Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

INVESTMENTS IN UNCONSOLIDATED AFFILIATES

EQUITY METHOD INVESTMENTS

Investments in affiliates that are not controlled by Duke Energy, but over which it has significant influence, are accounted for using the equity method.

The following table presents Duke Energy’s investments in unconsolidated affiliates accounted for under the equity method, as well as the respective equity in earnings, by segment, for periods presented in this filing.

	Years Ended December 31,
	2022				2021				2020
			Equity in				Equity in		Equity in
			earnings				earnings		earnings
(in millions)	Investments		(losses)		Investments		(losses)		(losses)
Electric Utilities and Infrastructure	$	99	$	7	$	104	$	7	$	(1)
Gas Utilities and Infrastructure	240		21		231		8		(2,017)
Other	116		85		122		47		13
Total	$	455	$	113	$	457	$	62	$	(2,005)

During the years ended December 31, 2022, 2021 and 2020, Duke Energy received distributions from equity investments of $111 million, $56 million and $34 million, respectively, which are included in Other assets within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2022, 2021 and 2020, Duke Energy received distributions from equity investments of $6 million, $14 million and $23 million, respectively, which are included in Return of investment capital within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows.

During the years ended December 31, 2022, 2021 and 2020, Piedmont received distributions from equity investments of $31 million, $8 million and $2 million, respectively, which are included in Other assets within Cash Flows from Operating Activities. During the years ended December 31, 2021, and 2020, Piedmont received distributions from equity investments of $2 million and $2 million, respectively, which are included within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows. Amounts received during the year ended December 31, 2022, included in Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows were immaterial.

Significant investments in affiliates accounted for under the equity method are discussed below.

Electric Utilities and Infrastructure

Duke Energy owns 50% interests in both DATC and Pioneer, which build, own and operate electric transmission facilities in North America.

Gas Utilities and Infrastructure

Pipeline Investments

Piedmont owns a 21.49% investment in Cardinal, an intrastate pipeline located in North Carolina.

Duke Energy owns a 7.5% interest in Sabal Trail, a 517-mile interstate natural gas pipeline, which provides natural gas to Duke Energy Florida and Florida Power and Light.

Duke Energy owns a 47% interest in the ACP pipeline. In 2020, Duke Energy determined it would no longer continue its investment in the construction of the ACP pipeline. See Notes 4 and 8 for further information.

Storage Facilities

Piedmont owns a 45% interest in Pine Needle, an interstate LNG storage facility located in North Carolina, and a 50% interest in Hardy Storage, an underground interstate natural gas storage facility located in West Virginia.

Renewable Natural Gas Investments

Duke Energy owns a 29.68% investment in SustainRNG, a developer of renewable natural gas projects, a 70% interest in Sustain T&W, SustainRNG's renewable natural gas project located in Georgia, and a 70% interest in Sustain Liberty, SustainRNG's renewable natural gas project located in North Carolina.

Other

Duke Energy has a 17.5% indirect economic ownership interest and a 25% board representation and voting rights interest in NMC, which owns and operates a methanol and MTBE business in Jubail, Saudi Arabia.

Significant Subsidiaries

For the year ended December 31, 2020, Duke Energy's investment in ACP met the requirements of S-X Rule 4-08(g) to provide summarized financial information. The following table provides summary information for ACP as required under S-X Rule 1-02(bb) for the period of significance in Duke Energy's consolidated statements of operations. For the years ended December 31, 2022, and 2021, there were no investments that met the significance requirements.

	Year Ended
	December 31, 2020
Net revenues	$	—
Operating loss	(4,612)
Net loss	(4,512)
Net loss attributable to Duke Energy	$	(2,121)