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 March 31, 2023

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, Zip Code and Telephone Number	IRS Employer Identification No.
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 April 30, 2023:

Registrant	Description	Shares
Duke Energy	Common stock, $0.001 par value	770,651,719

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	14
	Progress Energy, Inc. Financial Statements	18
	Duke Energy Progress, LLC Financial Statements	22
	Duke Energy Florida, LLC Financial Statements	26
	Duke Energy Ohio, Inc. Financial Statements	30
	Duke Energy Indiana, LLC Financial Statements	34
	Piedmont Natural Gas Company, Inc. Financial Statements	38
	Combined Notes to Condensed Consolidated Financial Statements
	Note 1 – Organization and Basis of Presentation	42
	Note 2 – Dispositions	44
	Note 3 – Business Segments	46
	Note 4 – Regulatory Matters	47
	Note 5 – Commitments and Contingencies	52
	Note 6 – Debt and Credit Facilities	55
	Note 7 – Goodwill	57
	Note 8 – Related Party Transactions	57
	Note 9 – Derivatives and Hedging	58
	Note 10 – Investments in Debt and Equity Securities	64
	Note 11 – Fair Value Measurements	68
	Note 12 – Variable Interest Entities	73
	Note 13 – Revenue	76
	Note 14 – Stockholders' Equity	79
	Note 15 – Employee Benefit Plans	80
	Note 16 – Income Taxes	81
	Note 17 – Subsequent Events	81
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	82
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	95
Item 4.	Controls and Procedures	95
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	96
Item 1A.	Risk Factors	96
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	96
Item 6.	Exhibits	97
	Signatures	100

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.
AFUDC	Allowance for funds used during construction
ARO	Asset retirement obligations
Bison	Bison Insurance Company Limited
Board	Duke Energy Board of Directors
CEP	Capital Expenditure Program
the company	Duke Energy Corporation and its subsidiaries
Commercial Renewables Disposal Groups	Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, marketed as three separate disposal groups
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
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
EU&I	Electric Utilities and Infrastructure
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
GU&I	Gas Utilities and Infrastructure
GWh	Gigawatt-hours
HB 951	The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
IMR	Integrity Management Rider

GLOSSARY OF TERMS

IRA	Inflation Reduction Act
IRS	Internal Revenue Service
IURC	Indiana Utility Regulatory Commission
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
MYRP	Multiyear rate plans
NCUC	North Carolina Utilities Commission
NDTF	Nuclear decommissioning trust funds
NPNS	Normal purchase/normal sale
OPEB	Other Post-Retirement Benefit Obligations
the Parent	Duke Energy Corporation holding company
PBR	Performance-based regulation
Piedmont	Piedmont Natural Gas Company, Inc.
Progress Energy	Progress Energy, Inc.
PSCSC	Public Service Commission of South Carolina
PTC	Production Tax Credits
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 ability to implement our business strategy, including our carbon emission reduction goals;

◦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;

◦The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦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 and costs related thereto;

◦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 United States 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 or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, 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;

FORWARD-LOOKING STATEMENTS

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, 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;

◦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, as well as the successful sale of the Commercial Renewables Disposal Groups;

◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;

◦The impact of United States 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 may not yield the anticipated benefits; and

◦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.

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 any 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
	March 31,
(in millions, except per share amounts)	2023		2022
Operating Revenues
Regulated electric	$	6,324	$	5,933
Regulated natural gas	882		1,002
Nonregulated electric and other	70		76
Total operating revenues	7,276		7,011
Operating Expenses
Fuel used in electric generation and purchased power	2,377		1,817
Cost of natural gas	298		481
Operation, maintenance and other	1,310		1,548
Depreciation and amortization	1,227		1,257
Property and other taxes	389		382
Impairment of assets and other charges	8		215
Total operating expenses	5,609		5,700
Gains on Sales of Other Assets and Other, net	7		3
Operating Income	1,674		1,314
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	20		26
Other income and expenses, net	151		89
Total other income and expenses	171		115
Interest Expense	720		569
Income From Continuing Operations Before Income Taxes	1,125		860
Income Tax Expense From Continuing Operations	155		25
Income From Continuing Operations	970		835
Loss From Discontinued Operations, net of tax	(209)		(15)
Net Income	761		820
Add: Net Loss Attributable to Noncontrolling Interests	43		37
Net Income Attributable to Duke Energy Corporation	804		857
Less: Preferred Dividends	39		39
Net Income Available to Duke Energy Corporation Common Stockholders	$	765	$	818
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.20	$	1.06
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$	(0.19)	$	0.02
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$	1.01	$	1.08
Weighted Average Shares Outstanding
Basic and Diluted	770		770

See Notes to Condensed Consolidated Financial Statements

9

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Net Income	$	761	$	820
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments	(1)		2
Net unrealized (losses) gains on cash flow hedges	(20)		113
Reclassification into earnings from cash flow hedges	—		5
Net unrealized losses on fair value hedges	(11)		—
Unrealized gains (losses) on available-for-sale securities	6		(13)
Other Comprehensive (Loss) Income, net of tax	(26)		107
Comprehensive Income	735		927
Add: Comprehensive Loss Attributable to Noncontrolling Interests	43		29
Comprehensive Income Attributable to Duke Energy	778		956
Less: Preferred Dividends	39		39
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$	739	$	917

(a)Net of income tax benefit of approximately $8 million and income tax expense of approximately $32 million for the three months ended March 31, 2023, and 2022, respectfully.

See Notes to Condensed Consolidated Financial Statements

10

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	451	$	409
Receivables (net of allowance for doubtful accounts of $45 at 2023 and $40 at 2022)	1,035		1,309
Receivables of VIEs (net of allowance for doubtful accounts of $169 at 2023 and $176 at 2022)	2,635		3,106
Inventory	3,865		3,584
Regulatory assets (includes $106 at 2023 and 2022 related to VIEs)	3,502		3,485
Assets held for sale	374		356
Other (includes $42 at 2023 and $116 at 2022 related to VIEs)	452		973
Total current assets	12,314		13,222
Property, Plant and Equipment
Cost	166,096		163,839
Accumulated depreciation and amortization	(53,162)		(52,100)
Facilities to be retired, net	8		9
Net property, plant and equipment	112,942		111,748
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,691 at 2023 and $1,715 at 2022 related to VIEs)	14,702		14,645
Nuclear decommissioning trust funds	9,124		8,637
Operating lease right-of-use assets, net	1,019		1,042
Investments in equity method unconsolidated affiliates	465		455
Assets held for sale	5,538		5,634
Other (includes $50 at 2023 and $52 at 2022 related to VIEs)	3,426		3,400
Total other noncurrent assets	53,577		53,116
Total Assets	$	178,833	$	178,086
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	3,214	$	4,754
Notes payable and commercial paper	3,731		3,952
Taxes accrued	586		722
Interest accrued	693		626
Current maturities of long-term debt (includes $101 at 2023 and $350 at 2022 related to VIEs)	3,330		3,878
Asset retirement obligations	732		773
Regulatory liabilities	1,283		1,466
Liabilities associated with assets held for sale	476		535
Other	1,970		2,167
Total current liabilities	16,015		18,873
Long-Term Debt (includes $3,334 at 2023 and $3,108 at 2022 related to VIEs)	69,107		65,873
Other Noncurrent Liabilities
Deferred income taxes	10,188		9,964
Asset retirement obligations	11,987		11,955
Regulatory liabilities	13,714		13,582
Operating lease liabilities	851		876
Accrued pension and other post-retirement benefit costs	820		832
Investment tax credits	852		849
Liabilities associated with assets held for sale	1,931		1,927
Other	1,417		1,502
Total other noncurrent liabilities	41,760		41,487
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2023 and 2022	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2023 and 2022	989		989
Common stock, $0.001 par value, 2 billion shares authorized; 771 million and 770 million shares outstanding at 2023 and 2022	1		1
Additional paid-in capital	44,837		44,862
Retained earnings	2,626		2,637
Accumulated other comprehensive loss	(166)		(140)
Total Duke Energy Corporation stockholders' equity	49,260		49,322
Noncontrolling interests	2,691		2,531
Total equity	51,951		51,853
Total Liabilities and Equity	$	178,833	$	178,086

See Notes to Condensed Consolidated Financial Statements

11

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	761	$	820
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,344		1,480
Equity component of AFUDC	(46)		(46)
Impairment of assets and other charges	228		215
Deferred income taxes	90		(11)
Equity in earnings of unconsolidated affiliates	(20)		(25)
Payments for asset retirement obligations	(117)		(119)
Provision for rate refunds	(33)		(31)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	5		215
Receivables	754		5
Inventory	(275)		28
Other current assets(a)	262		(327)
Increase (decrease) in
Accounts payable	(1,193)		(160)
Taxes accrued	(148)		(90)
Other current liabilities	(266)		(269)
Other assets(a)	(20)		(26)
Other liabilities	157		136
Net cash provided by operating activities	1,483		1,795
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,146)		(2,551)
Contributions to equity method investments	(6)		(17)
Purchases of debt and equity securities	(866)		(1,516)
Proceeds from sales and maturities of debt and equity securities	882		1,530
Net proceeds from the sales of other assets	76		—
Other	(149)		(145)
Net cash used in investing activities	(3,209)		(2,699)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	4,085		3,506
Payments for the redemption of long-term debt	(1,380)		(1,215)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	2		—
Payments for the redemption of short-term debt with original maturities greater than 90 days	(50)		(257)
Notes payable and commercial paper	(217)		213
Contributions from noncontrolling interests	206		23
Dividends paid	(815)		(799)
Other	(84)		(67)
Net cash provided by financing activities	1,747		1,404
Net increase in cash, cash equivalents and restricted cash	21		500
Cash, cash equivalents and restricted cash at beginning of period	603		520
Cash, cash equivalents and restricted cash at end of period	$	624	$	1,020
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	1,366	$	1,028

(a)    Includes approximately $346 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

See Notes to Condensed Consolidated Financial Statements

12

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

										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(b)		Securities		Adjustments		Equity		Interests		Equity
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)	—		—	—		—		818		—		—		—		818		(37)		781
Other comprehensive income (loss)	—		—	—		—		—		110		(13)		2		99		8		107
Common stock issuances, including dividend reinvestment and employee benefits	—		1	—		(7)		—		—		—		—		(7)		—		(7)
Common stock dividends	—		—	—		—		(760)		—		—		—		(760)		—		(760)
Contributions from noncontrolling interests, net of transaction costs(a)	—		—	—		—		—		—		—		—		—		23		23
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(28)		(28)
Balance at March 31, 2022	$	1,962	770	$	1	$	44,364	$	3,323	$	(122)	$	(15)	$	(67)	$	49,446	$	1,806	$	51,252
Balance at December 31, 2022	$	1,962	770	$	1	$	44,862	$	2,637	$	(29)	$	(23)	$	(88)	$	49,322	$	2,531	$	51,853
Net income (loss)	—		—	—		—		765		—		—		—		765		(43)		722
Other comprehensive income (loss)	—		—	—		—		—		(31)		6		(1)		(26)		—		(26)
Common stock issuances, including dividend reinvestment and employee benefits	—		1	—		(10)		—		—		—		—		(10)		—		(10)
Common stock dividends	—		—	—		—		(776)		—		—		—		(776)		—		(776)
Sale of noncontrolling interest	—		—	—		(13)		—		—		—		—		(13)		10		(3)
Contributions from noncontrolling interests, net of transaction costs(a)	—		—	—		—		—		—		—		—		—		206		206
Distributions to noncontrolling interest in subsidiaries	—		—	—		—		—		—		—		—		—		(13)		(13)
Other	—		—	—		(2)		—		—		—		—		(2)		—		(2)
Balance at March 31, 2023	$	1,962	771	$	1	$	44,837	$	2,626	$	(60)	$	(17)	$	(89)	$	49,260	$	2,691	$	51,951

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

(b)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

13

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues	$	1,934	$	1,888
Operating Expenses
Fuel used in electric generation and purchased power	623		448
Operation, maintenance and other	440		512
Depreciation and amortization	366		379
Property and other taxes	95		93
Impairment of assets and other charges	2		3
Total operating expenses	1,526		1,435
Operating Income	408		453
Other Income and Expenses, net	59		55
Interest Expense	160		141
Income Before Income Taxes	307		367
Income Tax Expense	35		27
Net Income and Comprehensive Income	$	272	$	340

See Notes to Condensed Consolidated Financial Statements

14

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	24	$	44
Receivables (net of allowance for doubtful accounts of $5 at 2023 and $3 at 2022)	286		338
Receivables of VIEs (net of allowance for doubtful accounts of $65 at 2023 and 2022)	782		928
Receivables from affiliated companies	181		390
Inventory	1,303		1,164
Regulatory assets (includes $12 at 2023 and 2022 related to VIEs)	1,311		1,095
Other (includes $5 at 2023 and $8 at 2022 related to VIEs)	62		216
Total current assets	3,949		4,175
Property, Plant and Equipment
Cost	55,422		54,650
Accumulated depreciation and amortization	(19,082)		(18,669)
Net property, plant and equipment	36,340		35,981
Other Noncurrent Assets
Regulatory assets (includes $205 at 2023 and $208 at 2022 related to VIEs)	4,309		4,293
Nuclear decommissioning trust funds	5,076		4,783
Operating lease right-of-use assets, net	75		78
Other	998		1,036
Total other noncurrent assets	10,458		10,190
Total Assets	$	50,747	$	50,346
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	872	$	1,472
Accounts payable to affiliated companies	236		209
Notes payable to affiliated companies	1,153		1,233
Taxes accrued	110		228
Interest accrued	142		120
Current maturities of long-term debt (includes $10 at 2023 and 2022 related to VIEs)	18		1,018
Asset retirement obligations	249		261
Regulatory liabilities	418		530
Other	572		580
Total current liabilities	3,770		5,651
Long-Term Debt (includes $713 at 2023 and $689 at 2022 related to VIEs)	14,787		12,948
Long-Term Debt Payable to Affiliated Companies	300		300
Other Noncurrent Liabilities
Deferred income taxes	4,263		4,153
Asset retirement obligations	5,148		5,121
Regulatory liabilities	5,817		5,783
Operating lease liabilities	80		83
Accrued pension and other post-retirement benefit costs	35		38
Investment tax credits	299		300
Other	534		527
Total other noncurrent liabilities	16,176		16,005
Commitments and Contingencies
Equity
Member's equity	15,720		15,448
Accumulated other comprehensive loss	(6)		(6)
Total equity	15,714		15,442
Total Liabilities and Equity	$	50,747	$	50,346

See Notes to Condensed Consolidated Financial Statements

15

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	272	$	340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	426		447
Equity component of AFUDC	(24)		(22)
Impairment of assets and other charges	2		3
Deferred income taxes	32		44
Payments for asset retirement obligations	(39)		(35)
Provision for rate refunds	(19)		(18)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		50
Receivables	199		77
Receivables from affiliated companies	209		56
Inventory	(139)		(13)
Other current assets(a)	(293)		(230)
Increase (decrease) in
Accounts payable	(594)		(225)
Accounts payable to affiliated companies	27		(17)
Taxes accrued	(119)		(150)
Other current liabilities	(78)		56
Other assets(a)	206		6
Other liabilities	76		(44)
Net cash provided by operating activities	144		325
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(866)		(717)
Purchases of debt and equity securities	(556)		(1,008)
Proceeds from sales and maturities of debt and equity securities	556		1,008
Notes receivable from affiliated companies	—		(492)
Other	(59)		(54)
Net cash used in investing activities	(925)		(1,263)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,845		1,217
Payments for the redemption of long-term debt	(1,007)		(1)
Notes payable to affiliated companies	(79)		(226)
Distributions to parent	—		(50)
Other	(1)		(1)
Net cash provided by financing activities	758		939
Net (decrease) increase in cash, cash equivalents and restricted cash	(23)		1
Cash, cash equivalents and restricted cash at beginning of period	53		8
Cash, cash equivalents and restricted cash at end of period	$	30	$	9
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	449	$	352

(a)    Includes approximately $14 million of under-collected deferred fuel regulatory assets for the three months ended March 31, 2023.

