)	93
Current Assets: Other	34	39
Regulatory assets (includes amounts related to VIEs)	1,531	1,603
Current maturities of long-term debt (includes amounts related to VIEs)	340	71
Long-Term Debt	$ 2,004	$ 2,293

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Condensed Consolidated Statements of Cash Flows - Progress Energy - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 3,113	$ 2,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Equity in earnings of unconsolidated affiliates		(87)	(14)
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Purchases of debt and equity securities		(3,619)	(4,292)
Proceeds from sales and maturities of debt and equity securities		3,691	4,335
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Payments for the redemption of long-term debt		(3,803)	(3,696)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Progress Energy
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		1,499	1,334
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		1,826	1,707
Equity component of AFUDC		(50)	(37)
Impairment of assets and other charges		4	79
Deferred income taxes		284	235
Contributions to qualified pension plans		(13)
Payments for asset retirement obligations		(207)	(206)
Provision for rate refunds		(44)	(22)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			117
Receivables		(314)	(123)
Receivables from affiliated companies		110	96
Inventory		(154)	120
Other current assets(a)	[2]	(1,133)	(347)
Increase (decrease) in
Accounts payable		360	79
Accounts payable to affiliated companies		(31)	(68)
Taxes accrued		173	161
Other current liabilities		216	(36)
Other assets		(262)	(3)
Other liabilities		615	(139)
Net cash provided by operating activities		2,879	2,947
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(3,130)	(2,628)
Purchases of debt and equity securities		(1,301)	(1,583)
Proceeds from sales and maturities of debt and equity securities		1,357	1,649
Notes receivable from affiliated companies		232
Other		(88)	(131)
Net cash used in investing activities		(3,394)	(2,693)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		1,452	1,190
Payments for the redemption of long-term debt		(1,136)	(977)
Notes receivable from affiliated companies		509	154
Dividends to parent		(250)	(700)
Other		(36)	(2)
Net cash provided by financing activities		539	(335)
Net increase in cash, cash equivalents and restricted cash		24	(81)
Cash, cash equivalents and restricted cash at beginning of period		113	200
Cash, cash equivalents and restricted cash at end of period		137	119
Significant non-cash transactions:
Accrued capital expenditures		$ 472	$ 290

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

[2] Includes approximately $1 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Progress Energy - USD ($) $ in Millions	Total		Common Stockholders' Equity	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities	Accumulated Other Comprehensive (Loss) Income, Pension and OPEB Adjustments	Noncontrolling Interests	Progress Energy	Progress Energy Common Stockholders' Equity	Progress Energy Additional Paid-in Capital	Progress Energy Retained Earnings	Progress Energy Accumulated Other Comprehensive (Loss) Income, Net (Losses) Gains on Cash Flow Hedges	Progress Energy Accumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities	Progress Energy Accumulated Other Comprehensive (Loss) Income, Pension and OPEB Adjustments	Progress Energy Noncontrolling Interests
Beginning Balance at Dec. 31, 2020	$ 49,184		$ 47,964	$ 43,767	$ 2,471	$ 6	$ (76)	$ 1,220	$ 16,241	$ 16,237	$ 9,143	$ 7,109	$ (5)	$ (2)	$ (8)	$ 4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,915								1,334	1,333		1,333				1
Other comprehensive (loss) income	(53)	[1]	(60)			(6)	3	7	2	2			2
Common stock dividends	(2,248)		(2,248)		(2,248)				(700)	(700)		(700)
Distributions to noncontrolling interests	(34)							(34)	(1)							(1)
Other	1		(1)	(1)	0			2	6	7	6	1				(1)
Ending Balance at Sep. 30, 2021	51,240		49,307	44,348	3,293		(73)	1,933	16,882	16,879	9,149	7,743	(3)	(2)	(8)	3
Beginning Balance at Jun. 30, 2021	49,545		48,132	43,788	2,687	2	(74)	1,413	16,942	16,939	9,143	7,809	(4)	(2)	(7)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,276								633	632		632				1
Other comprehensive (loss) income	10	[1]	9			(2)	1	1	0				1		(1)
Common stock dividends	(760)		(760)		(760)				(700)	(700)		(700)
Distributions to noncontrolling interests	(22)							(22)
Other	1		(2)	(2)				3	7	8	6	2				(1)
Ending Balance at Sep. 30, 2021	51,240		49,307	44,348	3,293		(73)	1,933	16,882	16,879	9,149	7,743	(3)	(2)	(8)	3
Beginning Balance at Dec. 31, 2021	51,136		49,296	44,371	3,265	(2)	(69)	1,840	17,148	17,145	9,149	8,007	(2)	(2)	(7)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,113								1,499	1,498		1,498				1
Other comprehensive (loss) income	242	[1]	225			(20)	(3)	17	(3)	(3)			1	(4)
Common stock dividends	(2,297)		(2,297)		(2,297)				(250)	(250)		(250)
Distributions to noncontrolling interests	(92)							(92)	(34)							(34)
Equitization of certain notes payable to affiliates									2,906	2,906	475	2,431
Other	3		3	2	1				3	3	2	1
Ending Balance at Sep. 30, 2022	52,169		50,345	44,397	4,063	(22)	(72)	1,824	21,269	21,299	9,626	11,687	(1)	(6)	(7)	(30)
Beginning Balance at Jun. 30, 2022	51,584		49,720	44,373	3,457	(23)	(65)	1,864	20,140	20,137	9,149	11,001	(1)	(5)	(7)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,413								686	686		686
Other comprehensive (loss) income	0		(5)			1	(7)	5	(1)	(1)				(1)
Common stock dividends	(776)		(776)		(776)
Distributions to noncontrolling interests	(42)							(42)	(33)							(33)
Equitization of certain notes payable to affiliates									475	475	475
Other	2		2	3	(1)				2	2	2
Ending Balance at Sep. 30, 2022	$ 52,169		$ 50,345	$ 44,397	$ 4,063	$ (22)	$ (72)	$ 1,824	$ 21,269	$ 21,299	$ 9,626	$ 11,687	$ (1)	$ (6)	$ (7)	$ (30)

[1] Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

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Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Progress - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues	$ 7,968	$ 6,951	$ 21,785	$ 18,859
Operating Expenses
Operation, maintenance and other	1,394	1,507	4,471	4,319
Depreciation and amortization	1,364	1,265	3,986	3,698
Property and other taxes	378	371	1,149	1,073
Impairment (reversal) of assets and other charges	(4)	211	202	342
Total operating expenses	5,950	5,273	17,085	14,564
Gains (Losses) on Sales of Other Assets and Other, net	6	9	16	11
Operating Income	2,024	1,687	4,716	4,306
Total other income and expenses	115	260	380	507
Interest Expense	621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes	1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations	128	90	191	210
Comprehensive Income	1,417	1,414	3,411	3,102
Less: Comprehensive Loss Attributable to Noncontrolling Interests	(4)	(128)	(56)	(240)
Net Income Attributable to Duke Energy Corporation	1,422	1,405	3,186	3,162
Duke Energy Progress
Operating Revenues	1,969	1,667	5,182	4,417
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	749	523	1,916	1,368
Operation, maintenance and other	350	368	1,101	1,092
Depreciation and amortization	313	290	890	811
Property and other taxes	46	39	136	129
Impairment (reversal) of assets and other charges		42	4	60
Total operating expenses	1,458	1,262	4,047	3,460
Gains (Losses) on Sales of Other Assets and Other, net	1	7	2	8
Operating Income	512	412	1,137	965
Total other income and expenses	29	67	83	111
Interest Expense	85	79	260	226
Income From Continuing Operations Before Income Taxes	456	400	960	850
Income Tax Expense From Continuing Operations	59	25	129	50
Comprehensive Income	397	375	831	800
Net Income Attributable to Duke Energy Corporation	397	375	831	800
Progress Energy
Operating Revenues	3,881	3,233	10,087	8,417
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	1,605	1,074	3,927	2,702
Operation, maintenance and other	581	636	1,829	1,863
Depreciation and amortization	562	504	1,607	1,430
Property and other taxes	169	144	472	419
Impairment (reversal) of assets and other charges		42	4	79
Total operating expenses	2,917	2,400	7,839	6,493
Gains (Losses) on Sales of Other Assets and Other, net	3	8	6	9
Operating Income	967	841	2,254	1,933
Total other income and expenses	45	86	150	167
Interest Expense	197	200	616	592
Income From Continuing Operations Before Income Taxes	815	727	1,788	1,508
Income Tax Expense From Continuing Operations	129	94	289	174
Comprehensive Income	685	632	1,495	1,335
Less: Comprehensive Loss Attributable to Noncontrolling Interests		1	1	1
Net Income Attributable to Duke Energy Corporation	$ 686	$ 632	$ 1,498	$ 1,333

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Condensed Consolidated Balance Sheets - Duke Energy Progress - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Receivables (net of allowance for doubtful accounts)	1,092	1,173
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Facilities to be retired, net	95	144
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Nuclear decommissioning trust funds	8,123	10,401
Operating lease right-of-use assets, net	1,199	1,266
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Investment tax credits	851	833
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Total Liabilities and Equity	176,340	169,587
Duke Energy Progress
Current Assets
Cash and cash equivalents	58	35
Receivables of VIEs (net of allowance for doubtful accounts)	130	127
Receivables (net of allowance for doubtful accounts)	733	574
Receivables from affiliated companies	19	65
Notes receivable from affiliated companies	329
Inventory	980	921
Regulatory assets (includes amounts related to VIEs)	658	533
Other (includes amounts related to VIEs)	189	83
Total current assets	3,096	2,338
Property, Plant and Equipment
Cost	38,503	37,018
Accumulated depreciation and amortization	(14,224)	(13,387)
Facilities to be retired, net		26
Net property, plant and equipment	24,279	23,657
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	4,482	4,118
Nuclear decommissioning trust funds	3,204	4,089
Operating lease right-of-use assets, net	383	389
Other (includes amounts related to VIEs)	749	792
Total other noncurrent assets	8,818	9,388
Total Assets	36,193	35,383
Current Liabilities
Accounts payable	504	476
Accounts payable to affiliated companies	368	310
Notes payable to affiliated companies		172
Taxes accrued	161	163
Interest accrued	73	96
Current maturities of long-term debt (includes amounts related to VIEs)	368	556
Asset retirement obligations	310	274
Regulatory liabilities	336	381
Other	356	448
Total current liabilities	2,476	2,876
Long-Term Debt (includes amounts related to VIEs)	10,572	9,543
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	2,388	2,208
Asset retirement obligations	5,529	5,401
Regulatory liabilities	4,179	4,868
Operating lease liabilities	344	350
Accrued pension and other post-retirement benefit costs	212	221
Investment tax credits	125	128
Other (includes amounts related to VIEs)	86	87
Total other noncurrent liabilities	12,863	13,263
Commitments and Contingencies
Equity
Total equity	10,132	9,551
Total Liabilities and Equity	$ 36,193	$ 35,383

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Condensed Consolidated Balance Sheets - Duke Energy Progress (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Current Assets: Other	1,244	638
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Long-Term Debt	66,060	60,448
Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	136	76
Regulatory assets (includes amounts related to VIEs)	105	105
Current Assets: Other	243	256
Regulatory assets (includes amounts related to VIEs)	1,742	1,823
Current maturities of long-term debt (includes amounts related to VIEs)	635	243
Long-Term Debt	4,387	4,854
Duke Energy Progress
Allowance for doubtful accounts - receivables	4	4
Regulatory assets (includes amounts related to VIEs)	658	533
Current Assets: Other	189	83
Regulatory assets (includes amounts related to VIEs)	4,482	4,118
Current maturities of long-term debt (includes amounts related to VIEs)	368	556
Long-Term Debt	10,572	9,543
Duke Energy Progress | Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	37	17
Regulatory assets (includes amounts related to VIEs)	39	39
Current Assets: Other	17
Regulatory assets (includes amounts related to VIEs)	691	720
Current maturities of long-term debt (includes amounts related to VIEs)	34	15
Long-Term Debt	$ 1,114	$ 1,097

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Condensed Consolidated Statements of Cash Flows - Duke Energy Progress - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		$ 3,186	$ 3,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Purchases of debt and equity securities		(3,619)	(4,292)
Proceeds from sales and maturities of debt and equity securities		3,691	4,335
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Payments for the redemption of long-term debt		(3,803)	(3,696)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Duke Energy Progress
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		831	800
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		1,034	951
Equity component of AFUDC		(37)	(25)
Impairment of assets and other charges		4	60
Deferred income taxes		66	22
Contributions to qualified pension plans		(8)
Payments for asset retirement obligations		(133)	(129)
Provision for rate refunds		(44)	(22)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			108
Receivables		(95)	(66)
Receivables from affiliated companies		64	(18)
Inventory		(58)	95
Other current assets(a)		(266)	(79)
Increase (decrease) in
Accounts payable		7	20
Accounts payable to affiliated companies		58	(102)
Taxes accrued		(1)	75
Other current liabilities		122	(36)
Other assets		(105)	48
Other liabilities		39	(32)
Net cash provided by operating activities		1,478	1,670
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(1,506)	(1,313)
Purchases of debt and equity securities		(1,148)	(1,306)
Proceeds from sales and maturities of debt and equity securities		1,141	1,291
Notes receivable from affiliated companies		329
Other		(11)	(36)
Net cash used in investing activities		(1,853)	(1,364)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		1,448	1,190
Payments for the redemption of long-term debt		(612)	(605)
Notes receivable from affiliated companies		(172)	(178)
Distributions to parent		(250)	(700)
Other		(1)	(1)
Net cash provided by financing activities		413	(294)
Net increase in cash, cash equivalents and restricted cash		38	12
Cash, cash equivalents and restricted cash at beginning of period		39	39
Cash, cash equivalents and restricted cash at end of period		77	51
Significant non-cash transactions:
Accrued capital expenditures		184	82
Progress Energy
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		1,498	1,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		1,826	1,707
Equity component of AFUDC		(50)	(37)
Impairment of assets and other charges		4	79
Deferred income taxes		284	235
Contributions to qualified pension plans		(13)
Payments for asset retirement obligations		(207)	(206)
Provision for rate refunds		(44)	(22)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			117
Receivables		(314)	(123)
Receivables from affiliated companies		110	96
Inventory		(154)	120
Other current assets(a)	[2]	(1,133)	(347)
Increase (decrease) in
Accounts payable		360	79
Accounts payable to affiliated companies		(31)	(68)
Taxes accrued		173	161
Other current liabilities		216	(36)
Other assets		(262)	(3)
Other liabilities		615	(139)
Net cash provided by operating activities		2,879	2,947
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(3,130)	(2,628)
Purchases of debt and equity securities		(1,301)	(1,583)
Proceeds from sales and maturities of debt and equity securities		1,357	1,649
Notes receivable from affiliated companies		(232)
Other		(88)	(131)
Net cash used in investing activities		(3,394)	(2,693)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		1,452	1,190
Payments for the redemption of long-term debt		(1,136)	(977)
Notes receivable from affiliated companies		509	154
Other		(36)	(2)
Net cash provided by financing activities		539	(335)
Net increase in cash, cash equivalents and restricted cash		24	(81)
Cash, cash equivalents and restricted cash at beginning of period		113	200
Cash, cash equivalents and restricted cash at end of period		137	119
Significant non-cash transactions:
Accrued capital expenditures		$ 472	$ 290

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

[2] Includes approximately $1 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Duke Energy Progress - USD ($) $ in Millions	Total	Duke Energy Progress	Duke Energy Progress Member's Equity
Beginning Balance (member's equity) at Dec. 31, 2020			$ 9,260
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	$ 3,162	$ 800	800
Common stock dividends	(2,248)		(700)
Other	1
Ending Balance (member's equity) at Sep. 30, 2021			9,360
Beginning Balance (member's equity) at Jun. 30, 2021			9,685
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,405	375	375
Common stock dividends	(760)		(700)
Other	1
Ending Balance (member's equity) at Sep. 30, 2021			9,360
Beginning Balance (member's equity) at Dec. 31, 2021		9,551	9,551
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	3,186	831	831
Common stock dividends	(2,297)		(250)
Other	3
Ending Balance (member's equity) at Sep. 30, 2022		10,132	10,132
Beginning Balance (member's equity) at Jun. 30, 2022			9,735
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,422	397	397
Common stock dividends	(776)
Other	$ 2
Ending Balance (member's equity) at Sep. 30, 2022		$ 10,132	$ 10,132

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Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Florida - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues		$ 7,968	$ 6,951	$ 21,785	$ 18,859
Operating Expenses
Operation, maintenance and other		1,394	1,507	4,471	4,319
Depreciation and amortization		1,364	1,265	3,986	3,698
Property and other taxes		378	371	1,149	1,073
Impairment (reversal) of assets and other charges		(4)	211	202	342
Gains (Losses) on Sales of Other Assets and Other, net		6	9	16	11
Total operating expenses		5,950	5,273	17,085	14,564
Operating Income		2,024	1,687	4,716	4,306
Total other income and expenses		115	260	380	507
Interest Expense		621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes		1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations		128	90	191	210
Net Income Attributable to Duke Energy Corporation		1,422	1,405	3,186	3,162
Unrealized losses on available-for-sale securities	[1]	1	(2)	(20)	(6)
Comprehensive income		1,417	1,414	3,411	3,102
Duke Energy Florida
Operating Revenues		1,907	1,561	4,890	3,987
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas		856	552	2,011	1,335
Operation, maintenance and other		226	263	716	760
Depreciation and amortization		249	214	717	619
Property and other taxes		123	105	335	290
Impairment (reversal) of assets and other charges					19
Gains (Losses) on Sales of Other Assets and Other, net		3	1	5	1
Total operating expenses		1,454	1,134	3,779	3,023
Operating Income		456	428	1,116	965
Total other income and expenses		19	18	74	54
Interest Expense		84	79	258	239
Income From Continuing Operations Before Income Taxes		391	367	932	780
Income Tax Expense From Continuing Operations		72	70	181	149
Net Income Attributable to Duke Energy Corporation		319	297	751	631
Unrealized losses on available-for-sale securities		(1)		(3)
Other Comprehensive Loss, net of tax		(1)	0	(3)	0
Comprehensive income		$ 318	$ 297	$ 748	$ 631

[1] Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

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Condensed Consolidated Balance Sheets - Duke Energy Florida - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Receivables (net of allowance for doubtful accounts)	1,092	1,173
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Nuclear decommissioning trust funds	8,123	10,401
Operating lease right-of-use assets, net	1,199	1,266
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Accumulated other comprehensive loss	(78)	(303)
Total Liabilities and Equity	176,340	169,587
Duke Energy Florida
Current Assets
Cash and cash equivalents	25	23
Receivables of VIEs (net of allowance for doubtful accounts)	159	117
Receivables (net of allowance for doubtful accounts)	611	432
Receivables from affiliated companies	6	16
Inventory	569	477
Regulatory assets (includes amounts related to VIEs)	1,212	497
Other (includes amounts related to VIEs)	162	80
Total current assets	2,744	1,642
Property, Plant and Equipment
Cost	25,243	23,865
Accumulated depreciation and amortization	(6,244)	(5,819)
Net property, plant and equipment	18,999	18,046
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	2,038	1,791
Nuclear decommissioning trust funds	438	553
Operating lease right-of-use assets, net	269	302
Other (includes amounts related to VIEs)	431	399
Total other noncurrent assets	3,176	3,045
Total Assets	24,919	22,733
Current Liabilities
Accounts payable	926	623
Accounts payable to affiliated companies	119	209
Notes payable to affiliated companies	983	199
Taxes accrued	174	51
Interest accrued	82	68
Current maturities of long-term debt (includes amounts related to VIEs)	328	76
Asset retirement obligations	1	1
Regulatory liabilities	250	98
Other	338	408
Total current liabilities	3,201	1,733
Long-Term Debt (includes amounts related to VIEs)	8,089	8,406
Other Noncurrent Liabilities
Deferred income taxes	2,723	2,434
Asset retirement obligations	363	436
Regulatory liabilities	770	698
Operating lease liabilities	219	256
Accrued pension and other post-retirement benefit costs	156	166
Other (includes amounts related to VIEs)	355	309
Total other noncurrent liabilities	4,586	4,299
Commitments and Contingencies
Equity
Member's equity	9,049	8,298
Accumulated other comprehensive loss	(6)	(3)
Total equity	9,043	8,295
Total Liabilities and Equity	$ 24,919	$ 22,733

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Condensed Consolidated Balance Sheets - Duke Energy Florida (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Current Assets: Other	1,244	638
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Long-Term Debt	66,060	60,448
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	136	76
Current Assets: Other	243	256
Regulatory assets (includes amounts related to VIEs)	1,742	1,823
Current maturities of long-term debt (includes amounts related to VIEs)	635	243
Long-Term Debt	4,387	4,854
Regulatory assets (includes amounts related to VIEs)	105	105
Duke Energy Florida
Allowance for doubtful accounts - receivables	8	8
Current Assets: Other	162	80
Regulatory assets (includes amounts related to VIEs)	2,038	1,791
Current maturities of long-term debt (includes amounts related to VIEs)	328	76
Long-Term Debt	8,089	8,406
Regulatory assets (includes amounts related to VIEs)	1,212	497
Duke Energy Florida | Variable Interest Entity
Allowance for doubtful accounts - receivables of VIEs	18	8
Current Assets: Other	17	39
Regulatory assets (includes amounts related to VIEs)	840	883
Current maturities of long-term debt (includes amounts related to VIEs)	306	56
Long-Term Debt	890	1,196
Regulatory assets (includes amounts related to VIEs)	$ 54	$ 54

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Condensed Consolidated Statements of Cash Flows - Duke Energy Florida - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		$ 3,186	$ 3,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Equity in earnings of unconsolidated affiliates		(87)	(14)
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Purchases of debt and equity securities		(3,619)	(4,292)
Proceeds from sales and maturities of debt and equity securities		3,691	4,335
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Payments for the redemption of long-term debt		(3,803)	(3,696)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Duke Energy Florida
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		751	631
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		790	752
Equity component of AFUDC		(13)	(12)
Impairment of assets and other charges			19
Deferred income taxes		237	207
Contributions to qualified pension plans		(5)
Payments for asset retirement obligations		(73)	(77)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			7
Receivables		(218)	(57)
Receivables from affiliated companies		10
Inventory		(95)	25
Other current assets(a)	[2]	(814)	(247)
Increase (decrease) in
Accounts payable		354	59
Accounts payable to affiliated companies		(90)	44
Taxes accrued		123	95
Other current liabilities		72	(5)
Other assets		(162)	(46)
Other liabilities		37	(94)
Net cash provided by operating activities		904	1,301
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(1,624)	(1,316)
Purchases of debt and equity securities		(153)	(277)
Proceeds from sales and maturities of debt and equity securities		216	358
Other		(76)	(95)
Net cash used in investing activities		(1,637)	(1,330)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		4
Payments for the redemption of long-term debt		(74)	(372)
Notes receivable from affiliated companies		784	408
Other		(1)
Net cash provided by financing activities		713	36
Net increase in cash, cash equivalents and restricted cash		(20)	7
Cash, cash equivalents and restricted cash at beginning of period		62	50
Cash, cash equivalents and restricted cash at end of period		42	57
Significant non-cash transactions:
Accrued capital expenditures		$ 288	$ 208

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

[2] Includes approximately $746 million of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Duke Energy Florida - USD ($) $ in Millions	Total		Accumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities	Duke Energy Florida	Duke Energy Florida Member's Equity	Duke Energy Florida Accumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities
Beginning Balance (member's equity) at Dec. 31, 2020				$ 7,558	$ 7,560	$ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	$ 3,162			631	631
Other comprehensive (loss) income	(53)	[1]	$ (6)
Other	1			(1)	(1)
Ending Balance (member's equity) at Sep. 30, 2021				8,188	8,190	(2)
Beginning Balance (member's equity) at Jun. 30, 2021				7,891	7,893	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,405			297	297
Other comprehensive (loss) income	10	[1]	(2)
Other	1
Ending Balance (member's equity) at Sep. 30, 2021				8,188	8,190	(2)
Beginning Balance (member's equity) at Dec. 31, 2021				8,295	8,298	(3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	3,186			751	751
Other comprehensive (loss) income	242	[1]	(20)	(3)		(3)
Other	3
Ending Balance (member's equity) at Sep. 30, 2022				9,043	9,049	(6)
Beginning Balance (member's equity) at Jun. 30, 2022				8,725	8,730	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,422			319	319
Other comprehensive (loss) income	0		$ 1	(1)		(1)
Other	$ 2
Ending Balance (member's equity) at Sep. 30, 2022				$ 9,043	$ 9,049	$ (6)

[1] Net of income tax expense of approximately $72 million for the nine months ended September, 30, 2022 and income tax benefit of $16 million for the nine months ended September 30, 2021. All other periods presented include immaterial income tax impacts.

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Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Ohio - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Regulated electric	$ 397	$ 263	$ 1,824	$ 1,314
Regulated natural gas	7,374	6,495	19,381	16,972
Total operating revenues	7,968	6,951	21,785	18,859
Operating Expenses
Operation, maintenance and other	1,394	1,507	4,471	4,319
Depreciation and amortization	1,364	1,265	3,986	3,698
Property and other taxes	378	371	1,149	1,073
Total operating expenses	5,950	5,273	17,085	14,564
Gains (Losses) on Sales of Other Assets and Other, net	6	9	16	11
Operating Income	2,024	1,687	4,716	4,306
Total other income and expenses	115	260	380	507
Interest Expense	621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes	1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations	128	90	191	210
Comprehensive Income	1,417	1,414	3,411	3,102
Net Income Attributable to Duke Energy Corporation	1,422	1,405	3,186	3,162
Fuel used in electric generation and purchased power
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	2,629	1,844	6,418	4,702
Cost of natural gas
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	189	75	859	430
Duke Energy Ohio
Regulated electric	121	93	491	375
Regulated natural gas	507	413	1,320	1,119
Total operating revenues	628	506	1,811	1,494
Operating Expenses
Operation, maintenance and other	121	116	408	335
Depreciation and amortization	84	79	247	228
Property and other taxes	79	91	272	266
Total operating expenses	479	414	1,529	1,204
Gains (Losses) on Sales of Other Assets and Other, net	(1)
Operating Income	148	92	282	290
Total other income and expenses	4	4	16	14
Interest Expense	32	29	92	82
Income From Continuing Operations Before Income Taxes	120	67	206	222
Income Tax Expense From Continuing Operations	17	9	(30)	34
Comprehensive Income	103	58	236	188
Net Income Attributable to Duke Energy Corporation	103	58	236	188
Duke Energy Ohio | Fuel used in electric generation and purchased power
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	185	119	439	294
Duke Energy Ohio | Cost of natural gas
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	$ 21	$ 9	$ 174	$ 76

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Condensed Consolidated Balance Sheets - Duke Energy Ohio - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Facilities to be retired, net	95	144
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Operating lease right-of-use assets, net	1,199	1,266
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	44,397	44,371
Retained earnings	4,063	3,265
Total Duke Energy Corporation stockholders' equity	50,345	49,296
Total Liabilities and Equity	176,340	169,587
Duke Energy Ohio
Current Assets
Cash and cash equivalents	9	13
Receivables of VIEs (net of allowance for doubtful accounts)	88	96
Receivables from affiliated companies	211	122
Notes receivable from affiliated companies		15
Inventory	118	116
Regulatory assets (includes amounts related to VIEs)	81	72
Other (includes amounts related to VIEs)	115	57
Total current assets	622	491
Property, Plant and Equipment
Cost	12,283	11,725
Accumulated depreciation and amortization	(3,203)	(3,106)
Facilities to be retired, net		6
Net property, plant and equipment	9,080	8,625
Other Noncurrent Assets
Goodwill	920	920
Regulatory assets (includes amounts related to VIEs)	584	635
Operating lease right-of-use assets, net	18	19
Other (includes amounts related to VIEs)	91	84
Total other noncurrent assets	1,613	1,658
Total Assets	11,315	10,774
Current Liabilities
Accounts payable	327	348
Accounts payable to affiliated companies	60	64
Notes payable to affiliated companies	501	103
Taxes accrued	231	275
Interest accrued	33	30
Asset retirement obligations	23	13
Regulatory liabilities	71	62
Other	86	82
Total current liabilities	1,632	977
Long-Term Debt (includes amounts related to VIEs)	2,919	3,168
Long-Term Debt Payable to Affiliated Companies	25	25
Other Noncurrent Liabilities
Deferred income taxes	1,133	1,050
Asset retirement obligations	132	123
Regulatory liabilities	572	739
Operating lease liabilities	18	18
Accrued pension and other post-retirement benefit costs	86	109
Other (includes amounts related to VIEs)	97	101
Total other noncurrent liabilities	2,038	2,140
Commitments and Contingencies
Equity
Common stock	762	762
Additional paid-in capital	3,100	3,100
Retained earnings	839	602
Total Duke Energy Corporation stockholders' equity	4,701	4,464
Total Liabilities and Equity	$ 11,315	$ 10,774

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Condensed Consolidated Balance Sheets - Duke Energy Ohio (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	770,000,000	769,000,000
Duke Energy Ohio
Allowance for doubtful accounts - receivables	$ 6	$ 4
Common stock, par value (in usd per share)	$ 8.50	$ 8.50
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares outstanding (in shares)	90,000,000	90,000,000

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Condensed Consolidated Statements of Cash Flows - Duke Energy Ohio - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		$ 3,186	$ 3,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Deferred income taxes		209	206
Equity in earnings of unconsolidated affiliates		(87)	(14)
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Impairment of assets and other charges		202	342
Duke Energy Ohio
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		236	188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		251	231
Equity component of AFUDC		(7)	(5)
Deferred income taxes		(13)	27
Contributions to qualified pension plans		(3)
Payments for asset retirement obligations		(7)	(1)
Provision for rate refunds		5	12
(Increase) decrease in
Receivables		8	(9)
Receivables from affiliated companies		11	(11)
Inventory		(2)	(4)
Other current assets(a)		(60)	(34)
Increase (decrease) in
Accounts payable		(6)	27
Accounts payable to affiliated companies		(4)	(9)
Taxes accrued		(44)	(37)
Other current liabilities		(76)	(12)
Other assets		(54)	(35)
Other liabilities		80	8
Net cash provided by operating activities		304	341
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(623)	(615)
Notes receivable from affiliated companies		(85)	36
Other		(47)	(42)
Net cash used in investing activities		(755)	(621)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		50
Notes receivable from affiliated companies		399	282
Other		(2)
Net cash provided by financing activities		447	282
Net increase in cash, cash equivalents and restricted cash		(4)	2
Cash, cash equivalents and restricted cash at beginning of period		13	14
Cash, cash equivalents and restricted cash at end of period		9	16
Significant non-cash transactions:
Accrued capital expenditures		119	103
Impairment of assets and other charges		$ (11)	$ 5

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Duke Energy Ohio - USD ($) $ in Millions	Total	Additional Paid-in Capital	Retained Earnings	Duke Energy Ohio	Duke Energy Ohio Common Stock	Duke Energy Ohio Additional Paid-in Capital	Duke Energy Ohio Retained Earnings
Beginning Balance (parent) at Dec. 31, 2020				$ 3,935	$ 762	$ 2,776	$ 397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	$ 3,162			188			188
Other	1	$ (1)	$ 0
Ending Balance (parent) at Sep. 30, 2021				4,123	762	2,776	585
Beginning Balance (parent) at Jun. 30, 2021				4,065	762	2,776	527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,405			58			58
Other	1	(2)
Ending Balance (parent) at Sep. 30, 2021				4,123	762	2,776	585
Beginning Balance (parent) at Dec. 31, 2021	49,296			4,464	762	3,100	602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	3,186			236			236
Other	3	2	1	1			1
Ending Balance (parent) at Sep. 30, 2022	50,345			4,701	762	3,100	839
Beginning Balance (parent) at Jun. 30, 2022				4,597	762	3,100	735
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,422			103			103
Other	2	$ 3	$ (1)	1			1
Ending Balance (parent) at Sep. 30, 2022	$ 50,345			$ 4,701	$ 762	$ 3,100	$ 839

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Condensed Consolidated Statements of Operations and Comprehensive Income - Duke Energy Indiana - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues	$ 7,968	$ 6,951	$ 21,785	$ 18,859
Operating Expenses
Operation, maintenance and other	1,394	1,507	4,471	4,319
Depreciation and amortization	1,364	1,265	3,986	3,698
Property and other taxes	378	371	1,149	1,073
Impairment of assets and other charges	(4)	211	202	342
Total operating expenses	5,950	5,273	17,085	14,564
Gains (Losses) on Sales of Other Assets and Other, net	6	9	16	11
Operating Income	2,024	1,687	4,716	4,306
Total other income and expenses	115	260	380	507
Interest Expense	621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes	1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations	128	90	191	210
Comprehensive Income	1,417	1,414	3,411	3,102
Net Income Attributable to Duke Energy Corporation	1,422	1,405	3,186	3,162
Duke Energy Indiana
Operating Revenues	1,095	886	2,835	2,366
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	556	292	1,234	710
Operation, maintenance and other	177	173	551	543
Depreciation and amortization	167	154	478	458
Property and other taxes	13	16	60	57
Impairment of assets and other charges			211	8
Total operating expenses	913	635	2,534	1,776
Gains (Losses) on Sales of Other Assets and Other, net	0	1
Operating Income	182	252	301	590
Total other income and expenses	9	12	27	31
Interest Expense	48	49	138	148
Income From Continuing Operations Before Income Taxes	143	215	190	473
Income Tax Expense From Continuing Operations	24	34	1	77
Comprehensive Income	119	181	189	396
Net Income Attributable to Duke Energy Corporation	$ 119	$ 181	$ 189	$ 396

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Condensed Consolidated Balance Sheets - Duke Energy Indiana - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 453	$ 343
Receivables of VIEs (net of allowance for doubtful accounts)	3,120	2,437
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Operating lease right-of-use assets, net	1,199	1,266
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Current maturities of long-term debt (includes amounts related to VIEs)	3,249	3,387
Asset retirement obligations	798	647
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Investment tax credits	851	833
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Total Liabilities and Equity	176,340	169,587
Duke Energy Indiana
Current Assets
Cash and cash equivalents	32	6
Receivables of VIEs (net of allowance for doubtful accounts)	106	100
Receivables from affiliated companies	247	98
Notes receivable from affiliated companies		134
Inventory	452	418
Regulatory assets (includes amounts related to VIEs)	384	277
Other (includes amounts related to VIEs)	245	68
Total current assets	1,466	1,101
Property, Plant and Equipment
Cost	17,916	17,343
Accumulated depreciation and amortization	(5,920)	(5,583)
Net property, plant and equipment	11,996	11,760
Other Noncurrent Assets
Regulatory assets (includes amounts related to VIEs)	1,030	1,278
Operating lease right-of-use assets, net	49	53
Other (includes amounts related to VIEs)	275	296
Total other noncurrent assets	1,354	1,627
Total Assets	14,816	14,488
Current Liabilities
Accounts payable	310	282
Accounts payable to affiliated companies	72	221
Notes payable to affiliated companies	483
Taxes accrued	74	73
Interest accrued	59	49
Current maturities of long-term debt (includes amounts related to VIEs)	3	84
Asset retirement obligations	185	110
Regulatory liabilities	175	127
Other	178	105
Total current liabilities	1,539	1,051
Long-Term Debt (includes amounts related to VIEs)	4,157	4,089
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	1,323	1,303
Asset retirement obligations	773	877
Regulatory liabilities	1,468	1,565
Operating lease liabilities	47	50
Accrued pension and other post-retirement benefit costs	135	167
Investment tax credits	186	177
Other (includes amounts related to VIEs)	59	44
Total other noncurrent liabilities	3,991	4,183
Commitments and Contingencies
Equity
Total equity	4,979	5,015
Total Liabilities and Equity	$ 14,816	$ 14,488