See Notes to Condensed Consolidated Financial Statements

16

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Accumulated Other
			Comprehensive
			Loss
	Member's		Net Losses on		Total
(in millions)	Equity		Cash Flow Hedges		Equity
Balance at December 31, 2021	$	13,897	$	(6)	$	13,891
Net income	340		—		340
Distributions to parent	(50)		—		(50)
Other	1		—		1
Balance at March 31, 2022	$	14,188	$	(6)	$	14,182
Balance at December 31, 2022	$	15,448	$	(6)	$	15,442
Net income	272		—		272
Balance at March 31, 2023	$	15,720	$	(6)	$	15,714

See Notes to Condensed Consolidated Financial Statements

17

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues	$	3,048	$	2,992
Operating Expenses
Fuel used in electric generation and purchased power	1,191		1,064
Operation, maintenance and other	568		645
Depreciation and amortization	504		536
Property and other taxes	168		152
Impairment of assets and other charges	5		—
Total operating expenses	2,436		2,397
Gains on Sales of Other Assets and Other, net	6		2
Operating Income	618		597
Other Income and Expenses, net	59		35
Interest Expense	246		211
Income Before Income Taxes	431		421
Income Tax Expense	72		67
Net Income	$	359	$	354
Other Comprehensive Income, net of tax
Net unrealized gains on cash flow hedges	—		1
Unrealized gains (losses) on available-for-sale securities	2		(2)
Other Comprehensive Income (Loss), net of tax	2		(1)
Comprehensive Income	$	361	$	353

See Notes to Condensed Consolidated Financial Statements

18

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	93	$	108
Receivables (net of allowance for doubtful accounts of $14 at 2023 and $13 at 2022)	315		318
Receivables of VIEs (net of allowance for doubtful accounts of $61 at 2023 and $68 at 2022)	1,101		1,289
Receivables from affiliated companies	24		22
Notes receivable from affiliated companies	118		—
Inventory	1,712		1,579
Regulatory assets (includes $94 at 2023 and 2022 related to VIEs)	1,548		1,833
Other (includes $33 at 2023 and $88 at 2022 related to VIEs)	166		342
Total current assets	5,077		5,491
Property, Plant and Equipment
Cost	65,852		64,822
Accumulated depreciation and amortization	(21,011)		(20,584)
Net property, plant and equipment	44,841		44,238
Other Noncurrent Assets
Goodwill	3,655		3,655
Regulatory assets (includes $1,486 at 2023 and $1,507 at 2022 related to VIEs)	7,422		7,146
Nuclear decommissioning trust funds	4,048		3,855
Operating lease right-of-use assets, net	604		628
Other	1,097		1,066
Total other noncurrent assets	16,826		16,350
Total Assets	$	66,744	$	66,079
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	1,127	$	1,481
Accounts payable to affiliated companies	410		712
Notes payable to affiliated companies	845		843
Taxes accrued	172		135
Interest accrued	224		206
Current maturities of long-term debt (includes $341 at 2023 and $340 at 2022 related to VIEs)	699		697
Asset retirement obligations	272		289
Regulatory liabilities	473		576
Other	771		782
Total current liabilities	4,993		5,721
Long-Term Debt (includes $1,955 at 2023 and $2,003 at 2022 related to VIEs)	22,522		21,592
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	5,226		5,147
Asset retirement obligations	5,898		5,892
Regulatory liabilities	4,796		4,753
Operating lease liabilities	521		546
Accrued pension and other post-retirement benefit costs	289		292
Investment tax credits	362		358
Other	222		222
Total other noncurrent liabilities	17,314		17,210
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2023 and 2022	—		—
Additional paid-in capital	11,830		11,832
Retained earnings	9,944		9,585
Accumulated other comprehensive loss	(9)		(11)
Total equity	21,765		21,406
Total Liabilities and Equity	$	66,744	$	66,079

See Notes to Condensed Consolidated Financial Statements

19

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	359	$	354
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	554		625
Equity component of AFUDC	(16)		(12)
Impairment of assets and other charges	5		—
Deferred income taxes	51		72
Payments for asset retirement obligations	(58)		(68)
Provision for rate refunds	(14)		(16)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		164
Receivables	188		(123)
Receivables from affiliated companies	(2)		102
Inventory	(133)		(5)
Other current assets(a)	319		(224)
Increase (decrease) in
Accounts payable	(214)		26
Accounts payable to affiliated companies	(302)		(142)
Taxes accrued	36		30
Other current liabilities	(107)		(113)
Other assets(a)	(212)		(80)
Other liabilities	4		40
Net cash provided by operating activities	458		630
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,275)		(981)
Purchases of debt and equity securities	(279)		(531)
Proceeds from sales and maturities of debt and equity securities	304		548
Notes receivable from affiliated companies	(118)		(237)
Other	(71)		(28)
Net cash used in investing activities	(1,439)		(1,229)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	996		889
Payments for the redemption of long-term debt	(66)		(54)
Notes payable to affiliated companies	2		(1)
Dividends to parent	—		(250)
Other	(1)		(3)
Net cash provided by financing activities	931		581
Net decrease in cash, cash equivalents and restricted cash	(50)		(18)
Cash, cash equivalents and restricted cash at beginning of period	184		113
Cash, cash equivalents and restricted cash at end of period	$	134	$	95
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	516	$	349

(a)    Includes approximately $139 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

See Notes to Condensed Consolidated Financial Statements

20

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

					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, 2021	$	9,149	$	8,007	$	(2)	$	(2)	$	(7)	$	17,145	$	3	$	17,148
Net income	—		354		—		—		—		354		—		354
Other comprehensive income (loss)	—		—		1		(2)		—		(1)		—		(1)
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)
Dividends to parent	—		(250)		—		—		—		(250)		—		(250)
Equitization of certain notes payable to affiliates	—		2,431		—		—		—		2,431		—		2,431
Other	—		1		—		—		—		1		—		1
Balance at March 31, 2022	$	9,149	$	10,543	$	(1)	$	(4)	$	(7)	$	19,680	$	2	$	19,682
Balance at December 31, 2022	$	11,832	$	9,585	$	(1)	$	(8)	$	(2)	$	21,406	$	—	$	21,406
Net income	—		359		—		—		—		359		—		359
Other comprehensive income (loss)	—		—		—		2		—		2		—		2
Other	(2)		—		—		—		—		(2)		—		(2)
Balance at March 31, 2023	$	11,830	$	9,944	$	(1)	$	(6)	$	(2)	$	21,765	$	—	$	21,765

See Notes to Condensed Consolidated Financial Statements

21

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues	$	1,533	$	1,632
Operating Expenses
Fuel used in electric generation and purchased power	545		574
Operation, maintenance and other	350		391
Depreciation and amortization	315		306
Property and other taxes	48		49
Impairment of assets and other charges	4		—
Total operating expenses	1,262		1,320
Gains on Sales of Other Assets and Other, net	—		1
Operating Income	271		313
Other Income and Expenses, net	29		22
Interest Expense	102		85
Income Before Income Taxes	198		250
Income Tax Expense	29		35
Net Income and Comprehensive Income	$	169	$	215

See Notes to Condensed Consolidated Financial Statements

22

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	50	$	49
Receivables (net of allowance for doubtful accounts of $5 at 2023 and $4 at 2022)	159		167
Receivables of VIEs (net of allowance for doubtful accounts of $40 at 2023 and 2022)	654		793
Receivables from affiliated companies	26		25
Notes receivable from affiliated companies	160		—
Inventory	1,082		1,006
Regulatory assets (includes $39 at 2023 and 2022 related to VIEs)	764		690
Other (includes $15 at 2023 and $42 at 2022 related to VIEs)	57		174
Total current assets	2,952		2,904
Property, Plant and Equipment
Cost	39,396		38,875
Accumulated depreciation and amortization	(14,452)		(14,201)
Net property, plant and equipment	24,944		24,674
Other Noncurrent Assets
Regulatory assets (includes $672 at 2023 and $681 at 2022 related to VIEs)	4,817		4,724
Nuclear decommissioning trust funds	3,640		3,430
Operating lease right-of-use assets, net	356		370
Other	659		650
Total other noncurrent assets	9,472		9,174
Total Assets	$	37,368	$	36,752
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	511	$	601
Accounts payable to affiliated companies	252		508
Notes payable to affiliated companies	—		238
Taxes accrued	56		77
Interest accrued	90		101
Current maturities of long-term debt (includes $34 at 2023 and 2022 related to VIEs)	370		369
Asset retirement obligations	272		288
Regulatory liabilities	293		332
Other	412		384
Total current liabilities	2,256		2,898
Long-Term Debt (includes $1,096 at 2023 and $1,114 at 2022 related to VIEs)	11,527		10,568
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	2,531		2,477
Asset retirement obligations	5,552		5,535
Regulatory liabilities	4,178		4,120
Operating lease liabilities	320		335
Accrued pension and other post-retirement benefit costs	158		160
Investment tax credits	129		124
Other	89		76
Total other noncurrent liabilities	12,957		12,827
Commitments and Contingencies
Equity
Member's Equity	10,478		10,309
Total Liabilities and Equity	$	37,368	$	36,752

See Notes to Condensed Consolidated Financial Statements

23

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	169	$	215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	360		350
Equity component of AFUDC	(13)		(7)
Impairment of assets and other charges	4		—
Deferred income taxes	27		19
Payments for asset retirement obligations	(46)		(41)
Provision for rate refunds	(14)		(16)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	—		164
Receivables	144		(70)
Receivables from affiliated companies	(1)		63
Inventory	(76)		(19)
Other current assets	(61)		(75)
Increase (decrease) in
Accounts payable	(3)		18
Accounts payable to affiliated companies	(256)		(50)
Taxes accrued	(21)		(85)
Other current liabilities	(86)		(67)
Other assets(a)	(16)		(56)
Other liabilities	21		47
Net cash provided by operating activities	132		390
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(666)		(467)
Purchases of debt and equity securities	(239)		(481)
Proceeds from sales and maturities of debt and equity securities	236		480
Notes receivable from affiliated companies	(160)		(328)
Other	(33)		(19)
Net cash used in investing activities	(862)		(815)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	991		889
Payments for the redemption of long-term debt	(32)		(21)
Notes payable to affiliated companies	(239)		(172)
Distributions to parent	—		(250)
Other	(1)		(1)
Net cash provided by financing activities	719		445
Net (decrease) increase in cash, cash equivalents and restricted cash	(11)		20
Cash, cash equivalents and restricted cash at beginning of period	79		39
Cash, cash equivalents and restricted cash at end of period	$	68	$	59
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	176	$	111

See Notes to Condensed Consolidated Financial Statements

24

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(in millions)	Member's Equity
Balance at December 31, 2021	$	9,551
Net income	215
Distributions to parent	(250)
Other	1
Balance at March 31, 2022	$	9,517
Balance at December 31, 2022	$	10,309
Net income	169
Balance at March 31, 2023	$	10,478

See Notes to Condensed Consolidated Financial Statements

25

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues	$	1,510	$	1,355
Operating Expenses
Fuel used in electric generation and purchased power	646		490
Operation, maintenance and other	213		249
Depreciation and amortization	190		231
Property and other taxes	120		103
Impairment of assets and other charges	1		—
Total operating expenses	1,170		1,073
Gains on Sales of Other Assets and Other, net	1		1
Operating Income	341		283
Other Income and Expenses, net	30		15
Interest Expense	115		84
Income Before Income Taxes	256		214
Income Tax Expense	51		43
Net Income	$	205	$	171
Other Comprehensive Loss, net of tax
Unrealized gains (losses) on available-for-sale securities	2		(1)
Comprehensive Income	$	207	$	170

See Notes to Condensed Consolidated Financial Statements

26

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	26	$	45
Receivables (net of allowance for doubtful accounts of $9 at 2023 and $8 at 2022)	154		148
Receivables of VIEs (net of allowance for doubtful accounts of $21 at 2023 and $28 at 2022)	447		496
Receivables from affiliated companies	3		2
Inventory	630		573
Regulatory assets (includes $55 at 2023 and 2022 related to VIEs)	784		1,143
Other (includes $18 at 2023 and $46 at 2022 related to VIEs)	67		108
Total current assets	2,111		2,515
Property, Plant and Equipment
Cost	26,448		25,940
Accumulated depreciation and amortization	(6,552)		(6,377)
Net property, plant and equipment	19,896		19,563
Other Noncurrent Assets
Regulatory assets (includes $814 at 2023 and $826 at 2022 related to VIEs)	2,605		2,422
Nuclear decommissioning trust funds	408		424
Operating lease right-of-use assets, net	247		258
Other	393		372
Total other noncurrent assets	3,653		3,476
Total Assets	$	25,660	$	25,554
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	616	$	880
Accounts payable to affiliated companies	110		177
Notes payable to affiliated companies	886		605
Taxes accrued	131		53
Interest accrued	106		80
Current maturities of long-term debt (includes $307 at 2023 and $306 at 2022 related to VIEs)	330		328
Asset retirement obligations	1		1
Regulatory liabilities	180		244
Other	320		363
Total current liabilities	2,680		2,731
Long-Term Debt (includes $859 at 2023 and $890 at 2022 related to VIEs)	9,353		9,381
Other Noncurrent Liabilities
Deferred income taxes	2,811		2,789
Asset retirement obligations	346		357
Regulatory liabilities	618		633
Operating lease liabilities	201		211
Accrued pension and other post-retirement benefit costs	110		111
Investment tax credits	233		234
Other	77		84
Total other noncurrent liabilities	4,396		4,419
Commitments and Contingencies
Equity
Member's equity	9,237		9,031
Accumulated other comprehensive loss	(6)		(8)
Total equity	9,231		9,023
Total Liabilities and Equity	$	25,660	$	25,554

See Notes to Condensed Consolidated Financial Statements

27

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	205	$	171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	194		273
Equity component of AFUDC	(3)		(5)
Impairment of assets and other charges	1		—
Deferred income taxes	21		52
Payments for asset retirement obligations	(12)		(28)
(Increase) decrease in
Receivables	42		(54)
Receivables from affiliated companies	(1)		—
Inventory	(57)		14
Other current assets(a)	363		(72)
Increase (decrease) in
Accounts payable	(211)		9
Accounts payable to affiliated companies	(67)		(89)
Taxes accrued	79		45
Other current liabilities	(27)		(52)
Other assets(a)	(193)		(24)
Other liabilities	(8)		(6)
Net cash provided by operating activities	326		234
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(609)		(514)
Purchases of debt and equity securities	(40)		(49)
Proceeds from sales and maturities of debt and equity securities	68		69
Other	(38)		(10)
Net cash used in investing activities	(619)		(504)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	5		—
Payments for the redemption of long-term debt	(34)		(34)
Notes payable to affiliated companies	281		269
Other	(1)		(1)
Net cash provided by financing activities	251		234
Net decrease in cash, cash equivalents and restricted cash	(42)		(36)
Cash, cash equivalents and restricted cash at beginning of period	86		62
Cash, cash equivalents and restricted cash at end of period	$	44	$	26
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	340	$	237

(a)    Includes approximately $162 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

See Notes to Condensed Consolidated Financial Statements

28

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Accumulated
			Other
			Comprehensive
			Loss
			Net Unrealized
			Gains (Losses) on
	Member's		Available-for-Sale		Total
(in millions)	Equity		Securities		Equity
Balance at December 31, 2021	$	8,298	$	(3)	$	8,295
Net income	171		—		171
Other comprehensive loss	—		(1)		(1)
Balance at March 31, 2022	$	8,469	$	(4)	$	8,465
Balance at December 31, 2022	$	9,031	$	(8)	$	9,023
Net income	205		—		205
Other comprehensive income	—		2		2
Other	1		—		1
Balance at March 31, 2023	$	9,237	$	(6)	$	9,231

See Notes to Condensed Consolidated Financial Statements

29

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues
Regulated electric	$	474	$	412
Regulated natural gas	235		226
Total operating revenues	709		638
Operating Expenses
Fuel used in electric generation and purchased power	176		127
Cost of natural gas	92		107
Operation, maintenance and other	123		178
Depreciation and amortization	90		80
Property and other taxes	80		101
Total operating expenses	561		593
Operating Income	148		45
Other Income and Expenses, net	8		6
Interest Expense	36		30
Income Before Income Taxes	120		21
Income Tax Expense (Benefit)	20		(56)
Net Income and Comprehensive Income	$	100	$	77

See Notes to Condensed Consolidated Financial Statements

30

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	26	$	16
Receivables (net of allowance for doubtful accounts of $7 at 2023 and $6 at 2022)	74		73
Receivables from affiliated companies	196		247
Notes receivable from affiliated companies	258		—
Inventory	157		144
Regulatory assets	54		103
Other	33		86
Total current assets	798		669
Property, Plant and Equipment
Cost	12,543		12,497
Accumulated depreciation and amortization	(3,282)		(3,250)
Net property, plant and equipment	9,261		9,247
Other Noncurrent Assets
Goodwill	920		920
Regulatory assets	623		581
Operating lease right-of-use assets, net	17		18
Other	74		71
Total other noncurrent assets	1,634		1,590
Total Assets	$	11,693	$	11,506
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	284	$	380
Accounts payable to affiliated companies	65		72
Notes payable to affiliated companies	72		497
Taxes accrued	227		317
Interest accrued	31		29
Current maturities of long-term debt	475		475
Asset retirement obligations	14		17
Regulatory liabilities	62		99
Other	66		74
Total current liabilities	1,296		1,960
Long-Term Debt	3,491		2,745
Long-Term Debt Payable to Affiliated Companies	25		25
Other Noncurrent Liabilities
Deferred income taxes	1,142		1,136
Asset retirement obligations	140		137
Regulatory liabilities	530		534
Operating lease liabilities	17		17
Accrued pension and other post-retirement benefit costs	91		90
Other	95		96
Total other noncurrent liabilities	2,015		2,010
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2023 and 2022	762		762
Additional paid-in capital	3,100		3,100
Retained earnings	1,004		904
Total equity	4,866		4,766
Total Liabilities and Equity	$	11,693	$	11,506

See Notes to Condensed Consolidated Financial Statements

31

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	100	$	77
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91		81
Equity component of AFUDC	—		(3)
Deferred income taxes	(3)		(51)
Payments for asset retirement obligations	(1)		—
Provision for rate refunds	—		5
(Increase) decrease in
Receivables	—		(5)
Receivables from affiliated companies	17		15
Inventory	(11)		2
Other current assets	94		48
Increase (decrease) in
Accounts payable	(60)		88
Accounts payable to affiliated companies	(7)		—
Taxes accrued	(90)		(56)
Other current liabilities	(42)		(89)
Other assets	1		(17)
Other liabilities	(1)		74
Net cash provided by operating activities	88		169
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(232)		(210)
Net proceeds from the sales of other assets	75		—
Notes receivable from affiliated companies	(224)		29
Other	(16)		(6)
Net cash used in investing activities	(397)		(187)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	749		—
Notes payable to affiliated companies	(425)		21
Other	(5)		(1)
Net cash provided by financing activities	319		20
Net increase in cash and cash equivalents	10		2
Cash and cash equivalents at beginning of period	16		13
Cash and cash equivalents at end of period	$	26	$	15
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	87	$	82

See Notes to Condensed Consolidated Financial Statements

32

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Additional
	Common		Paid-in		Retained		Total
(in millions)	Stock		Capital		Earnings		Equity
Balance at December 31, 2021	$	762	$	3,100	$	602	$	4,464
Net income	—		—		77		77
Other	—		—		1		1
Balance at March 31, 2022	$	762	$	3,100	$	680	$	4,542
Balance at December 31, 2022	$	762	$	3,100	$	904	$	4,766
Net income	—		—		100		100
Balance at March 31, 2023	$	762	$	3,100	$	1,004	$	4,866

See Notes to Condensed Consolidated Financial Statements

33

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues	$	975	$	822
Operating Expenses
Fuel used in electric generation and purchased power	449		319
Operation, maintenance and other	184		192
Depreciation and amortization	158		156
Property and other taxes	18		25
Impairment of assets and other charges	—		211
Total operating expenses	809		903
Operating Income (Loss)	166		(81)
Other Income and Expenses, net	14		10
Interest Expense	52		45
Income (Loss) Before Income Taxes	128		(116)
Income Tax Expense (Benefit)	22		(37)
Net Income (Loss) and Comprehensive Income (Loss)	$	106	$	(79)

See Notes to Condensed Consolidated Financial Statements

34

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$	11	$	31
Receivables (net of allowance for doubtful accounts of $4 at 2023 and $4 at 2022)	90		112
Receivables from affiliated companies	228		298
Inventory	560		489
Regulatory assets	91		249
Other	64		197
Total current assets	1,044		1,376
Property, Plant and Equipment
Cost	18,295		18,121
Accumulated depreciation and amortization	(6,136)		(6,021)
Net property, plant and equipment	12,159		12,100
Other Noncurrent Assets
Regulatory assets	903		875
Operating lease right-of-use assets, net	48		49
Other	265		254
Total other noncurrent assets	1,216		1,178
Total Assets	$	14,419	$	14,654
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	247	$	391
Accounts payable to affiliated companies	60		206
Notes payable to affiliated companies	204		435
Taxes accrued	106		92
Interest accrued	59		48
Current maturities of long-term debt	3		303
Asset retirement obligations	197		207
Regulatory liabilities	207		187
Other	145		161
Total current liabilities	1,228		2,030
Long-Term Debt	4,350		3,854
Long-Term Debt Payable to Affiliated Companies	150		150
Other Noncurrent Liabilities
Deferred income taxes	1,313		1,299
Asset retirement obligations	741		744
Regulatory liabilities	1,517		1,454
Operating lease liabilities	46		47
Accrued pension and other post-retirement benefit costs	123		122
Investment tax credits	186		186
Other	31		65
Total other noncurrent liabilities	3,957		3,917
Commitments and Contingencies
Equity
Member's equity	4,733		4,702
Accumulated other comprehensive income	1		1
Total equity	4,734		4,703
Total Liabilities and Equity	$	14,419	$	14,654

See Notes to Condensed Consolidated Financial Statements

35

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	106	$	(79)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, amortization and accretion	158		157
Equity component of AFUDC	(1)		(7)
Impairment of assets and other charges	—		211
Deferred income taxes	2		(81)
Payments for asset retirement obligations	(19)		(15)
(Increase) decrease in
Receivables	20		4
Receivables from affiliated companies	(26)		12
Inventory	(71)		(12)
Other current assets	174		(22)
Increase (decrease) in
Accounts payable	(107)		19
Accounts payable to affiliated companies	(33)		(22)
Taxes accrued	14		74
Other current liabilities	112		14
Other assets	(12)		(10)
Other liabilities	35		50
Net cash provided by operating activities	352		293
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(226)		(212)
Purchases of debt and equity securities	(23)		(16)
Proceeds from sales and maturities of debt and equity securities	16		13
Notes receivable from affiliated companies	96		131
Other	(10)		(17)
Net cash used in investing activities	(147)		(101)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	495		—
Payments for the redemption of long-term debt	(300)		(53)
Notes payable to affiliated companies	(231)		—
Distributions to parent	(188)		(125)
Other	(1)		(1)
Net cash used in financing activities	(225)		(179)
Net (decrease) increase in cash and cash equivalents	(20)		13
Cash and cash equivalents at beginning of period	31		6
Cash and cash equivalents at end of period	$	11	$	19
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$	85	$	82

(a)    Includes approximately $175 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

See Notes to Condensed Consolidated Financial Statements

36

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Accumulated Other
			Comprehensive Income
	Member's		Pension and		Total
(in millions)	Equity		OPEB Adjustments		Equity
Balance at December 31, 2021	$	5,015	$	—	$	5,015
Net loss	(79)		—		(79)
Distributions to parent	(113)		—		(113)
Other	1		—		1
Balance at March 31, 2022	$	4,824	$	—	$	4,824
Balance at December 31, 2022	$	4,702	$	1	$	4,703
Net income	106		—		106
Distributions to parent	(75)		—		(75)
Balance at March 31, 2023	$	4,733	$	1	$	4,734

See Notes to Condensed Consolidated Financial Statements

37

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating Revenues	$	675	$	805
Operating Expenses
Cost of natural gas	206		374
Operation, maintenance and other	89		95
Depreciation and amortization	57		54
Property and other taxes	16		16
Impairment of assets and other charges	1		—
Total operating expenses	369		539
Operating Income	306		266
Other Income and Expenses, net	16		13
Interest Expense	40		32
Income Before Income Taxes	282		247
Income Tax Expense	50		33
Net Income and Comprehensive Income	$	232	$	214

See Notes to Condensed Consolidated Financial Statements

38

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)	March 31, 2023		December 31, 2022
ASSETS
Current Assets
Receivables (net of allowance for doubtful accounts of $14 at 2023 and 2022)	$	245	$	436
Receivables from affiliated companies	11		11
Inventory	99		172
Regulatory assets	121		119
Other	9		4
Total current assets	485		742
Property, Plant and Equipment
Cost	11,101		10,869
Accumulated depreciation and amortization	(2,136)		(2,081)
Facilities to be retired, net	8		9
Net property, plant and equipment	8,973		8,797
Other Noncurrent Assets
Goodwill	49		49
Regulatory assets	389		392
Operating lease right-of-use assets, net	3		4
Investments in equity method unconsolidated affiliates	78		79
Other	278		272
Total other noncurrent assets	797		796
Total Assets	$	10,255	$	10,335
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	191	$	345
Accounts payable to affiliated companies	39		51
Notes payable to affiliated companies	343		514
Taxes accrued	61		74
Interest accrued	43		40
Current maturities of long-term debt	45		45
Regulatory liabilities	122		74
Other	58		81
Total current liabilities	902		1,224
Long-Term Debt	3,319		3,318
Other Noncurrent Liabilities
Deferred income taxes	897		870
Asset retirement obligations	27		26
Regulatory liabilities	1,016		1,024
Operating lease liabilities	12		13
Accrued pension and other post-retirement benefit costs	7		7
Other	170		180
Total other noncurrent liabilities	2,129		2,120
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2023 and 2022	1,635		1,635
Retained earnings	2,269		2,037
Total Piedmont Natural Gas Company, Inc. stockholder's equity	3,904		3,672
Noncontrolling interests	1		1
Total equity	3,905		3,673
Total Liabilities and Equity	$	10,255	$	10,335

See Notes to Condensed Consolidated Financial Statements

39

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	March 31,
(in millions)	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	232	$	214
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58		55
Equity component of AFUDC	(5)		(1)
Impairment of assets and other charges	1		—
Deferred income taxes	14		(11)
Equity in earnings from unconsolidated affiliates	(2)		(2)
Provision for rate refunds	—		(2)
(Increase) decrease in
Receivables	189		15
Receivables from affiliated companies	—		(2)
Inventory	73		58
Other current assets	(19)		7
Increase (decrease) in
Accounts payable	(107)		(16)
Accounts payable to affiliated companies	(12)		12
Taxes accrued	(13)		16
Other current liabilities	42		36
Other assets	(2)		(13)
Other liabilities	(1)		—
Net cash provided by operating activities	448		366
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(271)		(199)
Other	(6)		(8)
Net cash used in investing activities	(277)		(207)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes payable to affiliated companies	(171)		(158)
Other	—		(1)
Net cash used in financing activities	(171)		(159)
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	$	160	$	87

See Notes to Condensed Consolidated Financial Statements

40

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

					Total
					Piedmont
					Natural Gas
	Common		Retained		Company, Inc.		Noncontrolling		Total
(in millions)	Stock		Earnings		Equity		Interests		Equity
Balance at December 31, 2021	$	1,635	$	1,714	$	3,349	$	—	$	3,349
Net income	—		214		214		—		214
Balance at March 31, 2022	$	1,635	$	1,928	$	3,563	$	—	$	3,563
Balance at December 31, 2022	$	1,635	$	2,037	$	3,672	$	1	$	3,673
Net income	—		232		232		—		232
Balance at March 31, 2023	$	1,635	$	2,269	$	3,904	$	1	$	3,905

See Notes to Condensed Consolidated Financial Statements

41

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

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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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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, 2022.

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.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the three months ended March 31, 2023, and 2022, the Loss From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

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. 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.

42

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

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.

	March 31, 2023										December 31, 2022
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy(a)		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	451	$	24	$	93	$	50	$	26	$	409	$	44	$	108	$	49	$	45
Other	42		5		37		14		18		82		8		74		28		41
Other Noncurrent Assets
Other	11		1		4		4		—		11		1		2		2		—
Total cash, cash equivalents and restricted cash	$	504	$	30	$	134	$	68	$	44	$	502	$	53	$	184	$	79	$	86

(a)    Certain prior year balances have been adjusted for held for sale presentation. See Note 2 for additional information.

INVENTORY

Provisions for inventory write-offs were not material at March 31, 2023, and December 31, 2022. The components of inventory are presented in the tables below.

	March 31, 2023
			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	$	2,739	$	948	$	1,273	$	842	$	431	$	116	$	355	$	12
Coal	772		309		233		128		105		29		202		—
Natural gas, oil and other fuel	354		46		206		112		94		12		3		87
Total inventory	$	3,865	$	1,303	$	1,712	$	1,082	$	630	$	157	$	560	$	99

	December 31, 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	$	2,604	$	876	$	1,232	$	819	$	413	$	105	$	342	$	12
Coal	620		253		190		99		91		34		144		—
Natural gas, oil and other fuel	360		35		157		88		69		5		3		160
Total inventory	$	3,584	$	1,164	$	1,579	$	1,006	$	573	$	144	$	489	$	172

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. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the Electric Utilities and Infrastructure (EU&I) segment. See Notes 2 and 3 for further information.