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Condensed Consolidated Balance Sheets - Duke Energy Indiana (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Duke Energy Indiana
Allowance for doubtful accounts - receivables	$ 4	$ 3

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Condensed Consolidated Statements of Cash Flows - Duke Energy Indiana - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		$ 3,186	$ 3,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		418	389
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		33	116
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Payments to Acquire Investments		(3,619)	(4,292)
Proceeds from sales and maturities of debt and equity securities		3,691	4,335
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Payments for the redemption of long-term debt		(3,803)	(3,696)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Duke Energy Indiana
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		189	396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		481	460
Equity component of AFUDC		(12)	(19)
Impairment of assets and other charges		211	8
Deferred income taxes		(26)	19
Contributions to qualified pension plans		(5)
Payments for asset retirement obligations		67	49
(Increase) decrease in
Receivables		(1)	(7)
Receivables from affiliated companies		17	17
Inventory		(34)	106
Other current assets(a)		(181)	(58)
Increase (decrease) in
Accounts payable		44	46
Accounts payable to affiliated companies		(24)	(15)
Taxes accrued		5	25
Other current liabilities		18	23
Other assets		8	11
Other liabilities		9	3
Net cash provided by operating activities		632	966
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(643)	(584)
Payments to Acquire Investments		(43)	(34)
Proceeds from sales and maturities of debt and equity securities		32	16
Notes receivable from affiliated companies		(32)	(218)
Other		(38)	(8)
Net cash used in investing activities		(724)	(828)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		67
Payments for the redemption of long-term debt		(81)
Notes receivable from affiliated companies		483	(131)
Distributions to parent		(350)
Other		(1)
Net cash provided by financing activities		118	(131)
Net increase in cash, cash equivalents and restricted cash		26	7
Cash, cash equivalents and restricted cash at beginning of period		6	7
Cash, cash equivalents and restricted cash at end of period		32	14
Significant non-cash transactions:
Accrued capital expenditures		$ 102	$ 105

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Duke Energy Indiana - USD ($) $ in Millions	Total	Duke Energy Indiana	Duke Energy Indiana Member's Equity
Beginning Balance (member's equity) at Dec. 31, 2020			$ 4,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	$ 3,162	$ 396	396
Distributions to parent	(2,248)		(125)
Other	1		1
Ending Balance (member's equity) at Sep. 30, 2021			5,055
Beginning Balance (member's equity) at Jun. 30, 2021			4,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,405	181	181
Distributions to parent	(760)		(125)
Other	1
Ending Balance (member's equity) at Sep. 30, 2021			5,055
Beginning Balance (member's equity) at Dec. 31, 2021		5,015	5,015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	3,186	189	189
Distributions to parent	(2,297)		(225)
Other	3
Ending Balance (member's equity) at Sep. 30, 2022		4,979	4,979
Beginning Balance (member's equity) at Jun. 30, 2022			4,861
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,422	119	119
Distributions to parent	(776)
Other	$ 2		(1)
Ending Balance (member's equity) at Sep. 30, 2022		$ 4,979	$ 4,979

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Condensed Consolidated Statements of Operations and Comprehensive Income - Piedmont - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues	$ 7,968	$ 6,951	$ 21,785	$ 18,859
Operating Expenses
Operation, maintenance and other	1,394	1,507	4,471	4,319
Depreciation and amortization	1,364	1,265	3,986	3,698
Property and other taxes	378	371	1,149	1,073
Total operating expenses	5,950	5,273	17,085	14,564
Gains (Losses) on Sales of Other Assets and Other, net	6	9	16	11
Operating Income	2,024	1,687	4,716	4,306
Total other income and expenses	115	260	380	507
Interest Expense	621	581	1,815	1,688
Income From Continuing Operations Before Income Taxes	1,518	1,366	3,281	3,125
Income Tax Expense From Continuing Operations	128	90	191	210
Comprehensive Income	1,417	1,414	3,411	3,102
Net Income Attributable to Duke Energy Corporation	1,422	1,405	3,186	3,162
Piedmont
Operating Revenues	306	195	1,421	1,016
Operating Expenses
Fuel used in electric generation and purchased power/Cost of natural gas	168	66	685	354
Operation, maintenance and other	87	77	270	231
Depreciation and amortization	56	51	166	150
Property and other taxes	13	16	44	44
Impairment of assets and other charges	1	4	1	9
Total operating expenses	325	214	1,166	788
Gains (Losses) on Sales of Other Assets and Other, net	0	0	4	0
Operating Income	(19)	(19)	259	228
Total other income and expenses	13	16	41	51
Interest Expense	36	29	102	88
Income From Continuing Operations Before Income Taxes	(42)	(32)	198	191
Income Tax Expense From Continuing Operations	(9)	(8)	18	16
Comprehensive Income	(33)	(24)	180	175
Net Income Attributable to Duke Energy Corporation	$ (33)	$ (24)	$ 180	$ 175

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Condensed Consolidated Balance Sheets - Piedmont - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Receivables of VIEs (net of allowance for doubtful accounts)	$ 3,120	$ 2,437
Inventory	3,487	3,199
Regulatory assets (includes amounts related to VIEs)	3,576	2,150
Other (includes amounts related to VIEs)	1,244	638
Total current assets	12,972	9,940
Property, Plant and Equipment
Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Facilities to be retired, net	95	144
Net property, plant and equipment	115,907	111,408
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes amounts related to VIEs)	13,835	12,487
Operating lease right-of-use assets, net	1,199	1,266
Investments in equity method unconsolidated affiliates	951	970
Other (includes amounts related to VIEs)	4,050	3,812
Total other noncurrent assets	47,461	48,239
Total Assets	176,340	169,587
Current Liabilities
Accounts payable	4,175	3,629
Taxes accrued	946	749
Interest accrued	596	533
Regulatory liabilities	1,338	1,211
Other	2,204	2,471
Total current liabilities	16,912	15,931
Long-Term Debt (includes amounts related to VIEs)	66,060	60,448
Other Noncurrent Liabilities
Deferred income taxes	10,244	9,379
Asset retirement obligations	12,152	12,129
Regulatory liabilities	14,017	16,152
Operating lease liabilities	1,004	1,074
Accrued pension and other post-retirement benefit costs	995	855
Other (includes amounts related to VIEs)	1,936	1,650
Total other noncurrent liabilities	41,199	42,072
Commitments and Contingencies
Equity
Common stock	1	1
Retained earnings	4,063	3,265
Total Duke Energy Corporation stockholders' equity	50,345	49,296
Total Liabilities and Equity	176,340	169,587
Piedmont
Current Assets
Receivables of VIEs (net of allowance for doubtful accounts)	116	318
Receivables from affiliated companies	10	11
Inventory	135	109
Regulatory assets (includes amounts related to VIEs)	161	141
Other (includes amounts related to VIEs)	90	9
Total current assets	512	588
Property, Plant and Equipment
Cost	10,561	9,918
Accumulated depreciation and amortization	(2,028)	(1,899)
Facilities to be retired, net	9	11
Net property, plant and equipment	8,542	8,030
Other Noncurrent Assets
Goodwill	49	49
Regulatory assets (includes amounts related to VIEs)	379	316
Operating lease right-of-use assets, net	13	16
Investments in equity method unconsolidated affiliates	79	95
Other (includes amounts related to VIEs)	299	288
Total other noncurrent assets	819	764
Total Assets	9,873	9,382
Current Liabilities
Accounts payable	284	196
Accounts payable to affiliated companies	35	40
Notes payable to affiliated companies	308	518
Taxes accrued	45	63
Interest accrued	43	37
Regulatory liabilities	65	56
Other	84	81
Total current liabilities	864	991
Long-Term Debt (includes amounts related to VIEs)	3,363	2,968
Other Noncurrent Liabilities
Deferred income taxes	870	815
Asset retirement obligations	23	22
Regulatory liabilities	1,032	1,058
Operating lease liabilities	11	14
Accrued pension and other post-retirement benefit costs	7	7
Other (includes amounts related to VIEs)	174	158
Total other noncurrent liabilities	2,117	2,074
Commitments and Contingencies
Equity
Common stock	1,635	1,635
Retained earnings	1,894	1,714
Total Duke Energy Corporation stockholders' equity	3,529	3,349
Total Liabilities and Equity	$ 9,873	$ 9,382

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Condensed Consolidated Balance Sheets - Piedmont (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts - receivables	$ 38	$ 46
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	770,000,000	769,000,000
Piedmont
Allowance for doubtful accounts - receivables	$ 14	$ 14
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares outstanding (in shares)	100,000,000	100,000,000

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Condensed Consolidated Statements of Cash Flows - Duke Energy Piedmont - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		$ 3,186	$ 3,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		4,414	4,189
Equity component of AFUDC		(151)	(126)
Impairment of assets and other charges		202	342
Deferred income taxes		209	206
Equity in earnings of unconsolidated affiliates		(87)	(14)
Contributions to qualified pension plans		(58)
Payments for asset retirement obligations		(418)	(389)
Provision for rate refunds		(97)	(41)
(Increase) decrease in
Receivables		(356)	(167)
Inventory		(290)	268
Other current assets(a)	[1]	(2,403)	(643)
Increase (decrease) in
Accounts payable		504	(146)
Taxes accrued		206	431
Other current liabilities		263	10
Other assets		(84)	199
Other liabilities		188	77
Net cash provided by operating activities		5,188	7,227
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(8,148)	(7,089)
Payments to Acquire Interest in Subsidiaries and Affiliates		(37)	(30)
Other		(517)	(269)
Net cash used in investing activities		(8,630)	(8,200)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		9,466	6,379
Payments for the redemption of long-term debt		(3,803)	(3,696)
Other		(124)	(21)
Net cash provided by financing activities		3,551	1,160
Net increase in cash, cash equivalents and restricted cash		109	187
Cash, cash equivalents and restricted cash at beginning of period		520	556
Cash, cash equivalents and restricted cash at end of period		629	743
Significant non-cash transactions:
Accrued capital expenditures		1,387	998
Piedmont
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income Attributable to Duke Energy Corporation		180	175
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		168	152
Equity component of AFUDC		(7)	(19)
Impairment of assets and other charges		1	10
Deferred income taxes		13	10
Equity in earnings of unconsolidated affiliates		(5)	(7)
Contributions to qualified pension plans		(2)
Provision for rate refunds		(3)	(3)
(Increase) decrease in
Receivables		198	151
Receivables from affiliated companies		1	(1)
Inventory		(26)
Other current assets(a)		(91)	7
Increase (decrease) in
Accounts payable		24	(55)
Accounts payable to affiliated companies		(5)	(48)
Taxes accrued		(18)	17
Other current liabilities		23	(32)
Other assets		(8)	3
Other liabilities		(3)	2
Net cash provided by operating activities		440	362
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(598)	(628)
Payments to Acquire Interest in Subsidiaries and Affiliates		(8)	(9)
Return of investment capital			1
Other		(17)	(23)
Net cash used in investing activities		(623)	(659)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		394	347
Payments for the redemption of long-term debt			(160)
Notes receivable from affiliated companies		(210)	(215)
Capital contributions from parent			325
Other		(1)
Net cash provided by financing activities		183	297
Significant non-cash transactions:
Accrued capital expenditures		$ 163	$ 115

[1] Includes approximately $2.2 billion of under-collected deferred fuel regulatory assets for the nine months ended September 30, 2022

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Condensed Consolidated Statements of Changes in Equity - Piedmont - USD ($) $ in Millions	Total	Retained Earnings	Piedmont	Piedmont Common Stock	Piedmont Retained Earnings
Beginning Balance (parent) at Dec. 31, 2020			$ 2,715	$ 1,310	$ 1,405
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	$ 3,162		175		175
Contribution from parent			325	325
Other	1	$ 0	(1)		(1)
Ending Balance (parent) at Sep. 30, 2021			3,214	1,635	1,579
Beginning Balance (parent) at Jun. 30, 2021			3,239	1,635	1,604
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,405		(24)		(24)
Other	1		(1)		(1)
Ending Balance (parent) at Sep. 30, 2021			3,214	1,635	1,579
Beginning Balance (parent) at Dec. 31, 2021	49,296		3,349	1,635	1,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	3,186		180		180
Other	3	1
Ending Balance (parent) at Sep. 30, 2022	50,345		3,529	1,635	1,894
Beginning Balance (parent) at Jun. 30, 2022			3,562	1,635	1,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income Attributable to Duke Energy Corporation	1,422		(33)		(33)
Other	2	$ (1)
Ending Balance (parent) at Sep. 30, 2022	$ 50,345		$ 3,529	$ 1,635	$ 1,894

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Condensed Consolidated Statements of Cash Flows (Parenthetical) - Deferred Fuel Regulatory Assets $ in Billions	9 Months Ended
	Sep. 30, 2022 USD ($)
Increase in regulatory assets	$ 2.2
Progress Energy
Increase in regulatory assets	$ 1.0

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Condensed Consolidated Statements of Cash Flows - Duke Energy Carolinas (Parenthetical) - Deferred Fuel Regulatory Assets $ in Billions	9 Months Ended
	Sep. 30, 2022 USD ($)
Increase in regulatory assets	$ 2.2
Duke Energy Carolinas
Increase in regulatory assets	$ 1.1

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Condensed Consolidated Statements of Cash Flows - Duke Energy Progress (Parenthetical) - Deferred Fuel Regulatory Assets $ in Billions	9 Months Ended
	Sep. 30, 2022 USD ($)
Increase in regulatory assets	$ 2.2
Progress Energy
Increase in regulatory assets	$ 1.0

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Condensed Consolidated Statements of Cash Flows - Duke Energy Florida (Parenthetical) - Deferred Fuel Regulatory Assets $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Increase in regulatory assets	$ 2,200
Duke Energy Florida
Increase in regulatory assets	$ 746

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Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Index to Combined Notes to Condensed Consolidated Financial Statements

The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.

Applicable Notes

Registrant

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

Duke Energy

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Duke Energy Carolinas

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Progress Energy

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Duke Energy Progress

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Duke Energy Florida

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Duke Energy Ohio

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Duke Energy Indiana

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Piedmont

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Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.

ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

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

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

COMMERCIAL RENEWABLES STRATEGIC REVIEW

On November 1, 2022, the Board of Directors committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind lease for Carolina Long Bay. Duke Energy is actively marketing the business as two separate disposal units, the utility scale solar and wind unit and the distributed generation unit. Non-binding offers were received for the utility scale solar and wind unit in late October 2022. We are evaluating the initial offers and expect to receive final offers from select bidders in early 2023. Non-binding offers for the distributed generation unit are also expected in early 2023. Duke Energy expects to dispose of both units in mid-2023. In the fourth quarter of 2022, Duke Energy will reclassify the Commercial Renewables business segment to assets held for sale and report it as a discontinued operation. Duke Energy could record a material impairment loss in the fourth quarter of 2022 if the carrying value of one or both of the units is not expected to be recovered. If the proceeds exceed the carrying value of one or both of the units, a gain would be recognized at the closing of the transaction in mid-2023. Proceeds from a successful sale are expected to be used for debt reduction and avoidance.

NONCONTROLLING INTEREST

Duke Energy maintains a controlling financial interest in certain less than wholly owned nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets.

Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period.

During September 2021, Duke Energy completed the initial minority interest investment in a portion of Duke Energy Indiana to an affiliate of GIC. GIC's ownership interest in Duke Energy Indiana represents a noncontrolling interest. See Note 2 for additional information on the sale.

Other operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.

The following table presents allocated losses to noncontrolling interest for the three and nine months ended September 30, 2022, and 2021.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Noncontrolling Interest Allocation of Income
Allocated losses to noncontrolling tax equity members utilizing the HLBV method	$	11	$	119	$	78	$	217
Allocated (income) losses to noncontrolling members based on pro rata shares of ownership	(2)		10		(5)		30
Total Noncontrolling Interest Allocated Losses	$	9	$	129	$	73	$	247

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

	September 30, 2022										December 31, 2021
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	453	$	36	$	101	$	58	$	25	$	343	$	7	$	70	$	35	$	23
Other	164		5		34		17		17		170		—		39		—		39
Other Noncurrent Assets
Other	12		1		2		2		—		7		1		4		4		—
Total cash, cash equivalents and restricted cash	$	629	$	42	$	137	$	77	$	42	$	520	$	8	$	113	$	39	$	62

INVENTORY

Provisions for inventory write-offs were not material at September 30, 2022, and December 31, 2021. The components of inventory are presented in the tables below.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	2,583	$	863	$	1,167	$	786	$	381	$	91	$	329	$	13
Coal	556		215		202		87		115		18		121		—
Natural gas, oil and other fuel	348		34		180		107		73		9		2		122
Total inventory	$	3,487	$	1,112	$	1,549	$	980	$	569	$	118	$	452	$	135

	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
Materials and supplies	$	2,397	$	793	$	1,067	$	729	$	338	$	80	$	311	$	14
Coal	486		195		167		94		73		19		105		—
Natural gas, oil and other fuel	316		38		164		98		66		17		2		95
Total inventory	$	3,199	$	1,026	$	1,398	$	921	$	477	$	116	$	418	$	109

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets.

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2022.

XML

Business Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Duke Energy

Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.

The Electric Utilities and Infrastructure segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. On January 28, 2021, Duke Energy executed an agreement providing for an investment by an affiliate of GIC in Duke Energy Indiana in exchange for a 19.9% minority interest issued by Duke Energy Indiana Holdco, LLC, the holding company for Duke Energy Indiana. The transaction will be completed following two closings for an aggregate purchase price of approximately $2 billion. The first closing, which occurred on September 8, 2021, resulted in Duke Energy Indiana Holdco, LLC issuing 11.05% of its membership interests in exchange for approximately $1,025 million or 50% of the purchase price. Duke Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on the Condensed Consolidated Statements of Operations. Duke Energy has the discretion to determine the timing of the second closing, but it will occur no later than January 2023. At the second closing, Duke Energy will issue and sell additional membership interests such that GIC will own 19.9% of the membership interests for the remaining 50% of the purchase price.

The Gas Utilities and Infrastructure segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.

The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. See Note 1 for information on the strategic review of the Commercial Renewables business segment. Duke Energy continued to monitor recoverability of its renewable merchant plants located in the ERCOT West market and in the PJM West market during the third quarter of 2022 due to fluctuating market pricing and long-term forecasted energy prices. The assets were not impaired as of September 30, 2022, because the carrying value of approximately $192 million continued to be supported by the expected cash flows. Duke Energy has a 51% ownership interest in these assets.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Three Months Ended September 30, 2022
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	7,431	$	404	$	127	$	7,962	$	6	$	—	$	7,968
Intersegment revenues	8		23		3		34		23		(57)		—
Total revenues	$	7,439	$	427	$	130	$	7,996	$	29	$	(57)	$	7,968
Segment income (loss)(a)	$	1,540	$	4	$	2	$	1,546	$	(186)	$	—	$	1,360
Less: Noncontrolling interests													9
Add: Preferred stock dividend													39
Income from discontinued operations, net of tax(b)													23
Net Income													$	1,413
Segment assets	$	149,518	$	15,800	$	7,507	$	172,825	$	3,519	$	(4)	$	176,340

	Three Months Ended September 30, 2021
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,560	$	266	$	117	$	6,943	$	8	$	—	$	6,951
Intersegment revenues	9		23		—		32		20		(52)		—
Total revenues	$	6,569	$	289	$	117	$	6,975	$	28	$	(52)	$	6,951
Segment income (loss)(c)(d)	$	1,425	$	(3)	$	78	$	1,500	$	(134)	$	—	$	1,366
Less: Noncontrolling interests													129
Add: Preferred stock dividend													39
Net Income													$	1,276

(a)Commercial Renewables includes a $6 million gain recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.

(b)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

(c)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within Regulated electric operating revenues and $3 million within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.

(d)Other includes $8 million recorded within Impairment of assets and other charges, $1 million within Operations, maintenance and other on the Condensed Consolidated Statements of Operations, related to the workplace and workforce realignment.

	Nine Months Ended September 30, 2022
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	19,552	$	1,843	$	369	$	21,764	$	21	$	—	$	21,785
Intersegment revenues	24		69		3		96		68		(164)		—
Total revenues	$	19,576	$	1,912	$	372	$	21,860	$	89	$	(164)	$	21,785
Segment income (loss)(a)(b)	$	3,237	$	277	$	43	$	3,557	$	(486)	$	—	$	3,071
Less: Noncontrolling interests													73
Add: Preferred stock dividend													92
Income from discontinued operations, net of tax(c)													23
Net Income													$	3,113

	Nine Months Ended September 30, 2021
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	17,161	$	1,323	$	355	$	18,839	$	20	$	—	$	18,859
Intersegment revenues	24		68		—		92		61		(153)		—
Total revenues	$	17,185	$	1,391	$	355	$	18,931	$	81	$	(153)	$	18,859
Segment income (loss)(d)(e)(f)(g)	$	3,180	$	259	$	152	$	3,591	$	(521)	$	—	$	3,070
Less: Noncontrolling interests													247
Add: Preferred stock dividend													92
Net Income													$	2,915

(a)Electric Utilities and Infrastructure includes $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 3 for additional information.

(b)Commercial Renewables includes a $15 million loss recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.

(c)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

(d)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within regulated operating revenues and $3 million within interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.

(e)Gas Utilities and Infrastructure includes $19 million, recorded within Equity in earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments.

(f)Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which ($8 million) is recorded within Nonregulated electric and other revenues, $2 million within Operations, maintenance and other, $29 million within Equity in earnings of unconsolidated affiliates and $12 million within Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.

(g)Other includes $139 million recorded within Impairment of assets and other charges, $28 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Condensed Consolidated Statements of Operations, related to the workplace and workplace realignment.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. The remainder of Duke Energy Ohio's operations is presented as Other.

	Three Months Ended September 30, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	507	$	121	$	628	$	—	$	—	$	628
Segment income (loss)/Net income	$	74	$	30	$	104	$	(1)	$	—	$	103
Segment assets	$	7,400	$	4,023	$	11,423	$	14	$	(122)	$	11,315

	Three Months Ended September 30, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	413	$	93	$	506	$	—	$	506
Segment income (loss)/Net income	$	48	$	11	$	59	$	(1)	$	58

	Nine Months Ended September 30, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	1,320	$	491	$	1,811	$	—	$	1,811
Segment income (loss)/Net income	$	152	$	87	$	239	$	(3)	$	236

	Nine Months Ended September 30, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	1,119	$	375	$	1,494	$	—	$	1,494
Segment income (loss)/Net income	$	122	$	77	$	199	$	(11)	$	188

XML

Regulatory Matters

9 Months Ended

Sep. 30, 2022

Regulated Operations [Abstract]

Regulatory Matters

REGULATORY MATTERS

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects.

Duke Energy Carolinas and Duke Energy Progress

Hurricane Ian

In late September and early October 2022, Hurricane Ian inflicted severe damage to the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 950,000 customers were impacted. Total storm restoration costs, including capital, are currently expected to be in the range of $100 million to $125 million and most of the costs were incurred in October 2022. Duke Energy Carolinas and Duke Energy Progress have regulatory tools to recover storm costs including deferral and securitization. Duke Energy Carolinas and Duke Energy Progress are estimating recovery of the majority of the incremental operation and maintenance costs through one or more of these mechanisms. These estimates will change as Duke Energy Carolinas and Duke Energy Progress receive additional information on actual costs.

Carbon Plan Proceeding

The NCUC is required by North Carolina Session Law 2021-165 (HB 951) to adopt an initial Carbon Plan on or before December 31, 2022. Duke Energy Carolinas and Duke Energy Progress filed their proposed Carbon Plan on May 16, 2022. The NCUC Public Staff and other parties filed their reply comments on July 15, 2022, including alternative Carbon Plans filed by some of the other parties. The NCUC conducted public hearings across North Carolina in July 2022 and August 2022 and held an evidentiary hearing in September 2022. Proposed orders and briefs were filed on October 24, 2022, and a final order is expected by the end of 2022. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter.

Storm Cost Securitization Legislation

On June 15, 2022, the South Carolina General Assembly unanimously adopted S. 1077 (Act 227) in both the House and Senate and the bill was signed into law on June 17, 2022. The legislation enables the PSCSC to permit the issuance of bonds for the payment of storm costs and the creation of a storm charge for repayment.

On August 5, 2022, Duke Energy Progress filed a petition with the PSCSC for review and approval of deferred storm costs to be securitized of approximately $223 million. On September 1, 2022, the PSCSC approved a procedural schedule and scheduled an evidentiary hearing for February 1, 2023. Duke Energy Progress cannot predict the outcome of this matter.

Duke Energy Carolinas

2023 North Carolina Rate Case

On September 8, 2022, Duke Energy Carolinas requested initiation of the process necessary to file a performance-based regulation application (PBR Application). The request notified the NCUC that such PBR Application would be targeted for filing no earlier than January 6, 2023. In addition, the NCUC held a technical conference on November 2, 2022, in which Duke Energy Carolinas presented information on approximately $4 billion of planned transmission and distribution capital spending projects that it intends to include in the Multiyear Rate Plan (MYRP) portion of its PBR Application.

Oconee Nuclear Station Subsequent License Renewal

On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions purporting to challenge Duke Energy Carolinas’ environmental report (ER). In general, the proposed contentions claimed that the ER did not consider certain information regarding the environmental aspects of severe accidents caused by a hypothetical failure of the Jocassee Dam in South Carolina and, therefore, did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Duke Energy Carolinas filed its answer to the proposed contentions on October 22, 2021, and the Petitioners filed their reply to Duke Energy Carolinas’ answer on November 5, 2021. On February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the proceeding.

On February 24, 2022, the NRC issued a decision in the SLR appeal related to the Turkey Point nuclear generating station in Florida and ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. While Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its ER providing information on environmental impacts during the SLR period prior to the rulemaking being completed. Duke Energy is evaluating the two options to determine which is preferable for ONS. Although the NRC’s decision will delay completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process.

Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations. New depreciation rates were implemented for all of the nuclear facilities during the second quarter of 2021. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of these additional relicensing proceedings.

Duke Energy Progress

2022 North Carolina Rate Case

On October 6, 2022, Duke Energy Progress filed an application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC includes a PBR Application, which includes a MYRP and proposes rates for three years within the MYRP period. In addition to the MYRP, the PBR Application includes an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms as required by HB 951. If approved, the overall retail revenue increase would be $326 million in Year 1, $151 million in Year 2 and $138 million in Year 3, for a combined total of $615 million or 16% by late 2025. The rate increase is driven primarily by major transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan filing. Duke Energy Progress plans to implement temporary rates, subject to refund, on June 1, 2023, and has requested permanent rates be effective by October 1, 2023. Duke Energy Progress cannot predict the outcome of this matter.

2022 South Carolina Rate Case

On September 1, 2022, Duke Energy Progress filed an application with the PSCSC to request an increase in base rate retail revenues. Duke Energy Progress' rate request proposes a step in of the proposed rate increase over two years. If approved, the overall retail revenue increase in Year 1 would be approximately $53 million or 8.6%. In Year 2, the remaining portion of the request would take effect for a net cumulative increase in retail revenues of approximately $68 million or 11%. The rate increase is driven by major capital investments, including grid improvements and advanced metering infrastructure, the addition of two new combined-cycle units located in Asheville, North Carolina, and environmental compliance costs, including recovery over a seven-year period of $108 million of deferred coal ash related compliance costs. Duke Energy Progress is proposing to accelerate flow back of the remaining portion of the federal unprotected EDIT associated with Property, Plant and Equipment over 26 months compared to the amortization over 20 years that was approved in the last base rate case. Duke Energy Progress also requested approval to establish a storm reserve for future incremental storm costs. Hearings are scheduled to begin in January 2023, and Duke Energy Progress has requested to implement new customer rates by April 1, 2023. Duke Energy Progress cannot predict the outcome of this matter.

FERC Return on Equity Complaint

On October 16, 2020, North Carolina Electric Membership Corporation (NCEMC) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the Federal Power Act (FPA), alleging that the 11% stated return on equity (ROE) component in the demand formula rate in the Power Supply and Coordination Agreement between NCEMC and Duke Energy Progress is unjust and unreasonable. On June 16, 2022, Duke Energy Progress submitted to the FERC an Offer of Settlement and Settlement Agreement (Settlement Agreement) between NCEMC and Duke Energy Progress. The Settlement Agreement provides for an ROE of 10%, effective January 1, 2022, among other contract modifications. On July 5, 2022, NCEMC filed comments in support of the Settlement Agreement. The parties are awaiting FERC approval of the Settlement Agreement. The final disposition of these proceedings is not expected to have a material effect on the results of operations, cash flows or financial position of Duke Energy Progress.

Duke Energy Florida

2021 Settlement Agreement

On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”).

Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC on August 12, 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida will be able to retain the $173 million retail portion of the expected DOE award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida will be able to recognize the $173 million into earnings from 2022 through 2024. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $180 million on June 15, 2022, of which the retail portion was approximately $154 million. The 2021 Settlement authorizes Duke Energy Florida to collect the difference between $173 million and the $154 million retail portion of the amount received through the capacity cost recovery clause.

The 2021 Settlement also contained a provision to recover or flow-back the effects of tax law changes. As a result of the IRA enacted on August 16, 2022, Duke Energy Florida is eligible for production tax credits associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC on October 17, 2022, to reduce base rates effective January 1, 2023, by $56 million to flow back the expected 2023 production tax credits and to flow back the expected 2022 production tax credits via an adjustment to the capacity cost recovery clause. Duke Energy Florida cannot predict the outcome of this matter. See Note 16 for additional information on the IRA.

In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian.

The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.

Clean Energy Connection

On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion and the projects are expected to be completed by the end of 2024. This investment will be included in base rates offset by the revenue from the subscription fees and the credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021.

On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard the oral argument on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. On September 23, 2022, the FPSC issued a revised order and submitted it on September 26, 2022, to the Supreme Court of Florida. The FPSC approval order remains in effect pending the outcome of the appeal. Duke Energy Florida cannot predict the outcome of this matter.

Storm Protection Plan

On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approximately $7 billion of capital investment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. The evidentiary hearing began on August 2, 2022. On October 4, 2022, the FPSC voted to approve Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025.

Hurricane Ian

On September 28, 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. Duke Energy Florida's September 30, 2022 Condensed Consolidated Balance Sheets included an estimate of approximately $162 million related to deferred Hurricane Ian storm costs incurred through September 30, 2022, consistent with the FPSC's storm rule, in Regulatory assets within Other Noncurrent Assets. Total storm restoration costs, including capital, are estimated to be in the range of $325 million to $375 million by the end of the year. The estimate will change as Duke Energy Florida receives additional information on actual costs. After depleting any existing storm reserves, which were approximately $107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $132 million. Duke Energy Florida plans to make this petition in late 2022 or early 2023.

Duke Energy Ohio

Duke Energy Ohio Electric Base Rate Case

Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million and an ROE of 10.3%. This is an approximate 3.3% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last electric distribution base rate case in 2017. Duke Energy Ohio is also seeking to adjust the caps on its Distribution Capital Investment Rider (DCI Rider). The Staff of the PUCO (Staff) report was issued on May 19, 2022, recommending an increase in electric distribution base rates of $2 million to $15 million with an ROE range of 8.84% to 9.85%. On September 19, 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which includes an increase in overall electric distribution base rates of approximately $23 million and an ROE of 9.5%. The stipulation is among all but one party to the proceeding. The four-day hearing ended on October 11, 2022. Initial briefs were filed on October 31, 2022, and reply briefs are due November 14, 2022. Duke Energy Ohio cannot predict the outcome of this matter.

Energy Efficiency Cost Recovery

In response to changes in Ohio law that eliminated Ohio's energy efficiency mandates, the PUCO issued an order on February 26, 2020, directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020. Duke Energy Ohio took the following actions:

•On March 27, 2020, Duke Energy Ohio filed an application for rehearing seeking clarification on the final true up and reconciliation process after 2020. On November 18, 2020, the PUCO issued an order replacing the cost cap previously imposed upon Duke Energy Ohio with a cap on shared savings recovery. On December 18, 2020, Duke Energy Ohio filed an additional application for rehearing challenging, among other things, the imposition of the cap on shared savings. On January 13, 2021, the application for rehearing was granted for further consideration.

•On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposed a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs. The application remains under review.

•On November 18, 2020, the PUCO issued an order directing all utilities to set their energy efficiency riders to zero effective January 1, 2021, and to file a separate application for final reconciliation of all energy efficiency costs prior to December 31, 2020. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs.

•On June 14, 2021, the PUCO requested each utility to file by July 15, 2021, a proposal to reestablish low-income programs through December 31, 2021. Duke Energy Ohio filed its application on July 14, 2021.

•On February 23, 2022, the PUCO issued its Fifth Entry on Rehearing that 1) affirmed its reduction in Duke Energy Ohio's shared savings cap; 2) denied rehearing/clarification regarding lost distribution revenues and shared savings recovery for periods after December 31, 2020; and 3) directed Duke Energy Ohio to submit an updated application with exhibits.

•On March 25, 2022, Duke Energy Ohio filed its Amended Application consistent with the PUCO's order.

Duke Energy Ohio cannot predict the outcome of this matter.

Duke Energy Ohio Natural Gas Base Rate Case

Duke Energy Ohio filed with the PUCO a natural gas base rate case application on June 30, 2022, with supporting testimony filed on July 14, 2022, requesting an increase in natural gas base rates of approximately $49 million and an ROE of 10.3%. This is an approximate 5.6% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio is also seeking to adjust the caps on its Capital Expenditure Program Rider (CEP Rider). Duke Energy Ohio cannot predict the outcome of this matter.

Natural Gas Pipeline Extension

Duke Energy Ohio installed a new natural gas pipeline (the Central Corridor Project) in its Ohio service territory to increase system reliability and enable the retirement of older infrastructure. Construction of the pipeline extension was completed and placed in service on March 14, 2022, with a total cost of approximately $170 million (excluding overheads and AFUDC).

MGP Cost Recovery

In an order issued in 2013, the PUCO approved Duke Energy Ohio's deferral and recovery of costs related to environmental remediation at two sites (East End and West End) that housed former MGP operations. Duke Energy Ohio made annual applications with the PUCO to recover its incremental remediation costs consistent with the PUCO’s directive in Duke Energy Ohio’s 2012 natural gas base rate case. The Staff issued reports recommending a disallowance of MGP remediation costs incurred that the Staff believes are not eligible for recovery. The Staff interprets the PUCO’s 2013 order granting Duke Energy Ohio recovery of MGP remediation as limiting the recovery to work directly on the East End and West End sites. Duke Energy Ohio filed reply comments objecting to the Staff’s recommendations and explaining, among other things, the obligation Duke Energy Ohio has under Ohio law to remediate all areas impacted by the former MGPs and not just physical property that housed the former plants and equipment. Additionally, the Staff recommended that any discussion pertaining to Duke Energy Ohio's recovery of ongoing MGP costs should be directly tied to or netted against insurance proceeds collected by Duke Energy Ohio. An evidentiary hearing concluded on November 21, 2019. Initial briefs were filed on January 17, 2020, and reply briefs were filed on February 14, 2020.

The 2013 PUCO order also contained conditional deadlines for completing the MGP environmental remediation and the deferral of related remediation costs. Subsequent to the order, the deadline was extended to December 31, 2019. On May 10, 2019, Duke Energy Ohio filed an application requesting a continuation of its existing deferral authority for MGP remediation that must occur after December 31, 2019. On July 12, 2019, the Staff recommended the commission deny the deferral authority request. On September 13, 2019, intervenor comments were filed opposing Duke Energy Ohio's request for continuation of existing deferral authority and on October 2, 2019, Duke Energy Ohio filed reply comments.

A Stipulation and Recommendation was filed jointly by Duke Energy Ohio, the Staff, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group on August 31, 2021, which was approved without modification by the PUCO on April 20, 2022. The Stipulation and Recommendation resolved all open issues regarding MGP remediation costs incurred between 2013 and 2019, Duke Energy Ohio’s request for additional deferral authority beyond 2019 and the pending issues related to the Tax Cuts and Jobs Act (the Tax Act) described below as it related to Duke Energy Ohio’s natural gas operations. As a result of the approval of the Stipulation and Recommendation, Duke Energy Ohio recognized pretax charges of approximately $15 million to Operating revenues, regulated natural gas and $58 million to Operation, maintenance and other and a tax benefit of $72 million to Income Tax (Benefit) Expense in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. The Stipulation and Recommendation further acknowledged Duke Energy Ohio’s ability to file a request for additional deferral authority in the future related to environmental remediation of any MGP impacts in the Ohio River, if necessary, subject to specific conditions. On June 15, 2022, the PUCO granted the rehearing requests of Interstate Gas Supply, Inc. (IGS) and The Retail Energy Supply Association (RESA), which were filed on May 20, 2022, for further consideration. Duke Energy Ohio cannot predict the outcome of this matter.

Tax Act – Ohio

On December 21, 2018, Duke Energy Ohio filed an application to change its base rate tariffs and establish a new rider to implement the benefits of the Tax Act for natural gas customers. The new rider would flow through to customers the benefit of the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, all future benefits of the lower tax rates and a full refund of deferred income taxes collected at the higher tax rates in prior years. Deferred income taxes subject to normalization rules would be refunded consistent with federal law and deferred income taxes not subject to normalization rules will be refunded over a 10-year period. An evidentiary hearing occurred on August 7, 2019. The Stipulation and Recommendation filed on August 31, 2021, and approved on April 20, 2022, disclosed in the MGP Cost Recovery matter above, resolves the outstanding issues in this proceeding by providing customers a one-time bill credit for the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, through June 1, 2022, and reducing base rates going forward. Deferred income taxes subject to normalization rules will be refunded consistent with federal law through a new rider. Deferred income taxes not subject to normalization rules were written off. The commission granted the rehearing requests of IGS and RESA for further consideration. Duke Energy Ohio cannot predict the outcome of this matter.

Midwest Propane Caverns

Duke Energy Ohio used propane stored in caverns to meet peak demand during winter for several decades. Once the Central Corridor Project was complete and placed in service, the propane peaking facilities were no longer necessary and were retired. On October 7, 2021, Duke Energy Ohio requested deferral treatment of the property, plant and equipment as well as costs related to propane inventory and decommissioning costs. On January 6, 2022, the Staff issued a report recommending deferral authority for costs related to propane inventory and decommissioning costs, but not for the net book value of the remaining plant assets. As a result of the Staff's report, Duke Energy Ohio recorded a $19 million charge to Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income in the fourth quarter of 2021. A Stipulation and Recommendation was filed jointly by Duke Energy Ohio and the Staff on April 27, 2022, recommending, among other things, approval of deferral treatment of a portion of the net book value of the property, plant and equipment prior to the 2021 impairment at the time of the next natural gas base rate case, excluding operations and maintenance savings, decommissioning costs not to exceed $7 million and costs related to propane inventory. The Stipulation and Recommendation states that Duke Energy Ohio will seek recovery of the deferral through its next natural gas base rate case proceeding with a proposed amortization period of at least 10 years and include an independent engineering study analyzing the necessity and prudency of the incremental investments made at the facilities since March 31, 2012. Duke Energy Ohio will not seek a return on the deferred amounts. An evidentiary hearing was held on September 8, 2022. On October 5, 2022, the PUCO issued an order approving the Stipulation and Recommendation as filed. As a result of the order, Duke Energy Ohio recorded a reversal of $12 million to Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income for the three months and nine months ended September 30, 2022.

Duke Energy Indiana

2019 Indiana Rate Case

On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6% or $396 million average retail rate increase, including the impacts of the Utility Receipts Tax. Hearings concluded on February 7, 2020. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction was due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% was due to the approved ROE of 9.7% versus the requested ROE of 10.4% and approximately 20% was related to miscellaneous earnings neutral adjustments. Step one rates were estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates estimated to be the remaining 25% of the total rate increase were approved on July 28, 2021, and implemented in August 2021.

Several groups appealed the IURC order to the Indiana Court of Appeals. Appellate briefs were filed on October 14, 2020, focusing on three issues: wholesale sales allocations, coal ash basin cost recovery and the Edwardsport IGCC operating and maintenance expense level approved. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. The Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group filed a joint petition to transfer the rate case appeal to the Indiana Supreme Court on June 28, 2021. The Indiana Supreme Court issued its opinion on March 10, 2022, finding that the IURC erred in allowing Duke Energy Indiana to recover coal ash costs incurred before the IURC’s rate case order in June 2020. The Indiana Supreme Court found that allowing Duke Energy Indiana to recover coal ash costs incurred between rate cases that exceeded the amount built into base rates violated the prohibition against retroactive ratemaking. The IURC’s order has been remanded to the IURC for additional proceedings consistent with the Indiana Supreme Court’s opinion. As a result of the court's opinion, Duke Energy Indiana recognized pretax charges of approximately $211 million to Impairment of assets and other charges and $46 million to Operating revenues in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. Duke Energy Indiana filed a request for rehearing with the Supreme Court on April 11, 2022, which the court denied on May 26, 2022. Duke Energy Indiana filed its testimony in the remand proceeding on August 18, 2022. An evidentiary hearing is scheduled to begin January 20, 2023. Duke Energy Indiana cannot predict the outcome of this matter.

2020 Indiana Coal Ash Recovery Case

In Duke Energy Indiana’s 2019 rate case, the IURC also opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. An evidentiary hearing was held on September 14, 2020. Briefing was completed by mid-September 2021. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC filed a notice of appeal to the Indiana Court of Appeals on December 3, 2021. The OUCC's opening brief was filed on October 12, 2022. Duke Energy Indiana cannot predict the outcome of this matter.

TDSIC 2.0

On November 23, 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve reliability to our customers, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In addition, the IURC set up a subdocket to consider the targeted economic development project, which the IURC approved on March 2, 2022. On July 15, 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. An appellant brief was filed on October 28, 2022. Duke Energy Indiana cannot predict the outcome of this matter.

Piedmont

2022 South Carolina Rate Case

On April 1, 2022, Piedmont filed an application with the PSCSC for a rate increase for retail customers of approximately $7 million, which represents an approximate 3.4% increase in retail revenues. The rate increase is driven by customer growth and infrastructure upgrade investments (plant additions) since Piedmont’s last proceeding in 2021 under South Carolina’s Rate Stabilization Act. In addition, Piedmont agreed with the South Carolina Office of Regulatory Staff (ORS) in 2019 to file a general rate case no later than April 1, 2022, to conduct a more comprehensive review of rates including the allocation of costs to residential, commercial and industrial customers. In addition to the ORS, the South Carolina Department of Consumer Affairs (DCA) and the South Carolina Energy Users Committee (SCEUC) intervened in the case and filed testimony on July 12, 2022, each recommending downward adjustments relating to several issues, including ROE, capital structure, depreciation and employee compensation. Prior to hearing, Piedmont entered into a comprehensive settlement with the ORS and the SCEUC, which included a stipulated ROE of 9.49% and capital structure of 53.5% equity. The DCA stipulated to all terms with the exception of ROE and capital structure. An evidentiary hearing was held on August 15, 2022. On September 15, 2022, the PSCSC delivered its decision, which included an ROE of 9.3% and a capital structure of 52.2% equity and 47.8% debt and issued its final order on October 6, 2022. Revised customer rates became effective in October 2022 and resulted in a rate decrease for retail customers of approximately $1 million.

Tennessee Annual Review Mechanism

On October 10, 2022, the TPUC approved Piedmont’s petition to adopt an Annual Review Mechanism (ARM) as allowed by Tennessee law. Under the ARM, Piedmont will adjust rates annually to achieve its allowed 9.80% ROE over the upcoming year and to true up any variance between its allowed ROE and actual ROE from the prior calendar year. The initial year subject to the true up is 2022, and the initial rate adjustments request will be filed in May 2023 for rates effective October 1, 2023.

OTHER REGULATORY MATTERS

Potential Coal Plant Retirements

The Subsidiary Registrants periodically file integrated resource plans (IRPs) with their state regulatory commissions. The IRPs provide a view of forecasted energy needs over a long term (10 to 20 years) and options being considered to meet those needs. IRPs filed by the Subsidiary Registrants included planning assumptions to potentially retire certain coal-fired generating facilities in North Carolina and Indiana earlier than their current estimated useful lives. Duke Energy continues to evaluate the potential need to retire these coal-fired generating facilities earlier than the current estimated useful lives and plans to seek regulatory recovery for amounts that would not be otherwise recovered when any of these assets are retired.

The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of September 30, 2022, and exclude capitalized asset retirement costs.

		Remaining Net
	Capacity	Book Value
	(in MW)	(in millions)
Duke Energy Carolinas
Allen Steam Station Unit 1(a)	167	$	11
Allen Steam Station Unit 5(b)	259	243
Cliffside Unit 5(b)	546	351
Duke Energy Progress
Mayo Unit 1(b)	713	623
Roxboro Units 3-4(b)	1,409	433
Duke Energy Florida
Crystal River Units 4-5(c)	1,442	1,578
Duke Energy Indiana
Gibson Units 1-5(d)	2,845	2,019
Cayuga Units 1-2(d)	1,005	644
Total Duke Energy	8,386	$	5,902

(a)As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Unit 1 by December 31, 2024. The long-term energy options considered in the IRP could result in retirement of this unit earlier than its current estimated useful life.

(b)These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives.

(c)On January 14, 2021, Duke Energy Florida filed the 2021 Settlement agreement with the FPSC, which proposed depreciation rates reflecting retirement dates for Duke Energy Florida's last two coal-fired generating facilities, Crystal River Units 4-5, eight years ahead of schedule in 2034 rather than in 2042. The FPSC approved the 2021 Settlement on May 4, 2021. The remaining net book value reflected in the table above excludes $200 million of accelerated deprecation collected from retail customers pursuant to Duke Energy Florida's 2017 Settlement.

(d)The rate case filed July 2, 2019, included proposed depreciation rates reflecting retirement dates from 2026 to 2038. The depreciation rates reflecting these updated retirement dates were approved by the IURC as part of the rate case order issued on June 29, 2020.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.

Remediation Activities

In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based upon site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)	September 30, 2022		December 31, 2021
Reserves for Environmental Remediation
Duke Energy	$	89	$	88
Duke Energy Carolinas	23		19
Progress Energy	24		23
Duke Energy Progress	12		11
Duke Energy Florida	11		11
Duke Energy Ohio	32		34
Duke Energy Indiana	3		4
Piedmont	7		9

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

Duke Energy

Michael Johnson et al. v. Duke Energy Corporation et al.

On September 23, 2020, plaintiff Michael Johnson, a former Duke Energy employee and participant in the Duke Energy Retirement Savings Plan (Plan) brought suit on his own behalf and on behalf of other participants and beneficiaries similarly situated against Duke Energy Corporation, the Duke Energy Benefits Committee, and other unnamed individual defendants. The complaint, which was subsequently amended to add a current participant as a plaintiff on November 23, 2020, alleges that the defendants breached their fiduciary duties with respect to certain fees associated with the Plan in violation of the Employee Retirement Income Security Act of 1974 and seeks certification of a class of all individuals who were participants or beneficiaries of the Plan at any time on or after September 23, 2014. The defendants filed a motion to dismiss the plaintiffs’ amended complaint on December 18, 2020. On January 31, 2022, the court denied the defendants' motion to dismiss. On February 28, 2022, Duke Energy responded to the amended complaint. Discovery commenced and the parties exchanged preliminary disclosures. After review of these disclosures, the plaintiff agreed to voluntarily dismiss its suit and the parties subsequently filed a joint stipulation of voluntary dismissal with prejudice on April 29, 2022, ending this litigation.

Texas Storm Uri Tort Litigation

Several Duke Energy renewables project companies, located in the ERCOT market, were named in lawsuits arising out of Texas Storm Uri in mid-February 2021. Duke Energy Corporation, which had originally been named in several suits, was dismissed from the lawsuits. The lawsuits against the Duke Energy renewables project companies seek recovery for property damages, personal injury and for wrongful death allegedly caused by the power outages, which the plaintiffs claim was the result of collective failures of generators, transmission and distribution operators, retail energy providers and others, including ERCOT. The cases have been consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-litigation purposes. Five MDL cases have been designated for motions to dismiss while all other cases are stayed. Duke Energy renewables projects are named as defendants in three of these five cases. Plaintiffs in these five cases have filed amended petitions, which are subject to renewed omnibus motions to dismiss focusing on lack of duty, tariff defenses and sovereign immunity. The motions were heard by the court on October 11 and 12, 2022. The court is expected to make a decision on all motions within two months. Thereafter, the parties expect an appeal which may have the effect of staying all or some of the litigation. Duke Energy cannot predict the outcomes of these matters.

Duke Energy Carolinas

Ruben Villano, et al. v. Duke Energy Carolinas, LLC

On June 16, 2021, a group of nine individuals went over a low head dam adjacent to the Dan River Steam Station in Eden, North Carolina, while water tubing. Emergency personnel rescued four people and five others were confirmed deceased. On August 11, 2021, Duke Energy Carolinas was served with the complaint filed in Durham County Superior Court on behalf of four survivors, which was later amended to include all the decedents along with the survivors, except for one minor. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes and that Duke Energy did not adequately warn about the dam, and that Duke Energy Carolinas created a dangerous and hidden hazard on the Dan River in building and maintaining the low head dam. On September 30, 2021, Duke Energy Carolinas filed its motion to dismiss and motion for transfer of venue from Durham County to Rockingham County, both of which were denied on November 15, 2021. On November 15, 2021, Duke Energy Carolinas was also served with Plaintiffs Second Amended Complaint, which added the final minor plaintiff and consolidated all the actions into one lawsuit. Duke Energy Carolinas has filed its Answer and Affirmative Defenses to the Second Amended Complaint. Discovery has commenced and is scheduled to be completed on or before April 28, 2023. The parties are preparing for mediation in December 2022. If the case is not resolved, dispositive motions are due to be filed by September 6, 2023. The case is scheduled to be trial-ready by October 2, 2023. Duke Energy Carolinas cannot predict the outcome of this matter.

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims.

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. Duke Energy Carolinas is cooperating with the Office of Enforcement but cannot predict the outcome of this investigation.

On August 17, 2020, the court denied both NTE’s and Duke Energy Carolinas’ motions to dismiss. In October 2021, NTE filed a Second Amended Counterclaim and Complaint, and in January 2022, NTE filed a Third Amended Counterclaim and Complaint. Duke Energy Carolinas has responded to these pleadings. On December 6, 2021, Duke Energy Carolinas filed an Amended Complaint. Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior that violated various federal and state antitrust and deceptive trade practices statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. NTE has until November 14, 2022 to appeal the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Duke Energy Carolinas cannot predict the outcome of this matter.

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserves of $467 million at September 30, 2022, and $501 million at December 31, 2021. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2041 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2041 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $595 million at September 30, 2022, and $644 million at December 31, 2021. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables is $12 million for Duke Energy and Duke Energy Carolinas as of September 30, 2022, and December 31, 2021. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

Duke Energy Progress and Duke Energy Florida

Spent Nuclear Fuel Matters

On June 18, 2018, Duke Energy Progress and Duke Energy Florida sued the U.S. in the U.S. Court of Federal Claims for damages incurred for the period 2014 through 2018. The lawsuit claimed the DOE breached a contract in failing to accept spent nuclear fuel under the Nuclear Waste Policy Act of 1982 and asserted damages for the cost of on-site storage in the amount of $100 million and $200 million for Duke Energy Progress and Duke Energy Florida, respectively.

On March 30, 2022, the DOE and Duke Energy Progress executed a settlement agreement, pursuant to which Duke Energy Progress will receive damages for costs incurred between 2014 and 2018, and will be able to submit future costs on a defined schedule. In April 2022, Duke Energy Progress received $87 million in proceeds that related to damages incurred in 2014 through 2018.

On May 2, 2022, the DOE and Duke Energy Florida executed a settlement agreement, pursuant to which Duke Energy Florida will receive damages for costs incurred between 2014 and 2018, and will be able to submit costs incurred in 2019 and 2020 pursuant to an audit process. In June 2022, Duke Energy Florida received $180 million in proceeds that related to damages incurred in 2014 through 2018.

Duke Energy Indiana

Coal Ash Basin Closure Plan Appeal

On January 27, 2020, Hoosier Environmental Council (HEC) filed a Petition for Administrative Review with the Indiana Office of Environmental Adjudication challenging the Indiana Department of Environmental Management’s (IDEM's) December 10, 2019, partial approval of Duke Energy Indiana’s ash pond closure plan at Duke Energy's Gallagher power station. After hearing oral arguments in early April 2021 on Duke Energy Indiana's and HEC's competing Motions for Summary Judgment, on May 4, 2021, the administrative court rejected all of HEC’s claims and issued a ruling in favor of Duke Energy Indiana. On June 3, 2021, HEC filed an appeal in Superior Court to seek judicial review of the order. On June 25, 2021, Duke Energy Indiana filed its response to the Petition to Review. On August 30, 2021, HEC served Duke Energy Indiana with its Brief in Support of Petition for Judicial Review. On October 29, 2021, Duke Energy Indiana and IDEM filed their response briefs. On December 13, 2021, HEC filed and served its Reply Brief.

On January 11, 2022, Duke Energy Indiana received a compliance obligation letter from the Environmental Protection Agency (EPA) notifying the company that the two basins at issue in the litigation are subject to requirements of the CCR Rule. The letter does not provide a deadline for compliance. Duke Energy Indiana is evaluating the EPA letter, its potential impacts on the litigation and the extent to which this letter could apply to CCR surface impoundments at its other Indiana sites.

Following the January 11, 2022 EPA notice of compliance letter, the parties filed a joint motion to stay the litigation for 45 days, which was approved by the court. As a result, the oral argument scheduled for February 1, 2022, was postponed. Duke Energy Indiana and HEC engaged in settlement discussions, but the parties were unable to reach resolution. On April 21, 2022, HEC filed a Motion to Lift Stay and Motion for Judicial Notice. HEC also requested that the court hold a hearing within 45 days and also take judicial notice of the EPA's January 11, 2022 letter. On April 22, 2022, Duke Energy Indiana sent IDEM a letter withdrawing the closure plans for the Gallagher North Ash Pond and Primary Pond Ash Fill. After acknowledgment by IDEM of withdrawal of these closure plans, Duke Energy Indiana filed a Motion to Dismiss the litigation as moot on April 28, 2022, which IDEM supported, and the court granted the Motion to Dismiss on July 8, 2022.

Coal Ash Insurance Coverage Litigation

In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A case schedule has not yet been set. Duke Energy Indiana cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.

In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.

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Debt and Credit Facilities

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).

				Nine Months Ended September 30, 2022
						Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Piedmont
Unsecured Debt
May 2022(a)	May 2052	5.050	%	$	400	$	—	$	—	$	—	$	400
June 2022(b)	June 2028	4.750	%	645		645		—		—		—
June 2022(b)	June 2034	5.306	%	537		537		—		—		—
August 2022(c)	March 2028	4.300	%	900		900		—		—		—
August 2022(c)	August 2032	4.500	%	1,150		1,150		—		—		—
August 2022(c)	August 2052	5.000	%	1,150		1,150		—		—		—
First Mortgage Bonds
March 2022(d)	March 2032	2.850	%	500		—		500		—		—
March 2022(d)	March 2052	3.550	%	650		—		650		—		—
March 2022(d)	April 2032	3.400	%	500		—		—		500		—
March 2022(d)	April 2052	4.000	%	400		—		—		400		—
Tax-exempt Bonds
June 2022(e)	September 2030	4.000	%	168		168		—		—		—
June 2022(e)	November 2039	4.250	%	234		234		—		—		—
September 2022(f)	October 2046	3.300	%	200		—		—		200		—
September 2022(g)	October 2046	3.700	%	210		—		—		210		—
September 2022(g)	October 2046	4.000	%	42		—		—		42		—
Total issuances				$	7,686	$	4,784	$	1,150	$	1,352	$	400

(a)Proceeds were used to pay down a portion of outstanding intercompany short-term debt and for general corporate purposes.

(b)Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Proceeds were used to repay a $500 million debt maturity, pay down short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 9 for additional information.

(c)Proceeds will be used to repay a portion of short-term debt and for general corporate purposes.

(d)Proceeds were used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework.

(e)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027.

(f)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026.

(g)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030.

CURRENT MATURITIES OF LONG-TERM DEBT

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)	Maturity Date	Interest Rate		September 30, 2022
Unsecured Debt(a)
Duke Energy (Parent)	April 2023	2.875	%	$	350
Duke Energy (Parent)(b)	June 2023	2.048	%	500
First Mortgage Bonds
Duke Energy Carolinas	March 2023	2.500	%	500
Duke Energy Carolinas	March 2023	3.050	%	500
Duke Energy Progress	September 2023	3.375	%	300
Duke Energy Ohio	September 2023	3.800	%	300
Other(c)				799
Current maturities of long-term debt				$	3,249

(a)In May 2022, Duke Energy (Parent) early retired $500 million of unsecured debt with an original maturity date of August 2022.

(b)Debt has a floating interest rate.

(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

AVAILABLE CREDIT FACILITIES

Master Credit Facility

In March 2022, Duke Energy amended its existing Master Credit Facility to increase the amount of the facility from $8 billion to $9 billion and to extend the termination date to March 2027. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

	September 30, 2022
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	9,000	$	3,000	$	1,225	$	950	$	1,350	$	775	$	900	$	800
Reduction to backstop issuances
Commercial paper(b)	(3,339)		(135)		(827)		(150)		(887)		(476)		(586)		(278)
Outstanding letters of credit	(38)		(25)		(4)		(2)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,542	$	2,840	$	394	$	798	$	456	$	299	$	233	$	522

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Other Credit Facilities

Duke Energy (Parent) Term Loan Facility

On March 9, 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 9, 2024. The maturity date of the Credit Agreement may be extended for up to two years by request of Duke Energy (Parent), upon satisfaction of certain conditions contained in the Credit Agreement. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. The balance is classified as Long-Term Debt on Duke Energy's Condensed Consolidated Balance Sheets. The Three-Year Revolving Credit Facility was terminated in March 2022.

Duke Energy Florida Term Loan Facility

In October 2022, Duke Energy Florida entered into a term loan facility with commitments totaling $800 million expiring in April 2024. The term loan was fully drawn at the time of closing in October and borrowings were used for storm costs, under-collected fuel and general company purposes. The balance will be classified as Long-Term Debt on Duke Energy Florida's Consolidated Balance Sheet.

Other Debt Matters

In September 2022, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy, may issue debt and other securities, including preferred stock, in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy. Also in September 2022, Duke Energy filed a Form S-3 that allows Duke Energy to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time.

Intercompany Credit Agreements

In March 2022, Progress Energy closed a revolving credit agreement with Duke Energy (Parent), which allowed up to $2.5 billion in intercompany borrowings.

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Asset Retirement Obligations

9 Months Ended

Sep. 30, 2022

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

ASSET RETIREMENT OBLIGATIONS

The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities(a)	$	7,206	$	2,968	$	4,202	$	3,908	$	294	$	—	$	—	$	—
Closure of ash impoundments	5,293		2,360		1,914		1,885		29		99		919		—
Other	451		65		87		46		41		56		39		23
Total ARO	$	12,950	$	5,393	$	6,203	$	5,839	$	364	$	155	$	958	$	23
Less: Current portion	798		278		311		310		1		23		185		—
Total noncurrent ARO	$	12,152	$	5,115	$	5,892	$	5,529	$	363	$	132	$	773	$	23

(a)Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy.

ARO Liability Rollforward

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2021(a)	$	12,776	$	5,301	$	6,112	$	5,675	$	437	$	136	$	987	$	22
Accretion expense(b)	376		180		170		159		11		4		21		1
Liabilities settled(c)	(488)		(163)		(239)		(160)		(79)		(8)		(77)		—
Revisions in estimates of cash flows(d)	286		75		160		165		(5)		23		27		—
Balance at September 30, 2022	$	12,950	$	5,393	$	6,203	$	5,839	$	364	$	155	$	958	$	23

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the nine months ended September 30, 2022, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases primarily relate to higher unit costs associated with basin closure, routine maintenance and beneficiation activities, partially offset by lower post closure maintenance costs, a reduction in monitoring wells needed, and higher discount rates applied to future cash flows.

Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets within Other Noncurrent Assets, respectively, on the Condensed Consolidated Balance Sheets.

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Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Duke Energy

The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2022, and December 31, 2021.

	Electric Utilities		Gas Utilities		Commercial
(in millions)	and Infrastructure		and Infrastructure		Renewables		Total
Goodwill balance	$	17,379	$	1,924	$	122	$	19,425
Accumulated impairment charges	—		—		(122)		(122)
Goodwill, adjusted for accumulated impairment charges	$	17,379	$	1,924	$	—	$	19,303

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to Electric Utilities and Infrastructure and $324 million to Gas Utilities and Infrastructure, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2022, and December 31, 2021.

Progress Energy

Progress Energy's Goodwill is included in the Electric Utilities and Infrastructure segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the Gas Utilities and Infrastructure segment and there are no accumulated impairment charges.

Impairment Testing

Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2022.

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Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	193	$	207	$	590	$	653
Indemnification coverages(b)	7		6		21		18
Joint Dispatch Agreement (JDA) revenue(c)	16		6		54		32
JDA expense(c)	210		68		477		133
Intercompany natural gas purchases(d)	5		14		14		43
Progress Energy
Corporate governance and shared service expenses(a)	$	188	$	201	$	568	$	615
Indemnification coverages(b)	10		10		32		31
JDA revenue(c)	210		68		477		133
JDA expense(c)	16		6		54		32
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	111	$	121	$	338	$	367
Indemnification coverages(b)	5		4		15		14
JDA revenue(c)	210		68		477		133
JDA expense(c)	16		6		54		32
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	77	$	80	$	230	$	248
Indemnification coverages(b)	5		6		17		17
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	87	$	79	$	251	$	237
Indemnification coverages(b)	2		1		4		3
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	115	$	96	$	330	$	302
Indemnification coverages(b)	2		2		6		6
Piedmont
Corporate governance and shared service expenses(a)	$	37	$	32	$	109	$	101
Indemnification coverages(b)	1		1		2		3
Intercompany natural gas sales(d)	24		33		71		99
Natural gas storage and transportation costs(e)	6		6		17		17

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

As discussed in Note 12, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
September 30, 2022
Intercompany income tax receivable	$	80	$	114	$	—	$	102	$	14	$	27	$	25
Intercompany income tax payable	—		—		33		—		—		—		—
December 31, 2021
Intercompany income tax receivable	$	—	$	—	$	—	$	40	$	19	$	—	$	—
Intercompany income tax payable	62		—		84		—		—		10		27

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Derivatives and Hedging

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

DERIVATIVES AND HEDGING

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, were not material. Duke Energy's interest rate derivatives designated as hedges include interest rate swaps used to hedge existing debt within the Commercial Renewables segment and forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

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

	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Indiana		Ohio
Cash flow hedges	$	1,125	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	1,102		625		150		150		300		27
Total notional amount(a)	$	2,227	$	625	$	150	$	150	$	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 $625 million and $665 million in cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Cash Flow Hedges

For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas costs volatility for customers.

Duke Energy’s undesignated contracts include long-term electricity sales in the Commercial Renewables segment.

Volumes

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.

	September 30, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	32,282	—	—	—	3,067	18,633	—
Natural gas (millions of dekatherms)	862	274	265	265	—	14	309

	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 4,335 GWh and 9,975 GWh related to cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

Fair Value Hedges

Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk. There were no fair value hedges in 2021.

	September 30, 2022
					Receive					Fair Value
	Pay Notional				Notional		Receive		Hedge	Gain (Loss)(a)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	(in millions)
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(57)
	537		5.31	%	500	euros	3.85	%	June 2034	(47)
Total notional amount	$	1,182			1,100	euros				$	(104)

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON 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	September 30, 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	$	615	$	282	$	263	$	241	$	22	$	4	$	58	$	—
Noncurrent	340		172		162		162		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	955	$	454	$	425	$	403	$	22	$	4	$	58	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	103	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	35		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	85		—		12		12		—		—		73		—
Noncurrent	81		81		—		—		—		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	304	$	81	$	12	$	12	$	—	$	—	$	73	$	—
Total Derivative Assets	$	1,259	$	535	$	437	$	415	$	22	$	4	$	131	$	—

Derivative Liabilities	September 30, 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	$	24	$	—	$	—	$	—	$	—	$	—	$	—	—
Noncurrent	106		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	168		99		—		—		—		—		18		31
Noncurrent	233		14		9		9		—		—		—		140
Total Derivative Liabilities – Commodity Contracts	$	531	$	113	$	9	$	9	$	—	$	—	$	18	$	171
Interest Rate Contracts
Not Designated as Hedging Instruments
Current	1		—		—		—		—		1		—		—
Noncurrent	2		—		—		—		—		2		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	3	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	116		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	137	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	671	$	113	$	9	$	9	$	—	$	3	$	18	$	171

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 AND LIABILITIES

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 cash collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable and letters of credit may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	September 30, 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	$	803	$	282	$	275	$	253	$	22	$	4	$	131	$	—
Gross amounts offset	(232)		(124)		(109)		(109)		—		—		—		—
Net amounts presented in Current Assets: Other	$	571	$	158	$	166	$	144	$	22	$	4	$	131	$	—
Noncurrent
Gross amounts recognized	$	456	$	253	$	162	$	162	$	—	$	—	$	—	$	—
Gross amounts offset	(191)		(86)		(105)		(105)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	265	$	167	$	57	$	57	$	—	$	—	$	—	$	—

Derivative Liabilities	September 30, 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	$	214	$	99	$	—	$	—	$	—	$	1	$	18	$	31
Gross amounts offset	(18)		—		—		—		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	196	$	99	$	—	$	—	$	—	$	1	$	—	$	31
Noncurrent
Gross amounts recognized	$	457	$	14	$	9	$	9	$	—	$	2	$	—	$	140
Gross amounts offset	(17)		(9)		(9)		(9)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	440	$	5	$	—	$	—	$	—	$	2	$	—	$	140

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

XML

Investments in Debt and Equity Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments In Debt And Equity Securities

INVESTMENTS IN DEBT AND EQUITY SECURITIES

Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).

For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.

Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.

Investment Trusts

The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.

Other AFS Securities

Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2022, and December 31, 2021.

Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

DUKE ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	120	$	—	$	—	$	160
Equity securities	3,238		181		5,447		4,905		43		7,350
Corporate debt securities	—		116		682		39		6		829
Municipal bonds	—		49		319		14		1		314
U.S. government bonds	—		139		1,391		31		12		1,568
Other debt securities	—		20		164		3		1		180
Total NDTF Investments	$	3,238	$	505	$	8,123	$	4,992	$	63	$	10,401
Other Investments
Cash and cash equivalents	$	—	$	—	$	37	$	—	$	—	$	36
Equity securities	15		20		116		36		—		156
Corporate debt securities	—		14		81		2		1		119
Municipal bonds	—		4		80		3		1		80
U.S. government bonds	—		1		63		—		—		56
Other debt securities	—		3		40		—		1		45
Total Other Investments	$	15	$	42	$	417	$	41	$	3	$	492
Total Investments	$	3,253	$	547	$	8,540	$	5,033	$	66	$	10,893

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	25	$	34	$	170	$	320
Realized losses	61		40		247		100
AFS:
Realized gains	7		17		22		51
Realized losses	40		15		105		46

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	41	$	—	$	—	$	53
Equity securities	1,903		87		3,154		2,887		19		4,265
Corporate debt securities	—		86		433		24		4		506
Municipal bonds	—		13		57		2		—		48
U.S. government bonds	—		65		637		16		3		712
Other debt securities	—		19		159		3		1		175
Total NDTF Investments	$	1,903	$	270	$	4,481	$	2,932	$	27	$	5,759

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	16	$	25	$	109	$	243
Realized losses	39		29		143		68
AFS:
Realized gains	7		10		19		35
Realized losses	20		10		57		32

PROGRESS ENERGY

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	79	$	—	$	—	$	107
Equity securities	1,335		94		2,293		2,018		24		3,085
Corporate debt securities	—		30		249		15		2		323
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		74		754		15		9		856
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,335	$	235	$	3,642	$	2,060	$	36	$	4,642
Other Investments
Cash and cash equivalents	$	—	$	—	$	13	$	—	$	—	$	20
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	38	$	2	$	—	$	46
Total Investments	$	1,335	$	235	$	3,680	$	2,062	$	36	$	4,688

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	9	$	9	$	61	$	77
Realized losses	22		11		104		32
AFS:
Realized gains	—		7		3		14
Realized losses	9		6		32		12

DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	47	$	—	$	—	$	94
Equity securities	1,261		94		2,206		1,915		23		2,970
Corporate debt securities	—		29		234		15		2		282
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		47		450		15		3		472
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,261	$	207	$	3,204	$	1,957	$	29	$	4,089
Other Investments
Cash and cash equivalents	$	—	$	—	$	11	$	—	$	—	$	16
Total Other Investments	$	—	$	—	$	11	$	—	$	—	$	16
Total Investments	$	1,261	$	207	$	3,215	$	1,957	$	29	$	4,105

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	9	$	9	$	60	$	76
Realized losses	21		11		101		31
AFS:
Realized gains	—		6		3		13
Realized losses	9		5		29		11

DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	32	$	—	$	—	$	13
Equity securities	74		—		87		103		1		115
Corporate debt securities	—		1		15		—		—		41
U.S. government bonds	—		27		304		—		6		384
Total NDTF Investments(a)	$	74	$	28	$	438	$	103	$	7	$	553
Other Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	3
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	26	$	2	$	—	$	29
Total Investments	$	74	$	28	$	464	$	105	$	7	$	582

(a)During the nine months ended September 30, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were immaterial.