ACCOUNTS PAYABLE

Duke Energy maintains a supply chain finance program (the “program”) with a global financial institution. The program is voluntary and allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to the financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Duke Energy confirms invoices sold by suppliers under the program to the financial institution and pays the financial institution based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

43

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

The following table represents the changes in confirmed obligations outstanding for the three months ended March 31, 2023, and 2022.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at the December 31, 2021	$	19	$	—	$	9	$	—	$	9	$	6	$	—	$	4
Invoices confirmed during the period	31		2		11		2		9		6		2		11
Confirmed invoices paid during the period	(31)		(1)		(11)		(1)		(10)		(8)		(1)		(10)
Confirmed obligations outstanding at March 31, 2022	$	19	$	1	$	9	$	1	$	8	$	4	$	1	$	5
Confirmed obligations outstanding at the December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	59		10		22		11		11		1		—		25
Confirmed invoices paid during the period	(94)		(9)		(26)		(13)		(13)		(6)		—		(53)
Confirmed obligations outstanding at March 31, 2023	$	52	$	7	$	15	$	6	$	9	$	—	$	—	$	29

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2023.

2. DISPOSITIONS

Sale of Commercial Renewables Segment

In August 2022, Duke Energy announced a strategic review of its commercial renewables business. Since 2007, Duke Energy has built a portfolio of commercial wind, solar and battery projects across the U.S., and established a development pipeline. Duke Energy has developed a strategy to focus on renewables, grid and other investment opportunities within its regulated operations. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the EU&I segment. Prior to March 2023, Duke Energy was actively marketing the Commercial Renewables business as two separate disposal groups, the utility-scale solar and wind group and the distributed generation group. In March 2023, assets for certain projects were removed from the utility-scale solar and wind group and placed in a separate disposal group (collectively, Commercial Renewables Disposal Groups) and a pretax impairment of approximately $220 million was recorded for the three months ended March 31, 2023. The sales processes for the Commercial Renewables Disposal Groups are ongoing and Duke Energy expects to dispose of these groups in the second half of 2023.

Assets Held For Sale and Discontinued Operations

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. Originally debt and the related restricted cash and interest rate swaps were not expected to transfer to a buyer but during the marketing process it was determined they would be included with the sale and were classified as held for sale in March 2023. As a result, adjustments were made to the December 31, 2022, Consolidated Balance Sheet to present debt and the related restricted cash and interest rate swaps as held for sale. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented.

No interest from corporate level debt was allocated to discontinued operations.

44

FINANCIAL STATEMENTS DISPOSITIONS

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

(in millions)	March 31, 2023		December 31, 2022
Current Assets Held for Sale
Cash and cash equivalents	$	12	$	10
Receivables, net	114		107
Inventory	81		88
Other	167		151
Total current assets held for sale	374		356
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	6,334		6,444
Accumulated depreciation and amortization	(1,651)		(1,651)
Net property, plant and equipment	4,683		4,793
Operating lease right-of-use assets, net	142		140
Investments in equity method unconsolidated affiliates	512		522
Other	201		179
Total other noncurrent assets held for sale	855		841
Total Assets Held for Sale	$	5,912	$	5,990
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	80	$	122
Taxes accrued	9		17
Current maturities of long-term debt	275		276
Other	112		120
Total current liabilities associated with assets held for sale	476		535
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	1,184		1,188
Operating lease liabilities	150		150
Asset retirement obligations	196		190
Other	401		399
Total other noncurrent liabilities associated with assets held for sale	1,931		1,927
Total Liabilities Associated with Assets Held for Sale	$	2,407	$	2,462

As of March 31, 2023, and December 31, 2022, the noncontrolling interest balance is $1.7 billion and $1.6 billion, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating revenues	$	80	$	121
Operation, maintenance and other	89		81
Depreciation and amortization(a)	—		64
Property and other taxes	10		10
Other income and expenses, net	(4)		—
Interest expense	31		19
Loss on disposal	220		—
Loss before income taxes	(274)		(53)
Income tax benefit	(65)		(38)
Loss from discontinued operations	$	(209)	$	(15)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64		27
Net income from discontinued operations attributable to Duke Energy Corporation	$	(145)	$	12

(a)    Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased.

45

FINANCIAL STATEMENTS DISPOSITIONS

The Commercial Renewables Disposal Groups' held for sale assets included pretax impairments of approximately $1.7 billion at December 31, 2022. In the first quarter of 2023, a pretax impairment of approximately $220 million was recorded to write-down the carrying amount of property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated costs to sell. The first quarter impairment was included in Loss from Discontinued Operations, net of tax, in Duke Energy's Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2023. The fair value was primarily determined from market information obtained through the bidding process and discounted cash flow analysis. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 11. The impairment will be updated, if necessary, based on market changes or the final sales price, including all closing adjustments.

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Cash flows provided by (used in):
Operating activities	$	(54)	$	64
Investing activities	(151)		(88)

Other Sale-Related Matters

Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to Duke Energy (Parent) from these lawsuits will remain with Duke Energy (Parent) and any future activity related to Duke Energy (Parent) as a defendant in these lawsuits will be presented in discontinued operations. See Note 4 for more information.

3. BUSINESS SEGMENTS

Duke Energy

Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups.

The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information.

The GU&I 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 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 March 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,381	$	888	$	7,269	$	7	$	—	$	7,276
Intersegment revenues	17		23		40		24		(64)		—
Total revenues	$	6,398	$	911	$	7,309	$	31	$	(64)	$	7,276
Segment income (loss)	$	791	$	287	$	1,078	$	(168)	$	—	$	910
Less: Noncontrolling interests											43
Add: Preferred stock dividend											39
Discontinued operations											(145)
Net Income											$	761
Segment assets(a)	$	152,989	$	16,217	$	169,206	$	9,627	$	—	$	178,833

46

FINANCIAL STATEMENTS BUSINESS SEGMENTS

	Three Months Ended March 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	5,995	$	1,009	$	7,004	$	7	$	—	$	7,011
Intersegment revenues	7		23		30		23		(53)		—
Total revenues	$	6,002	$	1,032	$	7,034	$	30	$	(53)	$	7,011
Segment income (loss)(b)	$	723	$	254	$	977	$	(171)	$	—	$	806
Less: Noncontrolling interests											37
Add: Preferred stock dividend											39
Discontinued operations											12
Net Income											$	820

(a)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

(b)EU&I includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $22 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 4 for additional information.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.

	Three Months Ended March 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	474	$	235	$	709	$	—	$	—	$	709
Segment income (loss)/Net income	$	49	$	52	$	101	$	(1)	$	—	$	100
Segment assets	$	7,553	$	4,041	$	11,594	$	10	$	89	$	11,693

	Three Months Ended March 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	412	$	226	$	638	$	—	$	638
Segment income (loss)/Net income	$	41	$	38	$	79	$	(2)	$	77

4. 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

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 and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, 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.

47

FINANCIAL STATEMENTS REGULATORY MATTERS

On February 24, 2022, the NRC issued a decision in the SLR appeal related to Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC 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. Although 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 environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify 18 potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. Currently, the NRC expects to publish a draft EIS in October 2023.

On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACRS) on February 2, 2023, to discuss issues regarding the SER and SLR application. On February 25, 2023, the ACRS issued a report to the NRC on the safety aspects of the ONS SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that ONS can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for ONS should be approved.

Although the NRC’s GEIS applicability 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.

Storm Cost Securitization

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 February 7, 2023, a stipulation was reached with all parties in the proceeding regarding certain items identified through the Office of Regulatory Staff (ORS) audit of storm costs. The evidentiary hearing was held on March 1, 2023. On April 20, 2023, the PSCSC issued its order, approving the stipulation and determining unresolved issues in the case, resulting in approximately $171 million in projected deferred storm costs eligible to be securitized. The difference in the original filed amount and the approved amount is primarily related to the stipulation with the ORS in which Duke Energy Progress agreed to apply a debt-only rate of return for the calculation of carrying costs during the deferral period for the deferred storm costs.

Duke Energy Carolinas

2023 North Carolina Rate Case

On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR Application includes an MYRP to recover projected capital investments during the three-year 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 $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million or 15.7% by early 2026. 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. Duke Energy Carolinas plans to implement interim rates, subject to refund, on September 1, 2023, and has requested permanent rates be effective by January 1, 2024. The evidentiary hearing has been scheduled to begin on August 21, 2023. Duke Energy Carolinas cannot predict the outcome of this matter.

Duke Energy Progress

2022 North Carolina Rate Case

On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC includes an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR Application includes an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMs) as required by HB 951. The overall retail revenue increase as originally filed 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. Duke Energy Progress plans to implement interim rates, subject to refund, in June 2023, and has requested permanent rates be effective by October 1, 2023.

48

FINANCIAL STATEMENTS REGULATORY MATTERS

Testimony was filed by various parties on March 27, 2023, and Duke Energy Progress rebuttal testimony was filed on April 14, 2023. On April 26, 2023, Duke Energy Progress filed a partial settlement with Public Staff, which includes agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, the Carolina Industrial Group for Fair Utility Rates II joined this partial settlement and the parties filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the residential decoupling mechanism under the PBR Application. The settlement agreements are subject to the review and approval of the NCUC. Evidentiary hearings began on May 4, 2023. The key unsettled issues to be litigated in the hearing include the return on equity, capital structure, recovery of the COVID-19 cost deferral and treatment of certain regulatory asset and liability amortizations. Duke Energy Progress' proposed revenue requirement in the case as adjusted for supplemental updates and the partial settlement is $320 million in Year 1, $127 million in Year 2 and $140 million in Year 3, for a combined total of $587 million or 15% by late 2025. 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. On January 12, 2023, Duke Energy Progress and the ORS, as well as other consumer, environmental, and industrial intervening parties, filed a comprehensive Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the stipulation include:

•A $52 million annual customer rate increase prior to the reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT. After extending the remaining EDIT giveback to customers to 33 months, the net annual retail rate increase is approximately $36 million.

•ROE of 9.6% based on a capital structure of 52.43% equity and 47.57% debt.

•Continuation of deferral treatment of coal ash basin closure costs. Supports an amortization period for remaining coal ash closure costs in this rate case of seven years. Duke Energy Progress agreed not to seek recovery of approximately $50 million of deferred coal ash expenditures related to retired sites in this rate case (South Carolina retail allocation).

•Accepts the 2021 Depreciation Study as proposed in this case, as adjusted for certain recommendations from ORS and includes accelerated retirement dates for certain coal units as originally proposed.

•Establishment of a storm reserve to help offset the costs of major storms.

The PSCSC held a hearing on January 17, 2023, to consider evidence supporting the stipulation and unanimously voted to approve the comprehensive agreement on February 9, 2023. A final written order was issued on March 8, 2023. New rates went into effect April 1, 2023.

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 $173 million of the expected Department of Energy (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 is permitted to recognize the $173 million into earnings through the approved settlement period. 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. As of March 31, 2023, Duke Energy Florida has recognized $54 million into earnings. The remaining $119 million is expected to be recognized over the remainder of 2023 and 2024, while also remaining within the approved return on equity band.

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 PTCs 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 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida's petition.

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.

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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 oral arguments in the appeal on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case 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 Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed February 6, 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the Court has yet to rule on that request. 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. On December 9, 2022, the Office of Public Counsel filed a notice of appeal of this order to the Florida Supreme Court. The Office of Public Counsel’s initial brief was filed on April 18, 2023. Duke Energy Florida cannot predict the outcome of this matter.

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 March 31, 2023 Condensed Consolidated Balance Sheets includes an estimate of approximately $357 million in regulatory assets related to deferred Hurricane Ian storm costs consistent with the FPSC's storm rule. 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 filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve on January 23, 2023, seeking recovery of $442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. On March 7, 2023, the Commission approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida cannot predict the outcome of this matter.

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%. 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 PUCO issued an order on December 14, 2022, approving the Stipulation without material modification. Rates went into effect on January 3, 2023. The Ohio Consumers' Counsel (OCC) filed an application for rehearing on January 13, 2023. On February 8, 2023, the Commission granted the OCC's application for rehearing for further consideration. 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. This 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.

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FINANCIAL STATEMENTS REGULATORY MATTERS

•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.

•On March 17, 2023, the Staff of the Public Utilities Commission of Ohio submitted its Staff Review and Recommendation. This Staff Report, like prior such reports, recommends certain disallowances related to incentives.

•On March 27, 2023, the Commission established a procedural schedule. Intervention/comments were filed on April 26, 2023, and reply comments are due by May 11, 2023.

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 CEP Rider. The Staff of the PUCO (Staff) report was issued on December 21, 2022, recommending an increase in natural gas base rates of $24 million to $36 million, with an equity ratio of 52.32% and an ROE range of 9.03% to 10.04%. On April 28, 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The evidentiary hearing is scheduled to begin on May 23, 2023. Duke Energy Ohio cannot predict the outcome of this matter.

Duke Energy Kentucky Electric Base Rate Case

On December 1, 2022, Duke Energy Kentucky filed a rate case with the KPSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.35%. This is an overall increase in rates of approximately 17.8%. The request for rate increase is driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale generation stations to support the energy transition. Duke Energy Kentucky is also requesting new programs and tariff updates, including a voluntary community-based renewable subscription program and two EV charging programs. Intervenor testimony was filed March 10, 2023, and rebuttal testimony was filed April 14, 2023. The Kentucky Attorney General recommended an increase of $31 million and an ROE of 9.55%. An evidentiary hearing will begin May 9, 2023. New rates are anticipated to go into effect around July 15, 2023. Duke Energy Kentucky cannot predict the outcome of this matter.

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. 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. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. However, upon appeal by the Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group on March 10, 2022, the Indiana Supreme Court found 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 three months ended March 31, 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. On February 3, 2023, Duke Energy Indiana filed a settlement agreement reached with the OUCC and Duke Industrial Group, which includes an agreed amount of approximately $70 million of refunds to be paid to customers. The IURC approved this settlement agreement in its entirety on April 12, 2023.

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FINANCIAL STATEMENTS REGULATORY MATTERS

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 and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed. As a result of the Court's opinion, Duke Energy Indiana recognized a pretax charge of approximately $175 million to Impairment of assets and other charges for the year ended December 31, 2022. After the passage of Senate Enrolled Act 9, which amended the federal mandate statute to make clear that costs incurred pre-order are recoverable, Duke Energy Indiana filed a petition for rehearing with the Indiana Court of Appeals, which was denied on April 27, 2023. Duke Energy Indiana is evaluating whether to file a petition to transfer the case to the Indiana Supreme Court. 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 customer reliability, 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, and Duke Energy Indiana filed its responsive brief on December 28, 2022. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the Commission’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. Duke Energy Indiana filed its opposition to transfer on April 11, 2023. Duke Energy Indiana cannot predict the outcome of this matter.

Piedmont

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.

5. 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 on 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.