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	—
Equity securities	—		20		72		6		—		97
Corporate debt securities	—		1		7		—		—		6
Municipal bonds	—		4		45		1		1		46
U.S. government bonds	—		—		7		—		—		12
Total Investments	$	—	$	25	$	132	$	7	$	1	$	161

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	139	$	7	$	115	$	35	$	80	$	8
Due after one through five years	854		301		473		259		214		22
Due after five through 10 years	451		208		191		176		15		7
Due after 10 years	1,376		770		516		481		35		22
Total	$	2,820	$	1,286	$	1,295	$	951	$	344	$	59

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.

Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value (NAV) per share practical expedient. The NAV is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.

Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.

Valuation methods of the primary fair value measurements disclosed below are as follows.

Investments in equity securities

The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.

Investments in debt securities

Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.

Commodity derivatives

Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of natural gas commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.

Interest rate derivatives

Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties.

Foreign currency derivatives

Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, rates and credit quality of the counterparties.

Other fair value considerations

See Note 11 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of the valuation of goodwill and intangible assets.

DUKE ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.

	September 30, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	120	$	120	$	—	$	—	$	—
NDTF equity securities	5,447		5,402		—		—		45
NDTF debt securities	2,556		778		1,778		—		—
Other equity securities	116		116		—		—		—
Other debt securities	264		56		208		—		—
Other cash and cash equivalents	37		37		—		—		—
Derivative assets	1,259		3		1,196		60		—
Total assets	9,799		6,512		3,182		60		45
Derivative liabilities	(671)		(18)		(432)		(221)		—
Net assets (liabilities)	$	9,128	$	6,494	$	2,750	$	(161)	$	45

	December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	160	$	160	$	—	$	—	$	—
NDTF equity securities	7,350		7,300		—		—		50
NDTF debt securities	2,891		967		1,924		—		—
Other equity securities	156		156		—		—		—
Other debt securities	300		45		255		—		—
Other cash and cash equivalents	36		36		—		—		—
Derivative assets	320		3		293		24		—
Total assets	11,213		8,667		2,472		24		50
Derivative liabilities	(472)		(13)		(314)		(145)		—
Net assets (liabilities)	$	10,741	$	8,654	$	2,158	$	(121)	$	50

The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	(156)	$	(131)	$	(121)	$	(77)
Total pretax realized or unrealized gains included in earnings	15		—		15		—
Total pretax realized or unrealized losses included in comprehensive income	(5)		(11)		(115)		(86)
Purchases, sales, issuances and settlements:
Purchases	—		—		77		21
Settlements	(6)		4		12		(4)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(9)		7		(29)		15
Balance at end of period	$	(161)	$	(131)	$	(161)	$	(131)

DUKE ENERGY CAROLINAS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	41	$	41	$	—	$	—
NDTF equity securities	3,154		3,109		—		45
NDTF debt securities	1,286		276		1,010		—
Derivative assets	535		—		535		—
Total assets	5,016		3,426		1,545		45
Derivative liabilities	(113)		—		(113)		—
Net assets	$	4,903	$	3,426	$	1,432	$	45

	December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	53	$	53	$	—	$	—
NDTF equity securities	4,265		4,215		—		50
NDTF debt securities	1,441		339		1,102		—
Derivative assets	162		—		162		—
Total assets	5,921		4,607		1,264		50
Derivative liabilities	(35)		—		(35)		—
Net assets	$	5,886	$	4,607	$	1,229	$	50

PROGRESS ENERGY

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	79	$	79	$	—	$	107	$	107	$	—
NDTF equity securities	2,293		2,293		—		3,085		3,085		—
NDTF debt securities	1,270		502		768		1,450		628		822
Other debt securities	25		—		25		26		—		26
Other cash and cash equivalents	13		13		—		20		20		—
Derivative assets	437		—		437		124		—		124
Total assets	4,117		2,887		1,230		4,812		3,840		972
Derivative liabilities	(9)		—		(9)		(24)		—		(24)
Net assets	$	4,108	$	2,887	$	1,221	$	4,788	$	3,840	$	948

DUKE ENERGY PROGRESS

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	47	$	47	$	—	$	94	$	94	$	—
NDTF equity securities	2,206		2,206		—		2,970		2,970		—
NDTF debt securities	951		243		708		1,025		289		736
Other cash and cash equivalents	11		11		—		16		16		—
Derivative assets	415		—		415		124		—		124
Total assets	3,630		2,507		1,123		4,229		3,369		860
Derivative liabilities	(9)		—		(9)		(10)		—		(10)
Net assets	$	3,621	$	2,507	$	1,114	$	4,219	$	3,369	$	850

DUKE ENERGY FLORIDA

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	32	$	32	$	—	$	13	$	13	$	—
NDTF equity securities	87		87		—		115		115		—
NDTF debt securities	319		259		60		425		339		86
Other debt securities	25		—		25		26		—		26
Other cash and cash equivalents	1		1		—		3		3		—
Derivative assets	22		—		22		—		—		—
Total assets	486		379		107		582		470		112
Derivative liabilities	—		—		—		(14)		—		(14)
Net assets	$	486	$	379	$	107	$	568	$	470	$	98

DUKE ENERGY OHIO

The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2022, and December 31, 2021.

DUKE ENERGY INDIANA

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022								December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	72	$	72	$	—	$	—	$	97	$	97	$	—	$	—
Other debt securities	59		—		59		—		64		—		64		—
Other cash and cash equivalents	1		1		—		—		—		—		—		—
Derivative assets	131		2		73		56		23		1		—		22
Total assets	263		75		132		56		184		98		64		22
Derivative liabilities	(18)		(18)		—		—		(27)		(13)		(14)		—
Net assets	$	245	$	57	$	132	$	56	$	157	$	85	$	50	$	22

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	84	$	22	$	22	$	6
Purchases, sales, issuances and settlements:
Purchases	—		—		74		18
Settlements	(20)		(3)		(10)		(12)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(8)		5		(30)		12
Balance at end of period	$	56	$	24	$	56	$	24

PIEDMONT

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	—	$	—	$	—	$	3	$	3	$	—
Derivative liabilities	(171)		—		(171)		(139)		—		(139)
Net (liabilities) assets	$	(171)	$	—	$	(171)	$	(136)	$	3	$	(139)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

	September 30, 2022
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy
Electricity contracts	$	(221)	RTO forward pricing	Forward electricity curves – price per MWh	$	24.46	-	$	145.44	$	52.10
Duke Energy Ohio
FTRs	4		RTO auction pricing	FTR price – per MWh	—		-	3.00		1.49
Duke Energy Indiana
FTRs	56		RTO auction pricing	FTR price – per MWh	(0.64)		-	21.81		3.41
Duke Energy
Total Level 3 derivatives	$	(161)

	December 31, 2021
									Weighted
	Fair Value								Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range				Range
Duke Energy
Electricity contracts	$	(145)	RTO forward pricing	Forward electricity curves – price per MWh	$	19.04	-	$139.11	$37.57
Duke Energy Ohio
FTRs	2		RTO auction pricing	FTR price – per MWh	0.06		-	1.79	0.96
Duke Energy Indiana
FTRs	22		RTO auction pricing	FTR price – per MWh	(1.18)		-	13.11	2.68
Duke Energy
Total Level 3 derivatives	$	(121)

OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

	September 30, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	69,309	$	60,247	$	63,835	$	69,683
Duke Energy Carolinas	14,222		12,614		13,275		15,101
Progress Energy	21,149		18,744		20,823		23,751
Duke Energy Progress	11,090		9,495		10,249		11,252
Duke Energy Florida	8,417		7,528		8,482		9,772
Duke Energy Ohio	3,244		2,891		3,193		3,570
Duke Energy Indiana	4,310		3,821		4,323		5,067
Piedmont	3,363		2,857		2,968		3,278

(a)Book value of long-term debt includes $1.19 billion and $1.25 billion at September 30, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

At both September 30, 2022, and December 31, 2021, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

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Variable Interest Entities

9 Months Ended

Sep. 30, 2022

Variable Interest Entities [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

CONSOLIDATED VIEs

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2022, and the year ended December 31, 2021, or is expected to be provided in the future that was not previously contractually required.

Receivables Financing – DERF/DEPR/DEFR

DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt.

The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.

Receivables Financing – CRC

CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt.

The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million.

CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC.

Receivables Financing – Credit Facilities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

	Duke Energy
			Duke Energy		Duke Energy		Duke Energy
			Carolinas		Progress		Florida
(in millions)	CRC		DERF		DEPR		DEFR
Expiration date	February 2025		January 2025		April 2025		April 2023
Credit facility amount	$	350	$	500	$	400	$	250
Amounts borrowed at September 30, 2022	350		500		400		250
Amounts borrowed at December 31, 2021	350		475		350		250
Restricted Receivables at September 30, 2022	844		932		733		603
Restricted Receivables at December 31, 2021	587		844		574		427

Nuclear Asset-Recovery Bonds – DEFPF

DEFPF is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions)	September 30, 2022		December 31, 2021
Receivables of VIEs	$	8	$	5
Regulatory Assets: Current	54		54
Current Assets: Other	17		39
Other Noncurrent Assets: Regulatory assets	840		883
Current Liabilities: Other	2		9
Current maturities of long-term debt	56		56
Long-Term Debt	890		946

Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs.

In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress.

DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively.

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

	September 30, 2022				December 31, 2021
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	5		17		—		—
Other Noncurrent Assets: Regulatory assets	211		691		220		720
Other Noncurrent Assets: Other	1		2		1		4
Current Liabilities: Other	1		4		1		2
Current maturities of long-term debt	10		34		5		15
Long-Term Debt	219		714		228		747

Commercial Renewables

Certain of Duke Energy’s renewable energy facilities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Assets are restricted and cannot be pledged as collateral or sold to third parties without prior approval of debt holders. Additionally, Duke Energy has VIEs associated with tax equity arrangements entered into with third-party investors in order to finance the cost of renewable assets eligible for tax credits. The activities that most significantly impacted the economic performance of these renewable energy facilities were decisions associated with siting, negotiating PPAs and Engineering, Procurement and Construction agreements, and decisions associated with ongoing operations and maintenance-related activities. Duke Energy is considered the primary beneficiary and consolidates the entities as it is responsible for all of these decisions.

The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs.

(in millions)	September 30, 2022		December 31, 2021
Current Assets: Other	$	201	$	215
Property, Plant and Equipment: Cost	7,554		7,339
Accumulated depreciation and amortization	(1,710)		(1,474)
Other Noncurrent Assets: Other	115		62
Current maturities of long-term debt	285		167
Long-Term Debt	1,252		1,475
Other Noncurrent Liabilities: AROs	178		173
Other Noncurrent Liabilities: Other	202		319

NON-CONSOLIDATED VIEs

The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.

	September 30, 2022
	Duke Energy						Duke		Duke
	Natural Gas		Commercial				Energy		Energy
(in millions)	Investments		Renewables		Total		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—	$	178	$	263
Investments in equity method unconsolidated affiliates	34		505		539		—		—
Other noncurrent assets	60		—		60		—		—
Total assets	$	94	$	505	$	599	$	178	$	263
Other current liabilities	56		2		58		—		—
Other noncurrent liabilities	49		2		51		—		—
Total liabilities	$	105	$	4	$	109	$	—	$	—
Net (liabilities) assets	$	(11)	$	501	$	490	$	178	$	263

	December 31, 2021
	Duke Energy						Duke		Duke
	Natural Gas		Commercial				Energy		Energy
(in millions)	Investments		Renewables		Total		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—	$	79	$	97
Investments in equity method unconsolidated affiliates	15		508		523		—		—
Other noncurrent assets	61		—		61		—		—
Total assets	$	76	$	508	$	584	$	79	$	97
Other current liabilities	47		4		51		—		—
Other noncurrent liabilities	54		3		57		—		—
Total liabilities	$	101	$	7	$	108	$	—	$	—
Net (liabilities) assets	$	(25)	$	501	$	476	$	79	$	97

The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above.

Natural Gas Investments

Duke Energy has investments in various joint ventures to construct and operate pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

Commercial Renewables

Duke Energy has investments in various renewable energy project entities. Duke Energy has a 50% ownership in a VIE, which owns a portfolio of wind projects. This entity is a VIE as a result of Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Duke Energy does not consolidate this VIE because power to direct and control key activities is shared jointly by Duke Energy and the other owner. Duke Energy also has equity ownership in an entity, which owns a portfolio of fuel cell projects. Duke Energy does not consolidate the fuel cell portfolio as it does not have the power to direct the activities that most significantly impact the economic performance of the entity.

OVEC

Duke Energy Ohio’s 9% ownership interest in OVEC is considered a non-consolidated VIE due to OVEC having insufficient equity to finance its activities without subordinated financial support. The activities that most significantly impact OVEC's economic performance include fuel strategy and supply activities and decisions associated with ongoing operations and maintenance-related activities. Duke Energy Ohio does not have the unilateral power to direct these activities, and therefore, does not consolidate OVEC.

As a counterparty to an Inter-Company Power Agreement (ICPA), Duke Energy Ohio has a contractual arrangement to receive entitlements to capacity and energy from OVEC’s power plants through June 2040 commensurate with its power participation ratio, which is equivalent to Duke Energy Ohio's ownership interest. Costs, including fuel, operating expenses, fixed costs, debt amortization and interest expense, are allocated to counterparties to the ICPA based on their power participation ratio. The value of the ICPA is subject to variability due to fluctuation in power prices and changes in OVEC's cost of business.

CRC

See discussion under Consolidated VIEs for additional information related to CRC.

Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value.

The following table shows the gross and net receivables sold.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Receivables sold	$	334	$	269	$	531	$	328
Less: Retained interests	178		79		263		97
Net receivables sold	$	156	$	190	$	268	$	231

The following table shows sales and cash flows related to receivables sold.

	Duke Energy Ohio					Duke Energy Indiana
		Nine Months Ended					Nine Months Ended
		September 30,					September 30,
(in millions)		2022		2021			2022		2021
Sales
Receivables sold		$	1,869	$	1,490		$	2,646	$	2,176
Loss recognized on sale		11		7			15		10
Cash flows
Cash proceeds from receivables sold		$	1,757	$	1,519		$	2,465	$	2,199
Collection fees received		1		1			1		1
Return received on retained interests		6		3			9		4

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.

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Revenue

9 Months Ended

Sep. 30, 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)	2022		2023		2024		2025		2026		Thereafter		Total
Progress Energy	$	27	$	53	$	45	$	7	$	7	$	43	$	182
Duke Energy Progress	2		8		8		—		—		—		18
Duke Energy Florida	25		45		37		7		7		43		164
Duke Energy Indiana	1		11		16		17		15		12		72

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)	2022		2023		2024		2025		2026		Thereafter		Total
Piedmont	$	16	$	64	$	62	$	61	$	51	$	290	$	544

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 September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,250	$	887	$	1,719	$	670	$	1,049	$	249	$	396	$	—
General	2,077		686		947		419		528		150		291		—
Industrial	986		366		298		216		82		62		260		—
Wholesale	874		140		588		403		185		32		115		—
Other revenues	248		105		317		259		58		15		19		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	7,435	$	2,184	$	3,869	$	1,967	$	1,902	$	508	$	1,081	$	—
Gas Utilities and Infrastructure
Residential	$	167	$	—	$	—	$	—	$	—	$	88	$	—	$	79
Commercial	108		—		—		—		—		26		—		82
Industrial	34		—		—		—		—		4		—		30
Power Generation	—		—		—		—		—		—		—		24
Other revenues	103		—		—		—		—		4		—		83
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	412	$	—	$	—	$	—	$	—	$	122	$	—	$	298
Commercial Renewables
Revenue from contracts with customers	$	89	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	6	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,942	$	2,184	$	3,869	$	1,967	$	1,902	$	630	$	1,081	$	298
Other revenue sources(a)	$	26	$	(9)	$	12	$	2	$	5	$	(2)	$	14	$	8
Total revenues	$	7,968	$	2,175	$	3,881	$	1,969	$	1,907	$	628	$	1,095	$	306

(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 September 30, 2021
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	2,955	$	892	$	1,525	$	619	$	906	$	223	$	316	$	—
General	1,873		685		826		400		426		119		240		—
Industrial	861		360		264		195		69		35		202		—
Wholesale	619		111		399		324		75		19		89		—
Other revenues	252		72		198		118		80		17		23		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,560	$	2,120	$	3,212	$	1,656	$	1,556	$	413	$	870	$	—
Gas Utilities and Infrastructure
Residential	$	129	$	—	$	—	$	—	$	—	$	62	$	—	$	66
Commercial	78		—		—		—		—		24		—		58
Industrial	30		—		—		—		—		3		—		26
Power Generation	—		—		—		—		—		—		—		23
Other revenues	33		—		—		—		—		4		—		9
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	270	$	—	$	—	$	—	$	—	$	93	$	—	$	182
Commercial Renewables
Revenue from contracts with customers	$	56	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	8	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,894	$	2,120	$	3,212	$	1,656	$	1,556	$	506	$	870	$	182
Other revenue sources(a)	$	57	$	(16)	$	21	$	11	$	5	$	—	$	16	$	13
Total revenues	$	6,951	$	2,104	$	3,233	$	1,667	$	1,561	$	506	$	886	$	195

(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.

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	8,642	$	2,454	$	4,487	$	1,824	$	2,663	$	656	$	1,046	$	—
General	5,498		1,796		2,562		1,114		1,448		377		760		—
Industrial	2,582		938		842		594		248		130		672		—
Wholesale	2,129		356		1,388		1,033		355		90		296		—
Other revenues	652		308		775		608		167		56		6		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	19,503	$	5,852	$	10,054	$	5,173	$	4,881	$	1,309	$	2,780	$	—
Gas Utilities and Infrastructure
Residential	$	936	$	—	$	—	$	—	$	—	$	331	$	—	$	605
Commercial	504		—		—		—		—		128		—		376
Industrial	125		—		—		—		—		17		—		108
Power Generation	—		—		—		—		—		—		—		71
Other revenues	284		—		—		—		—		16		—		220
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,849	$	—	$	—	$	—	$	—	$	492	$	—	$	1,380
Commercial Renewables
Revenue from contracts with customers	$	217	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	21,590	$	5,852	$	10,054	$	5,173	$	4,881	$	1,801	$	2,780	$	1,380
Other revenue sources(a)	$	195	$	(8)	$	33	$	9	$	9	$	10	$	55	$	41
Total revenues	$	21,785	$	5,844	$	10,087	$	5,182	$	4,890	$	1,811	$	2,835	$	1,421

(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.

	Nine Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	7,753	$	2,368	$	3,903	$	1,657	$	2,246	$	589	$	894	$	—
General	4,805		1,685		2,170		1,036		1,134		329		619		—
Industrial	2,228		872		700		500		200		99		558		—
Wholesale	1,644		341		1,056		901		155		45		202		—
Other revenues	712		208		509		272		237		61		64		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	17,142	$	5,474	$	8,338	$	4,366	$	3,972	$	1,123	$	2,337	$	—
Gas Utilities and Infrastructure
Residential	$	747	$	—	$	—	$	—	$	—	$	241	$	—	$	505
Commercial	373		—		—		—		—		99		—		273
Industrial	110		—		—		—		—		14		—		96
Power Generation	—		—		—		—		—		—		—		69
Other revenues	100		—		—		—		—		21		—		34
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,330	$	—	$	—	$	—	$	—	$	375	$	—	$	977
Commercial Renewables
Revenue from contracts with customers	$	163	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	20	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	18,655	$	5,474	$	8,338	$	4,366	$	3,972	$	1,498	$	2,337	$	977
Other revenue sources(a)	$	204	$	(44)	$	79	$	51	$	15	$	(4)	$	29	$	39
Total revenues	$	18,859	$	5,430	$	8,417	$	4,417	$	3,987	$	1,494	$	2,366	$	1,016

(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 September 30, 2021 and 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at June 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	13
Write-Offs	(13)		(3)		(6)		(3)		(3)		—		—		(4)
Credit Loss Expense	11		4		6		3		3		—		—		2
Other Adjustments	2		(1)		—		—		—		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Balance at June 30, 2022	$	136	$	52	$	52	$	31	$	21	$	4	$	3	$	15
Write-Offs	(49)		(19)		(26)		(11)		(15)		—		—		(4)
Credit Loss Expense	36		10		20		5		15		2		1		3
Other Adjustments	51		19		21		16		5		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14
	Nine Months Ended September 30, 2021 and 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2020	$	146	$	23	$	37	$	23	$	14	$	4	$	3	$	12
Write-Offs	(39)		(10)		(20)		(11)		(9)		—		—		(7)
Credit Loss Expense	40		20		19		9		10		—		—		6
Other Adjustments	(24)		9		—		—		1		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Balance at December 31, 2021	$	122	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Write-Offs	(103)		(44)		(45)		(18)		(28)		—		—		(10)
Credit Loss Expense	80		23		39		11		28		2		1		9
Other Adjustments	75		41		37		27		10		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14

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.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(b)	$	1,046	$	342	$	328	$	233	$	95	$	3	$	32	$	14
0-30 days	2,589		728		1,132		534		595		34		50		100
30-60 days	169		60		48		34		14		6		6		6
60-90 days	95		27		40		28		12		2		3		3
90+ days	308		97		76		35		41		45		19		7
Deferred Payment Arrangements(c)	179		58		79		40		39		4		—		—
Trade and Other Receivables	$	4,386	$	1,312	$	1,703	$	904	$	796	$	94	$	110	$	130

	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
Unbilled Revenue(a)(b)	$	964	$	316	$	266	$	193	$	73	$	4	$	27	$	106
0-30 days	2,104		595		800		405		393		42		51		202
30-60 days	212		77		72		44		28		4		13		12
60-90 days	88		37		41		21		20		1		1		2
90+ days	249		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 12 for further information. These receivables for unbilled revenues are $100 million and $168 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 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.

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Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements, were exercised or settled. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income available to Duke Energy common stockholders	$	1,383	$	1,366	$	3,094	$	3,070
Less: Income from discontinued operations	23		—		23		—
Accumulated preferred stock dividends adjustment	12		12		12		12
Less: Impact of participating securities	1		1		2		3
Income from continuing operations available to Duke Energy common stockholders	$	1,371	$	1,377	$	3,081	$	3,079
Weighted average common shares outstanding – basic and diluted	770		769		770		769
EPS available to Duke Energy common stockholders
Basic and diluted	$	1.78	$	1.79	$	4.00	$	4.00
Potentially dilutive items excluded from the calculation(a)	2		2		2		2
Dividends declared per common share	$	1.005	$	0.985	$	2.975	$	2.915
Dividends declared on Series A preferred stock per depositary share(b)	$	0.359	$	0.359	$	1.078	$	1.078
Dividends declared on Series B preferred stock per share(c)	$	24.375	$	24.375	$	48.750	$	48.750

(a)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(b)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(c)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

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Employee Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT RETIREMENT PLANS

Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.

The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans.

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Contributions made	$	58	$	15	$	13	$	8	$	5	$	3	$	5	$	2

Duke Energy uses a December 31 measurement date for its qualified non-contributory defined benefit retirement plan assets and obligations. However, because Duke Energy believes it is probable in 2022 that total lump-sum benefit payments will exceed the settlement threshold, which is defined as the sum of the service cost and interest cost on projected benefit obligation components of net periodic pension costs, Duke Energy remeasured the plan assets and plan obligations associated with one of its qualified pension plans as of September 30, 2022. The discount rate used for the remeasurement was 5.7% as of September 30, 2022. The cash balance interest crediting rate was 4.5% as of September 30, 2022. The interest rate for lump sum and annuity conversions was updated to reflect current market conditions. All other assumptions used for the September 30, 2022, remeasurement were consistent with the measurement as of December 31, 2021.

As a result of the remeasurement, Duke Energy recognized a remeasurement loss of $276 million, of which $266 million was recorded in Regulatory Assets within Other Noncurrent Assets and $10 million was recorded in Accumulated Other Comprehensive Loss within the Condensed Consolidated Balance Sheets as of September 30, 2022. The remeasurement loss, which represents a decrease in funded status, reflects a decrease of $1,198 million in the fair value of plan assets and a decrease of $922 million in the projected benefit obligation.

As the result of settlement accounting, Duke Energy recognized settlement charges of $66 million, of which $55 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets and $11 million was recorded to Other Income and Expenses, net, within the Condensed Consolidated Statement of Operations as of September 30, 2022. Settlement charges recognized by the Subsidiary Registrants as of September 30, 2022, were $28 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $5 million for Duke Energy Florida, $4 million for Duke Energy Indiana, $2 million for Duke Energy Ohio and $11 million for Piedmont.

QUALIFIED PENSION PLANS

The following tables include the components of net periodic pension costs for qualified pension plans.

	Three Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	39	$	12	$	11	$	6	$	4	$	1	$	3	$	1
Interest cost on projected benefit obligation	58		14		19		9		10		3		4		2
Expected return on plan assets	(140)		(38)		(46)		(22)		(24)		(6)		(9)		(6)
Amortization of actuarial loss	24		5		6		3		3		2		3		2
Amortization of prior service credit	(5)		(1)		—		—		—		—		—		(2)
Amortization of settlement charges	14		3		5		4		1		2		1		2
Net periodic pension costs	$	(10)	$	(5)	$	(5)	$	—	$	(6)	$	2	$	2	$	(1)

	Three Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	43	$	14	$	13	$	7	$	5	$	2	$	2	$	1
Interest cost on projected benefit obligation	55		13		17		8		10		2		5		2
Expected return on plan assets	(139)		(36)		(47)		(21)		(25)		(7)		(10)		(5)
Amortization of actuarial loss	33		7		10		5		5		2		3		2
Amortization of prior service credit	(7)		(2)		(1)		—		(1)		—		—		(1)
Amortization of settlement charges	2		1		1		—		—		—		—		1
Net periodic pension costs	$	(13)	$	(3)	$	(7)	$	(1)	$	(6)	$	(1)	$	—	$	—

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	120	$	38	$	34	$	20	$	14	$	3	$	7	$	4
Interest cost on projected benefit obligation	175		41		55		25		30		9		14		6
Expected return on plan assets	(421)		(114)		(139)		(66)		(72)		(17)		(28)		(18)
Amortization of actuarial loss	71		15		19		10		9		4		8		5
Amortization of prior service credit	(14)		(3)		—		—		—		—		(1)		(6)
Amortization of settlement charges	18		6		6		5		1		2		1		2
Net periodic pension costs	$	(51)	$	(17)	$	(25)	$	(6)	$	(18)	$	1	$	1	$	(7)

	Nine Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	131	$	42	$	38	$	22	$	16	$	4	$	7	$	4
Interest cost on projected benefit obligation	165		38		52		23		29		9		14		6
Expected return on plan assets	(418)		(106)		(141)		(63)		(76)		(21)		(30)		(15)
Amortization of actuarial loss	100		22		29		14		15		5		10		7
Amortization of prior service credit	(22)		(6)		(2)		(1)		(1)		—		(1)		(6)
Amortization of settlement charges	6		4		2		1		—		—		—		1
Net periodic pension costs	$	(38)	$	(6)	$	(22)	$	(4)	$	(17)	$	(3)	$	—	$	(3)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2022, and 2021.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2022, and 2021.

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Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Inflation Reduction Act

On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA implemented a new 15% corporate alternative minimum tax based on GAAP net income, with certain adjustments as defined by the IRA, and clean energy-related provisions. The IRA's clean energy provisions include, among other provisions, the extension and modification of existing investment and production tax credits for projects placed in service through 2024 and introduces new technology-neutral clean energy related credits beginning in 2025. In addition, the IRA created a new, zero-emission nuclear power production tax credit and a clean hydrogen production tax credit.

Duke Energy has preliminarily reviewed the provisions of the IRA and has determined there were no material impacts on the results of operations, financial position, or cash flows in the periods presented for the Duke Energy Registrants as a result of the IRA being signed into law. Based on the preliminary review of the IRA provisions, future annual cash flow impacts related to the energy credits could be material to the Duke Energy Registrants. However, the majority of Duke Energy's operations are regulated and the FERC and state utility commissions will determine the regulatory treatment. We anticipate the Subsidiary Registrants will defer and expect to pass along the net financial impact associated with the IRA to customers over time. See Note 3 for further details on the IRA as it relates to Duke Energy Florida. Duke Energy will continue to assess the IRA as new information and anticipated guidance from the U.S. Department of the Treasury becomes available.

EFFECTIVE TAX RATES

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Duke Energy	8.4	%	6.6	%	5.8	%	6.7	%
Duke Energy Carolinas	5.2	%	2.9	%	6.3	%	3.6	%
Progress Energy	15.8	%	12.9	%	16.2	%	11.5	%
Duke Energy Progress	12.9	%	6.3	%	13.4	%	5.9	%
Duke Energy Florida	18.4	%	19.1	%	19.4	%	19.1	%
Duke Energy Ohio	14.2	%	13.4	%	(14.6)	%	15.3	%
Duke Energy Indiana	16.8	%	15.8	%	0.5	%	16.3	%
Piedmont	21.4	%	25.0	%	9.1	%	8.4	%

The increase in the ETR for Duke Energy for the three months ended September 30, 2022, was primarily due to a decrease in the amortization of excess deferred taxes.

The increase in the ETR for Duke Energy Carolinas for the three and nine months ended September 30, 2022, was primarily due to the amortization of excess deferred taxes in relation to higher pretax income.

The increase in the ETR for Progress Energy for the three and nine months ended September 30, 2022, was primarily due to a decrease in the amortization of excess deferred taxes.

The increase in the ETR for Duke Energy Progress for the three and nine months ended September 30, 2022, was primarily due to a decrease in the amortization of excess deferred taxes.

The decrease in the ETR for Duke Energy Ohio for the nine months ended September 30, 2022, was primarily due to an increase in the amortization of excess deferred taxes related to the MGP Settlement.

The decrease in the ETR for Duke Energy Indiana for the nine months ended September 30, 2022, was primarily due to the coal ash impairment based on the Indiana Supreme Court Opinion recorded and an increase in the amortization of excess deferred taxes.

The decrease in the ETR for Piedmont for the three months ended September 30, 2022, was primarily due to a decrease in research tax credits.

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Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSFor information on subsequent events related to organization and basis of presentation, regulatory matters, commitments and contingencies, and debt and credit facilities see Notes 1, 3, 4, and 5.

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Organization and Basis of Presentation (Policy)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

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

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Basis of Consolidation and Noncontrolling Interest

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

NONCONTROLLING INTEREST

Duke Energy maintains a controlling financial interest in certain less than wholly owned nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets.

Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period.

During September 2021, Duke Energy completed the initial minority interest investment in a portion of Duke Energy Indiana to an affiliate of GIC. GIC's ownership interest in Duke Energy Indiana represents a noncontrolling interest. See Note 2 for additional information on the sale.

Other operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.

Cash, Cash Equivalents, and Restricted Cash

CASH, CASH EQUIVALENTS AND RESTRICTED CASHDuke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.

New Accounting Standards

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2022.

Environmental Costs

Liabilities are recorded when losses become probable and are reasonably estimable.Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

Derivatives

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

Cash Flow Hedges

For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022, and 2021, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas costs volatility for customers.

Duke Energy’s undesignated contracts include long-term electricity sales in the Commercial Renewables segment.

Investments

As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings.

Revenue from Contract with Customer

Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.

Earnings Per Share

Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements, were exercised or settled. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.

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Organization and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allocated Losses from Subsidiaries, Noncontrolling Interest

The following table presents allocated losses to noncontrolling interest for the three and nine months ended September 30, 2022, and 2021.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Noncontrolling Interest Allocation of Income
Allocated losses to noncontrolling tax equity members utilizing the HLBV method	$	11	$	119	$	78	$	217
Allocated (income) losses to noncontrolling members based on pro rata shares of ownership	(2)		10		(5)		30
Total Noncontrolling Interest Allocated Losses	$	9	$	129	$	73	$	247

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

	September 30, 2022										December 31, 2021
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	453	$	36	$	101	$	58	$	25	$	343	$	7	$	70	$	35	$	23
Other	164		5		34		17		17		170		—		39		—		39
Other Noncurrent Assets
Other	12		1		2		2		—		7		1		4		4		—
Total cash, cash equivalents and restricted cash	$	629	$	42	$	137	$	77	$	42	$	520	$	8	$	113	$	39	$	62

Schedule of Utility Inventory

The components of inventory are presented in the tables below.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	2,583	$	863	$	1,167	$	786	$	381	$	91	$	329	$	13
Coal	556		215		202		87		115		18		121		—
Natural gas, oil and other fuel	348		34		180		107		73		9		2		122
Total inventory	$	3,487	$	1,112	$	1,549	$	980	$	569	$	118	$	452	$	135

	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
Materials and supplies	$	2,397	$	793	$	1,067	$	729	$	338	$	80	$	311	$	14
Coal	486		195		167		94		73		19		105		—
Natural gas, oil and other fuel	316		38		164		98		66		17		2		95
Total inventory	$	3,199	$	1,026	$	1,398	$	921	$	477	$	116	$	418	$	109

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Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting Information [Line Items]

Business Segment Data

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Three Months Ended September 30, 2022
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	7,431	$	404	$	127	$	7,962	$	6	$	—	$	7,968
Intersegment revenues	8		23		3		34		23		(57)		—
Total revenues	$	7,439	$	427	$	130	$	7,996	$	29	$	(57)	$	7,968
Segment income (loss)(a)	$	1,540	$	4	$	2	$	1,546	$	(186)	$	—	$	1,360
Less: Noncontrolling interests													9
Add: Preferred stock dividend													39
Income from discontinued operations, net of tax(b)													23
Net Income													$	1,413
Segment assets	$	149,518	$	15,800	$	7,507	$	172,825	$	3,519	$	(4)	$	176,340

	Three Months Ended September 30, 2021
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,560	$	266	$	117	$	6,943	$	8	$	—	$	6,951
Intersegment revenues	9		23		—		32		20		(52)		—
Total revenues	$	6,569	$	289	$	117	$	6,975	$	28	$	(52)	$	6,951
Segment income (loss)(c)(d)	$	1,425	$	(3)	$	78	$	1,500	$	(134)	$	—	$	1,366
Less: Noncontrolling interests													129
Add: Preferred stock dividend													39
Net Income													$	1,276

(a)Commercial Renewables includes a $6 million gain recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.

(b)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

(c)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within Regulated electric operating revenues and $3 million within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.

(d)Other includes $8 million recorded within Impairment of assets and other charges, $1 million within Operations, maintenance and other on the Condensed Consolidated Statements of Operations, related to the workplace and workforce realignment.

	Nine Months Ended September 30, 2022
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	19,552	$	1,843	$	369	$	21,764	$	21	$	—	$	21,785
Intersegment revenues	24		69		3		96		68		(164)		—
Total revenues	$	19,576	$	1,912	$	372	$	21,860	$	89	$	(164)	$	21,785
Segment income (loss)(a)(b)	$	3,237	$	277	$	43	$	3,557	$	(486)	$	—	$	3,071
Less: Noncontrolling interests													73
Add: Preferred stock dividend													92
Income from discontinued operations, net of tax(c)													23
Net Income													$	3,113

	Nine Months Ended September 30, 2021
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	17,161	$	1,323	$	355	$	18,839	$	20	$	—	$	18,859
Intersegment revenues	24		68		—		92		61		(153)		—
Total revenues	$	17,185	$	1,391	$	355	$	18,931	$	81	$	(153)	$	18,859
Segment income (loss)(d)(e)(f)(g)	$	3,180	$	259	$	152	$	3,591	$	(521)	$	—	$	3,070
Less: Noncontrolling interests													247
Add: Preferred stock dividend													92
Net Income													$	2,915

(a)Electric Utilities and Infrastructure includes $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 3 for additional information.

(b)Commercial Renewables includes a $15 million loss recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.

(c)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.

(d)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within regulated operating revenues and $3 million within interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.

(e)Gas Utilities and Infrastructure includes $19 million, recorded within Equity in earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments.

(f)Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which ($8 million) is recorded within Nonregulated electric and other revenues, $2 million within Operations, maintenance and other, $29 million within Equity in earnings of unconsolidated affiliates and $12 million within Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.

(g)Other includes $139 million recorded within Impairment of assets and other charges, $28 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Condensed Consolidated Statements of Operations, related to the workplace and workplace realignment.

Duke Energy Ohio

Segment Reporting Information [Line Items]

Business Segment Data

	Three Months Ended September 30, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	507	$	121	$	628	$	—	$	—	$	628
Segment income (loss)/Net income	$	74	$	30	$	104	$	(1)	$	—	$	103
Segment assets	$	7,400	$	4,023	$	11,423	$	14	$	(122)	$	11,315

	Three Months Ended September 30, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	413	$	93	$	506	$	—	$	506
Segment income (loss)/Net income	$	48	$	11	$	59	$	(1)	$	58

	Nine Months Ended September 30, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	1,320	$	491	$	1,811	$	—	$	1,811
Segment income (loss)/Net income	$	152	$	87	$	239	$	(3)	$	236

	Nine Months Ended September 30, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	1,119	$	375	$	1,494	$	—	$	1,494
Segment income (loss)/Net income	$	122	$	77	$	199	$	(11)	$	188

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Regulatory Matters (Tables)

9 Months Ended

Sep. 30, 2022

Regulated Operations [Abstract]

Schedule of Potential Plant Retirements

The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of September 30, 2022, and exclude capitalized asset retirement costs.

		Remaining Net
	Capacity	Book Value
	(in MW)	(in millions)
Duke Energy Carolinas
Allen Steam Station Unit 1(a)	167	$	11
Allen Steam Station Unit 5(b)	259	243
Cliffside Unit 5(b)	546	351
Duke Energy Progress
Mayo Unit 1(b)	713	623
Roxboro Units 3-4(b)	1,409	433
Duke Energy Florida
Crystal River Units 4-5(c)	1,442	1,578
Duke Energy Indiana
Gibson Units 1-5(d)	2,845	2,019
Cayuga Units 1-2(d)	1,005	644
Total Duke Energy	8,386	$	5,902

(a)As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Unit 1 by December 31, 2024. The long-term energy options considered in the IRP could result in retirement of this unit earlier than its current estimated useful life.

(b)These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives.

(c)On January 14, 2021, Duke Energy Florida filed the 2021 Settlement agreement with the FPSC, which proposed depreciation rates reflecting retirement dates for Duke Energy Florida's last two coal-fired generating facilities, Crystal River Units 4-5, eight years ahead of schedule in 2034 rather than in 2042. The FPSC approved the 2021 Settlement on May 4, 2021. The remaining net book value reflected in the table above excludes $200 million of accelerated deprecation collected from retail customers pursuant to Duke Energy Florida's 2017 Settlement.

(d)The rate case filed July 2, 2019, included proposed depreciation rates reflecting retirement dates from 2026 to 2038. The depreciation rates reflecting these updated retirement dates were approved by the IURC as part of the rate case order issued on June 29, 2020.

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Reserves

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)	September 30, 2022		December 31, 2021
Reserves for Environmental Remediation
Duke Energy	$	89	$	88
Duke Energy Carolinas	23		19
Progress Energy	24		23
Duke Energy Progress	12		11
Duke Energy Florida	11		11
Duke Energy Ohio	32		34
Duke Energy Indiana	3		4
Piedmont	7		9

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Debt and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes significant debt issuances (in millions).

				Nine Months Ended September 30, 2022
						Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		(Parent)		Carolinas		Progress		Piedmont
Unsecured Debt
May 2022(a)	May 2052	5.050	%	$	400	$	—	$	—	$	—	$	400
June 2022(b)	June 2028	4.750	%	645		645		—		—		—
June 2022(b)	June 2034	5.306	%	537		537		—		—		—
August 2022(c)	March 2028	4.300	%	900		900		—		—		—
August 2022(c)	August 2032	4.500	%	1,150		1,150		—		—		—
August 2022(c)	August 2052	5.000	%	1,150		1,150		—		—		—
First Mortgage Bonds
March 2022(d)	March 2032	2.850	%	500		—		500		—		—
March 2022(d)	March 2052	3.550	%	650		—		650		—		—
March 2022(d)	April 2032	3.400	%	500		—		—		500		—
March 2022(d)	April 2052	4.000	%	400		—		—		400		—
Tax-exempt Bonds
June 2022(e)	September 2030	4.000	%	168		168		—		—		—
June 2022(e)	November 2039	4.250	%	234		234		—		—		—
September 2022(f)	October 2046	3.300	%	200		—		—		200		—
September 2022(g)	October 2046	3.700	%	210		—		—		210		—
September 2022(g)	October 2046	4.000	%	42		—		—		42		—
Total issuances				$	7,686	$	4,784	$	1,150	$	1,352	$	400

(a)Proceeds were used to pay down a portion of outstanding intercompany short-term debt and for general corporate purposes.

(b)Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Proceeds were used to repay a $500 million debt maturity, pay down short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 9 for additional information.

(c)Proceeds will be used to repay a portion of short-term debt and for general corporate purposes.

(d)Proceeds were used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework.

(e)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027.

(f)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026.

(g)Proceeds were used to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030.

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)	Maturity Date	Interest Rate		September 30, 2022
Unsecured Debt(a)
Duke Energy (Parent)	April 2023	2.875	%	$	350
Duke Energy (Parent)(b)	June 2023	2.048	%	500
First Mortgage Bonds
Duke Energy Carolinas	March 2023	2.500	%	500
Duke Energy Carolinas	March 2023	3.050	%	500
Duke Energy Progress	September 2023	3.375	%	300
Duke Energy Ohio	September 2023	3.800	%	300
Other(c)				799
Current maturities of long-term debt				$	3,249

(a)In May 2022, Duke Energy (Parent) early retired $500 million of unsecured debt with an original maturity date of August 2022.

(b)Debt has a floating interest rate.

(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

Schedule of Line of Credit Facilities

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

	September 30, 2022
			Duke		Duke		Duke		Duke		Duke		Duke
	Duke		Energy		Energy		Energy		Energy		Energy		Energy
(in millions)	Energy		(Parent)		Carolinas		Progress		Florida		Ohio		Indiana		Piedmont
Facility size(a)	$	9,000	$	3,000	$	1,225	$	950	$	1,350	$	775	$	900	$	800
Reduction to backstop issuances
Commercial paper(b)	(3,339)		(135)		(827)		(150)		(887)		(476)		(586)		(278)
Outstanding letters of credit	(38)		(25)		(4)		(2)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,542	$	2,840	$	394	$	798	$	456	$	299	$	233	$	522

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

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Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2022

Asset Retirement Obligation [Abstract]

Schedule of Asset Retirement Obligations

The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Decommissioning of nuclear power facilities(a)	$	7,206	$	2,968	$	4,202	$	3,908	$	294	$	—	$	—	$	—
Closure of ash impoundments	5,293		2,360		1,914		1,885		29		99		919		—
Other	451		65		87		46		41		56		39		23
Total ARO	$	12,950	$	5,393	$	6,203	$	5,839	$	364	$	155	$	958	$	23
Less: Current portion	798		278		311		310		1		23		185		—
Total noncurrent ARO	$	12,152	$	5,115	$	5,892	$	5,529	$	363	$	132	$	773	$	23

(a)Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy.

Schedule of Change in Asset Retirement Obligation

The following table presents the change in liability associated with AROs for the Duke Energy Registrants.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2021(a)	$	12,776	$	5,301	$	6,112	$	5,675	$	437	$	136	$	987	$	22
Accretion expense(b)	376		180		170		159		11		4		21		1
Liabilities settled(c)	(488)		(163)		(239)		(160)		(79)		(8)		(77)		—
Revisions in estimates of cash flows(d)	286		75		160		165		(5)		23		27		—
Balance at September 30, 2022	$	12,950	$	5,393	$	6,203	$	5,839	$	364	$	155	$	958	$	23

(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.

(b)For the nine months ended September 30, 2022, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.

(c)Primarily relates to ash impoundment closures and nuclear decommissioning.

(d)The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases primarily relate to higher unit costs associated with basin closure, routine maintenance and beneficiation activities, partially offset by lower post closure maintenance costs, a reduction in monitoring wells needed, and higher discount rates applied to future cash flows.

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Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill By Reportable Operating Segment

The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2022, and December 31, 2021.

	Electric Utilities		Gas Utilities		Commercial
(in millions)	and Infrastructure		and Infrastructure		Renewables		Total
Goodwill balance	$	17,379	$	1,924	$	122	$	19,425
Accumulated impairment charges	—		—		(122)		(122)
Goodwill, adjusted for accumulated impairment charges	$	17,379	$	1,924	$	—	$	19,303

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Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Schedule of Related Party Transactions, Other Revenue and Expense

Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	193	$	207	$	590	$	653
Indemnification coverages(b)	7		6		21		18
Joint Dispatch Agreement (JDA) revenue(c)	16		6		54		32
JDA expense(c)	210		68		477		133
Intercompany natural gas purchases(d)	5		14		14		43
Progress Energy
Corporate governance and shared service expenses(a)	$	188	$	201	$	568	$	615
Indemnification coverages(b)	10		10		32		31
JDA revenue(c)	210		68		477		133
JDA expense(c)	16		6		54		32
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	111	$	121	$	338	$	367
Indemnification coverages(b)	5		4		15		14
JDA revenue(c)	210		68		477		133
JDA expense(c)	16		6		54		32
Intercompany natural gas purchases(d)	19		19		57		56
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	77	$	80	$	230	$	248
Indemnification coverages(b)	5		6		17		17
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	87	$	79	$	251	$	237
Indemnification coverages(b)	2		1		4		3
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	115	$	96	$	330	$	302
Indemnification coverages(b)	2		2		6		6
Piedmont
Corporate governance and shared service expenses(a)	$	37	$	32	$	109	$	101
Indemnification coverages(b)	1		1		2		3
Intercompany natural gas sales(d)	24		33		71		99
Natural gas storage and transportation costs(e)	6		6		17		17

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

	Duke				Duke		Duke		Duke		Duke
	Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
September 30, 2022
Intercompany income tax receivable	$	80	$	114	$	—	$	102	$	14	$	27	$	25
Intercompany income tax payable	—		—		33		—		—		—		—
December 31, 2021
Intercompany income tax receivable	$	—	$	—	$	—	$	40	$	19	$	—	$	—
Intercompany income tax payable	62		—		84		—		—		10		27

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Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 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.

	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Indiana		Ohio
Cash flow hedges	$	1,125	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	1,102		625		150		150		300		27
Total notional amount(a)	$	2,227	$	625	$	150	$	150	$	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 $625 million and $665 million in cash flow hedges as of September 30, 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.

	September 30, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	32,282	—	—	—	3,067	18,633	—
Natural gas (millions of dekatherms)	862	274	265	265	—	14	309

	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 4,335 GWh and 9,975 GWh related to cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk. There were no fair value hedges in 2021.

	September 30, 2022
					Receive					Fair Value
	Pay Notional				Notional		Receive		Hedge	Gain (Loss)(a)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	(in millions)
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(57)
	537		5.31	%	500	euros	3.85	%	June 2034	(47)
Total notional amount	$	1,182			1,100	euros				$	(104)

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded

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	September 30, 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	$	615	$	282	$	263	$	241	$	22	$	4	$	58	$	—
Noncurrent	340		172		162		162		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	955	$	454	$	425	$	403	$	22	$	4	$	58	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	103	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	35		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	85		—		12		12		—		—		73		—
Noncurrent	81		81		—		—		—		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	304	$	81	$	12	$	12	$	—	$	—	$	73	$	—
Total Derivative Assets	$	1,259	$	535	$	437	$	415	$	22	$	4	$	131	$	—

Derivative Liabilities	September 30, 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	$	24	$	—	$	—	$	—	$	—	$	—	$	—	—
Noncurrent	106		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	168		99		—		—		—		—		18		31
Noncurrent	233		14		9		9		—		—		—		140
Total Derivative Liabilities – Commodity Contracts	$	531	$	113	$	9	$	9	$	—	$	—	$	18	$	171
Interest Rate Contracts
Not Designated as Hedging Instruments
Current	1		—		—		—		—		1		—		—
Noncurrent	2		—		—		—		—		2		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	3	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	116		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	137	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	671	$	113	$	9	$	9	$	—	$	3	$	18	$	171

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 cash collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable and letters of credit may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	September 30, 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	$	803	$	282	$	275	$	253	$	22	$	4	$	131	$	—
Gross amounts offset	(232)		(124)		(109)		(109)		—		—		—		—
Net amounts presented in Current Assets: Other	$	571	$	158	$	166	$	144	$	22	$	4	$	131	$	—
Noncurrent
Gross amounts recognized	$	456	$	253	$	162	$	162	$	—	$	—	$	—	$	—
Gross amounts offset	(191)		(86)		(105)		(105)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	265	$	167	$	57	$	57	$	—	$	—	$	—	$	—

Derivative Liabilities	September 30, 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	$	214	$	99	$	—	$	—	$	—	$	1	$	18	$	31
Gross amounts offset	(18)		—		—		—		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	196	$	99	$	—	$	—	$	—	$	1	$	—	$	31
Noncurrent
Gross amounts recognized	$	457	$	14	$	9	$	9	$	—	$	2	$	—	$	140
Gross amounts offset	(17)		(9)		(9)		(9)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	440	$	5	$	—	$	—	$	—	$	2	$	—	$	140

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

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 cash collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable and letters of credit may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	September 30, 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	$	803	$	282	$	275	$	253	$	22	$	4	$	131	$	—
Gross amounts offset	(232)		(124)		(109)		(109)		—		—		—		—
Net amounts presented in Current Assets: Other	$	571	$	158	$	166	$	144	$	22	$	4	$	131	$	—
Noncurrent
Gross amounts recognized	$	456	$	253	$	162	$	162	$	—	$	—	$	—	$	—
Gross amounts offset	(191)		(86)		(105)		(105)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	265	$	167	$	57	$	57	$	—	$	—	$	—	$	—

Derivative Liabilities	September 30, 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	$	214	$	99	$	—	$	—	$	—	$	1	$	18	$	31
Gross amounts offset	(18)		—		—		—		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	196	$	99	$	—	$	—	$	—	$	1	$	—	$	31
Noncurrent
Gross amounts recognized	$	457	$	14	$	9	$	9	$	—	$	2	$	—	$	140
Gross amounts offset	(17)		(9)		(9)		(9)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	440	$	5	$	—	$	—	$	—	$	2	$	—	$	140

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

XML

Investments in Debt and Equity Securities (Tables)

9 Months Ended

Sep. 30, 2022

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	120	$	—	$	—	$	160
Equity securities	3,238		181		5,447		4,905		43		7,350
Corporate debt securities	—		116		682		39		6		829
Municipal bonds	—		49		319		14		1		314
U.S. government bonds	—		139		1,391		31		12		1,568
Other debt securities	—		20		164		3		1		180
Total NDTF Investments	$	3,238	$	505	$	8,123	$	4,992	$	63	$	10,401
Other Investments
Cash and cash equivalents	$	—	$	—	$	37	$	—	$	—	$	36
Equity securities	15		20		116		36		—		156
Corporate debt securities	—		14		81		2		1		119
Municipal bonds	—		4		80		3		1		80
U.S. government bonds	—		1		63		—		—		56
Other debt securities	—		3		40		—		1		45
Total Other Investments	$	15	$	42	$	417	$	41	$	3	$	492
Total Investments	$	3,253	$	547	$	8,540	$	5,033	$	66	$	10,893

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	120	$	—	$	—	$	160
Equity securities	3,238		181		5,447		4,905		43		7,350
Corporate debt securities	—		116		682		39		6		829
Municipal bonds	—		49		319		14		1		314
U.S. government bonds	—		139		1,391		31		12		1,568
Other debt securities	—		20		164		3		1		180
Total NDTF Investments	$	3,238	$	505	$	8,123	$	4,992	$	63	$	10,401
Other Investments
Cash and cash equivalents	$	—	$	—	$	37	$	—	$	—	$	36
Equity securities	15		20		116		36		—		156
Corporate debt securities	—		14		81		2		1		119
Municipal bonds	—		4		80		3		1		80
U.S. government bonds	—		1		63		—		—		56
Other debt securities	—		3		40		—		1		45
Total Other Investments	$	15	$	42	$	417	$	41	$	3	$	492
Total Investments	$	3,253	$	547	$	8,540	$	5,033	$	66	$	10,893

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	25	$	34	$	170	$	320
Realized losses	61		40		247		100
AFS:
Realized gains	7		17		22		51
Realized losses	40		15		105		46

Investments Classified by Contractual Maturity Date

The table below summarizes the maturity date for debt securities.

	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	139	$	7	$	115	$	35	$	80	$	8
Due after one through five years	854		301		473		259		214		22
Due after five through 10 years	451		208		191		176		15		7
Due after 10 years	1,376		770		516		481		35		22
Total	$	2,820	$	1,286	$	1,295	$	951	$	344	$	59

Duke Energy Carolinas

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	41	$	—	$	—	$	53
Equity securities	1,903		87		3,154		2,887		19		4,265
Corporate debt securities	—		86		433		24		4		506
Municipal bonds	—		13		57		2		—		48
U.S. government bonds	—		65		637		16		3		712
Other debt securities	—		19		159		3		1		175
Total NDTF Investments	$	1,903	$	270	$	4,481	$	2,932	$	27	$	5,759

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	41	$	—	$	—	$	53
Equity securities	1,903		87		3,154		2,887		19		4,265
Corporate debt securities	—		86		433		24		4		506
Municipal bonds	—		13		57		2		—		48
U.S. government bonds	—		65		637		16		3		712
Other debt securities	—		19		159		3		1		175
Total NDTF Investments	$	1,903	$	270	$	4,481	$	2,932	$	27	$	5,759

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	16	$	25	$	109	$	243
Realized losses	39		29		143		68
AFS:
Realized gains	7		10		19		35
Realized losses	20		10		57		32

Progress Energy

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	79	$	—	$	—	$	107
Equity securities	1,335		94		2,293		2,018		24		3,085
Corporate debt securities	—		30		249		15		2		323
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		74		754		15		9		856
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,335	$	235	$	3,642	$	2,060	$	36	$	4,642
Other Investments
Cash and cash equivalents	$	—	$	—	$	13	$	—	$	—	$	20
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	38	$	2	$	—	$	46
Total Investments	$	1,335	$	235	$	3,680	$	2,062	$	36	$	4,688

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	79	$	—	$	—	$	107
Equity securities	1,335		94		2,293		2,018		24		3,085
Corporate debt securities	—		30		249		15		2		323
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		74		754		15		9		856
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,335	$	235	$	3,642	$	2,060	$	36	$	4,642
Other Investments
Cash and cash equivalents	$	—	$	—	$	13	$	—	$	—	$	20
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	38	$	2	$	—	$	46
Total Investments	$	1,335	$	235	$	3,680	$	2,062	$	36	$	4,688

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	9	$	9	$	61	$	77
Realized losses	22		11		104		32
AFS:
Realized gains	—		7		3		14
Realized losses	9		6		32		12

Duke Energy Progress

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	47	$	—	$	—	$	94
Equity securities	1,261		94		2,206		1,915		23		2,970
Corporate debt securities	—		29		234		15		2		282
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		47		450		15		3		472
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,261	$	207	$	3,204	$	1,957	$	29	$	4,089
Other Investments
Cash and cash equivalents	$	—	$	—	$	11	$	—	$	—	$	16
Total Other Investments	$	—	$	—	$	11	$	—	$	—	$	16
Total Investments	$	1,261	$	207	$	3,215	$	1,957	$	29	$	4,105

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	47	$	—	$	—	$	94
Equity securities	1,261		94		2,206		1,915		23		2,970
Corporate debt securities	—		29		234		15		2		282
Municipal bonds	—		36		262		12		1		266
U.S. government bonds	—		47		450		15		3		472
Other debt securities	—		1		5		—		—		5
Total NDTF Investments	$	1,261	$	207	$	3,204	$	1,957	$	29	$	4,089
Other Investments
Cash and cash equivalents	$	—	$	—	$	11	$	—	$	—	$	16
Total Other Investments	$	—	$	—	$	11	$	—	$	—	$	16
Total Investments	$	1,261	$	207	$	3,215	$	1,957	$	29	$	4,105

Schedule of Realized Gain (Loss)

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2022, and 2021, were as follows.

	Three Months Ended				Nine Months Ended
(in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
FV-NI:
Realized gains	$	9	$	9	$	60	$	76
Realized losses	21		11		101		31
AFS:
Realized gains	—		6		3		13
Realized losses	9		5		29		11

Duke Energy Florida

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	32	$	—	$	—	$	13
Equity securities	74		—		87		103		1		115
Corporate debt securities	—		1		15		—		—		41
U.S. government bonds	—		27		304		—		6		384
Total NDTF Investments(a)	$	74	$	28	$	438	$	103	$	7	$	553
Other Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	3
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	26	$	2	$	—	$	29
Total Investments	$	74	$	28	$	464	$	105	$	7	$	582

(a)During the nine months ended September 30, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
NDTF
Cash and cash equivalents	$	—	$	—	$	32	$	—	$	—	$	13
Equity securities	74		—		87		103		1		115
Corporate debt securities	—		1		15		—		—		41
U.S. government bonds	—		27		304		—		6		384
Total NDTF Investments(a)	$	74	$	28	$	438	$	103	$	7	$	553
Other Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	3
Municipal bonds	—		—		25		2		—		26
Total Other Investments	$	—	$	—	$	26	$	2	$	—	$	29
Total Investments	$	74	$	28	$	464	$	105	$	7	$	582

(a)During the nine months ended September 30, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

Duke Energy Indiana

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	—
Equity securities	—		20		72		6		—		97
Corporate debt securities	—		1		7		—		—		6
Municipal bonds	—		4		45		1		1		46
U.S. government bonds	—		—		7		—		—		12
Total Investments	$	—	$	25	$	132	$	7	$	1	$	161

Debt Securities, Available-for-sale

The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.

	September 30, 2022						December 31, 2021
	Gross		Gross				Gross		Gross
	Unrealized		Unrealized		Estimated		Unrealized		Unrealized		Estimated
	Holding		Holding		Fair		Holding		Holding		Fair
(in millions)	Gains		Losses		Value		Gains		Losses		Value
Investments
Cash and cash equivalents	$	—	$	—	$	1	$	—	$	—	$	—
Equity securities	—		20		72		6		—		97
Corporate debt securities	—		1		7		—		—		6
Municipal bonds	—		4		45		1		1		46
U.S. government bonds	—		—		7		—		—		12
Total Investments	$	—	$	25	$	132	$	7	$	1	$	161

XML

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.

	September 30, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	120	$	120	$	—	$	—	$	—
NDTF equity securities	5,447		5,402		—		—		45
NDTF debt securities	2,556		778		1,778		—		—
Other equity securities	116		116		—		—		—
Other debt securities	264		56		208		—		—
Other cash and cash equivalents	37		37		—		—		—
Derivative assets	1,259		3		1,196		60		—
Total assets	9,799		6,512		3,182		60		45
Derivative liabilities	(671)		(18)		(432)		(221)		—
Net assets (liabilities)	$	9,128	$	6,494	$	2,750	$	(161)	$	45

	December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	160	$	160	$	—	$	—	$	—
NDTF equity securities	7,350		7,300		—		—		50
NDTF debt securities	2,891		967		1,924		—		—
Other equity securities	156		156		—		—		—
Other debt securities	300		45		255		—		—
Other cash and cash equivalents	36		36		—		—		—
Derivative assets	320		3		293		24		—
Total assets	11,213		8,667		2,472		24		50
Derivative liabilities	(472)		(13)		(314)		(145)		—
Net assets (liabilities)	$	10,741	$	8,654	$	2,158	$	(121)	$	50

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

The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	(156)	$	(131)	$	(121)	$	(77)
Total pretax realized or unrealized gains included in earnings	15		—		15		—
Total pretax realized or unrealized losses included in comprehensive income	(5)		(11)		(115)		(86)
Purchases, sales, issuances and settlements:
Purchases	—		—		77		21
Settlements	(6)		4		12		(4)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(9)		7		(29)		15
Balance at end of period	$	(161)	$	(131)	$	(161)	$	(131)

Quantitative Information Table - Level 3

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

	September 30, 2022
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy
Electricity contracts	$	(221)	RTO forward pricing	Forward electricity curves – price per MWh	$	24.46	-	$	145.44	$	52.10
Duke Energy Ohio
FTRs	4		RTO auction pricing	FTR price – per MWh	—		-	3.00		1.49
Duke Energy Indiana
FTRs	56		RTO auction pricing	FTR price – per MWh	(0.64)		-	21.81		3.41
Duke Energy
Total Level 3 derivatives	$	(161)

	December 31, 2021
									Weighted
	Fair Value								Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range				Range
Duke Energy
Electricity contracts	$	(145)	RTO forward pricing	Forward electricity curves – price per MWh	$	19.04	-	$139.11	$37.57
Duke Energy Ohio
FTRs	2		RTO auction pricing	FTR price – per MWh	0.06		-	1.79	0.96
Duke Energy Indiana
FTRs	22		RTO auction pricing	FTR price – per MWh	(1.18)		-	13.11	2.68
Duke Energy
Total Level 3 derivatives	$	(121)

Schedule Of Long Term Debt Fair Value

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.

	September 30, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	69,309	$	60,247	$	63,835	$	69,683
Duke Energy Carolinas	14,222		12,614		13,275		15,101
Progress Energy	21,149		18,744		20,823		23,751
Duke Energy Progress	11,090		9,495		10,249		11,252
Duke Energy Florida	8,417		7,528		8,482		9,772
Duke Energy Ohio	3,244		2,891		3,193		3,570
Duke Energy Indiana	4,310		3,821		4,323		5,067
Piedmont	3,363		2,857		2,968		3,278

(a)Book value of long-term debt includes $1.19 billion and $1.25 billion at September 30, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

Duke Energy Carolinas

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	41	$	41	$	—	$	—
NDTF equity securities	3,154		3,109		—		45
NDTF debt securities	1,286		276		1,010		—
Derivative assets	535		—		535		—
Total assets	5,016		3,426		1,545		45
Derivative liabilities	(113)		—		(113)		—
Net assets	$	4,903	$	3,426	$	1,432	$	45

	December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	53	$	53	$	—	$	—
NDTF equity securities	4,265		4,215		—		50
NDTF debt securities	1,441		339		1,102		—
Derivative assets	162		—		162		—
Total assets	5,921		4,607		1,264		50
Derivative liabilities	(35)		—		(35)		—
Net assets	$	5,886	$	4,607	$	1,229	$	50

Progress Energy

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	79	$	79	$	—	$	107	$	107	$	—
NDTF equity securities	2,293		2,293		—		3,085		3,085		—
NDTF debt securities	1,270		502		768		1,450		628		822
Other debt securities	25		—		25		26		—		26
Other cash and cash equivalents	13		13		—		20		20		—
Derivative assets	437		—		437		124		—		124
Total assets	4,117		2,887		1,230		4,812		3,840		972
Derivative liabilities	(9)		—		(9)		(24)		—		(24)
Net assets	$	4,108	$	2,887	$	1,221	$	4,788	$	3,840	$	948

Duke Energy Progress

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	47	$	47	$	—	$	94	$	94	$	—
NDTF equity securities	2,206		2,206		—		2,970		2,970		—
NDTF debt securities	951		243		708		1,025		289		736
Other cash and cash equivalents	11		11		—		16		16		—
Derivative assets	415		—		415		124		—		124
Total assets	3,630		2,507		1,123		4,229		3,369		860
Derivative liabilities	(9)		—		(9)		(10)		—		(10)
Net assets	$	3,621	$	2,507	$	1,114	$	4,219	$	3,369	$	850

Duke Energy Florida

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	32	$	32	$	—	$	13	$	13	$	—
NDTF equity securities	87		87		—		115		115		—
NDTF debt securities	319		259		60		425		339		86
Other debt securities	25		—		25		26		—		26
Other cash and cash equivalents	1		1		—		3		3		—
Derivative assets	22		—		22		—		—		—
Total assets	486		379		107		582		470		112
Derivative liabilities	—		—		—		(14)		—		(14)
Net assets	$	486	$	379	$	107	$	568	$	470	$	98

Duke Energy Indiana

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022								December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	72	$	72	$	—	$	—	$	97	$	97	$	—	$	—
Other debt securities	59		—		59		—		64		—		64		—
Other cash and cash equivalents	1		1		—		—		—		—		—		—
Derivative assets	131		2		73		56		23		1		—		22
Total assets	263		75		132		56		184		98		64		22
Derivative liabilities	(18)		(18)		—		—		(27)		(13)		(14)		—
Net assets	$	245	$	57	$	132	$	56	$	157	$	85	$	50	$	22

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

The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.

	Derivatives (net)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Balance at beginning of period	$	84	$	22	$	22	$	6
Purchases, sales, issuances and settlements:
Purchases	—		—		74		18
Settlements	(20)		(3)		(10)		(12)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(8)		5		(30)		12
Balance at end of period	$	56	$	24	$	56	$	24

Piedmont

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	September 30, 2022						December 31, 2021
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	—	$	—	$	—	$	3	$	3	$	—
Derivative liabilities	(171)		—		(171)		(139)		—		(139)
Net (liabilities) assets	$	(171)	$	—	$	(171)	$	(136)	$	3	$	(139)

XML

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2022

VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule Of Variable Interest Entities

The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.

	Duke Energy
			Duke Energy		Duke Energy		Duke Energy
			Carolinas		Progress		Florida
(in millions)	CRC		DERF		DEPR		DEFR
Expiration date	February 2025		January 2025		April 2025		April 2023
Credit facility amount	$	350	$	500	$	400	$	250
Amounts borrowed at September 30, 2022	350		500		400		250
Amounts borrowed at December 31, 2021	350		475		350		250
Restricted Receivables at September 30, 2022	844		932		733		603
Restricted Receivables at December 31, 2021	587		844		574		427

VIE not primary beneficiary

Variable Interest Entities [Line Items]

Schedule Of Variable Interest Entities

The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.

	September 30, 2022
	Duke Energy						Duke		Duke
	Natural Gas		Commercial				Energy		Energy
(in millions)	Investments		Renewables		Total		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—	$	178	$	263
Investments in equity method unconsolidated affiliates	34		505		539		—		—
Other noncurrent assets	60		—		60		—		—
Total assets	$	94	$	505	$	599	$	178	$	263
Other current liabilities	56		2		58		—		—
Other noncurrent liabilities	49		2		51		—		—
Total liabilities	$	105	$	4	$	109	$	—	$	—
Net (liabilities) assets	$	(11)	$	501	$	490	$	178	$	263

	December 31, 2021
	Duke Energy						Duke		Duke
	Natural Gas		Commercial				Energy		Energy
(in millions)	Investments		Renewables		Total		Ohio		Indiana
Receivables from affiliated companies	$	—	$	—	$	—	$	79	$	97
Investments in equity method unconsolidated affiliates	15		508		523		—		—
Other noncurrent assets	61		—		61		—		—
Total assets	$	76	$	508	$	584	$	79	$	97
Other current liabilities	47		4		51		—		—
Other noncurrent liabilities	54		3		57		—		—
Total liabilities	$	101	$	7	$	108	$	—	$	—
Net (liabilities) assets	$	(25)	$	501	$	476	$	79	$	97

DEFPF | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule Of Variable Interest Entities

The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.

(in millions)	September 30, 2022		December 31, 2021
Receivables of VIEs	$	8	$	5
Regulatory Assets: Current	54		54
Current Assets: Other	17		39
Other Noncurrent Assets: Regulatory assets	840		883
Current Liabilities: Other	2		9
Current maturities of long-term debt	56		56
Long-Term Debt	890		946

DECNCSF and DEPNCSF | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule Of Variable Interest Entities

The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.

	September 30, 2022				December 31, 2021
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	5		17		—		—
Other Noncurrent Assets: Regulatory assets	211		691		220		720
Other Noncurrent Assets: Other	1		2		1		4
Current Liabilities: Other	1		4		1		2
Current maturities of long-term debt	10		34		5		15
Long-Term Debt	219		714		228		747

Commercial Renewables | VIE primary beneficiary

Variable Interest Entities [Line Items]

Schedule Of Variable Interest Entities

The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs.

(in millions)	September 30, 2022		December 31, 2021
Current Assets: Other	$	201	$	215
Property, Plant and Equipment: Cost	7,554		7,339
Accumulated depreciation and amortization	(1,710)		(1,474)
Other Noncurrent Assets: Other	115		62
Current maturities of long-term debt	285		167
Long-Term Debt	1,252		1,475
Other Noncurrent Liabilities: AROs	178		173
Other Noncurrent Liabilities: Other	202		319

CRC | VIE not primary beneficiary

Variable Interest Entities [Line Items]

Schedule Of Variable Interest Entities

The following table shows the gross and net receivables sold.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Receivables sold	$	334	$	269	$	531	$	328
Less: Retained interests	178		79		263		97
Net receivables sold	$	156	$	190	$	268	$	231

The following table shows sales and cash flows related to receivables sold.