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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

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)	March 31, 2023		December 31, 2022
Reserves for Environmental Remediation
Duke Energy	$	86	$	84
Duke Energy Carolinas	23		22
Progress Energy	20		19
Duke Energy Progress	9		8
Duke Energy Florida	11		11
Duke Energy Ohio	33		33
Duke Energy Indiana	3		3
Piedmont	7		7

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

Texas Storm Uri Tort Litigation

Duke Energy (Parent) and several Duke Energy renewables project companies in the ERCOT market were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. Duke Energy (Parent) was dismissed from the suits, leaving two suits in which individual wind and solar projects are named. These lawsuits seek recovery for property damages, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators, transmission and distribution operators, retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed. On January 28, 2023, the Court denied certain motions including those by the generator defendants and granted others. Defendants filed a petition for Writ of Mandamus to the Texas Court of Appeals seeking to overturn the denials, which is fully briefed and pending a decision from the Texas Court of Appeals. Since the ruling on the motion to dismiss, plaintiffs have served a number of new lawsuits on Duke Energy (Parent), Duke Energy Renewables, LLC, and several Duke Energy renewable entities. These new lawsuits are being included in the MDL proceeding and are currently stayed. Duke Energy cannot predict the outcomes of these matters. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups.

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. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes, did not adequately warn about the dam, and created a dangerous and hidden hazard on the Dan River by building and maintaining the low-head dam. Duke Energy Carolinas has reached an agreement in principle that will resolve this matter to the parties' mutual satisfaction. The resolution, which is not expected to have a material financial impact, is subject to court approval by the Durham County Superior Court. 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. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.

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. On April 6, 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.

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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

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 in violation of state and federal 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. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal will be completed on June 2, 2023. 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 $451 million at March 31, 2023, and $457 million at December 31, 2022. 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 on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2042 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 2042 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 March 31, 2023, and at December 31, 2022. 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 March 31, 2023, and December 31, 2022. 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 Indiana

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 trial date 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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FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

6. DEBT AND CREDIT FACILITIES

Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information.

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

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

				Three Months Ended March 31, 2023
						Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		Carolinas		Progress		Ohio		Indiana
First Mortgage Bonds
January 2023(a)	January 2033	4.95	%	$	900	$	900	$	—	$	—	$	—
January 2023(a)	January 2053	5.35	%	900		900		—		—		—
March 2023(b)	March 2033	5.25	%	500		—		500		—		—
March 2023(b)	March 2053	5.35	%	500		—		500		—		—
March 2023(c)	April 2033	5.25	%	375		—		—		375		—
March 2023(c)	April 2053	5.65	%	375		—		—		375		—
March 2023(d)	April 2053	5.40	%	500		—		—		—		500
Total issuances				$	4,050	$	1,800	$	1,000	$	750	$	500

(a)Proceeds were used to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes.

(b)Proceeds will be used to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes.

(c)Proceeds will be used to repay $300 million of maturities due September 2023 and a portion of the $100 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general corporate purposes.

(d)Proceeds were used to repay the $300 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general company purposes.

Duke Energy (Parent) Convertible Senior Notes

In April 2023, Duke Energy (Parent) completed the sale of $1.7 billion 4.125% Convertible Senior Notes due April 2026 (convertible notes). The convertible notes will be senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. The convertible notes will bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. Proceeds will be used to repay a portion of outstanding commercial paper and for general corporate purposes.

Prior to the close of business on the business day immediately preceding January 15, 2026, the convertible notes will be convertible at the option of the holders only under certain conditions. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.

The conversion rate for the convertible notes will initially be 8.4131 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 25% over the last reported sale price of Duke Energy’s common stock on the NYSE on April 3, 2023. The conversion rate and the corresponding conversion price will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. Duke Energy may not redeem the convertible notes prior to the maturity date.

Duke Energy issued the convertible notes pursuant to an indenture, dated as of April 6, 2023, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.

55

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		March 31, 2023
Unsecured Debt
Duke Energy (Parent)	April 2023	2.875	%	$	350
Duke Energy (Parent)(a)	June 2023	4.631	%	500
Duke Energy (Parent)	October 2023	3.950	%	400
Duke Energy (Parent) Term Loan Facility(a)	March 2024	5.385	%	1,000
Duke Energy Ohio(a)	October 2023	4.879	%	150
First Mortgage Bonds
Duke Energy Progress	September 2023	3.375	%	300
Duke Energy Ohio	September 2023	3.800	%	300
Other(b)				330
Current maturities of long-term debt				$	3,330

(a)Debt has a floating interest rate.

(b)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 2023, Duke Energy amended its existing Master Credit Facility of $9 billion to extend the termination date to March 2028. 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. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default.

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

	March 31, 2023
			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	$	2,275	$	2,025	$	900	$	1,350	$	700	$	950	$	800
Reduction to backstop issuances
Commercial paper(b)	(3,452)		(494)		(1,310)		(150)		(776)		(93)		(328)		(301)
Outstanding letters of credit	(39)		(27)		(4)		(1)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,428	$	1,754	$	711	$	749	$	567	$	607	$	541	$	499

(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

In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 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 Current maturities of long-term debt on Duke Energy's Condensed Consolidated Balance Sheets.

In March 2023, Duke Energy amended its existing Credit Agreement in conjunction with the issuance of the Convertible Senior Notes due April 2026 to clarify that payments due as a result of a conversion of a convertible note would not constitute an event of default.

56

FINANCIAL STATEMENTS GOODWILL

7. GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022. There are no accumulated impairment charges.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022.

Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

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 March 31,
(in millions)	2023		2022
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	196	$	206
Indemnification coverages(b)	9		7
Joint Dispatch Agreement (JDA) revenue(c)	13		26
JDA expense(c)	29		94
Intercompany natural gas purchases(d)	5		13
Progress Energy
Corporate governance and shared service expenses(a)	$	178	$	196
Indemnification coverages(b)	12		11
JDA revenue(c)	29		94
JDA expense(c)	13		26
Intercompany natural gas purchases(d)	19		19
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	107	$	119
Indemnification coverages(b)	5		5
JDA revenue(c)	29		94
JDA expense(c)	13		26
Intercompany natural gas purchases(d)	19		19
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	71	$	77
Indemnification coverages(b)	7		6
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	73	$	82
Indemnification coverages(b)	1		1
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	99	$	124
Indemnification coverages(b)	2		2
Piedmont
Corporate governance and shared service expenses(a)	$	38	$	35
Indemnification coverages(b)	1		1
Intercompany natural gas sales(d)	24		32
Natural gas storage and transportation costs(e)	6		6

57

FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

(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
March 31, 2023
Intercompany income tax receivable	$	—	$	21	$	—	$	—	$	—	$	—	$	—
Intercompany income tax payable	—		—		2		30		15		24		38
December 31, 2022
Intercompany income tax receivable	$	—	$	95	$	36	$	17	$	—	$	—	$	—
Intercompany income tax payable	37		—		—		—		17		18		38

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. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information.

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.

58

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

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 income (loss) for the three months ended March 31, 2023, and 2022, were not material. Duke Energy's interest rate derivatives designated as hedges include 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 tables show notional amounts of outstanding derivatives related to interest rate risk.

	March 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,300	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,077		800		1,050		250		800		200		27
Total notional amount	$	3,377	$	800	$	1,050	$	250	$	800	$	200	$	27

	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	500	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,377		1,250		800		500		300		300		27
Total notional amount	$	2,877	$	1,250	$	800	$	500	$	300	$	300	$	27

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.

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 cost volatility for customers.

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.

	March 31, 2023
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	5,984	—	—	—	720	5,264	—
Natural gas (millions of dekatherms)	903	311	294	294	—	8	290

59

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

	December 31, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	14,086	—	—	—	1,820	12,266	—
Natural gas (millions of dekatherms)	909	307	292	292	—	11	299

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 at March 31, 2023.

										Fair Value Gain (Loss)(a)
	Pay Notional				Receive Notional		Receive		Hedge	(in millions)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	Three months ended March 31, 2023
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	5
	537		5.31	%	500	euros	3.85	%	June 2034	5
Total notional amount	$	1,182			1,100	euros				$	10

(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 IN THE CONDENSED CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets	March 31, 2023
			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	$	35	$	12	$	9	$	9	$	—	$	1	$	11	$	1
Noncurrent	140		67		73		73		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	175	$	79	$	82	$	82	$	—	$	1	$	11	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	86	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Not Designated as Hedging Instruments
Current	7		1		6		—		6		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	93	$	1	$	6	$	—	$	6	$	—	$	—	$	—
Total Derivative Assets	$	268	$	80	$	88	$	82	$	6	$	1	$	11	$	1

60

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities	March 31, 2023
			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	$	264	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Noncurrent	237		54		51		51		—		—		—		132
Total Derivative Liabilities – Commodity Contracts	$	501	$	197	$	141	$	141	$	—	$	—	$	19	$	144
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	14		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	26		4		12		8		3		1		9		—
Total Derivative Liabilities – Interest Rate Contracts	$	40	$	4	$	12	$	8	$	3	$	1	$	9	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	44		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	62	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	603	$	201	$	153	$	149	$	3	$	1	$	28	$	144

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	265	$	132	$	99	$	99	$	—	$	5	$	29	$	—
Noncurrent	213		104		108		108		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	478	$	236	$	207	$	207	$	—	$	5	$	29	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	101	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Not Designated as Hedging Instruments
Current	$	216	$	94	$	41	$	23	$	17	$	—	$	81	$	—
Total Derivative Assets – Interest Rate Contracts	$	317	$	94	$	41	$	23	$	17	$	—	$	81	$	—
Total Derivative Assets	$	795	$	330	$	248	$	230	$	17	$	5	$	110	$	—

61

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	175	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Noncurrent	202		31		30		30		—		—		—		141
Total Derivative Liabilities – Commodity Contracts	$	377	$	127	$	66	$	48	$	19	$	—	$	16	$	168
Interest Rate Contracts
Not Designated as Hedging Instruments
Noncurrent	$	2	$	—	$	—	$	—	$	—	$	2	$	—	$	—
Total Derivative Liabilities – Interest Rate Contracts	$	2	$	—	$	—	$	—	$	—	$	2	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	40		—		—		—		—		—		—		—
Total Derivative Liabilities – Equity Securities Contracts	$	58	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	437	$	127	$	66	$	48	$	19	$	2	$	16	$	168

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

Derivative Assets	March 31, 2023
			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	$	128	$	13	$	15	$	9	$	6	$	1	$	11	$	1
Gross amounts offset	(19)		(11)		(8)		(8)		—		—		—		—
Net amounts presented in Current Assets: Other	$	109	$	2	$	7	$	1	$	6	$	1	$	11	$	1
Noncurrent
Gross amounts recognized	$	140	$	67	$	73	$	73	$	—	$	—	$	—	$	—
Gross amounts offset	(78)		(38)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	62	$	29	$	33	$	33	$	—	$	—	$	—	$	—

62

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities	March 31, 2023
			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	$	282	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Gross amounts offset	(47)		(20)		(8)		(8)		—		—		(19)		—
Net amounts presented in Current Liabilities: Other	$	235	$	123	$	82	$	82	$	—	$	—	$	—	$	12
Noncurrent
Gross amounts recognized	$	321	$	58	$	63	$	59	$	3	$	1	$	9	$	132
Gross amounts offset	(83)		(43)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	238	$	15	$	23	$	19	$	3	$	1	$	9	$	132

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	582	$	226	$	140	$	122	$	17	$	5	$	110	$	—
Gross amounts offset	(64)		(33)		(30)		(30)		—		—		—		—
Net amounts presented in Current Assets: Other	$	518	$	193	$	110	$	92	$	17	$	5	$	110	$	—
Noncurrent
Gross amounts recognized	$	213	$	104	$	108	$	108	$	—	$	—	$	—	$	—
Gross amounts offset	(97)		(40)		(57)		(57)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	116	$	64	$	51	$	51	$	—	$	—	$	—	$	—

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	193	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Gross amounts offset	(49)		(15)		(18)		(18)		—		—		(16)		—
Net amounts presented in Current Liabilities: Other	$	144	$	81	$	18	$	—	$	19	$	—	$	—	$	27
Noncurrent
Gross amounts recognized	$	244	$	31	$	30	$	30	$	—	$	2	$	—	$	141
Gross amounts offset	(59)		(29)		(30)		(30)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	185	$	2	$	—	$	—	$	—	$	2	$	—	$	141

OBJECTIVE CREDIT CONTINGENT FEATURES

Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

	March 31, 2023
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	106	$	54	$	52	$	52
Fair value of collateral already posted	10		10		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	96	$	44	$	52	$	52

63

FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

	December 31, 2022
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Aggregate fair value of derivatives in a net liability position	$	141	$	86	$	55	$	48	$	7
Fair value of collateral already posted	—		—		—		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	141	$	86	$	55	$	48	$	7

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

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 March 31, 2023, and December 31, 2022.

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

64

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	161	$	—	$	—	$	215
Equity securities	4,048		60		6,367		3,658		105		5,871
Corporate debt securities	3		65		616		1		85		641
Municipal bonds	1		27		337		—		39		330
U.S. government bonds	9		85		1,495		2		112		1,423
Other debt securities	—		15		147		—		18		156
Total NDTF Investments	$	4,061	$	252	$	9,123	$	3,661	$	359	$	8,636
Other Investments
Cash and cash equivalents	$	—	$	—	$	134	$	—	$	—	$	22
Equity securities	25		11		137		21		16		128
Corporate debt securities	—		10		87		—		12		84
Municipal bonds	—		2		80		—		3		78
U.S. government bonds	—		—		69		—		2		62
Other debt securities	—		2		42		—		3		41
Total Other Investments	$	25	$	25	$	549	$	21	$	36	$	415
Total Investments	$	4,086	$	277	$	9,672	$	3,682	$	395	$	9,051

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	26	$	111
Realized losses	46		85
AFS:
Realized gains	8		4
Realized losses	32		23

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	69	$	—	$	—	$	117
Equity securities	2,375		29		3,677		2,147		51		3,367
Corporate debt securities	2		47		384		1		62		401
Municipal bonds	—		5		56		—		10		64
U.S. government bonds	5		38		746		1		51		685
Other debt securities	—		15		143		—		18		148
Total NDTF Investments	$	2,382	$	134	$	5,075	$	2,149	$	192	$	4,782

65

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 months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	18	$	75
Realized losses	29		49
AFS:
Realized gains	5		3
Realized losses	20		16

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	92	$	—	$	—	$	98
Equity securities	1,673		31		2,690		1,511		54		2,504
Corporate debt securities	1		18		232		—		23		240
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		47		749		1		61		738
Other debt securities	—		—		4		—		—		8
Total NDTF Investments	$	1,679	$	118	$	4,048	$	1,512	$	167	$	3,854
Other Investments
Cash and cash equivalents	$	—	$	—	$	8	$	—	$	—	$	11
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	33	$	—	$	—	$	36
Total Investments	$	1,679	$	118	$	4,081	$	1,512	$	167	$	3,890

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	8	$	36
Realized losses	17		36
AFS:
Realized gains	3		1
Realized losses	12		6

66

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	72	$	—	$	—	$	56
Equity securities	1,586		31		2,590		1,431		54		2,411
Corporate debt securities	1		17		222		—		22		230
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		28		470		1		37		460
Other debt securities	—		—		4		—		—		7
Total NDTF Investments	$	1,592	$	98	$	3,639	$	1,432	$	142	$	3,430
Other Investments
Cash and cash equivalents	$	—	$	—	$	7	$	—	$	—	$	9
Total Other Investments	$	—	$	—	$	7	$	—	$	—	$	9
Total Investments	$	1,592	$	98	$	3,646	$	1,432	$	142	$	3,439

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	8	$	36
Realized losses	17		35
AFS:
Realized gains	3		1
Realized losses	12		5

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	20	$	—	$	—	$	42
Equity securities	87		—		100		80		—		93
Corporate debt securities	—		1		10		—		1		10
U.S. government bonds	—		19		279		—		24		278
Other debt securities	—		—		—		—		—		1
Total NDTF Investments(a)	$	87	$	20	$	409	$	80	$	25	$	424
Other Investments
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	1
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	25	$	—	$	—	$	26
Total Investments	$	87	$	20	$	434	$	80	$	25	$	450

(a)During the three months ended March 31, 2023, and the year ended December 31, 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.