	Duke Energy Ohio					Duke Energy Indiana
		Nine Months Ended					Nine Months Ended
		September 30,					September 30,
(in millions)		2022		2021			2022		2021
Sales
Receivables sold		$	1,869	$	1,490		$	2,646	$	2,176
Loss recognized on sale		11		7			15		10
Cash flows
Cash proceeds from receivables sold		$	1,757	$	1,519		$	2,465	$	2,199
Collection fees received		1		1			1		1
Return received on retained interests		6		3			9		4

XML

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

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)	2022		2023		2024		2025		2026		Thereafter		Total
Progress Energy	$	27	$	53	$	45	$	7	$	7	$	43	$	182
Duke Energy Progress	2		8		8		—		—		—		18
Duke Energy Florida	25		45		37		7		7		43		164
Duke Energy Indiana	1		11		16		17		15		12		72

Estimated remaining performance obligations are as follows:

	Remaining Performance Obligations
(in millions)	2022		2023		2024		2025		2026		Thereafter		Total
Piedmont	$	16	$	64	$	62	$	61	$	51	$	290	$	544

Disaggregation of Revenue

Disaggregated revenues are presented as follows:

	Three Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,250	$	887	$	1,719	$	670	$	1,049	$	249	$	396	$	—
General	2,077		686		947		419		528		150		291		—
Industrial	986		366		298		216		82		62		260		—
Wholesale	874		140		588		403		185		32		115		—
Other revenues	248		105		317		259		58		15		19		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	7,435	$	2,184	$	3,869	$	1,967	$	1,902	$	508	$	1,081	$	—
Gas Utilities and Infrastructure
Residential	$	167	$	—	$	—	$	—	$	—	$	88	$	—	$	79
Commercial	108		—		—		—		—		26		—		82
Industrial	34		—		—		—		—		4		—		30
Power Generation	—		—		—		—		—		—		—		24
Other revenues	103		—		—		—		—		4		—		83
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	412	$	—	$	—	$	—	$	—	$	122	$	—	$	298
Commercial Renewables
Revenue from contracts with customers	$	89	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	6	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,942	$	2,184	$	3,869	$	1,967	$	1,902	$	630	$	1,081	$	298
Other revenue sources(a)	$	26	$	(9)	$	12	$	2	$	5	$	(2)	$	14	$	8
Total revenues	$	7,968	$	2,175	$	3,881	$	1,969	$	1,907	$	628	$	1,095	$	306

(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 September 30, 2021
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	2,955	$	892	$	1,525	$	619	$	906	$	223	$	316	$	—
General	1,873		685		826		400		426		119		240		—
Industrial	861		360		264		195		69		35		202		—
Wholesale	619		111		399		324		75		19		89		—
Other revenues	252		72		198		118		80		17		23		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,560	$	2,120	$	3,212	$	1,656	$	1,556	$	413	$	870	$	—
Gas Utilities and Infrastructure
Residential	$	129	$	—	$	—	$	—	$	—	$	62	$	—	$	66
Commercial	78		—		—		—		—		24		—		58
Industrial	30		—		—		—		—		3		—		26
Power Generation	—		—		—		—		—		—		—		23
Other revenues	33		—		—		—		—		4		—		9
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	270	$	—	$	—	$	—	$	—	$	93	$	—	$	182
Commercial Renewables
Revenue from contracts with customers	$	56	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	8	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,894	$	2,120	$	3,212	$	1,656	$	1,556	$	506	$	870	$	182
Other revenue sources(a)	$	57	$	(16)	$	21	$	11	$	5	$	—	$	16	$	13
Total revenues	$	6,951	$	2,104	$	3,233	$	1,667	$	1,561	$	506	$	886	$	195

(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.

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	8,642	$	2,454	$	4,487	$	1,824	$	2,663	$	656	$	1,046	$	—
General	5,498		1,796		2,562		1,114		1,448		377		760		—
Industrial	2,582		938		842		594		248		130		672		—
Wholesale	2,129		356		1,388		1,033		355		90		296		—
Other revenues	652		308		775		608		167		56		6		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	19,503	$	5,852	$	10,054	$	5,173	$	4,881	$	1,309	$	2,780	$	—
Gas Utilities and Infrastructure
Residential	$	936	$	—	$	—	$	—	$	—	$	331	$	—	$	605
Commercial	504		—		—		—		—		128		—		376
Industrial	125		—		—		—		—		17		—		108
Power Generation	—		—		—		—		—		—		—		71
Other revenues	284		—		—		—		—		16		—		220
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,849	$	—	$	—	$	—	$	—	$	492	$	—	$	1,380
Commercial Renewables
Revenue from contracts with customers	$	217	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	21,590	$	5,852	$	10,054	$	5,173	$	4,881	$	1,801	$	2,780	$	1,380
Other revenue sources(a)	$	195	$	(8)	$	33	$	9	$	9	$	10	$	55	$	41
Total revenues	$	21,785	$	5,844	$	10,087	$	5,182	$	4,890	$	1,811	$	2,835	$	1,421

(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.

	Nine Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	7,753	$	2,368	$	3,903	$	1,657	$	2,246	$	589	$	894	$	—
General	4,805		1,685		2,170		1,036		1,134		329		619		—
Industrial	2,228		872		700		500		200		99		558		—
Wholesale	1,644		341		1,056		901		155		45		202		—
Other revenues	712		208		509		272		237		61		64		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	17,142	$	5,474	$	8,338	$	4,366	$	3,972	$	1,123	$	2,337	$	—
Gas Utilities and Infrastructure
Residential	$	747	$	—	$	—	$	—	$	—	$	241	$	—	$	505
Commercial	373		—		—		—		—		99		—		273
Industrial	110		—		—		—		—		14		—		96
Power Generation	—		—		—		—		—		—		—		69
Other revenues	100		—		—		—		—		21		—		34
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,330	$	—	$	—	$	—	$	—	$	375	$	—	$	977
Commercial Renewables
Revenue from contracts with customers	$	163	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	20	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	18,655	$	5,474	$	8,338	$	4,366	$	3,972	$	1,498	$	2,337	$	977
Other revenue sources(a)	$	204	$	(44)	$	79	$	51	$	15	$	(4)	$	29	$	39
Total revenues	$	18,859	$	5,430	$	8,417	$	4,417	$	3,987	$	1,494	$	2,366	$	1,016

(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.

Reserve for Credit Losses for Trade and Other Receivables

The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard.

	Three Months Ended September 30, 2021 and 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at June 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	13
Write-Offs	(13)		(3)		(6)		(3)		(3)		—		—		(4)
Credit Loss Expense	11		4		6		3		3		—		—		2
Other Adjustments	2		(1)		—		—		—		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Balance at June 30, 2022	$	136	$	52	$	52	$	31	$	21	$	4	$	3	$	15
Write-Offs	(49)		(19)		(26)		(11)		(15)		—		—		(4)
Credit Loss Expense	36		10		20		5		15		2		1		3
Other Adjustments	51		19		21		16		5		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14
	Nine Months Ended September 30, 2021 and 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Balance at December 31, 2020	$	146	$	23	$	37	$	23	$	14	$	4	$	3	$	12
Write-Offs	(39)		(10)		(20)		(11)		(9)		—		—		(7)
Credit Loss Expense	40		20		19		9		10		—		—		6
Other Adjustments	(24)		9		—		—		1		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Balance at December 31, 2021	$	122	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Write-Offs	(103)		(44)		(45)		(18)		(28)		—		—		(10)
Credit Loss Expense	80		23		39		11		28		2		1		9
Other Adjustments	75		41		37		27		10		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14

Aging of Trade Receivables

The aging of trade receivables is presented in the table below. Duke Energy considers receivables greater than 30 days outstanding past due.

	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Unbilled Revenue(a)(b)	$	1,046	$	342	$	328	$	233	$	95	$	3	$	32	$	14
0-30 days	2,589		728		1,132		534		595		34		50		100
30-60 days	169		60		48		34		14		6		6		6
60-90 days	95		27		40		28		12		2		3		3
90+ days	308		97		76		35		41		45		19		7
Deferred Payment Arrangements(c)	179		58		79		40		39		4		—		—
Trade and Other Receivables	$	4,386	$	1,312	$	1,703	$	904	$	796	$	94	$	110	$	130

	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
Unbilled Revenue(a)(b)	$	964	$	316	$	266	$	193	$	73	$	4	$	27	$	106
0-30 days	2,104		595		800		405		393		42		51		202
30-60 days	212		77		72		44		28		4		13		12
60-90 days	88		37		41		21		20		1		1		2
90+ days	249		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 12 for further information. These receivables for unbilled revenues are $100 million and $168 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 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.

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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule Of Earnings Per Share

The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Net income available to Duke Energy common stockholders	$	1,383	$	1,366	$	3,094	$	3,070
Less: Income from discontinued operations	23		—		23		—
Accumulated preferred stock dividends adjustment	12		12		12		12
Less: Impact of participating securities	1		1		2		3
Income from continuing operations available to Duke Energy common stockholders	$	1,371	$	1,377	$	3,081	$	3,079
Weighted average common shares outstanding – basic and diluted	770		769		770		769
EPS available to Duke Energy common stockholders
Basic and diluted	$	1.78	$	1.79	$	4.00	$	4.00
Potentially dilutive items excluded from the calculation(a)	2		2		2		2
Dividends declared per common share	$	1.005	$	0.985	$	2.975	$	2.915
Dividends declared on Series A preferred stock per depositary share(b)	$	0.359	$	0.359	$	1.078	$	1.078
Dividends declared on Series B preferred stock per share(c)	$	24.375	$	24.375	$	48.750	$	48.750

(a)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.

(b)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.

(c)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.

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Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans.

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Contributions made	$	58	$	15	$	13	$	8	$	5	$	3	$	5	$	2

Qualified Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs

The following tables include the components of net periodic pension costs for qualified pension plans.

	Three Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	39	$	12	$	11	$	6	$	4	$	1	$	3	$	1
Interest cost on projected benefit obligation	58		14		19		9		10		3		4		2
Expected return on plan assets	(140)		(38)		(46)		(22)		(24)		(6)		(9)		(6)
Amortization of actuarial loss	24		5		6		3		3		2		3		2
Amortization of prior service credit	(5)		(1)		—		—		—		—		—		(2)
Amortization of settlement charges	14		3		5		4		1		2		1		2
Net periodic pension costs	$	(10)	$	(5)	$	(5)	$	—	$	(6)	$	2	$	2	$	(1)

	Three Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	43	$	14	$	13	$	7	$	5	$	2	$	2	$	1
Interest cost on projected benefit obligation	55		13		17		8		10		2		5		2
Expected return on plan assets	(139)		(36)		(47)		(21)		(25)		(7)		(10)		(5)
Amortization of actuarial loss	33		7		10		5		5		2		3		2
Amortization of prior service credit	(7)		(2)		(1)		—		(1)		—		—		(1)
Amortization of settlement charges	2		1		1		—		—		—		—		1
Net periodic pension costs	$	(13)	$	(3)	$	(7)	$	(1)	$	(6)	$	(1)	$	—	$	—

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	120	$	38	$	34	$	20	$	14	$	3	$	7	$	4
Interest cost on projected benefit obligation	175		41		55		25		30		9		14		6
Expected return on plan assets	(421)		(114)		(139)		(66)		(72)		(17)		(28)		(18)
Amortization of actuarial loss	71		15		19		10		9		4		8		5
Amortization of prior service credit	(14)		(3)		—		—		—		—		(1)		(6)
Amortization of settlement charges	18		6		6		5		1		2		1		2
Net periodic pension costs	$	(51)	$	(17)	$	(25)	$	(6)	$	(18)	$	1	$	1	$	(7)

	Nine Months Ended September 30, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	131	$	42	$	38	$	22	$	16	$	4	$	7	$	4
Interest cost on projected benefit obligation	165		38		52		23		29		9		14		6
Expected return on plan assets	(418)		(106)		(141)		(63)		(76)		(21)		(30)		(15)
Amortization of actuarial loss	100		22		29		14		15		5		10		7
Amortization of prior service credit	(22)		(6)		(2)		(1)		(1)		—		(1)		(6)
Amortization of settlement charges	6		4		2		1		—		—		—		1
Net periodic pension costs	$	(38)	$	(6)	$	(22)	$	(4)	$	(17)	$	(3)	$	—	$	(3)

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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Summary of Effective Tax Rates

The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Duke Energy	8.4	%	6.6	%	5.8	%	6.7	%
Duke Energy Carolinas	5.2	%	2.9	%	6.3	%	3.6	%
Progress Energy	15.8	%	12.9	%	16.2	%	11.5	%
Duke Energy Progress	12.9	%	6.3	%	13.4	%	5.9	%
Duke Energy Florida	18.4	%	19.1	%	19.4	%	19.1	%
Duke Energy Ohio	14.2	%	13.4	%	(14.6)	%	15.3	%
Duke Energy Indiana	16.8	%	15.8	%	0.5	%	16.3	%
Piedmont	21.4	%	25.0	%	9.1	%	8.4	%

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Organization and Basis of Presentation (Schedule of Allocated Losses from Subsidiaries, Noncontrolling Interest) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allocated losses to noncontrolling tax equity members utilizing the HLBV method	$ 11	$ 119	$ 78	$ 217
Allocated (income) losses to noncontrolling members based on pro rata shares of ownership	(2)	10	(5)	30
Total Noncontrolling Interest Allocated Losses	$ 9	$ 129	$ 73	$ 247

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Organization and Basis of Presentation (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 453	$ 343
Other	164	170
Other Noncurrent Assets
Other	12	7
Total cash, cash equivalents and restricted cash	629	520	$ 743	$ 556
Duke Energy Carolinas
Current Assets
Cash and cash equivalents	36	7
Other	5
Other Noncurrent Assets
Other	1	1
Total cash, cash equivalents and restricted cash	42	8	21	21
Progress Energy
Current Assets
Cash and cash equivalents	101	70
Other	34	39
Other Noncurrent Assets
Other	2	4
Total cash, cash equivalents and restricted cash	137	113	119	200
Duke Energy Progress
Current Assets
Cash and cash equivalents	58	35
Other	17
Other Noncurrent Assets
Other	2	4
Total cash, cash equivalents and restricted cash	77	39	51	39
Duke Energy Florida
Current Assets
Cash and cash equivalents	25	23
Other	17	39
Other Noncurrent Assets
Total cash, cash equivalents and restricted cash	$ 42	$ 62	$ 57	$ 50

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Organization and Basis of Presentation (Schedule of Inventory) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Public Utilities, Inventory [Line Items]
Inventory	$ 3,487	$ 3,199
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	2,583	2,397
Coal
Public Utilities, Inventory [Line Items]
Inventory	556	486
Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	348	316
Duke Energy Carolinas
Public Utilities, Inventory [Line Items]
Inventory	1,112	1,026
Duke Energy Carolinas | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	863	793
Duke Energy Carolinas | Coal
Public Utilities, Inventory [Line Items]
Inventory	215	195
Duke Energy Carolinas | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	34	38
Progress Energy
Public Utilities, Inventory [Line Items]
Inventory	1,549	1,398
Progress Energy | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	1,167	1,067
Progress Energy | Coal
Public Utilities, Inventory [Line Items]
Inventory	202	167
Progress Energy | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	180	164
Duke Energy Progress
Public Utilities, Inventory [Line Items]
Inventory	980	921
Duke Energy Progress | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	786	729
Duke Energy Progress | Coal
Public Utilities, Inventory [Line Items]
Inventory	87	94
Duke Energy Progress | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	107	98
Duke Energy Florida
Public Utilities, Inventory [Line Items]
Inventory	569	477
Duke Energy Florida | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	381	338
Duke Energy Florida | Coal
Public Utilities, Inventory [Line Items]
Inventory	115	73
Duke Energy Florida | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	73	66
Duke Energy Ohio
Public Utilities, Inventory [Line Items]
Inventory	118	116
Duke Energy Ohio | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	91	80
Duke Energy Ohio | Coal
Public Utilities, Inventory [Line Items]
Inventory	18	19
Duke Energy Ohio | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	9	17
Duke Energy Indiana
Public Utilities, Inventory [Line Items]
Inventory	452	418
Duke Energy Indiana | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	329	311
Duke Energy Indiana | Coal
Public Utilities, Inventory [Line Items]
Inventory	121	105
Duke Energy Indiana | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	2	2
Piedmont
Public Utilities, Inventory [Line Items]
Inventory	135	109
Piedmont | Materials and supplies
Public Utilities, Inventory [Line Items]
Inventory	13	14
Piedmont | Natural gas, oil and other fuel
Public Utilities, Inventory [Line Items]
Inventory	$ 122	$ 95

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Organization and Basis of Presentation (Other Noncurrent Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Regulatory Asset [Line Items]
Other Noncurrent Assets: Other	$ 4,050	$ 3,812
Offshore Wind Arrangement
Regulatory Asset [Line Items]
Other Noncurrent Assets: Other	$ 150

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Business Segments (Narrative) (Details) $ in Millions			9 Months Ended
	Sep. 08, 2021 USD ($)	Jan. 28, 2021 USD ($) closing	Sep. 30, 2022 USD ($) segment	Jan. 01, 2023
Duke Energy Indiana | Noncontrolling Interests
Segment Reporting Information [Line Items]
Percentage sold		19.90%
Number of closings | closing		2
Value of sale of parent interest	$ 1,025	$ 2,000
Ownership interest sold	11.05%
Proceed of purchase price for exchange in interest	50.00%
Duke Energy Indiana | Noncontrolling Interests | Forecast
Segment Reporting Information [Line Items]
Percentage sold				19.90%
Proceed of purchase price for exchange in interest				50.00%
Duke Energy Ohio
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Wind and solar | Nonregulated
Segment Reporting Information [Line Items]
Renewable merchant plants			$ 192
Joint owner ownership percentage			51.00%

XML

Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating Revenues	$ 7,968	$ 6,951	$ 21,785	$ 18,859
Segment income (loss)	1,360	1,366	3,071	3,070
Less: Noncontrolling interests	9	129	73	247
Add: Preferred stock dividend	39	39	92	92
Net Income	1,413	1,276	3,113	2,915
Segment assets	176,340		176,340		$ 169,587
Impairment of assets and other charges	(4)	211	202	342
Other income and expenses, net	89	238	293	493
Operation, maintenance and other	1,394	1,507	4,471	4,319
Regulated natural gas	7,374	6,495	19,381	16,972
Interest Expense	621	581	1,815	1,688
Equity in earnings of unconsolidated affiliates	26	22	87	14
Unregulated operating revenue	(197)	(193)	(580)	(573)
Depreciation and amortization	1,364	1,265	3,986	3,698
Duke Energy Carolinas
Segment Reporting Information [Line Items]
Operating Revenues	2,175	2,104	5,844	5,430
Segment assets	49,133		49,133		47,162
Impairment of assets and other charges	6	163	(3)	238
Operation, maintenance and other	436	471	1,410	1,347
Interest Expense	131	137	415	400
Depreciation and amortization	375	366	1,138	1,088
Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	628	506	1,811	1,494
Segment income (loss)	103	58	236	188
Segment assets	11,315		11,315		10,774
Impairment of assets and other charges	(11)		(11)	5
Operation, maintenance and other	121	116	408	335
Regulated natural gas	507	413	1,320	1,119
Interest Expense	32	29	92	82
Depreciation and amortization	84	79	247	228
Duke Energy Progress
Segment Reporting Information [Line Items]
Operating Revenues	1,969	1,667	5,182	4,417
Segment assets	36,193		36,193		$ 35,383
Impairment of assets and other charges		42	4	60
Operation, maintenance and other	350	368	1,101	1,092
Interest Expense	85	79	260	226
Depreciation and amortization	313	290	890	811
Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	7,431	6,560	19,552	17,161
Impairment of assets and other charges			211
Other income and expenses, net			(46)
Electric Utilities and Infrastructure | Duke Energy Carolinas
Segment Reporting Information [Line Items]
Impairment of assets and other charges		160		160
Other income and expenses, net		(77)		(77)
Operation, maintenance and other		5		5
Regulated natural gas		(13)		13
Interest Expense		(3)		(3)
Electric Utilities and Infrastructure | Duke Energy Progress
Segment Reporting Information [Line Items]
Impairment of assets and other charges		42		42
Other income and expenses, net		(34)		(34)
Operation, maintenance and other		7		7
Regulated natural gas		15		15
Interest Expense		(5)		(5)
Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	404	266	1,843	1,323
Equity in earnings of unconsolidated affiliates				19
Commercial Renewables
Segment Reporting Information [Line Items]
Operating Revenues	127	117	369	355
Commercial Renewables | Texas Storm Uri
Segment Reporting Information [Line Items]
Less: Noncontrolling interests				12
Net Income				(35)
Operation, maintenance and other				2
Equity in earnings of unconsolidated affiliates				(29)
Unregulated operating revenue				8
Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	7,962	6,943	21,764	18,839
Other
Segment Reporting Information [Line Items]
Impairment of assets and other charges		8		139
Operation, maintenance and other		1		28
Depreciation and amortization				17
Operating Segments | Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	7,439	6,569	19,576	17,185
Segment income (loss)	1,540	1,425	3,237	3,180
Segment assets	149,518		149,518
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Supreme Court Ruling
Segment Reporting Information [Line Items]
Less: Noncontrolling interests			(20)
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	507	413	1,320	1,119
Segment income (loss)	74	48	152	122
Segment assets	7,400		7,400
Operating Segments | Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	427	289	1,912	1,391
Segment income (loss)	4	(3)	277	259
Segment assets	15,800		15,800
Operating Segments | Gas Utilities and Infrastructure | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	121	93	491	375
Segment income (loss)	30	11	87	77
Segment assets	4,023		4,023
Operating Segments | Commercial Renewables
Segment Reporting Information [Line Items]
Operating Revenues	130	117	372	355
Segment income (loss)	2	78	43	152
Segment assets	7,507		7,507
Operating Segments | Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	7,996	6,975	21,860	18,931
Segment income (loss)	1,546	1,500	3,557	3,591
Segment assets	172,825		172,825
Operating Segments | Total Reportable Segments | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	628	506	1,811	1,494
Segment income (loss)	104	59	239	199
Segment assets	11,423		11,423
Operating Segments | Nonregulated Segment
Segment Reporting Information [Line Items]
Segment income (loss)			15
Gain on derivative instruments	6
Other
Segment Reporting Information [Line Items]
Segment assets	3,519		3,519
Other | Other | Duke Energy Ohio
Segment Reporting Information [Line Items]
Segment income (loss)	(1)	(1)	(3)	(11)
Segment assets	14		14
Corporate And Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	29	28	89	81
Segment income (loss)	(186)	(134)	(486)	(521)
Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	(57)	(52)	(164)	(153)
Segment assets	(4)		(4)
Eliminations | Duke Energy Ohio
Segment Reporting Information [Line Items]
Segment assets	(122)		(122)
Eliminations | Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	8	9	24	24
Eliminations | Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	23	23	69	68
Eliminations | Commercial Renewables
Segment Reporting Information [Line Items]
Operating Revenues	3		3
Eliminations | Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	34	32	96	92
Eliminations | Other
Segment Reporting Information [Line Items]
Operating Revenues	23	20	68	61
Other
Segment Reporting Information [Line Items]
Operating Revenues	$ 6	$ 8	$ 21	$ 20

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Regulatory Matters (Regulatory Matters Narrative - Duke Energy) (Details) customer in Thousands, $ in Millions	Oct. 31, 2022 USD ($)	Sep. 30, 2022 customer	Aug. 05, 2022 USD ($)
Hurricane Ian | Duke Energy Carolinas and Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Number of customers impacted by storm | customer		950
Hurricane Ian | Duke Energy Carolinas and Duke Energy Progress | Subsequent event | Minimum
Public Utilities, General Disclosures [Line Items]
Storm costs incurred	$ 100
Hurricane Ian | Duke Energy Carolinas and Duke Energy Progress | Subsequent event | Maximum
Public Utilities, General Disclosures [Line Items]
Storm costs incurred	$ 125
Storm Cost Securitization Legislation | Duke Energy Progress | PSCSC
Public Utilities, General Disclosures [Line Items]
Deferred storm costs			$ 223

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Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas) (Details) $ in Billions					9 Months Ended
	Sep. 27, 2021 contention	Jul. 28, 2021	Jun. 07, 2021	Jun. 06, 2021	Sep. 30, 2022	Nov. 02, 2022 USD ($)
Nuclear Regulatory Commission
Public Utilities, General Disclosures [Line Items]
Operating license extension (in years)					20 years
Duke Energy Carolinas | 2023 North Carolina Rate Case | Subsequent event
Public Utilities, General Disclosures [Line Items]
Planned transmission and distribution of capital spending | $						$ 4
Duke Energy Carolinas | Nuclear Regulatory Commission | Oconee Nuclear Station Subsequent License Renewal
Public Utilities, General Disclosures [Line Items]
Comment period (in days)		60 days
Number of contentions | contention	3
Duke Energy Carolinas | Nuclear Regulatory Commission | Oconee Nuclear Station Subsequent License Renewal | Oconee Nuclear Station
Public Utilities, General Disclosures [Line Items]
Operating license extension (in years)			20 years
Operating license (in years)			80 years	60 years

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Progress) (Details) - Duke Energy Progress - USD ($) $ in Millions					7 Months Ended	12 Months Ended
	Oct. 06, 2022	Sep. 01, 2022	Jun. 16, 2022	Oct. 16, 2020	Dec. 31, 2025	May 31, 2027	May 31, 2026	May 31, 2025	Mar. 31, 2025	May 31, 2024	Mar. 31, 2024
PSCSC | 2022 South Carolina Rate Case
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)		2 years
Deferred compliance costs period (in years)		7 years
Deferred compliance costs		$ 108
Accelerated amortization period (in months)		26 months
Amortization period (in years)		20 years
PSCSC | 2022 South Carolina Rate Case | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount									$ 68
Requested return on equity (as a percent)									11.00%
PSCSC | 2022 South Carolina Rate Case | Forecast | Subsequent event
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount											$ 53
Requested return on equity (as a percent)											8.60%
NCUC | 2022 North Carolina Rate Case | Subsequent event
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)	3 years
NCUC | 2022 North Carolina Rate Case | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount					$ 615		$ 138	$ 151
Requested return on equity (as a percent)						16.00%
NCUC | 2022 North Carolina Rate Case | Forecast | Subsequent event
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount										$ 326
FERC | FERC Return on Equity Complaint, NCEMC
Public Utilities, General Disclosures [Line Items]
Requested return on equity (as a percent)			10.00%	11.00%

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Regulatory Matters (Regulatory Matters Narrative - Duke Energy Florida) (Details) - Duke Energy Florida						9 Months Ended	12 Months Ended
	Oct. 17, 2022 USD ($)	Oct. 04, 2022 USD ($)	Jun. 15, 2022 USD ($)	May 04, 2021 USD ($)	Jul. 01, 2020 USD ($) plant MW	Sep. 30, 2022 USD ($)	Dec. 31, 2034 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 28, 2022 USD ($) outage	Sep. 27, 2022 USD ($)	Apr. 11, 2022 USD ($)
Solar Project
Public Utilities, General Disclosures [Line Items]
Estimated cost of facilities					$ 1,000,000,000
FPSC
Public Utilities, General Disclosures [Line Items]
Number of solar plants | plant					10
Generation capacity (MW) | MW					750
FPSC | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Deferred storm coats						$ 162,000,000
Number of outages | outage										1,100,000
Storm reserves											$ 107,000,000
FPSC | Forecast | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Storm reserves									$ 132,000,000
FPSC | Minimum | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Storm costs incurred										$ 325,000,000
FPSC | Maximum | Hurricane Ian
Public Utilities, General Disclosures [Line Items]
Storm costs incurred										$ 375,000,000
2021 Settlement | FPSC
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount						$ 67,000,000
Public utilities, approved equity capital structure, percentage (as a percent)				53.00%
Public utilities, approved debt capital structure, percentage				47.00%
Public utilities, basis points, increase, percentage				0.25%
Contract with customer, asset, after allowance for credit loss, noncurrent			$ 154,000,000	$ 173,000,000
Proceeds from legal settlements			$ 180,000,000
Future investment in infrastructure				$ 1,000,000,000
2021 Settlement | FPSC | Forecast
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount							$ 79,000,000	$ 49,000,000
2021 Settlement | FPSC | US Treasury Securities
Public Utilities, General Disclosures [Line Items]
Public utilities, basis points, increase, percentage				0.50%
2021 Settlement | FPSC | Minimum
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)				8.85%
2021 Settlement | FPSC | Minimum | US Treasury Securities
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)				9.85%
2021 Settlement | FPSC | Maximum
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)				10.85%
2021 Settlement | FPSC | Maximum | US Treasury Securities
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)				10.10%
2021 Settlement | FPSC | Weighted Average
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)				9.85%
2021 Settlement | FPSC | Subsequent event
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount	$ (56,000,000)
Storm Protection Plan | FPSC
Public Utilities, General Disclosures [Line Items]
Investment in transmission and distribution												$ 7,000,000,000
Storm Protection Plan | FPSC | Subsequent event
Public Utilities, General Disclosures [Line Items]
Cost reduction to transmission loop		$ 80,000,000
Cost reduction period (in years)		10 years

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Regulatory Matters (Regulatory Matters Narrative - Duke Energy Ohio) (Details) $ in Millions				3 Months Ended			9 Months Ended
	Sep. 19, 2022 USD ($)	May 19, 2022 USD ($)	Oct. 01, 2021 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) site	Sep. 30, 2021 USD ($)	Apr. 27, 2022 USD ($)
Public Utilities, General Disclosures [Line Items]
Operating Revenues				$ 7,968		$ 6,951	$ 21,785	$ 18,859
Incurred costs				1,394		1,507	4,471	4,319
Income Tax Expense From Continuing Operations				128		90	191	210
Impairment (reversal) of assets and other charges				(4)		211	202	342
Net property, plant and equipment				115,907	$ 111,408		115,907
Duke Energy Ohio
Public Utilities, General Disclosures [Line Items]
Operating Revenues				628		506	1,811	1,494
Incurred costs				121		116	408	335
Income Tax Expense From Continuing Operations				17		$ 9	(30)	34
Impairment (reversal) of assets and other charges				(11)			(11)	$ 5
Net property, plant and equipment				9,080	8,625		9,080
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | PUCO
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount	$ 23		$ 55
Requested return on equity (as a percent)	9.50%		10.30%
Requested rate increase, percentage			3.30%
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | PUCO | Minimum
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount		$ 2
Requested return on equity (as a percent)		8.84%
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | PUCO | Maximum
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount		$ 15
Requested return on equity (as a percent)		9.85%
Duke Energy Ohio | Natural Gas Pipeline extension | OPSB
Public Utilities, General Disclosures [Line Items]
Estimated capital cost excluding AFUDC				170			$ 170
Duke Energy Ohio | MGP Cost Recovery - 2009 Through 2012 | PUCO
Public Utilities, General Disclosures [Line Items]
Number of environmental remediation sites | site							2
Duke Energy Ohio | MGP Cost Recovery - 2013 Through 2019 | PUCO
Public Utilities, General Disclosures [Line Items]
Operating Revenues							$ 15
Incurred costs							58
Income Tax Expense From Continuing Operations							(72)
Duke Energy Ohio | Midwest Propane Caverns
Public Utilities, General Disclosures [Line Items]
Impairment (reversal) of assets and other charges				$ (12)	$ 19		(12)
Net property, plant and equipment									$ 7
Duke Energy Ohio | Duke Energy Ohio Gas Base Rate Case | PUCO
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount							$ 49
Requested return on equity (as a percent)							10.30%
Requested rate increase, percentage							5.60%

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Regulatory Matters (Regulatory Matters Narrative - Duke Energy Indiana) (Details) - USD ($)					3 Months Ended		9 Months Ended
	Jul. 28, 2021	Jun. 29, 2020	Dec. 04, 2019	Jul. 02, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 15, 2022	Dec. 31, 2020
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges					$ (4,000,000)	$ 211,000,000	$ 202,000,000	$ 342,000,000
Operating Revenues					7,968,000,000	6,951,000,000	21,785,000,000	18,859,000,000
Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges							211,000,000	8,000,000
Operating Revenues					$ 1,095,000,000	$ 886,000,000	2,835,000,000	$ 2,366,000,000
Duke Energy Indiana | IURC | Indiana rate case 2019
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount				$ 395,000,000
Requested rate increase, percentage, net of tax			15.60%
Requested rate increase (decrease), amended amount			$ 396,000,000
Approved rate increase (decrease), amount		$ 146,000,000
Rate base										$ 10,200,000,000
Reduction of requested rate increase		$ 200,000,000
Reduction due to depreciation methodology		50.00%
Reduction due to approved return on equity		20.00%
Approved return on equity percentage (as a percent)		9.70%
Requested return on equity (as a percent)		10.40%
Reduction due to earnings adjustments		20.00%
Estimated percentage of total rate increase, step one		75.00%
Estimated percentage of total rate increase, step two	25.00%
Impairment of assets and other charges							211,000,000
Operating Revenues							$ 46,000,000
Duke Energy Indiana | IURC | TDSIG 2.0
Public Utilities, General Disclosures [Line Items]
Future investment in infrastructure									$ 2,000,000,000

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Regulatory Matters (Regulatory Matters Narrative - Piedmont) (Details) - Piedmont - USD ($) $ in Millions					1 Months Ended
	Oct. 10, 2022	Sep. 15, 2022	Jul. 12, 2022	Apr. 01, 2022	Oct. 31, 2022
2022 South Carolina Rate Case | PSCSC
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount				$ 7
Requested rate increase, percentage, net of tax				3.40%
Approved return on equity percentage (as a percent)		9.30%
Public utilities, approved equity capital structure, percentage (as a percent)		52.20%
Public utilities, approved debt capital structure, percentage		47.80%
2022 South Carolina Rate Case | PSCSC | Subsequent event
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount					$ (1)
2022 South Carolina Rate Case | SCEUC
Public Utilities, General Disclosures [Line Items]
Requested return on equity (as a percent)			9.49%
Public utilities, requested equity capital structure (as a percent)			53.50%
Tennessee Annual Review Mechanism | TPUC | Subsequent event
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)	9.80%

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Regulatory Matters (Schedule of Net Carrying Value Of Facilities and Megawatt Capacity) (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) MW	Dec. 31, 2034 asset	Dec. 31, 2021 USD ($)
Public Utilities, General Disclosures [Line Items]
Net property, plant and equipment	$ 115,907		$ 111,408
Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Net property, plant and equipment	35,460		34,122
Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Net property, plant and equipment	24,279		23,657
Duke Energy Florida
Public Utilities, General Disclosures [Line Items]
Net property, plant and equipment	18,999		18,046
Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Net property, plant and equipment	$ 11,996		$ 11,760
Generation facilities to be retired
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	8,386
Net property, plant and equipment	$ 5,902
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station Unit 1
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	167
Net property, plant and equipment	$ 11
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station Unit 5
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	259
Net property, plant and equipment	$ 243
Generation facilities to be retired | Duke Energy Carolinas | Cliffside Unit 5
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	546
Net property, plant and equipment	$ 351
Generation facilities to be retired | Duke Energy Progress | Mayo Unit 1
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	713
Net property, plant and equipment	$ 623
Generation facilities to be retired | Duke Energy Progress | Roxboro Units 3-4
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	1,409
Net property, plant and equipment	$ 433
Generation facilities to be retired | Duke Energy Florida | Crystal River Units 4-5
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	1,442
Net property, plant and equipment	$ 1,578
Accelerated depreciation	$ 200
Generation facilities to be retired | Duke Energy Florida | Crystal River Units 4 and 5 | Forecast
Public Utilities, General Disclosures [Line Items]
Facilities retiring ahead of schedule | asset		2
Facilities retiring ahead of schedule (in years)		8 years
Generation facilities to be retired | Duke Energy Indiana | Gibson Units 1-5
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	2,845
Net property, plant and equipment	$ 2,019
Generation facilities to be retired | Duke Energy Indiana | Cayuga Units 1-2
Public Utilities, General Disclosures [Line Items]
Capacity (in MW) | MW	1,005
Net property, plant and equipment	$ 644

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Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	$ 89	$ 88
Duke Energy Carolinas
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	23	19
Progress Energy
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	24	23
Duke Energy Progress
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	12	11
Duke Energy Florida
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	11	11
Duke Energy Ohio
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	32	34
Duke Energy Indiana
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	3	4
Piedmont
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	$ 7	$ 9

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Commitments and Contingencies (Narrative) (Details) $ in Millions		1 Months Ended
	Jun. 16, 2021 people	Jun. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) case	Dec. 31, 2021 USD ($)	Nov. 15, 2021 lawsuit	Jun. 18, 2018 USD ($)
Texas Storm Uri Tort Litigation | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending claims, number | case				5
Number of cases named as defendant | case				3
Duke Energy Carolinas | Ruben Villano, et al. v. Duke Energy Carolinas, LLC | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending claims, number | lawsuit						1
Number of individuals | people	9
Number of survivors | people	4
Number of deceased individuals | people	5
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims
Loss Contingencies [Line Items]
Asbestos-related injuries and damages reserves				$ 467	$ 501
Probable insurance recoveries				595	644
Duke Energy and Duke Energy Carolinas | ASU 2016-13
Loss Contingencies [Line Items]
Reserve for credit losses for insurance receivables				$ 12	$ 12
Duke Energy Progress | Spent Nuclear Fuel Matters
Loss Contingencies [Line Items]
Gain contingency, unrecorded amount							$ 100
Amount awarded			$ 87
Duke Energy Florida | Spent Nuclear Fuel Matters
Loss Contingencies [Line Items]
Gain contingency, unrecorded amount							$ 200
Amount awarded		$ 180

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Debt and Credit Facilities (Summary of Debt Issuances) (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt issuances	$ 7,686,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	$ 3,249,000,000		$ 3,387,000,000
5.050% May 2022 Notes Due May 2052 | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	5.05%	5.05%
Debt issuances	$ 400,000,000
June 2022 4.750% Notes Due June 2028 | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	4.75%	4.75%
Debt issuances	$ 645,000,000
June 2022 5.306% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	5.306%	5.306%
Debt issuances	$ 537,000,000
August 2022 4.300% Notes Due March 2028 | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	4.30%	4.30%
Debt issuances	$ 900,000,000
August 2022 4.500% Notes Due August 2032 | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	4.50%	4.50%
Debt issuances	$ 1,150,000,000
August 2022 5.000% Notes Due August 2052 | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	5.00%	5.00%
Debt issuances	$ 1,150,000,000
2.850% March 2022 Notes Due March 2032 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate	2.85%	2.85%
Debt issuances	$ 500,000,000
3.550% March 2022 Notes Due March 2052 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate	3.55%	3.55%
Debt issuances	$ 650,000,000
3.400% March 2022 Notes Due April 2032 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate	3.40%	3.40%
Debt issuances	$ 500,000,000
4.000% March 2022 Notes Due April 2052 | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate	4.00%	4.00%
Debt issuances	$ 400,000,000
June 2022 4.000% Notes Due September 2030
Debt Instrument [Line Items]
Interest Rate	4.00%	4.00%
Debt issuances	$ 168,000,000
June 2022 4.250% Notes Due November 2039
Debt Instrument [Line Items]
Interest Rate	4.25%	4.25%
Debt issuances	$ 234,000,000
September 2022 3.300% Notes Due October 2046
Debt Instrument [Line Items]
Interest Rate	3.30%	3.30%
Debt issuances	$ 200,000,000
September 2022 3.700% Notes Due October 2046
Debt Instrument [Line Items]
Interest Rate	3.70%	3.70%
Debt issuances	$ 210,000,000
September 2022 4.000% Notes Due October 2046
Debt Instrument [Line Items]
Interest Rate	4.00%	4.00%
Debt issuances	$ 42,000,000
Duke Energy (Parent)
Debt Instrument [Line Items]
Debt issuances	4,784,000,000
Duke Energy (Parent) | June 2022 4.750% Notes Due June 2028 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances	645,000,000
Duke Energy (Parent) | June 2022 5.306% Notes Due June 2034 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances	537,000,000
Duke Energy (Parent) | August 2022 4.300% Notes Due March 2028 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances	900,000,000
Duke Energy (Parent) | August 2022 4.500% Notes Due August 2032 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances	1,150,000,000
Duke Energy (Parent) | August 2022 5.000% Notes Due August 2052 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances	1,150,000,000
Duke Energy (Parent) | June 2022 4.000% Notes Due September 2030
Debt Instrument [Line Items]
Debt issuances	168,000,000
Duke Energy (Parent) | June 2022 4.250% Notes Due November 2039
Debt Instrument [Line Items]
Debt issuances	$ 234,000,000
Duke Energy (Parent) | Senior Notes, 3.10% Due June 2028
Debt Instrument [Line Items]
Interest Rate	3.10%	3.10%
Debt issuances | €		€ 600,000,000
Duke Energy (Parent) | Senior Notes, 3.85% Due June 2034
Debt Instrument [Line Items]
Interest Rate	3.85%	3.85%
Debt issuances | €		€ 500,000,000
Duke Energy (Parent) | Debt Maturing August 2022, 2.400% interest rate | Unsecured Debt
Debt Instrument [Line Items]
Current maturities of long-term debt (includes amounts related to VIEs)	$ 500,000,000
Duke Energy Carolinas
Debt Instrument [Line Items]
Debt issuances	1,150,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	1,019,000,000		362,000,000
Duke Energy Carolinas | 2.850% March 2022 Notes Due March 2032 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy Carolinas | 3.550% March 2022 Notes Due March 2052 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances	650,000,000
Duke Energy Progress
Debt Instrument [Line Items]
Debt issuances	1,352,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	368,000,000		$ 556,000,000
Duke Energy Progress | 3.400% March 2022 Notes Due April 2032 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy Progress | 4.000% March 2022 Notes Due April 2052 | First Mortgage Bonds
Debt Instrument [Line Items]
Debt issuances	400,000,000
Duke Energy Progress | September 2022 3.300% Notes Due October 2046
Debt Instrument [Line Items]
Debt issuances	200,000,000
Duke Energy Progress | September 2022 3.700% Notes Due October 2046
Debt Instrument [Line Items]
Debt issuances	210,000,000
Duke Energy Progress | September 2022 4.000% Notes Due October 2046
Debt Instrument [Line Items]
Debt issuances	42,000,000
Piedmont
Debt Instrument [Line Items]
Debt issuances	400,000,000
Piedmont | 5.050% May 2022 Notes Due May 2052 | Unsecured Debt
Debt Instrument [Line Items]
Debt issuances	$ 400,000,000

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Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($)	1 Months Ended
	May 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Current maturities of long-term debt		$ 3,249,000,000	$ 3,387,000,000
Other debt securities
Debt Instrument [Line Items]
Current maturities of long-term debt		$ 799,000,000
Duke Energy (Parent) | Debt Maturing April 2023, 2.875% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate		2.875%
Current maturities of long-term debt		$ 350,000,000
Duke Energy (Parent) | Debt Maturing June 2023, 1.938% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate		2.048%
Current maturities of long-term debt		$ 500,000,000
Duke Energy (Parent) | Debt Maturing August 2022, 2.400% interest rate | Unsecured Debt
Debt Instrument [Line Items]
Current maturities of long-term debt		500,000,000
Amount of debt retired	$ 500,000,000
Duke Energy Carolinas
Debt Instrument [Line Items]
Current maturities of long-term debt		$ 1,019,000,000	362,000,000
Duke Energy Carolinas | Debt Maturing March 2023, 2.500% Coupon | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate		2.50%
Current maturities of long-term debt		$ 500,000,000
Duke Energy Carolinas | Debt Maturing March 2023, 3.050% Coupon | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate		3.05%
Current maturities of long-term debt		$ 500,000,000
Duke Energy Progress
Debt Instrument [Line Items]
Current maturities of long-term debt		$ 368,000,000	$ 556,000,000
Duke Energy Progress | Debt Maturing September 2023, 3.375% Coupon | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate		3.375%
Current maturities of long-term debt		$ 300,000,000
Duke Energy Ohio
Debt Instrument [Line Items]
Current maturities of long-term debt		$ 300,000,000
Duke Energy Ohio | Debt Maturing September 2023, 3.800% Coupon | First Mortgage Bonds
Debt Instrument [Line Items]
Interest Rate		3.80%
Current maturities of long-term debt		$ 300,000,000

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Debt and Credit Facilities (Narrative) (Details) - USD ($)		1 Months Ended		9 Months Ended
	Mar. 09, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Oct. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Demand notes, maximum amount available for sale		$ 4,000,000,000		$ 4,000,000,000
Demand notes, maximum amount outstanding		2,000,000,000		2,000,000,000
Master Credit Facility
Debt Instrument [Line Items]
Facility size		9,000,000,000		9,000,000,000		$ 8,000,000,000
Master Credit Facility | Duke Energy Florida
Debt Instrument [Line Items]
Facility size		$ 1,350,000,000		$ 1,350,000,000
Master Credit Facility | Term Loan Facility | Duke Energy (Parent)
Debt Instrument [Line Items]
Facility size	$ 1,400,000,000
Extension period (in years)	2 years
Master Credit Facility | Term Loan Facility | Progress Energy
Debt Instrument [Line Items]
Amount of debt closed			$ 2,500,000,000
Master Credit Facility | Term Loan Facility | Duke Energy Florida | Subsequent event
Debt Instrument [Line Items]
Facility size					$ 800,000,000
June 2017 Three Year Revolving Credit Facility
Debt Instrument [Line Items]
Facility term (in years)		3 years	3 years	3 years

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Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - Master Credit Facility - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Facility size	$ 9,000,000,000	$ 8,000,000,000
Commercial paper	(3,339,000,000)
Outstanding letters of credit	(38,000,000)
Tax-exempt bonds	(81,000,000)
Available capacity under the Master Credit Facility	5,542,000,000
Duke Energy Carolinas
Line of Credit Facility [Line Items]
Facility size	1,225,000,000
Commercial paper	(827,000,000)
Outstanding letters of credit	(4,000,000)
Available capacity under the Master Credit Facility	394,000,000
Duke Energy Progress
Line of Credit Facility [Line Items]
Facility size	950,000,000
Commercial paper	(150,000,000)
Outstanding letters of credit	(2,000,000)
Available capacity under the Master Credit Facility	798,000,000
Duke Energy Florida
Line of Credit Facility [Line Items]
Facility size	1,350,000,000
Commercial paper	(887,000,000)
Outstanding letters of credit	(7,000,000)
Available capacity under the Master Credit Facility	456,000,000
Duke Energy Ohio
Line of Credit Facility [Line Items]
Facility size	775,000,000
Commercial paper	(476,000,000)
Available capacity under the Master Credit Facility	299,000,000
Duke Energy Indiana
Line of Credit Facility [Line Items]
Facility size	900,000,000
Commercial paper	(586,000,000)
Tax-exempt bonds	(81,000,000)
Available capacity under the Master Credit Facility	233,000,000
Piedmont
Line of Credit Facility [Line Items]
Facility size	800,000,000
Commercial paper	(278,000,000)
Available capacity under the Master Credit Facility	522,000,000
Duke Energy (Parent) | Proceeds loaned to subsidiary registrants
Line of Credit Facility [Line Items]
Commercial paper	(625,000,000)
Duke Energy (Parent) | Duke Energy (Parent)
Line of Credit Facility [Line Items]
Facility size	3,000,000,000
Commercial paper	(135,000,000)
Outstanding letters of credit	(25,000,000)
Available capacity under the Master Credit Facility	$ 2,840,000,000

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Asset Retirement Obligations (ARO by Category) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Asset Retirement Obligations [Line Items]
Total ARO	$ 12,950	$ 12,776
Less: Current portion	798	647
Total noncurrent ARO	12,152	12,129
Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	5,393	5,301
Less: Current portion	278	249
Total noncurrent ARO	5,115	5,052
Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	6,203	6,112
Less: Current portion	311	275
Total noncurrent ARO	5,892	5,837
Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	5,839	5,675
Less: Current portion	310	274
Total noncurrent ARO	5,529	5,401
Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	364	437
Less: Current portion	1	1
Total noncurrent ARO	363	436
Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	155	136
Less: Current portion	23	13
Total noncurrent ARO	132	123
Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	958	987
Less: Current portion	185	110
Total noncurrent ARO	773	877
Piedmont
Asset Retirement Obligations [Line Items]
Total ARO	23	22
Total noncurrent ARO	23	$ 22
Decommissioning of nuclear power facilities
Asset Retirement Obligations [Line Items]
Total ARO	7,206
Decommissioning of nuclear power facilities | Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	2,968
Decommissioning of nuclear power facilities | Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	4,202
Decommissioning of nuclear power facilities | Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	3,908
Decommissioning of nuclear power facilities | Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	294
Closure of ash impoundments
Asset Retirement Obligations [Line Items]
Total ARO	5,293
Closure of ash impoundments | Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	2,360
Closure of ash impoundments | Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	1,914
Closure of ash impoundments | Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	1,885
Closure of ash impoundments | Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	29
Closure of ash impoundments | Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	99
Closure of ash impoundments | Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	919
Other
Asset Retirement Obligations [Line Items]
Total ARO	451
Other | Duke Energy Carolinas
Asset Retirement Obligations [Line Items]
Total ARO	65
Other | Progress Energy
Asset Retirement Obligations [Line Items]
Total ARO	87
Other | Duke Energy Progress
Asset Retirement Obligations [Line Items]
Total ARO	46
Other | Duke Energy Florida
Asset Retirement Obligations [Line Items]
Total ARO	41
Other | Duke Energy Ohio
Asset Retirement Obligations [Line Items]
Total ARO	56
Other | Duke Energy Indiana
Asset Retirement Obligations [Line Items]
Total ARO	39
Other | Piedmont
Asset Retirement Obligations [Line Items]
Total ARO	$ 23

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Asset Retirement Obligations (ARO Rollforward) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 12,776
Accretion expense	376
Liabilities settled	(488)
Revision in estimates of cash flows	286
Balance at end of period	12,950
Duke Energy Carolinas
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	5,301
Accretion expense	180
Liabilities settled	(163)
Revision in estimates of cash flows	75
Balance at end of period	5,393
Progress Energy
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	6,112
Accretion expense	170
Liabilities settled	(239)
Revision in estimates of cash flows	160
Balance at end of period	6,203
Duke Energy Progress
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	5,675
Accretion expense	159
Liabilities settled	(160)
Revision in estimates of cash flows	165
Balance at end of period	5,839
Duke Energy Florida
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	437
Accretion expense	11
Liabilities settled	(79)
Revision in estimates of cash flows	(5)
Balance at end of period	364
Duke Energy Ohio
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	136
Accretion expense	4
Liabilities settled	(8)
Revision in estimates of cash flows	23
Balance at end of period	155
Duke Energy Indiana
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	987
Accretion expense	21
Liabilities settled	(77)
Revision in estimates of cash flows	27
Balance at end of period	958
Piedmont
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	22
Accretion expense	1
Balance at end of period	$ 23

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Goodwill (Rollforward of Goodwill) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill balance	$ 19,425	$ 19,425
Accumulated impairment charges	(122)	(122)
Goodwill, adjusted for accumulated impairment charges	19,303	19,303
Electric Utilities and Infrastructure
Goodwill [Line Items]
Goodwill balance	17,379	17,379
Goodwill, adjusted for accumulated impairment charges	17,379	17,379
Gas Utilities and Infrastructure
Goodwill [Line Items]
Goodwill balance	1,924	1,924
Goodwill, adjusted for accumulated impairment charges	1,924	1,924
Commercial Renewables
Goodwill [Line Items]
Goodwill balance	122	122
Accumulated impairment charges	$ (122)	$ (122)

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Goodwill (Narrative) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 19,303,000,000	$ 19,303,000,000
Accumulated impairment charges	122,000,000	122,000,000
Electric Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	17,379,000,000	17,379,000,000
Gas Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	1,924,000,000	1,924,000,000
Duke Energy Ohio
Goodwill [Line Items]
Goodwill	920,000,000	920,000,000
Accumulated impairment charges	216,000,000	216,000,000
Duke Energy Ohio | Electric Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	596,000,000	596,000,000
Duke Energy Ohio | Gas Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	324,000,000	324,000,000
Progress Energy
Goodwill [Line Items]
Goodwill	3,655,000,000	3,655,000,000
Progress Energy | Electric Utilities and Infrastructure
Goodwill [Line Items]
Accumulated impairment charges	0	0
Piedmont
Goodwill [Line Items]
Goodwill	49,000,000	49,000,000
Piedmont | Gas Utilities and Infrastructure
Goodwill [Line Items]
Accumulated impairment charges	$ 0	$ 0

XML

Related Party Transactions (Other Revenue and Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Duke Energy Carolinas | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 193	$ 207	$ 590	$ 653
Duke Energy Carolinas | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	7	6	21	18
Duke Energy Carolinas | JDA | Duke Energy Progress
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	210	68	477	133
Related party transaction, other revenues from transactions with related party	16	6	54	32
Duke Energy Carolinas | Intercompany natural gas purchases and sales | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	5	14	14	43
Progress Energy | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	188	201	568	615
Progress Energy | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	10	10	32	31
Progress Energy | JDA | Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	16	6	54	32
Related party transaction, other revenues from transactions with related party	210	68	477	133
Progress Energy | Intercompany natural gas purchases and sales | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	19	19	57	56
Duke Energy Progress | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	111	121	338	367
Duke Energy Progress | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	5	4	15	14
Duke Energy Progress | JDA | Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	16	6	54	32
Related party transaction, other revenues from transactions with related party	210	68	477	133
Duke Energy Progress | Intercompany natural gas purchases and sales | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	19	19	57	56
Duke Energy Florida | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	77	80	230	248
Duke Energy Florida | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	5	6	17	17
Duke Energy Ohio | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	87	79	251	237
Duke Energy Ohio | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2	1	4	3
Duke Energy Indiana | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	115	96	330	302
Duke Energy Indiana | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2	2	6	6
Piedmont | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	37	32	109	101
Piedmont | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1	1	2	3
Piedmont | Intercompany natural gas purchases and sales | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, other revenues from transactions with related party	24	33	71	99
Piedmont | Natural gas storage and transportation costs | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 6	$ 6	$ 17	$ 17

XML

Related Party Transactions (Intercompany Income Taxes) (Details) - Affiliated Entity - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Duke Energy Carolinas
Related Party Transaction [Line Items]
Intercompany income tax receivable	$ 80
Intercompany income tax payable		$ 62
Progress Energy
Related Party Transaction [Line Items]
Intercompany income tax receivable	114
Duke Energy Progress
Related Party Transaction [Line Items]
Intercompany income tax payable	33	84
Duke Energy Florida
Related Party Transaction [Line Items]
Intercompany income tax receivable	102	40
Duke Energy Ohio
Related Party Transaction [Line Items]
Intercompany income tax receivable	14	19
Duke Energy Indiana
Related Party Transaction [Line Items]
Intercompany income tax receivable	27
Intercompany income tax payable		10
Piedmont
Related Party Transaction [Line Items]
Intercompany income tax receivable	$ 25
Intercompany income tax payable		$ 27

XML

Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022 GWh Mcf	Sep. 30, 2022 USD ($) GWh Mcf	Dec. 31, 2021 USD ($)
Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 2,227	$ 3,592
Commodity contracts | Cash flow hedges
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	9,975	4,335
Commodity contracts | Electricity (GWh)(a)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	22,344	32,282
Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	823	862
Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 1,125	2,415
Designated contracts | Interest Rate Contracts | VIE primary beneficiary
Derivative [Line Items]
Notional amount		625	665
Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		1,102	1,177
Duke Energy Carolinas | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 625	350
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	264	274
Duke Energy Carolinas | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 625	350
Progress Energy | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 150	500
Progress Energy | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	215	265
Progress Energy | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 150	500
Duke Energy Progress | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 150	500
Duke Energy Progress | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	215	265
Duke Energy Progress | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 150	500
Duke Energy Indiana | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 300	300
Duke Energy Indiana | Commodity contracts | Electricity (GWh)(a)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	10,688	18,633
Duke Energy Indiana | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	8	14
Duke Energy Indiana | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 300	300
Duke Energy Ohio | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 27	27
Duke Energy Ohio | Commodity contracts | Electricity (GWh)(a)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	1,681	3,067
Duke Energy Ohio | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount		$ 27	$ 27
Piedmont | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	336	309

XML

Derivatives and Hedging (Foreign Exchange Risk) (Details) - Foreign Currency Contracts - Designated contracts € in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 1,182
Receive notional | €		€ 1,100
Fair value gain (loss)	(104)
Senior Notes, 3.10% Due June 2028
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 645
Pay Rate	4.75%	4.75%
Receive notional | €		€ 600
Rate	0.0310	0.0310
Fair value gain (loss)	$ (57)
Senior Notes, 3.85% Due June 2034
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 537
Pay Rate	5.31%	5.31%
Receive notional | €		€ 500
Rate	0.0385	0.0385
Fair value gain (loss)	$ (47)

XML

Derivatives and Hedging (Location and Fair Value Amounts of Derivatives Reflected in the Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	$ 1,259	$ 320
Location and fair value amounts of derivatives (Liability)	671	472
Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	803	204
Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	456	116
Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	214	184
Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	457	288
Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	955	312
Location and fair value amounts of derivatives (Liability)	531	348
Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	304	8
Location and fair value amounts of derivatives (Liability)	3	124
Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	137
Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	615	199
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	340	113
Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	168	72
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	233	132
Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	85	2
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	81
Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	10
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	2	18
Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	24	27
Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	106	117
Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	103
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	35
Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		3
Location and fair value amounts of derivatives (Liability)		75
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		3
Location and fair value amounts of derivatives (Liability)		21
Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	21
Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	116
Duke Energy Carolinas
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	535	162
Location and fair value amounts of derivatives (Liability)	113	35
Duke Energy Carolinas | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	282	99
Duke Energy Carolinas | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	253	63
Duke Energy Carolinas | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	99	26
Duke Energy Carolinas | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	14	9
Duke Energy Carolinas | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	454	162
Location and fair value amounts of derivatives (Liability)	113	27
Duke Energy Carolinas | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	81
Location and fair value amounts of derivatives (Liability)		8
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	282	99
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	172	63
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	99	18
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	14	9
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	81
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		8
Progress Energy
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	437	124
Location and fair value amounts of derivatives (Liability)	9	24
Progress Energy | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	275	74
Progress Energy | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	162	50
Progress Energy | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		19
Progress Energy | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	9	5
Progress Energy | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	425	122
Location and fair value amounts of derivatives (Liability)	9	24
Progress Energy | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	12	2
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	263	72
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	162	50
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		19
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	9	5
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	12	2
Duke Energy Progress
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	415	124
Location and fair value amounts of derivatives (Liability)	9	10
Duke Energy Progress | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	253	74
Duke Energy Progress | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	162	50
Duke Energy Progress | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		5
Duke Energy Progress | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	9	5
Duke Energy Progress | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	403	122
Location and fair value amounts of derivatives (Liability)	9	10
Duke Energy Progress | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	12	2
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	241	72
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	162	50
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		5
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	9	5
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	12	2
Duke Energy Florida
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22
Location and fair value amounts of derivatives (Liability)		14
Duke Energy Florida | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22
Duke Energy Florida | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		14
Duke Energy Florida | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22
Location and fair value amounts of derivatives (Liability)		14
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	22
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		14
Duke Energy Ohio
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	4	2
Location and fair value amounts of derivatives (Liability)	3	5
Duke Energy Ohio | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	4	2
Duke Energy Ohio | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	1
Duke Energy Ohio | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	2	4
Duke Energy Ohio | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	4	2
Duke Energy Ohio | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	3	5
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	4	2
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	1
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	2	4
Duke Energy Indiana
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	131	23
Location and fair value amounts of derivatives (Liability)	18	27
Duke Energy Indiana | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	131	23
Duke Energy Indiana | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	18	13
Duke Energy Indiana | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		14
Duke Energy Indiana | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	58	23
Location and fair value amounts of derivatives (Liability)	18	13
Duke Energy Indiana | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	73
Location and fair value amounts of derivatives (Liability)		14
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	58	23
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	18	13
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	73
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		14
Piedmont
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		3
Location and fair value amounts of derivatives (Liability)	171	139
Piedmont | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		3
Piedmont | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	31	21
Piedmont | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	140	118
Piedmont | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		3
Location and fair value amounts of derivatives (Liability)	171	139
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		3
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	31	21
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	$ 140	$ 118

XML

Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 1,259	$ 320
Derivative Asset, Current	571	179
Net amounts presented in Current Assets: Other	265	93
Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	803	204
Gross amounts offset	$ (232)	$ (25)
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Current Assets: Other	Current Assets: Other
Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 456	$ 116
Gross amounts offset	$ (191)	$ (23)
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Noncurrent Assets: Other	Other Noncurrent Assets: Other
Duke Energy Carolinas
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 535	$ 162
Derivative Asset, Current	158	83
Net amounts presented in Current Assets: Other	167	48
Duke Energy Carolinas | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	282	99
Gross amounts offset	(124)	(16)
Duke Energy Carolinas | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	253	63
Gross amounts offset	(86)	(15)
Progress Energy
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	437	124
Derivative Asset, Current	166	65
Net amounts presented in Current Assets: Other	57	42
Progress Energy | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	275	74
Gross amounts offset	(109)	(9)
Progress Energy | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	162	50
Gross amounts offset	(105)	(8)
Duke Energy Progress
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	415	124
Derivative Asset, Current	144	65
Net amounts presented in Current Assets: Other	57	42
Duke Energy Progress | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	253	74
Gross amounts offset	(109)	(9)
Duke Energy Progress | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	162	50
Gross amounts offset	(105)	(8)
Duke Energy Florida
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	22
Derivative Asset, Current	22
Duke Energy Florida | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	22
Duke Energy Ohio
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	4	2
Derivative Asset, Current	4	2
Duke Energy Ohio | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	4	2
Duke Energy Indiana
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	131	23
Derivative Asset, Current	131	23
Duke Energy Indiana | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 131	23
Piedmont
Offsetting Derivative Assets [Abstract]
Gross amounts recognized		3
Derivative Asset, Current		3
Piedmont | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized		$ 3

XML

Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 671	$ 472
Net amounts presented in Current Liabilities: Other	196	173
Net amounts presented in Current Liabilities: Other	440	276
Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	214	184
Gross amounts offset	$ (18)	$ (11)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current Liabilities: Other	Current Liabilities: Other
Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 457	$ 288
Gross amounts offset	$ (17)	$ (12)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other, noncurrent liabilities	Other, noncurrent liabilities
Duke Energy Carolinas
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 113	$ 35
Net amounts presented in Current Liabilities: Other	99	20
Net amounts presented in Current Liabilities: Other	5	1
Duke Energy Carolinas | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	99	26
Gross amounts offset		(6)
Duke Energy Carolinas | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	14	9
Gross amounts offset	(9)	(8)
Progress Energy
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	9	24
Net amounts presented in Current Liabilities: Other		14
Progress Energy | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized		19
Gross amounts offset		(5)
Progress Energy | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	9	5
Gross amounts offset	(9)	(5)
Duke Energy Progress
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	9	10
Duke Energy Progress | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized		5
Gross amounts offset		(5)
Duke Energy Progress | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	9	5
Gross amounts offset	(9)	(5)
Duke Energy Florida
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized		14
Net amounts presented in Current Liabilities: Other		14
Duke Energy Florida | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized		14
Duke Energy Ohio
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	3	5
Net amounts presented in Current Liabilities: Other	1	1
Net amounts presented in Current Liabilities: Other	2	4
Duke Energy Ohio | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	1	1
Duke Energy Ohio | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	2	4
Duke Energy Indiana
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	18	27
Net amounts presented in Current Liabilities: Other		13
Net amounts presented in Current Liabilities: Other		14
Duke Energy Indiana | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	18	13
Gross amounts offset	(18)
Duke Energy Indiana | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized		14
Piedmont
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	171	139
Net amounts presented in Current Liabilities: Other	31	21
Net amounts presented in Current Liabilities: Other	140	118
Piedmont | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	31	21
Piedmont | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 140	$ 118

XML

Investments in Debt and Equity Securities (Estimated Fair Value of Investments in Debt and Equity Securities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale
Estimated Fair Value	$ 2,820
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	3,253	$ 5,033
Unrealized Holding Losses	547	66
Estimated Fair Value	8,540	10,893
Duke Energy Carolinas
Debt Securities, Available-for-sale
Estimated Fair Value	1,286
Progress Energy
Debt Securities, Available-for-sale
Estimated Fair Value	1,295
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,335	2,062
Unrealized Holding Losses	235	36
Estimated Fair Value	3,680	4,688
Duke Energy Progress
Debt Securities, Available-for-sale
Estimated Fair Value	951
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,261	1,957
Unrealized Holding Losses	207	29
Estimated Fair Value	3,215	4,105
Duke Energy Florida
Debt Securities, Available-for-sale
Estimated Fair Value	344
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	74	105
Unrealized Holding Losses	28	7
Estimated Fair Value	464	582
Duke Energy Indiana
Debt Securities, Available-for-sale
Estimated Fair Value	59
NDTF
Available-for-sale Securities
Cash and cash equivalents	120	160
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	3,238	4,905
Equity Securities, FV-NI, Accumulated Unrealized Loss	181	43
Equity securities, FV-NI	5,447	7,350
Debt Securities, Available-for-sale
Estimated Fair Value	2,556	2,891
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	3,238	4,992
Unrealized Holding Losses	505	63
Estimated Fair Value	8,123	10,401
NDTF | Duke Energy Carolinas
Available-for-sale Securities
Cash and cash equivalents	41	53
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	1,903	2,887
Equity Securities, FV-NI, Accumulated Unrealized Loss	87	19
Equity securities, FV-NI	3,154	4,265
Debt Securities, Available-for-sale
Estimated Fair Value	1,286	1,441
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,903	2,932
Unrealized Holding Losses	270	27
Estimated Fair Value	4,481	5,759
NDTF | Progress Energy
Available-for-sale Securities
Cash and cash equivalents	79	107
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	1,335	2,018
Equity Securities, FV-NI, Accumulated Unrealized Loss	94	24
Equity securities, FV-NI	2,293	3,085
Debt Securities, Available-for-sale
Estimated Fair Value	1,270	1,450
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,335	2,060
Unrealized Holding Losses	235	36
Estimated Fair Value	3,642	4,642
NDTF | Duke Energy Progress
Available-for-sale Securities
Cash and cash equivalents	47	94
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	1,261	1,915
Equity Securities, FV-NI, Accumulated Unrealized Loss	94	23
Equity securities, FV-NI	2,206	2,970
Debt Securities, Available-for-sale
Estimated Fair Value	951	1,025
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,261	1,957
Unrealized Holding Losses	207	29
Estimated Fair Value	3,204	4,089
NDTF | Duke Energy Florida
Available-for-sale Securities
Cash and cash equivalents	32	13
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	74	103
Equity Securities, FV-NI, Accumulated Unrealized Loss		1
Equity securities, FV-NI	87	115
Debt Securities, Available-for-sale
Estimated Fair Value	319	425
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	74	103
Unrealized Holding Losses	28	7
Estimated Fair Value	438	553
Other Investments
Available-for-sale Securities
Cash and cash equivalents	37	36
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	15	36
Equity Securities, FV-NI, Accumulated Unrealized Loss	20
Equity securities, FV-NI	116	156
Debt Securities, Available-for-sale
Estimated Fair Value	264	300
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	15	41
Unrealized Holding Losses	42	3
Estimated Fair Value	417	492
Other Investments | Progress Energy
Available-for-sale Securities
Cash and cash equivalents	13	20
Debt Securities, Available-for-sale
Estimated Fair Value	25	26
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains		2
Estimated Fair Value	38	46
Other Investments | Duke Energy Progress
Available-for-sale Securities
Cash and cash equivalents	11	16
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Estimated Fair Value	11	16
Other Investments | Duke Energy Florida
Available-for-sale Securities
Cash and cash equivalents	1	3
Debt Securities, Available-for-sale
Estimated Fair Value	25	26
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains		2
Estimated Fair Value	26	29
Other Investments | Duke Energy Indiana
Available-for-sale Securities
Cash and cash equivalents	1
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain		6
Equity Securities, FV-NI, Accumulated Unrealized Loss	20
Equity securities, FV-NI	72	97
Debt Securities, Available-for-sale
Estimated Fair Value	59	64
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains		7
Unrealized Holding Losses	25	1
Estimated Fair Value	132	161
Corporate debt securities | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		39
Gross Unrealized Holding Losses	116	6
Estimated Fair Value	682	829
Corporate debt securities | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		24
Gross Unrealized Holding Losses	86	4
Estimated Fair Value	433	506
Corporate debt securities | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		15
Gross Unrealized Holding Losses	30	2
Estimated Fair Value	249	323
Corporate debt securities | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		15
Gross Unrealized Holding Losses	29	2
Estimated Fair Value	234	282
Corporate debt securities | NDTF | Duke Energy Florida
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	1
Estimated Fair Value	15	41
Corporate debt securities | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		2
Gross Unrealized Holding Losses	14	1
Estimated Fair Value	81	119
Corporate debt securities | Other Investments | Duke Energy Indiana
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	1
Estimated Fair Value	7	6
Municipal bonds | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		14
Gross Unrealized Holding Losses	49	1
Estimated Fair Value	319	314
Municipal bonds | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		2
Gross Unrealized Holding Losses	13
Estimated Fair Value	57	48
Municipal bonds | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		12
Gross Unrealized Holding Losses	36	1
Estimated Fair Value	262	266
Municipal bonds | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		12
Gross Unrealized Holding Losses	36	1
Estimated Fair Value	262	266
Municipal bonds | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		3
Gross Unrealized Holding Losses	4	1
Estimated Fair Value	80	80
Municipal bonds | Other Investments | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		2
Estimated Fair Value	25	26
Municipal bonds | Other Investments | Duke Energy Florida
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		2
Estimated Fair Value	25	26
Municipal bonds | Other Investments | Duke Energy Indiana
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		1
Gross Unrealized Holding Losses	4	1
Estimated Fair Value	45	46
U.S. government bonds | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		31
Gross Unrealized Holding Losses	139	12
Estimated Fair Value	1,391	1,568
U.S. government bonds | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		16
Gross Unrealized Holding Losses	65	3
Estimated Fair Value	637	712
U.S. government bonds | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		15
Gross Unrealized Holding Losses	74	9
Estimated Fair Value	754	856
U.S. government bonds | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		15
Gross Unrealized Holding Losses	47	3
Estimated Fair Value	450	472
U.S. government bonds | NDTF | Duke Energy Florida
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	27	6
Estimated Fair Value	304	384
U.S. government bonds | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	1
Estimated Fair Value	63	56
U.S. government bonds | Other Investments | Duke Energy Indiana
Debt Securities, Available-for-sale
Estimated Fair Value	7	12
Other debt securities | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		3
Gross Unrealized Holding Losses	20	1
Estimated Fair Value	164	180
Other debt securities | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains		3
Gross Unrealized Holding Losses	19	1
Estimated Fair Value	159	175
Other debt securities | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	1
Estimated Fair Value	5	5
Other debt securities | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	1
Estimated Fair Value	5	5
Other debt securities | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	3	1
Estimated Fair Value	$ 40	$ 45