67

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 months ended March 31, 2023, and 2022, 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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	1
Equity securities	3		11		85		2		16		79
Corporate debt securities	—		—		9		—		1		8
Municipal bonds	—		2		46		—		3		45
U.S. government bonds	—		—		9		—		—		7
Total Investments	$	3	$	13	$	150	$	2	$	20	$	140

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

	March 31, 2023
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	115	$	5	$	96	$	19	$	77	$	6
Due after one through five years	793		277		424		238		186		23
Due after five through 10 years	522		262		207		194		13		11
Due after 10 years	1,443		785		564		526		38		24
Total	$	2,873	$	1,329	$	1,291	$	977	$	314	$	64

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 the 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 per share practical expedient. The net asset value 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 NYSE 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.

68

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. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information.

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 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, 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.

	March 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	161	$	161	$	—	$	—	$	—
NDTF equity securities	6,367		6,326		—		—		41
NDTF debt securities	2,595		822		1,773		—		—
Other equity securities	137		137		—		—		—
Other debt securities	278		60		218		—		—
Other cash and cash equivalents	134		134		—		—		—
Derivative assets	268		1		255		12		—
Total assets	9,940		7,641		2,246		12		41
Derivative liabilities	(603)		(19)		(584)		—		—
Net assets (liabilities)	$	9,337	$	7,622	$	1,662	$	12	$	41

	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	215	$	215	$	—	$	—	$	—
NDTF equity securities	5,871		5,829		—		—		42
NDTF debt securities	2,550		780		1,770		—		—
Other equity securities	128		128		—		—		—
Other debt securities	265		55		210		—		—
Other cash and cash equivalents	22		22		—		—		—
Derivative assets	795		1		760		34		—
Total assets	9,846		7,030		2,740		34		42
Derivative liabilities	(437)		(16)		(421)		—		—
Net assets (liabilities)	$	9,409	$	7,014	$	2,319	$	34	$	42

69

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

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

	Derivatives (net)
	Three Months Ended March 31,
(in millions)	2023		2022
Balance at beginning of period	$	34	$	24
Purchases, sales, issuances and settlements:
Settlements	(20)		(7)
Total losses included on the Condensed Consolidated Balance Sheet	(2)		(7)
Balance at end of period	$	12	$	10

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.

	March 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	69	$	69	$	—	$	—
NDTF equity securities	3,677		3,636		—		41
NDTF debt securities	1,329		372		957		—
Derivative assets	80		—		80		—
Total assets	5,155		4,077		1,037		41
Derivative liabilities	(201)		—		(201)		—
Net assets	$	4,954	$	4,077	$	836	$	41

	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	117	$	117	$	—	$	—
NDTF equity securities	3,367		3,325		—		42
NDTF debt securities	1,298		323		975		—
Derivative assets	330		—		330		—
Total assets	5,112		3,765		1,305		42
Derivative liabilities	(127)		—		(127)		—
Net assets	$	4,985	$	3,765	$	1,178	$	42

PROGRESS ENERGY

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	92	$	92	$	—	$	98	$	98	$	—
NDTF equity securities	2,690		2,690		—		2,504		2,504		—
NDTF debt securities	1,266		450		816		1,252		457		795
Other debt securities	25		—		25		25		—		25
Other cash and cash equivalents	8		8		—		11		11		—
Derivative assets	88		—		88		248		—		248
Total assets	4,169		3,240		929		4,138		3,070		1,068
Derivative liabilities	(153)		—		(153)		(66)		—		(66)
Net assets	$	4,016	$	3,240	$	776	$	4,072	$	3,070	$	1,002

70

FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS

DUKE ENERGY PROGRESS

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	72	$	72	$	—	$	56	$	56	$	—
NDTF equity securities	2,590		2,590		—		2,411		2,411		—
NDTF debt securities	977		219		758		963		225		738
Other cash and cash equivalents	7		7		—		9		9		—
Derivative assets	82		—		82		230		—		230
Total assets	3,728		2,888		840		3,669		2,701		968
Derivative liabilities	(149)		—		(149)		(48)		—		(48)
Net assets	$	3,579	$	2,888	$	691	$	3,621	$	2,701	$	920

DUKE ENERGY FLORIDA

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	20	$	20	$	—	$	42	$	42	$	—
NDTF equity securities	100		100		—		93		93		—
NDTF debt securities	289		231		58		289		232		57
Other debt securities	25		—		25		25		—		25
Other cash and cash equivalents	—		—		—		1		1		—
Derivative assets	6		—		6		17		—		17
Total assets	440		351		89		467		368		99
Derivative liabilities	(3)		—		(3)		(19)		—		(19)
Net assets	$	437	$	351	$	86	$	448	$	368	$	80

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 March 31, 2023, and December 31, 2022.

DUKE ENERGY INDIANA

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

	March 31, 2023								December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	85	$	85	$	—	$	—	$	79	$	79	$	—	$	—
Other debt securities	64		—		64		—		60		—		60		—
Other cash and cash equivalents	1		1		—		—		1		1		—		—
Derivative assets	11		—		—		11		110		—		81		29
Total assets	161		86		64		11		250		80		141		29
Derivative liabilities	(28)		(19)		(9)		—		(16)		(16)		—		—
Net assets	$	133	$	67	$	55	$	11	$	234	$	64	$	141	$	29

71

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 March 31,
(in millions)	2023		2022
Balance at beginning of period	$	29	$	22
Purchases, sales, issuances and settlements:
Settlements	(19)		(6)
Total gains (losses) included on the Condensed Consolidated Balance Sheet	1		(6)
Balance at end of period	$	11	$	10

PIEDMONT

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	1	$	1	$	—	$	—	$	—	$	—
Derivative liabilities	(144)		—		(144)		(168)		—		(168)
Net (liabilities) assets	$	(143)	$	1	$	(144)	$	(168)	$	—	$	(168)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

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

	March 31, 2023
								Weighted
	Fair Value							Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range			Range
Duke Energy Ohio
FTRs	1		RTO auction pricing	FTR price – per MWh	(0.19)	-	2.71	1.08
Duke Energy Indiana
FTRs	11		RTO auction pricing	FTR price – per MWh	0.03	-	14.88	2.63
Duke Energy
Total Level 3 derivatives	$	12

	December 31, 2022
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	5	RTO auction pricing	FTR price – per MWh	$	0.89	-	$	6.25	$	3.35
Duke Energy Indiana
FTRs	29		RTO auction pricing	FTR price – per MWh	0.09		-	21.79		2.74
Duke Energy
Total Level 3 derivatives	$	34

72

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. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. 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.

	March 31, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	72,437	$	66,455	$	69,751	$	61,986
Duke Energy Carolinas	15,105		14,176		14,266		12,943
Progress Energy	23,371		21,974		22,439		20,467
Duke Energy Progress	12,047		10,911		11,087		9,689
Duke Energy Florida	9,683		9,242		9,709		8,991
Duke Energy Ohio	3,991		3,768		3,245		2,927
Duke Energy Indiana	4,503		4,265		4,307		3,913
Piedmont	3,364		3,014		3,363		2,940

(a)Book value of long-term debt includes $1.15 billion and $1.17 billion at March 31, 2023, and December 31, 2022, 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 March 31, 2023, and December 31, 2022, 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 three months ended March 31, 2023, and the year ended December 31, 2022, 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.

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.

73

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 2024
Credit facility amount	$	350	$	500	$	400	$	325
Amounts borrowed at March 31, 2023	350		500		400		250
Amounts borrowed at December 31, 2022	350		471		400		250
Restricted Receivables at March 31, 2023	784		782		654		443
Restricted Receivables at December 31, 2022	917		928		793		490

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)	March 31, 2023		December 31, 2022
Receivables of VIEs	$	4	$	6
Regulatory Assets: Current	55		55
Current Assets: Other	18		41
Other Noncurrent Assets: Regulatory assets	814		826
Current Liabilities: Other	2		9
Current maturities of long-term debt	57		56
Long-Term Debt	859		890

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.

74

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.

	March 31, 2023				December 31, 2022
	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		15		8		29
Other Noncurrent Assets: Regulatory assets	205		672		208		681
Other Noncurrent Assets: Other	1		4		1		2
Current Liabilities: Other	1		4		3		8
Current maturities of long-term debt	10		34		10		34
Long-Term Debt	213		697		219		714

NON-CONSOLIDATED VIEs

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

	March 31, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	164	$	221
Investments in equity method unconsolidated affiliates	49		—		—
Other noncurrent assets	46		—		—
Total assets	$	95	$	164	$	221
Other current liabilities	52		—		—
Other noncurrent liabilities	49		—		—
Total liabilities	$	101	$	—	$	—
Net (liabilities) assets	$	(6)	$	164	$	221

	December 31, 2022
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	198	$	317
Investments in equity method unconsolidated affiliates	43		—		—
Other noncurrent assets	45		—		—
Total assets	$	88	$	198	$	317
Other current liabilities	59		—		—
Other noncurrent liabilities	47		—		—
Total liabilities	$	106	$	—	$	—
Net (liabilities) assets	$	(18)	$	198	$	317

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 including 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.

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.

75

FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES

The following table shows the gross and net receivables sold.

	Duke Energy Ohio				Duke Energy Indiana
(in millions)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Receivables sold	$	369	$	423	$	426	$	508
Less: Retained interests	164		198		221		317
Net receivables sold	$	205	$	225	$	205	$	191

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

	Duke Energy Ohio					Duke Energy Indiana
		Three Months Ended					Three Months Ended
		March 31,					March 31,
(in millions)		2023		2022			2023		2022
Sales
Receivables sold		$	725	$	663		$	942	$	782
Loss recognized on sale		9		3			10		4
Cash flows
Cash proceeds from receivables sold		$	750	$	674		$	1,028	$	795
Return received on retained interests		6		1			8		2

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, EU&I and GU&I.

Electric Utilities and Infrastructure

EU&I 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)	2023		2024		2025		2026		2027		Thereafter		Total
Progress Energy	$	43	$	66	$	7	$	7	$	7	$	36	$	166
Duke Energy Progress	6		8		—		—		—		—		14
Duke Energy Florida	37		58		7		7		7		36		152
Duke Energy Indiana	10		16		17		15		7		5		70

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

GU&I 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 GU&I 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)	2023		2024		2025		2026		2027		Thereafter		Total
Piedmont	$	51	$	62	$	61	$	51	$	49	$	241	$	515

Other

The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.

76

FINANCIAL STATEMENTS REVENUE

Disaggregated Revenues

Disaggregated revenues are presented as follows:

	Three Months Ended March 31, 2023
			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	$	2,851	$	824	$	1,421	$	607	$	814	$	234	$	372	$	—
General	1,831		588		841		358		483		135		270		—
Industrial	891		296		272		177		95		71		251		—
Wholesale	550		135		348		319		29		9		58		—
Other revenues	144		78		121		68		53		27		15		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,267	$	1,921	$	3,003	$	1,529	$	1,474	$	476	$	966	$	—
Gas Utilities and Infrastructure
Residential	$	507	$	—	$	—	$	—	$	—	$	162	$	—	$	345
Commercial	233		—		—		—		—		58		—		175
Industrial	47		—		—		—		—		9		—		37
Power Generation	—		—		—		—		—		—		—		23
Other revenues	40		—		—		—		—		6		—		19
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	827	$	—	$	—	$	—	$	—	$	235	$	—	$	599
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,101	$	1,921	$	3,003	$	1,529	$	1,474	$	711	$	966	$	599
Other revenue sources(a)	$	175	$	13	$	45	$	4	$	36	$	(2)	$	9	$	76
Total revenues	$	7,276	$	1,934	$	3,048	$	1,533	$	1,510	$	709	$	975	$	675

77

FINANCIAL STATEMENTS REVENUE

	Three Months Ended March 31, 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	$	2,767	$	831	$	1,368	$	624	$	744	$	211	$	354	$	—
General	1,604		544		726		325		401		116		218		—
Industrial	772		276		270		194		76		35		192		—
Wholesale	626		113		411		349		62		23		79		—
Other revenues	202		111		211		139		72		21		(36)		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	5,971	$	1,875	$	2,986	$	1,631	$	1,355	$	406	$	807	$	—
Gas Utilities and Infrastructure
Residential	$	572	$	—	$	—	$	—	$	—	$	149	$	—	$	423
Commercial	269		—		—		—		—		64		—		204
Industrial	57		—		—		—		—		7		—		50
Power Generation	—		—		—		—		—		—		—		24
Other revenues	115		—		—		—		—		6		—		93
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,013	$	—	$	—	$	—	$	—	$	226	$	—	$	794
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,991	$	1,875	$	2,986	$	1,631	$	1,355	$	632	$	807	$	794
Other revenue sources(a)	$	20	$	13	$	6	$	1	$	—	$	6	$	15	$	11
Total revenues	$	7,011	$	1,888	$	2,992	$	1,632	$	1,355	$	638	$	822	$	805

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard.

	Three Months Ended March 31, 2022 and 2023
			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	$	121	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Write-Offs	(23)		(9)		(10)		(2)		(8)		—		—		(1)
Credit Loss Expense	24		5		12		4		8		—		—		3
Other Adjustments	17		14		13		8		5		—		—		—
Balance at March 31, 2022	$	139	$	52	$	51	$	31	$	21	$	4	$	3	$	17
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(42)		(20)		(22)		(9)		(12)		—		—		(1)
Credit Loss Expense	16		7		6		1		5		1		—		1
Other Adjustments	24		15		10		9		1		—		—		—
Balance at March 31, 2023	$	214	$	70	$	75	$	45	$	30	$	7	$	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.

78

FINANCIAL STATEMENTS REVENUE

The aging of trade receivables is presented in the table below.

	March 31, 2023
			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)	$	1,070	$	408	$	284	$	178	$	106	$	3	$	20	$	57
Current	2,018		519		892		476		414		14		46		168
1-31 days past due	254		64		103		68		35		5		9		18
31-61 days past due	148		32		83		72		11		5		2		10
61-91 days past due	33		9		13		8		5		2		1		2
91+ days past due	217		60		65		24		41		48		16		3
Deferred Payment Arrangements(c)	144		46		51		32		19		4		—		1
Trade and Other Receivables	$	3,884	$	1,138	$	1,491	$	858	$	631	$	81	$	94	$	259

	December 31, 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)	$	1,457	$	486	$	355	$	232	$	123	$	20	$	28	$	160
Current	2,347		577		1,059		637		417		15		52		265
1-31 days past due	261		96		60		15		45		5		17		15
31-61 days past due	123		23		61		49		12		6		2		3
61-91 days past due	74		25		18		9		9		3		11		2
91+ days past due	209		70		74		27		47		26		6		4
Deferred Payment Arrangements(c)	160		57		62		35		27		4		—		1
Trade and Other Receivables	$	4,631	$	1,334	$	1,689	$	1,004	$	680	$	79	$	116	$	450

(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 $103 million and $195 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022.