XML

Investments in Debt and Equity Securities (Realized Gains and Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
FV-NI:
Realized gains	$ 25	$ 34	$ 170	$ 320
Realized losses	61	40	247	100
AFS:
Realized gains	7	17	22	51
Realized losses	40	15	105	46
Duke Energy Carolinas
FV-NI:
Realized gains	16	25	109	243
Realized losses	39	29	143	68
AFS:
Realized gains	7	10	19	35
Realized losses	20	10	57	32
Progress Energy
FV-NI:
Realized gains	9	9	61	77
Realized losses	22	11	104	32
AFS:
Realized gains		7	3	14
Realized losses	9	6	32	12
Duke Energy Progress
FV-NI:
Realized gains	9	9	60	76
Realized losses	21	11	101	31
AFS:
Realized gains		6	3	13
Realized losses	$ 9	$ 5	$ 29	$ 11

XML

Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	$ 139
Due after one through five years	854
Due after five through 10 years	451
Due after 10 years	1,376
Total	2,820
Duke Energy Carolinas
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	7
Due after one through five years	301
Due after five through 10 years	208
Due after 10 years	770
Total	1,286
Progress Energy
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	115
Due after one through five years	473
Due after five through 10 years	191
Due after 10 years	516
Total	1,295
Duke Energy Progress
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	35
Due after one through five years	259
Due after five through 10 years	176
Due after 10 years	481
Total	951
Duke Energy Florida
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	80
Due after one through five years	214
Due after five through 10 years	15
Due after 10 years	35
Total	344
Duke Energy Indiana
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	8
Due after one through five years	22
Due after five through 10 years	7
Due after 10 years	22
Total	$ 59

XML

Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 2,820
Derivative assets	1,259	$ 320
Total assets	9,799	11,213
Derivative liabilities	(671)	(472)
Net assets (liabilities)	9,128	10,741
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	3	3
Total assets	6,512	8,667
Derivative liabilities	(18)	(13)
Net assets (liabilities)	6,494	8,654
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1,196	293
Total assets	3,182	2,472
Derivative liabilities	(432)	(314)
Net assets (liabilities)	2,750	2,158
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	60	24
Total assets	60	24
Derivative liabilities	(221)	(145)
Net assets (liabilities)	(161)	(121)
Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	45	50
Net assets (liabilities)	45	50
NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	120	160
Equity securities, FV-NI	5,447	7,350
Debt securities, available-for-sale	2,556	2,891
NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	120	160
Debt securities, available-for-sale	778	967
NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,778	1,924
NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	5,447	7,350
NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	5,402	7,300
NDTF equity securities | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	45	50
Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	37	36
Equity securities, FV-NI	116	156
Debt securities, available-for-sale	264	300
Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	37	36
Equity securities, FV-NI	116	156
Debt securities, available-for-sale	56	45
Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	208	255
Duke Energy Carolinas
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,286
Derivative assets	535	162
Total assets	5,016	5,921
Derivative liabilities	(113)	(35)
Net assets (liabilities)	4,903	5,886
Duke Energy Carolinas | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	3,426	4,607
Net assets (liabilities)	3,426	4,607
Duke Energy Carolinas | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	535	162
Total assets	1,545	1,264
Derivative liabilities	(113)	(35)
Net assets (liabilities)	1,432	1,229
Duke Energy Carolinas | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	45	50
Net assets (liabilities)	45	50
Duke Energy Carolinas | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	41	53
Equity securities, FV-NI	3,154	4,265
Debt securities, available-for-sale	1,286	1,441
Duke Energy Carolinas | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	41	53
Debt securities, available-for-sale	276	339
Duke Energy Carolinas | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,010	1,102
Duke Energy Carolinas | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	3,154	4,265
Duke Energy Carolinas | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	3,109	4,215
Duke Energy Carolinas | NDTF equity securities | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	45	50
Progress Energy
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,295
Derivative assets	437	124
Total assets	4,117	4,812
Derivative liabilities	(9)	(24)
Net assets (liabilities)	4,108	4,788
Progress Energy | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	2,887	3,840
Net assets (liabilities)	2,887	3,840
Progress Energy | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	437	124
Total assets	1,230	972
Derivative liabilities	(9)	(24)
Net assets (liabilities)	1,221	948
Progress Energy | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	79	107
Equity securities, FV-NI	2,293	3,085
Debt securities, available-for-sale	1,270	1,450
Progress Energy | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	79	107
Debt securities, available-for-sale	502	628
Progress Energy | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	768	822
Progress Energy | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,293	3,085
Progress Energy | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,293	3,085
Progress Energy | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	13	20
Debt securities, available-for-sale	25	26
Progress Energy | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	13	20
Progress Energy | Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	25	26
Duke Energy Progress
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	951
Derivative assets	415	124
Total assets	3,630	4,229
Derivative liabilities	(9)	(10)
Net assets (liabilities)	3,621	4,219
Duke Energy Progress | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	2,507	3,369
Net assets (liabilities)	2,507	3,369
Duke Energy Progress | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	415	124
Total assets	1,123	860
Derivative liabilities	(9)	(10)
Net assets (liabilities)	1,114	850
Duke Energy Progress | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	47	94
Equity securities, FV-NI	2,206	2,970
Debt securities, available-for-sale	951	1,025
Duke Energy Progress | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	47	94
Debt securities, available-for-sale	243	289
Duke Energy Progress | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	708	736
Duke Energy Progress | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,206	2,970
Duke Energy Progress | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,206	2,970
Duke Energy Progress | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	11	16
Duke Energy Progress | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	11	16
Duke Energy Florida
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	344
Derivative assets	22
Total assets	486	582
Derivative liabilities		(14)
Net assets (liabilities)	486	568
Duke Energy Florida | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	379	470
Net assets (liabilities)	379	470
Duke Energy Florida | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	22
Total assets	107	112
Derivative liabilities		(14)
Net assets (liabilities)	107	98
Duke Energy Florida | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	32	13
Equity securities, FV-NI	87	115
Debt securities, available-for-sale	319	425
Duke Energy Florida | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	32	13
Debt securities, available-for-sale	259	339
Duke Energy Florida | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	60	86
Duke Energy Florida | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	87	115
Duke Energy Florida | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	87	115
Duke Energy Florida | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1	3
Debt securities, available-for-sale	25	26
Duke Energy Florida | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1	3
Duke Energy Florida | Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	25	26
Duke Energy Indiana
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	59
Derivative assets	131	23
Total assets	263	184
Derivative liabilities	(18)	(27)
Net assets (liabilities)	245	157
Duke Energy Indiana | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	2	1
Total assets	75	98
Derivative liabilities	(18)	(13)
Net assets (liabilities)	57	85
Duke Energy Indiana | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	73
Total assets	132	64
Derivative liabilities		(14)
Net assets (liabilities)	132	50
Duke Energy Indiana | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	56	22
Total assets	56	22
Net assets (liabilities)	56	22
Duke Energy Indiana | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1
Equity securities, FV-NI	72	97
Debt securities, available-for-sale	59	64
Duke Energy Indiana | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1
Equity securities, FV-NI	72	97
Duke Energy Indiana | Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	59	64
Piedmont
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets		3
Derivative liabilities	(171)	(139)
Net assets (liabilities)	(171)	(136)
Piedmont | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets		3
Net assets (liabilities)		3
Piedmont | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	(171)	(139)
Net assets (liabilities)	$ (171)	$ (139)

XML

Fair Value Measurements (Reconciliation of Assets and Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives (net)
Balance at beginning of period	$ (156)	$ (131)	$ (121)	$ (77)
Total pretax realized or unrealized gains included in earnings	15		15
Total pretax realized or unrealized losses included in comprehensive income	(5)	(11)	(115)	(86)
Purchases, sales, issuances and settlements:
Purchases			77	21
Settlements	(6)	4	12	(4)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(9)	7	(29)	15
Balance at end of period	(161)	(131)	(161)	(131)
Duke Energy Indiana
Derivatives (net)
Balance at beginning of period	84	22	22	6
Purchases, sales, issuances and settlements:
Purchases			74	18
Settlements	(20)	(3)	(10)	(12)
Total (losses) gains included on the Condensed Consolidated Balance Sheet	(8)	5	(30)	12
Balance at end of period	$ 56	$ 24	$ 56	$ 24

XML

Fair Value Measurements (Quantitative Level 3 Fair Value Disclosures) (Details) $ in Millions	Sep. 30, 2022 USD ($) $ / MWh	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / MWh	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ (161)	$ (156)	$ (121)	$ (131)	$ (131)	$ (77)
Electricity contracts | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ (221)		$ (145)
Electricity contracts | RTO auction pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	24.46		19.04
Electricity contracts | RTO auction pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	145.44		139.11
Electricity contracts | RTO auction pricing | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	52.10		37,570,000
Duke Energy Ohio | FTRs | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 4		$ 2
Duke Energy Ohio | FTRs | RTO auction pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	0		0.06
Duke Energy Ohio | FTRs | RTO auction pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	3.00		1.79
Duke Energy Ohio | FTRs | RTO auction pricing | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	1.49		0.96
Duke Energy Indiana
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 56	$ 84	$ 22	$ 24	$ 22	$ 6
Duke Energy Indiana | FTRs | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 56		$ 22
Duke Energy Indiana | FTRs | RTO auction pricing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	(0.64)		(1.18)
Duke Energy Indiana | FTRs | RTO auction pricing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	21.81		13.11
Duke Energy Indiana | FTRs | RTO auction pricing | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques
Input measurements (in usd per MWh and usd per MMBtu)	3.41		2.68

XML

Fair Value Measurements (Other Fair Value Disclosure) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 69,309	$ 63,835
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	60,247	69,683
Piedmont Natural Gas and Progress Energy
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt discount (premium), net	1,190	1,250
Duke Energy Carolinas | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	14,222	13,275
Duke Energy Carolinas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	12,614	15,101
Progress Energy | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	21,149	20,823
Progress Energy | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	18,744	23,751
Duke Energy Progress | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	11,090	10,249
Duke Energy Progress | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,495	11,252
Duke Energy Florida | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	8,417	8,482
Duke Energy Florida | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	7,528	9,772
Duke Energy Ohio | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,244	3,193
Duke Energy Ohio | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,891	3,570
Duke Energy Indiana | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	4,310	4,323
Duke Energy Indiana | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,821	5,067
Piedmont | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,363	2,968
Piedmont | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 2,857	$ 3,278

XML

Variable Interest Entities (Narrative) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 30, 2021	Sep. 30, 2022
VIE primary beneficiary
Variable Interest Entities [Line Items]
Variable interest entity, financial or other support, amount		$ 0
VIE primary beneficiary | CRC
Variable Interest Entities [Line Items]
Percent of proceeds received as cash		75.00%
Percent of proceeds received as subordinated note		25.00%
Minimum equity balance required by Cinergy Receivables		$ 3,000,000
VIE primary beneficiary | DECNCSF | Duke Energy Carolinas
Variable Interest Entities [Line Items]
Proceeds from issuance of senior secured bonds	$ 237,000,000
VIE primary beneficiary | DEPNCSF | Duke Energy Progress
Variable Interest Entities [Line Items]
Proceeds from issuance of senior secured bonds	$ 770,000,000
VIE not primary beneficiary | VIE With Ownership In Portfolio Of Wind Projects
Variable Interest Entities [Line Items]
Variable interest entity ownership interest		50.00%
VIE not primary beneficiary | OVEC
Variable Interest Entities [Line Items]
Variable interest entity ownership interest		9.00%

XML

Variable Interest Entities (Schedule of Accounts Receivable Securitizations) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entities [Line Items]
Long-Term Debt	$ 66,060,000,000	$ 60,448,000,000
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Long-Term Debt	12,903,000,000	12,595,000,000
Duke Energy Progress
Variable Interest Entities [Line Items]
Long-Term Debt	10,572,000,000	9,543,000,000
Duke Energy Florida
Variable Interest Entities [Line Items]
Long-Term Debt	8,089,000,000	8,406,000,000
CRC | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	350,000,000
Long-Term Debt	350,000,000	350,000,000
Accounts receivable from securitization	844,000,000	587,000,000
DERF | Duke Energy Carolinas | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	500,000,000
Long-Term Debt	500,000,000	475,000,000
Accounts receivable from securitization	932,000,000	844,000,000
DEPR | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	400,000,000
Long-Term Debt	400,000,000	350,000,000
Accounts receivable from securitization	733,000,000	574,000,000
DEFR | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	250,000,000
Long-Term Debt	250,000,000	250,000,000
Accounts receivable from securitization	$ 603,000,000	$ 427,000,000

XML

Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entities [Line Items]
Regulatory Assets: Current	$ 3,576	$ 2,150
Current Assets: Other	1,244	638
Other Noncurrent Assets: Regulatory assets	13,835	12,487
Property, Plant and Equipment: Cost	169,053	161,819
Accumulated depreciation and amortization	(53,241)	(50,555)
Other Noncurrent Assets: Other	4,050	3,812
Current Liabilities: Other	2,204	2,471
Current maturities of long-term debt	3,249	3,387
Long-Term Debt	66,060	60,448
Other Noncurrent Liabilities: AROs	12,152	12,129
Other Noncurrent Liabilities: Other	1,936	1,650
Duke Energy Florida
Variable Interest Entities [Line Items]
Regulatory Assets: Current	1,212	497
Current Assets: Other	162	80
Other Noncurrent Assets: Regulatory assets	2,038	1,791
Property, Plant and Equipment: Cost	25,243	23,865
Accumulated depreciation and amortization	(6,244)	(5,819)
Other Noncurrent Assets: Other	431	399
Current Liabilities: Other	338	408
Current maturities of long-term debt	328	76
Long-Term Debt	8,089	8,406
Other Noncurrent Liabilities: AROs	363	436
Other Noncurrent Liabilities: Other	355	309
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Regulatory Assets: Current	995	544
Current Assets: Other	267	95
Other Noncurrent Assets: Regulatory assets	3,969	2,935
Property, Plant and Equipment: Cost	53,878	51,874
Accumulated depreciation and amortization	(18,504)	(17,854)
Other Noncurrent Assets: Other	1,179	1,248
Current Liabilities: Other	565	546
Current maturities of long-term debt	1,019	362
Long-Term Debt	12,903	12,595
Other Noncurrent Liabilities: AROs	5,115	5,052
Other Noncurrent Liabilities: Other	537	536
Duke Energy Progress
Variable Interest Entities [Line Items]
Regulatory Assets: Current	658	533
Current Assets: Other	189	83
Other Noncurrent Assets: Regulatory assets	4,482	4,118
Property, Plant and Equipment: Cost	38,503	37,018
Accumulated depreciation and amortization	(14,224)	(13,387)
Other Noncurrent Assets: Other	749	792
Current Liabilities: Other	356	448
Current maturities of long-term debt	368	556
Long-Term Debt	10,572	9,543
Other Noncurrent Liabilities: AROs	5,529	5,401
Other Noncurrent Liabilities: Other	86	87
DEFPF | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Receivables of VIEs	8	5
Regulatory Assets: Current	54	54
Current Assets: Other	17	39
Other Noncurrent Assets: Regulatory assets	840	883
Current Liabilities: Other	2	9
Current maturities of long-term debt	56	56
Long-Term Debt	890	946
DECNCSF | Duke Energy Carolinas | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	12	12
Current Assets: Other	5
Other Noncurrent Assets: Regulatory assets	211	220
Other Noncurrent Assets: Other	1	1
Current Liabilities: Other	1	1
Current maturities of long-term debt	10	5
Long-Term Debt	219	228
DEPNCSF | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	39	39
Current Assets: Other	17
Other Noncurrent Assets: Regulatory assets	691	720
Other Noncurrent Assets: Other	2	4
Current Liabilities: Other	4	2
Current maturities of long-term debt	34	15
Long-Term Debt	714	747
Commercial Renewables | VIE primary beneficiary
Variable Interest Entities [Line Items]
Current Assets: Other	201	215
Property, Plant and Equipment: Cost	7,554	7,339
Accumulated depreciation and amortization	(1,710)	(1,474)
Other Noncurrent Assets: Other	115	62
Current maturities of long-term debt	285	167
Long-Term Debt	1,252	1,475
Other Noncurrent Liabilities: AROs	178	173
Other Noncurrent Liabilities: Other	$ 202	$ 319

XML

Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	$ 951	$ 970
Other noncurrent assets	4,050	3,812
Total Assets	176,340	169,587
Other current liabilities	2,204	2,471
Other, noncurrent liabilities	1,936	1,650
VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	539	523
Other noncurrent assets	60	61
Total Assets	599	584
Other current liabilities	58	51
Other, noncurrent liabilities	51	57
Total liabilities	109	108
Net assets	490	476
Duke Energy Ohio
Variable Interest Entities [Line Items]
Other noncurrent assets	91	84
Total Assets	11,315	10,774
Other current liabilities	86	82
Other, noncurrent liabilities	97	101
Duke Energy Ohio | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Receivables from affiliated companies	178	79
Total Assets	178	79
Net assets	178	79
Duke Energy Indiana
Variable Interest Entities [Line Items]
Other noncurrent assets	275	296
Total Assets	14,816	14,488
Other current liabilities	178	105
Other, noncurrent liabilities	59	44
Duke Energy Indiana | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Receivables from affiliated companies	263	97
Total Assets	263	97
Net assets	263	97
Pipeline Investments | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	34	15
Other noncurrent assets	60	61
Total Assets	94	76
Other current liabilities	56	47
Other, noncurrent liabilities	49	54
Total liabilities	105	101
Net assets	(11)	(25)
Commercial Renewables | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	505	508
Total Assets	505	508
Other current liabilities	2	4
Other, noncurrent liabilities	2	3
Total liabilities	4	7
Net assets	$ 501	$ 501

XML

Variable Interest Entities (Receivables Sold) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Duke Energy Ohio
Variable Interest Entities [Line Items]
Receivables sold	$ 334	$ 269
Less: Retained interests	178	79
Net receivables sold	156	190
Duke Energy Indiana
Variable Interest Entities [Line Items]
Receivables sold	531	328
Less: Retained interests	263	97
Net receivables sold	$ 268	$ 231

XML

Variable Interest Entities (Sales and Cash Flows) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Duke Energy Ohio
Sales
Receivables sold	$ 1,869	$ 1,490
Loss recognized on sale	11	7
Cash flows
Cash proceeds from receivables sold	1,757	1,519
Collection fees received	1	1
Return received on retained interests	6	3
Duke Energy Indiana
Sales
Receivables sold	2,646	2,176
Loss recognized on sale	15	10
Cash flows
Cash proceeds from receivables sold	2,465	2,199
Collection fees received	1	1
Return received on retained interests	$ 9	$ 4

XML

Revenue (Remaining Performance Obligations) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Progress Energy
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 182
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 27
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 53
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 45
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 43
Duke Energy Progress
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 18
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 2
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 8
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 8
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Duke Energy Florida
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 164
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 25
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 45
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 37
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 43
Duke Energy Indiana
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 72
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 1
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 11
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 16
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 17
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 15
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 12
Piedmont
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 544
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, remaining performance obligation, amount	$ 16
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 64
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 62
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 61
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, amount	$ 51
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 290

XML

Revenue (Remaining Performance Obligations Total) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Progress Energy
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 182
Duke Energy Progress
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	18
Duke Energy Florida
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	164
Duke Energy Indiana
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	72
Piedmont
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 544

XML

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 7,942	$ 6,894	$ 21,590	$ 18,655
Revenue from sources other than contracts with customers	26	57	195	204
Total operating revenues	7,968	6,951	21,785	18,859
Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7,435	6,560	19,503	17,142
Total operating revenues	7,431	6,560	19,552	17,161
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,250	2,955	8,642	7,753
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,077	1,873	5,498	4,805
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	986	861	2,582	2,228
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	874	619	2,129	1,644
Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	248	252	652	712
Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	412	270	1,849	1,330
Total operating revenues	404	266	1,843	1,323
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	167	129	936	747
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	108	78	504	373
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	34	30	125	110
Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	103	33	284	100
Commercial Renewables
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	89	56	217	163
Total operating revenues	127	117	369	355
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers			21
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6	8		20
Duke Energy Carolinas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,184	2,120	5,852	5,474
Revenue from sources other than contracts with customers	(9)	(16)	(8)	(44)
Total operating revenues	2,175	2,104	5,844	5,430
Duke Energy Carolinas | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,184	2,120	5,852	5,474
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	887	892	2,454	2,368
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	686	685	1,796	1,685
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	366	360	938	872
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	140	111	356	341
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	105	72	308	208
Progress Energy
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,869	3,212	10,054	8,338
Revenue from sources other than contracts with customers	12	21	33	79
Total operating revenues	3,881	3,233	10,087	8,417
Progress Energy | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,869	3,212	10,054	8,338
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,719	1,525	4,487	3,903
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	947	826	2,562	2,170
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	298	264	842	700
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	588	399	1,388	1,056
Progress Energy | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	317	198	775	509
Duke Energy Progress
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,967	1,656	5,173	4,366
Revenue from sources other than contracts with customers	2	11	9	51
Total operating revenues	1,969	1,667	5,182	4,417
Duke Energy Progress | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,967	1,656	5,173	4,366
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	670	619	1,824	1,657
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	419	400	1,114	1,036
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	216	195	594	500
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	403	324	1,033	901
Duke Energy Progress | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	259	118	608	272
Duke Energy Florida
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,902	1,556	4,881	3,972
Revenue from sources other than contracts with customers	5	5	9	15
Total operating revenues	1,907	1,561	4,890	3,987
Duke Energy Florida | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,902	1,556	4,881	3,972
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,049	906	2,663	2,246
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	528	426	1,448	1,134
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	82	69	248	200
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	185	75	355	155
Duke Energy Florida | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	58	80	167	237
Duke Energy Ohio
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	630	506	1,801	1,498
Revenue from sources other than contracts with customers	(2)		10	(4)
Total operating revenues	628	506	1,811	1,494
Duke Energy Ohio | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	508	413	1,309	1,123
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	249	223	656	589
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	150	119	377	329
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	62	35	130	99
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32	19	90	45
Duke Energy Ohio | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15	17	56	61
Duke Energy Ohio | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	122	93	492	375
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	88	62	331	241
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	26	24	128	99
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4	3	17	14
Duke Energy Ohio | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	4	4	16	21
Duke Energy Indiana
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,081	870	2,780	2,337
Revenue from sources other than contracts with customers	14	16	55	29
Total operating revenues	1,095	886	2,835	2,366
Duke Energy Indiana | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,081	870	2,780	2,337
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	396	316	1,046	894
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	291	240	760	619
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	260	202	672	558
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	115	89	296	202
Duke Energy Indiana | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	19	23	6	64
Piedmont
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	298	182	1,380	977
Revenue from sources other than contracts with customers	8	13	41	39
Total operating revenues	306	195	1,421	1,016
Piedmont | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	298	182	1,380	977
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	79	66	605	505
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	82	58	376	273
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	30	26	108	96
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24	23	71	69
Piedmont | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 83	$ 9	$ 220	$ 34

XML

Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 136	$ 123	$ 122	$ 146
Cumulative Change in Accounting Principle	174	123	174	123
Write-Offs	(49)	(13)	(103)	(39)
Credit Loss Expense	36	11	80	40
Other Adjustments	51	2	75	(24)
Ending balance	174	123	174	123
Duke Energy Carolinas
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	52	42	42	23
Cumulative Change in Accounting Principle	62	42	62	42
Write-Offs	(19)	(3)	(44)	(10)
Credit Loss Expense	10	4	23	20
Other Adjustments	19	(1)	41	9
Ending balance	62	42	62	42
Progress Energy
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	52	36	36	37
Cumulative Change in Accounting Principle	67	36	67	36
Write-Offs	(26)	(6)	(45)	(20)
Credit Loss Expense	20	6	39	19
Other Adjustments	21		37
Ending balance	67	36	67	36
Duke Energy Progress
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	31	21	21	23
Cumulative Change in Accounting Principle	41	21	41	21
Write-Offs	(11)	(3)	(18)	(11)
Credit Loss Expense	5	3	11	9
Other Adjustments	16		27
Ending balance	41	21	41	21
Duke Energy Florida
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	21	16	16	14
Cumulative Change in Accounting Principle	26	16	26	16
Write-Offs	(15)	(3)	(28)	(9)
Credit Loss Expense	15	3	28	10
Other Adjustments	5		10	1
Ending balance	26	16	26	16
Duke Energy Ohio
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4	4	4	4
Cumulative Change in Accounting Principle	6	4	6	4
Credit Loss Expense	2		2
Ending balance	6	4	6	4
Duke Energy Indiana
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3	3	3	3
Cumulative Change in Accounting Principle	4	3	4	3
Credit Loss Expense	1		1
Ending balance	4	3	4	3
Piedmont
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	15	13	15	12
Cumulative Change in Accounting Principle	14	15	14	15
Write-Offs	(4)	(4)	(10)	(7)
Credit Loss Expense	3	2	9	6
Other Adjustments		4		4
Ending balance	$ 14	$ 15	$ 14	$ 15

XML

Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	$ 1,046	$ 964
Trade and Other Receivables, not past due	2,589	2,104
Deferred Payment Arrangements	179	115
Trade and Other Receivables	4,386	3,732
30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	169	212
60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	95	88
90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	308	249
Duke Energy Carolinas
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	342	316
Trade and Other Receivables, not past due	728	595
Deferred Payment Arrangements	58	55
Trade and Other Receivables	1,312	1,186
Duke Energy Carolinas | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	60	77
Duke Energy Carolinas | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	27	37
Duke Energy Carolinas | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	97	106
Progress Energy
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	328	266
Trade and Other Receivables, not past due	1,132	800
Deferred Payment Arrangements	79	45
Trade and Other Receivables	1,703	1,289
Progress Energy | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	48	72
Progress Energy | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	40	41
Progress Energy | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	76	65
Duke Energy Progress
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	233	193
Trade and Other Receivables, not past due	534	405
Deferred Payment Arrangements	40	22
Trade and Other Receivables	904	722
Duke Energy Progress | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	34	44
Duke Energy Progress | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	28	21
Duke Energy Progress | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	35	37
Duke Energy Florida
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	95	73
Trade and Other Receivables, not past due	595	393
Deferred Payment Arrangements	39	23
Trade and Other Receivables	796	565
Duke Energy Florida | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	14	28
Duke Energy Florida | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	12	20
Duke Energy Florida | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	41	28
Duke Energy Ohio
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	3	4
Trade and Other Receivables, not past due	34	42
Deferred Payment Arrangements	4	2
Trade and Other Receivables	94	100
Duke Energy Ohio | CRC
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	100	82
Duke Energy Ohio | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	6	4
Duke Energy Ohio | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	2	1
Duke Energy Ohio | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	45	47
Duke Energy Indiana
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	32	27
Trade and Other Receivables, not past due	50	51
Trade and Other Receivables	110	103
Duke Energy Indiana | CRC
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	168	121
Duke Energy Indiana | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	6	13
Duke Energy Indiana | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	3	1
Duke Energy Indiana | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	19	11
Piedmont
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	14	106
Trade and Other Receivables, not past due	100	202
Deferred Payment Arrangements		4
Trade and Other Receivables	130	333
Piedmont | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	6	12
Piedmont | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	3	2
Piedmont | 90 days
Financing Receivable, Past Due [Line Items]
Trade and Other Receivables	$ 7	$ 7

XML

Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Net Income Available to Duke Energy Corporation Common Stockholders	$ 1,383	$ 1,366	$ 3,094	$ 3,070
Less: Income from discontinued operations	23	0	23	0
Accumulated preferred stock dividends adjustment	12	12	12	12
Less: Impact of participating securities	1	1	2	3
Income from continuing operations available to Duke Energy common stockholders	$ 1,371	$ 1,377	$ 3,081	$ 3,079
Weighted average common shares outstanding – basic (in shares)	770	769	770	769
Weighted average common shares outstanding – diluted (in shares)	770	769	770	769
EPS available to Duke Energy common stockholders
Basic (in usd per share)	$ 1.81	$ 1.79	$ 4.03	$ 4.00
Diluted (in usd per share)	$ 1.81	$ 1.79	$ 4.03	$ 4.00
Potentially dilutive items excluded from the calculation (in shares)	2	2	2	2
Common Stock
EPS available to Duke Energy common stockholders
Dividends declared per common share (in usd per share)	$ 1.005	$ 0.985	$ 2.975	$ 2.915
Preferred stock, Series A
EPS available to Duke Energy common stockholders
Dividends declared on preferred stock per depositary share (in usd per share)	0.359	0.359	$ 1.078	1.078
Cumulative dividend rate per annum			5.75%
Liquidation preference per share (in usd per share)	25		$ 25
Preferred stock, Series B
EPS available to Duke Energy common stockholders
Dividends declared on preferred stock per depositary share (in usd per share)	24.375	$ 24.375	$ 48.750	$ 48.750
Cumulative dividend rate per annum			4.875%
Liquidation preference per share (in usd per share)	$ 1,000		$ 1,000

XML

Employee Benefit Plans (Plan Contributions) (Details) - Qualified Pension Plans $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 58
Duke Energy Carolinas
Defined Benefit Plan Disclosure [Line Items]
Contributions made	15
Progress Energy
Defined Benefit Plan Disclosure [Line Items]
Contributions made	13
Duke Energy Progress
Defined Benefit Plan Disclosure [Line Items]
Contributions made	8
Duke Energy Florida
Defined Benefit Plan Disclosure [Line Items]
Contributions made	5
Duke Energy Ohio
Defined Benefit Plan Disclosure [Line Items]
Contributions made	3
Duke Energy Indiana
Defined Benefit Plan Disclosure [Line Items]
Contributions made	5
Piedmont
Defined Benefit Plan Disclosure [Line Items]
Contributions made	$ 2

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Employee Benefit Plans (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Remeasurement gain (loss) recognized	$ (276)
Increase (decrease) in plan assets	1,198
Increase in projected benefit obligation	922
Regulatory Assets, Noncurrent
Defined Benefit Plan Disclosure [Line Items]
Remeasurement gain (loss) recognized	(266)
Accumulated Other Comprehensive Income (Loss), Net of Tax
Defined Benefit Plan Disclosure [Line Items]
Remeasurement gain (loss) recognized	$ (10)
Duke Energy RCBP
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	5.70%
Cash balance interest crediting rate (as a percent)	4.50%
Settlement charge	$ 66
Duke Energy RCBP | Other Nonoperating Income (Expense)
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	11
Duke Energy RCBP | Duke Energy Carolinas
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	28
Duke Energy RCBP | Duke Energy Progress
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	16
Duke Energy RCBP | Duke Energy Florida
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	5
Duke Energy RCBP | Duke Energy Indiana
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	4
Duke Energy RCBP | Duke Energy Ohio
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	2
Duke Energy RCBP | Piedmont
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	11
Regulatory Assets, Noncurrent | Noncurrent assets
Defined Benefit Plan Disclosure [Line Items]
Settlement charge	$ 55

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Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - Qualified Pension Plans - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 39	$ 43	$ 120	$ 131
Interest cost on projected benefit obligation	58	55	175	165
Expected return on plan assets	(140)	(139)	(421)	(418)
Amortization of actuarial loss	24	33	71	100
Amortization of prior service credit	(5)	(7)	(14)	(22)
Amortization of settlement charges	14	2	18	6
Net periodic pension costs	(10)	(13)	(51)	(38)
Duke Energy Carolinas
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	12	14	38	42
Interest cost on projected benefit obligation	14	13	41	38
Expected return on plan assets	(38)	(36)	(114)	(106)
Amortization of actuarial loss	5	7	15	22
Amortization of prior service credit	(1)	(2)	(3)	(6)
Amortization of settlement charges	3	1	6	4
Net periodic pension costs	(5)	(3)	(17)	(6)
Progress Energy
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	11	13	34	38
Interest cost on projected benefit obligation	19	17	55	52
Expected return on plan assets	(46)	(47)	(139)	(141)
Amortization of actuarial loss	6	10	19	29
Amortization of prior service credit		(1)		(2)
Amortization of settlement charges	5	1	6	2
Net periodic pension costs	(5)	(7)	(25)	(22)
Duke Energy Progress
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	6	7	20	22
Interest cost on projected benefit obligation	9	8	25	23
Expected return on plan assets	(22)	(21)	(66)	(63)
Amortization of actuarial loss	3	5	10	14
Amortization of prior service credit				(1)
Amortization of settlement charges	4		5	1
Net periodic pension costs		(1)	(6)	(4)
Duke Energy Florida
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	4	5	14	16
Interest cost on projected benefit obligation	10	10	30	29
Expected return on plan assets	(24)	(25)	(72)	(76)
Amortization of actuarial loss	3	5	9	15
Amortization of prior service credit		(1)		(1)
Amortization of settlement charges	1		1
Net periodic pension costs	(6)	(6)	(18)	(17)
Duke Energy Ohio
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	2	3	4
Interest cost on projected benefit obligation	3	2	9	9
Expected return on plan assets	(6)	(7)	(17)	(21)
Amortization of actuarial loss	2	2	4	5
Amortization of settlement charges	2		2
Net periodic pension costs	2	(1)	1	(3)
Duke Energy Indiana
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	3	2	7	7
Interest cost on projected benefit obligation	4	5	14	14
Expected return on plan assets	(9)	(10)	(28)	(30)
Amortization of actuarial loss	3	3	8	10
Amortization of prior service credit			(1)	(1)
Amortization of settlement charges	1		1
Net periodic pension costs	2		1
Piedmont
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	4	4
Interest cost on projected benefit obligation	2	2	6	6
Expected return on plan assets	(6)	(5)	(18)	(15)
Amortization of actuarial loss	2	2	5	7
Amortization of prior service credit	(2)	(1)	(6)	(6)
Amortization of settlement charges	2	$ 1	2	1
Net periodic pension costs	$ (1)		$ (7)	$ (3)

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Income Taxes (Effective Tax Rates) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	8.40%	6.60%	5.80%	6.70%
Duke Energy Carolinas
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	5.20%	2.90%	6.30%	3.60%
Progress Energy
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	15.80%	12.90%	16.20%	11.50%
Duke Energy Progress
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	12.90%	6.30%	13.40%	5.90%
Duke Energy Florida
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	18.40%	19.10%	19.40%	19.10%
Duke Energy Ohio
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	14.20%	13.40%	(14.60%)	15.30%
Duke Energy Indiana
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	16.80%	15.80%	0.50%	16.30%
Piedmont
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract]
Effective tax rate	21.40%	25.00%	9.10%	8.40%