(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

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.

79

FINANCIAL STATEMENTS STOCKHOLDERS' EQUITY

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 March 31,
(in millions, except per share amounts)	2023		2022
Net income available to Duke Energy common stockholders	$	765	$	818
Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders	(145)		12
Accumulated preferred stock dividends adjustment	12		12
Less: Impact of participating securities	1		1
Income from continuing operations available to Duke Energy common stockholders	$	921	$	817
Loss from discontinued operations, net of tax	$	(209)	$	(15)
Add: Loss attributable to NCI	64		27
(Loss) Income from discontinued operations attributable to Duke Energy common stockholders	$	(145)	$	12
Weighted average common shares outstanding – basic and diluted	770		770
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted	$	1.20	$	1.06
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted	$	(0.19)	$	0.02
Potentially dilutive items excluded from the calculation(a)	2		2
Dividends declared per common share	$	1.005	$	0.985
Dividends declared on Series A preferred stock per depositary share(b)	$	0.359	$	0.359
Dividends declared on Series B preferred stock per share(c)	$	24.375	$	24.375

(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.

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.

QUALIFIED PENSION PLANS

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

	Three Months Ended March 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	30	$	10	$	9	$	5	$	3	$	1	$	1	$	1
Interest cost on projected benefit obligation	86		21		27		12		14		4		7		2
Expected return on plan assets	(147)		(40)		(50)		(23)		(26)		(6)		(10)		(5)
Amortization of actuarial loss	2		—		1		—		1		—		1		—
Amortization of prior service credit	(3)		—		—		—		—		—		—		(2)
Amortization of settlement charges	5		2		1		1		—		—		—		1
Net periodic pension costs	$	(27)	$	(7)	$	(12)	$	(5)	$	(8)	$	(1)	$	(1)	$	(3)

80

FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS

	Three Months Ended March 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	40	$	12	$	12	$	7	$	4	$	1	$	2	$	1
Interest cost on projected benefit obligation	58		14		18		8		10		3		5		2
Expected return on plan assets	(140)		(38)		(46)		(22)		(24)		(5)		(9)		(6)
Amortization of actuarial loss	24		5		6		3		3		1		2		2
Amortization of prior service credit	(5)		(1)		—		—		—		—		—		(2)
Amortization of settlement charges	2		1		1		—		—		—		—		—
Net periodic pension costs	$	(21)	$	(7)	$	(9)	$	(4)	$	(7)	$	—	$	—	$	(3)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three months ended March 31, 2023, and 2022.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three months ended March 31, 2023, and 2022.

16. 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
	March 31,
	2023		2022
Duke Energy	13.8	%	2.9	%
Duke Energy Carolinas	11.4	%	7.4	%
Progress Energy	16.7	%	15.9	%
Duke Energy Progress	14.6	%	14.0	%
Duke Energy Florida	19.9	%	20.1	%
Duke Energy Ohio	16.7	%	(266.7)	%
Duke Energy Indiana	17.2	%	31.9	%
Piedmont	17.7	%	13.4	%

The increase in the ETR for Duke Energy for the three months ended March 31, 2023, 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 months ended March 31, 2023, was primarily due to a decrease in the amortization of excess deferred taxes.

The increase in the ETR for Duke Energy Ohio for the three months ended March 31, 2023, was primarily due to a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year.

The decrease in the ETR for Duke Energy Indiana for the three months ended March 31, 2023, was primarily due to the coal ash impairment in the prior year, based on the Indiana Supreme Court Opinion.

The increase in the ETR for Piedmont for the three months ended March 31, 2023, was primarily due to a decrease in the amortization of excess deferred taxes.

17. SUBSEQUENT EVENTS

For information on subsequent events related to regulatory matters, commitments and contingencies, and debt and credit facilities, see Notes 4, 5 and 6, respectively.

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MD&A DUKE ENERGY

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 three months ended March 31, 2023, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.

Executive Overview

Advancing Our Clean Energy Transformation

During the first quarter of 2023, we continued to execute on our clean energy transformation, delivering strong, sustainable value for shareholders, customers, communities and employees.

•In November 2022, the Board approved pursuing the sale of the Commercial Renewables business, excluding the offshore wind contract for Carolina Long Bay. We are continuing to market the business through three disposal groups. 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. We expect to dispose of these groups in the second half of 2023. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for additional information.

•In March 2023, we began operating the largest battery system in North Carolina, an 11-MW project in Onslow County, which will operate in conjunction with an adjacent 13-MW solar facility located on a leased site within Marine Corps Base (MCB) Camp Lejeune. Both projects are connected to a Duke Energy substation and will be used to serve all Duke Energy Progress customers. As part of an ongoing collaboration with the Department of Defense, further work could enable the solar and battery systems to improve the resiliency of MCB Camp Lejeune against outages.

•In March 2023, Duke Energy Florida announced two new solar projects as part of Clean Energy Connection, the company's community solar program. Once complete, each 74.9-MW solar facility will generate enough carbon-free electricity to power what would be the equivalent to around 23,000 homes. Additionally, in March 2023, Duke Energy Florida announced its first floating solar array pilot. The project will feature more than 1,800 floating solar modules and occupy approximately 2 acres of water surface on an existing cooling pond at the Duke Energy Hines Energy Complex in Bartow. The pilot is part of Duke Energy's Vision Florida program, which is designed to test innovative projects such as microgrids and battery energy storage, among others, to prepare the power grid for a clean energy future. We now operate 1,200 MW of solar in Florida, with plans to continue adding approximately 300 MW a year going forward.

Regulatory Activity. During the first quarter of 2023, we continued to monitor developments while moving our regulatory strategy forward. See Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information.

•In February 2023, the PSCSC approved a constructive comprehensive settlement with all parties in the Duke Energy Progress South Carolina rate case. Duke Energy Progress implemented new customer rates effective April 1, 2023.

•In February 2023, the Indiana Court of Appeals issued an opinion finding certain coal ash related expenditures should be disallowed under a statute specific to federally mandated projects and also denied a petition for rehearing on the matter. Duke Energy Indiana is evaluating whether to file a petition to transfer the case to the Indiana Supreme Court.

•In January 2023, Duke Energy Carolinas filed a rate case in North Carolina, which incorporates elements of PBR and MYRP as allowed under HB 951. HB 951 provides the framework for many of the benefits of modernized regulatory constructs in North Carolina under the direction of the NCUC. Duke Energy Progress filed its first rate case utilizing these benefits, including both PBR and MYRP, in North Carolina in October 2022, and reached partial settlements on key matters in April and May 2023.

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 be recovered in future rate cases or rider filings. The majority of spend is expected to occur over the next 10 to 15 years.

82

MD&A MATTERS IMPACTING FUTURE RESULTS

Duke Energy Indiana has interpreted the CCR (Coal Combustion Residuals) 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 application and interpretation of the CCR rule for some of the ash basins at its Gallagher Station. In response to the letter, Duke Energy Indiana has submitted revised closure plans for those basins to the Indiana Department of Environmental Management (IDEM). Those closure plans are pending review by IDEM. See Notes 4 and 5 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Commitments and Contingencies," respectively, for more information.

Fuel Cost Recovery

As a result of rapidly rising commodity costs during 2022, including natural gas, fuel and purchased power prices in excess of amounts included in fuel-related revenues has led to an increase in the under collection of fuel costs from customers at certain jurisdictions including Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida. These amounts have been deferred in regulatory assets and have impacted the cash flows of the registrants, including increased borrowings to temporarily finance related expenditures until recovery. The Duke Energy Registrants are working with various state commissions on the timing of recovery of these amounts.

Commercial Renewables

In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables Disposal Groups. The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. Marketing of the disposal groups continues and Duke Energy expects to complete the sales of the disposal groups in the second half of 2023. If necessary, the loss on the sale of the assets will be updated based on market changes or the final sales price, including all closing adjustments, and could be materially different than the estimated loss. Additionally, certain other costs resulting from the transactions may be recognized in the period incurred. Proceeds from the sales are expected to be used for debt avoidance. For more information, see Note 2 to the Consolidated Financial Statements, "Dispositions."

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 (Parent) has been named in multiple lawsuits arising out of this winter storm. The legal actions against Duke Energy (Parent) related to these lawsuits will remain with Duke Energy (Parent) and any future activity related to Duke Energy (Parent) as a defendant in these lawsuits will be presented in discontinued operations. For more information, see Note 5 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.

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, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures 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.

Discontinued operations includes an estimated impairment on the sale of the Commercial Renewables business in the current year and results from Duke Energy's Commercial Renewables Disposal Groups.

Three Months Ended March 31, 2023, as compared to March 31, 2022

GAAP reported EPS was $1.01 for the first quarter of 2023 compared to $1.08 in the first quarter of 2022. GAAP reported EPS decreased primarily due to unfavorable weather, the estimated impairment on the sale of the Commercial Renewables business, higher interest expense and lower volumes, partially offset by charges from the Indiana Supreme Court ruling on coal ash in the prior year, growth from riders and other margin, lower storm costs and favorable rate case impacts.

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MD&A DUKE ENERGY

As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s first quarter 2023 adjusted EPS was $1.20 compared to $1.29 for the first quarter of 2022. The decrease in adjusted EPS was primarily due to unfavorable weather, higher interest expense and lower volumes, partially offset by growth from riders and other margin, lower storm costs and favorable rate case impacts.

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

	Three Months Ended March 31,
	2023				2022
(in millions, except per share amounts)	Earnings		EPS		Earnings		EPS
GAAP Reported Earnings/GAAP Reported EPS	$	765	$	1.01	$	818	$	1.08
Adjustments:
Regulatory Matters(a)	—		—		173		0.23
Discontinued Operations(b)	145		0.19		(12)		(0.02)
Adjusted Earnings/Adjusted EPS	$	910	$	1.20	$	979	$	1.29

(a)Net of tax benefit of $62 million. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $22 million within Net Loss Attributable to Noncontrolling Interests.

(b)Recorded in Loss from Discontinued Operations, net of tax, and Net Loss Attributable to Noncontrolling Interests.

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: EU&I and GU&I. The remainder of Duke Energy’s operations is presented as Other. See Note 3 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.

Electric Utilities and Infrastructure

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	6,398	$	6,002	$	396
Operating Expenses
Fuel used in electric generation and purchased power	2,396		1,837		559
Operation, maintenance and other	1,269		1,426		(157)
Depreciation and amortization	1,096		1,131		(35)
Property and other taxes	348		337		11
Impairment of assets and other charges	7		214		(207)
Total operating expenses	5,116		4,945		171
Gains on Sales of Other Assets and Other, net	1		2		(1)
Operating Income	1,283		1,059		224
Other Income and Expenses, net	130		114		16
Interest Expense	452		376		76
Income Before Income Taxes	961		797		164
Income Tax Expense	149		83		66
Less: Income (Loss) Attributable to Noncontrolling Interest	21		(9)		30
Segment Income	$	791	$	723	$	68
Duke Energy Carolinas GWh sales	20,919		22,549		(1,630)
Duke Energy Progress GWh sales	15,345		17,969		(2,624)
Duke Energy Florida GWh sales	8,990		9,902		(912)
Duke Energy Ohio GWh sales	5,642		5,997		(355)
Duke Energy Indiana GWh sales	7,350		7,950		(600)
Total Electric Utilities and Infrastructure GWh sales	58,246		64,367		(6,121)
Net proportional MW capacity in operation	49,784		49,340		444

Three Months Ended March 31, 2023, as compared to March 31, 2022

EU&I’s higher segment income is due to the prior year Indiana Supreme Court ruling on recovery of certain coal ash costs and lower storm costs, partially offset by higher interest expense. The following is a detailed discussion of the variance drivers by line item.

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MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE

Operating Revenues. The variance was driven primarily by:

•a $606 million increase in fuel revenues primarily due to higher fuel prices and cost recovery in the current year;

•a $43 million increase in rider revenues primarily due to a decrease in the return of EDIT to customers compared to the prior year at Duke Energy Carolinas and increased Storm Protection Plan rider revenue driven by higher debt and equity returns from increased capital expenditures in the current year at Duke Energy Florida;

•a $37 million increase due to the provision for rate refund recognized in the prior year related to the Indiana Supreme Court ruling; and

•a $33 million increase in price due to 2022 Duke Energy Ohio Electric retail rate case and Ohio tax reform deferrals in prior year.

Partially offset by:

•a $191 million decrease in retail sales due to unfavorable weather compared to prior year;

•a $99 million decrease in weather-normal retail sales volumes; and

•a $61 million decrease in wholesale revenues primarily due to lower capacity revenues.

Operating Expenses. The variance was driven primarily by:

•a $559 million increase in fuel used in electric generation and purchased power due to higher fuel prices and higher amortizations of deferred fuel.

Partially offset by:

•a $207 million decrease in impairment of assets and other charges primarily due to the Indiana Supreme Court ruling on recovery of certain coal ash costs in the prior year;

•a $157 million decrease in operation, maintenance and other primarily driven by lower storm costs in the current year; and

•a $35 million decrease in depreciation and amortization primarily due to the amortization of the Department of Energy settlement regulatory liability at Duke Energy Florida.

Other Income and Expenses, net. The increase is primarily due to higher returns on deferred costs.

Interest Expense. The variance was primarily driven by higher interest rates and outstanding debt balances.

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 March 31, 2023, and 2022, were 15.5% and 10.4%, 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 March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	911	$	1,032	$	(121)
Operating Expenses
Cost of natural gas	298		481		(183)
Operation, maintenance and other	119		182		(63)
Depreciation and amortization	85		79		6
Property and other taxes	31		41		(10)
Impairment of assets and other charges	1		—		1
Total operating expenses	534		783		(249)
Operating Income	377		249		128
Other Income and Expenses, Net	23		17		6
Interest Expense	50		40		10
Income Before Income Taxes	350		226		124
Income Tax Expense (Benefit)	63		(28)		91
Segment Income	$	287	$	254	$	33
Piedmont LDC throughput (dekatherms)	161,463,793		180,187,101		(18,723,308)
Duke Energy Midwest LDC throughput (Mcf)	32,001,725		37,246,072		(5,244,347)

Three Months Ended March 31, 2023, as compared to March 31, 2022

GU&I’s results were impacted primarily by margin growth. The following is a detailed discussion of the variance drivers by line item.

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MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE

Operating Revenues. The variance was driven primarily by:

•a $183 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs.

Partially offset by:

•a $15 million increase due to the MGP Settlement in prior year;

•a $13 million increase due to secondary marketing sales;

•a $13 million increase due to rider revenues related to Ohio CEP;

•a $6 million increase due to North Carolina IMR; and

•a $5 million increase due to customer growth.

Operating Expenses. The variance was driven primarily by:

•a $183 million decrease in cost of natural gas due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs;

•a $63 million decrease in operations, maintenance and other primarily due to the MGP Settlement in prior year.

Interest Expense. The increase was primarily due to higher interest rates and outstanding debt balances.

Income Tax Expense. The increase in tax expense was primarily due to a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year and an increase in pretax income. The ETRs for the three months ended March 31, 2023, and 2022, were 18.0% and -12.4%, respectively. The increase in the ETR was primarily due a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year.

Other

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	31	$	30	$	1
Operating Expenses	29		30		(1)
Gains on Sales of Other Assets and Other, net	6		1		5
Operating Income	8		1		7
Other Income and Expenses, net	62		(5)		67
Interest Expense	256		158		98
Loss Before Income Taxes	(186)		(162)		(24)
Income Tax Benefit	(57)		(30)		(27)
Less: Preferred Dividends	39		39		—
Net Loss	$	(168)	$	(171)	$	3

Three Months Ended March 31, 2023, as compared to March 31, 2022

The lower net loss was driven by higher return on investments, lower loss experience related to captive insurance claims and an increase in the tax benefit, partially offset by higher interest expense.

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

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

Income Tax Benefit. The increase in the tax benefit was primarily due to higher state tax benefits, favorable tax impacts related to higher investment returns on certain employee benefit obligations and an increase in pretax losses. The ETRs for the three months ended March 31, 2023, and 2022, were 30.6% and 18.5%, respectively. The increase in the ETR was primarily due to higher state tax benefits and favorable tax impacts related to higher investment returns on certain employee benefit obligations.

86

PART I

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Loss From Discontinued Operations, net of tax	$	(209)	$	(15)	$	(194)

Three Months Ended March 31, 2023, as compared to March 31, 2022

The variance was primarily driven by the estimated impairment on the sale of the Commercial Renewables business recorded in 2023.

DUKE ENERGY CAROLINAS

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	1,934	$	1,888	$	46
Operating Expenses
Fuel used in electric generation and purchased power	623		448		175
Operation, maintenance and other	440		512		(72)
Depreciation and amortization	366		379		(13)
Property and other taxes	95		93		2
Impairment of assets and other charges	2		3		(1)
Total operating expenses	1,526		1,435		91
Operating Income	408		453		(45)
Other Income and Expenses, net	59		55		4
Interest Expense	160		141		19
Income Before Income Taxes	307		367		(60)
Income Tax Expense	35		27		8
Net Income	$	272	$	340	$	(68)

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	2023
Residential sales	(4.3)	%
General service sales	0.8	%
Industrial sales	(5.5)	%
Wholesale power sales	(0.5)	%
Joint dispatch sales	39.2	%
Total sales	(7.2)	%
Average number of customers	1.6	%

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $153 million increase in fuel revenues due to higher fuel prices; and

•a $29 million increase in rider revenues primarily due to a decrease in the return of EDIT to customers compared to the prior year and increases in energy efficiency and competitive procurement of renewable energy program riders.

Partially offset by:

•a $93 million decrease in retail sales due to unfavorable weather compared to prior year; and

•a $49 million decrease in weather-normal retail sales volumes.

Operating Expenses. The variance was driven primarily by:

•a $175 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.

87

MD&A DUKE ENERGY CAROLINAS

Partially offset by:

•a $72 million decrease in operation, maintenance and other expense primarily due to lower storm restoration costs and a decrease in spend on outside services; and

•a $13 million decrease in depreciation and amortization primarily due to the prior year South Carolina Supreme Court decision on coal ash and an increase in Grid Improvement Plan deferrals.

Interest Expense. The variance was driven by higher interest rates and outstanding debt balances.

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

PROGRESS ENERGY

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	3,048	$	2,992	$	56
Operating Expenses
Fuel used in electric generation and purchased power	1,191		1,064		127
Operation, maintenance and other	568		645		(77)
Depreciation and amortization	504		536		(32)
Property and other taxes	168		152		16
Impairment of assets and other charges	5		—		5
Total operating expenses	2,436		2,397		39
Gains on Sales of Other Assets and Other, net	6		2		4
Operating Income	618		597		21
Other Income and Expenses, net	59		35		24
Interest Expense	246		211		35
Income Before Income Taxes	431		421		10
Income Tax Expense	72		67		5
Net Income	359		354		5

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $183 million increase in fuel cost recovery at Duke Energy Florida driven by higher fuel rates in the current year; and

•a $23 million increase in rider revenues at Duke Energy Florida primarily due to increased Storm Protection Plan rider revenue driven by higher debt and equity returns from increased capital expenditures in the current year.

Partially offset by:

•a $54 million decrease in retail sales due to unfavorable weather compared to prior year;

•a $54 million decrease in weather-normal retail sales volumes; and

•a $45 million decrease in wholesale revenues, net of fuel, due to lower capacity volumes.

Operating Expenses. The variance was driven primarily by:

•a $127 million increase in fuel used in electric generation and purchased power primarily due to higher amortization of deferred fuel balances at Duke Energy Florida; and

•a $16 million increase in property and other taxes primarily due to higher property tax valuation adjustments at Duke Energy Florida.

Partially offset by:

•a $77 million decrease in operation, maintenance and other expense due to lower storm costs at Duke Energy Progress and lower storm amortization at Duke Energy Florida; and

•a $32 million decrease in depreciation and amortization primarily due to the amortization of Department of Energy settlement regulatory liability at Duke Energy Florida.

Other Income and Expenses, net. The increase is primarily due to higher debt returns at Duke Energy Florida.

88

MD&A PROGRESS ENERGY

Interest Expense. The variance was driven primarily by higher outstanding debt balances and interest rates at Duke Energy Florida and Duke Energy Progress.

DUKE ENERGY PROGRESS

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	1,533	$	1,632	$	(99)
Operating Expenses
Fuel used in electric generation and purchased power	545		574		(29)
Operation, maintenance and other	350		391		(41)
Depreciation and amortization	315		306		9
Property and other taxes	48		49		(1)
Impairment of assets and other charges	4		—		4
Total operating expenses	1,262		1,320		(58)
Gains on Sales of Other Assets and Other, net	—		1		(1)
Operating Income	271		313		(42)
Other Income and Expenses, net	29		22		7
Interest Expense	102		85		17
Income Before Income Taxes	198		250		(52)
Income Tax Expense	29		35		(6)
Net Income	$	169	$	215	$	(46)

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	2023
Residential sales	(7.4)	%
General service sales	(9.4)	%
Industrial sales	(25.0)	%
Wholesale power sales	(10.1)	%
Joint dispatch sales	(28.5)	%
Total sales	(14.6)	%
Average number of customers	1.6	%

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $54 million decrease in retail sales due to unfavorable weather compared to prior year;

•a $26 million decrease in wholesale revenues, net of fuel, due to lower capacity volumes; and

•a $16 million decrease in weather-normal retail sales volumes.

Operating Expenses. The variance was driven primarily by:

•a $41 million decrease in operation, maintenance and other expense primarily due to lower storm costs; and

•a $29 million decrease in fuel used in electric generation and purchased power primarily due to lower volumes, partially offset by the recovery of fuel expenses and higher natural gas prices.

Partially offset by:

•a $9 million increase in depreciation and amortization due to higher depreciable base.

Interest Expense. The variance was driven primarily by higher outstanding debt balances and interest rates.

89

MD&A DUKE ENERGY FLORIDA

DUKE ENERGY FLORIDA

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	1,510	$	1,355	$	155
Operating Expenses
Fuel used in electric generation and purchased power	646		490		156
Operation, maintenance and other	213		249		(36)
Depreciation and amortization	190		231		(41)
Property and other taxes	120		103		17
Impairment of assets and other charges	1		—		1
Total operating expenses	1,170		1,073		97
Gains on Sales of Other Assets and Other, net	1		1		—
Operating Income	341		283		58
Other Income and Expenses, net	30		15		15
Interest Expense	115		84		31
Income Before Income Taxes	256		214		42
Income Tax Expense	51		43		8
Net Income	$	205	$	171	$	34

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	2023
Residential sales	(0.8)	%
General service sales	1.9	%
Industrial sales	1.9	%
Wholesale and other	(47.9)	%
Total sales	(9.2)	%
Average number of customers	1.6	%

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $183 million increase in fuel and capacity revenues primarily due to an increase in fuel and capacity rates billed to retail customers; and

•a $23 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.

Partially offset by:

•a $38 million decrease in weather-normal retail sales volumes; and

•a $19 million decrease in wholesale power revenues, net of fuel, primarily due to lower capacity revenue and bulk power sales.

Operating Expenses. The variance was driven primarily by:

•a $156 million increase in fuel used in electric generation and purchased power primarily due to higher amortization of deferred fuel and capacity expense; and

•a $17 million increase in property and other taxes primarily due to property tax valuation adjustments.

Partially offset by:

•a $41 million decrease in depreciation and amortization primarily due to the amortization of Department of Energy settlement regulatory liability; and

•a $36 million decrease in operation, maintenance and other primarily due to reduced storm amortization.

Other Income and Expenses, net. The increase is primarily due to an increase in clause recovery interest income.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

90

MD&A DUKE ENERGY FLORIDA

Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and EDIT amortization, partially offset by new PTCs.

DUKE ENERGY OHIO

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues
Regulated electric	$	474	$	412	$	62
Regulated natural gas	235		226		9
Total operating revenues	709		638		71
Operating Expenses
Fuel used in electric generation and purchased power	176		127		49
Cost of natural gas	92		107		(15)
Operation, maintenance and other	123		178		(55)
Depreciation and amortization	90		80		10
Property and other taxes	80		101		(21)
Total operating expenses	561		593		(32)
Operating Income	148		45		103
Other Income and Expenses, net	8		6		2
Interest Expense	36		30		6
Income Before Income Taxes	120		21		99
Income Tax Expense (Benefit)	20		(56)		76
Net Income	$	100	$	77	$	23

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	2023		2023
Residential sales	(5.4)	%	(12.6)	%
General service sales	(1.9)	%	(26.6)	%
Industrial sales	6.8	%	7.7	%
Wholesale electric power sales	(78.9)	%	n/a
Other natural gas sales	n/a		(3.7)	%
Total sales	(5.9)	%	(14.1)	%
Average number of customers	1.3	%	0.8	%

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $51 million increase in fuel-related revenues primarily due to higher retail sales volumes and higher fuel rates in the current year;

•a $33 million increase in price due to 2022 Duke Energy Ohio Electric retail rate case and Ohio tax reform deferrals in prior year; and

•a $15 million increase due to the MGP settlement in the prior year.

Partially offset by:

•a $14 million decrease due to unfavorable weather compared to prior year; and

•a $9 million decrease in retail revenue riders primarily due to the decrease in Distribution Capital Investment Rider (DCI) partially offset by increase in the Ohio CEP rider.

Operating Expenses. The variance was driven primarily by:

•a $55 million decrease in operation, maintenance and other expense primarily due to the MGP settlement in the prior year; and

•a $21 million decrease in property and other taxes primarily due to an Ohio property tax true up partially offset by franchise taxes.

91

MD&A DUKE ENERGY OHIO

Partially offset by:

•a $34 million increase in fuel expense primarily driven by higher retail prices and increased volumes for natural gas and purchased power; and

•a $10 million increase in depreciation and amortization primarily driven by an increase in distribution plant in service and depreciation rates resulting from the 2022 Duke Energy Ohio Electric retail rate case implemented in 2023.

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

DUKE ENERGY INDIANA

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	975	$	822	$	153
Operating Expenses
Fuel used in electric generation and purchased power	449		319		130
Operation, maintenance and other	184		192		(8)
Depreciation and amortization	158		156		2
Property and other taxes	18		25		(7)
Impairment of assets and other charges	—		211		(211)
Total operating expenses	809		903		(94)
Operating Income (Loss)	166		(81)		247
Other Income and Expenses, net	14		10		4
Interest Expense	52		45		7
Income (Loss) Before Income Taxes	128		(116)		244
Income Tax Expense (Benefit)	22		(37)		59
Net Income (Loss)	$	106	$	(79)	$	185

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	2023
Residential sales	(9.3)	%
General service sales	(0.3)	%
Industrial sales	13.1	%
Wholesale power sales	(21.2)	%
Total sales	(7.5)	%
Average number of customers	1.2	%

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $152 million increase in retail fuel revenues primarily due to higher fuel cost recovery driven by higher fuel prices; and

•a $37 million increase primarily due to the provision for rate refund recognized in the prior year related to the Indiana Supreme Court ruling.

Partially offset by:

•a $21 million decrease in retail sales due to unfavorable weather; and

•a $16 million decrease in wholesale revenues, including fuel revenues, driven by lower rates and sales as well as lower bulk power marketing price and sharing.

Operating Expenses. The variance was driven primarily by:

•a $211 million decrease in impairment of assets and other charges primarily due to the Indiana Supreme Court ruling on recovery of certain coal ash costs in the prior year.

Partially offset by:

•a $130 million increase in fuel used in electric generation and purchased power primarily due to higher deferred fuel amortization, partially offset by lower purchased power expense and natural gas costs.

92

MD&A DUKE ENERGY INDIANA

Income Tax Expense (Benefit). The increase in tax expense was primarily due to a decrease in pretax income.

PIEDMONT

Results of Operations

	Three Months Ended March 31,
(in millions)	2023		2022		Variance
Operating Revenues	$	675	$	805	$	(130)
Operating Expenses
Cost of natural gas	206		374		(168)
Operation, maintenance and other	89		95		(6)
Depreciation and amortization	57		54		3
Property and other taxes	16		16		—
Impairment of assets and other charges	1		—		1
Total operating expenses	369		539		(170)
Operating Income	306		266		40
Other Income and Expenses, net	16		13		3
Interest Expense	40		32		8
Income Before Income Taxes	282		247		35
Income Tax Expense	50		33		17
Net Income	$	232	$	214	$	18

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	2023
Residential deliveries	(22.5)	%
Commercial deliveries	(19.2)	%
Industrial deliveries	(4.5)	%
Power generation deliveries	(6.1)	%
For resale	(25.5)	%
Total throughput deliveries	(10.4)	%
Secondary market volumes	(26.8)	%
Average number of customers	1.5	%

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.

Three Months Ended March 31, 2023, as compared to March 31, 2022

Operating Revenues. The variance was driven primarily by:

•a $168 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs.

Partially offset by:

•a $13 million increase due to secondary marketing sales;

•a $6 million increase due to North Carolina IMR; and

•a $5 million increase due to customer growth.

Operating Expenses. The variance was driven primarily by:

•a $168 million decrease in cost of natural gas due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs.

Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.

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

93

MD&A LIQUIDITY AND CAPITAL RESOURCES

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, 2022, included a summary and detailed discussion of projected primary sources and uses of cash for 2023 to 2025.

As of March 31, 2023, Duke Energy had approximately $451 million of cash on hand and $5.4 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 6 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.

In April 2023, Moody’s Investors Service, Inc. (Moody's) maintained the credit ratings and affirmed the ratings outlook for all of the Duke Energy Registrants, including Duke Energy Ohio. Operations in Kentucky are conducted through Duke Energy Ohio's wholly owned subsidiary, Duke Energy Kentucky. Moody's lowered Duke Energy Kentucky's ratings outlook from stable to negative while maintaining Duke Energy Kentucky's credit rating of Baa1 for senior unsecured debt.

Cash Flow Information

The following table summarizes Duke Energy’s cash flows.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Cash flows provided by (used in):
Operating activities	$	1,483	$	1,795
Investing activities	(3,209)		(2,699)
Financing activities	1,747		1,404
Net increase in cash, cash equivalents and restricted cash	21		500
Cash, cash equivalents and restricted cash at beginning of period	603		520
Cash, cash equivalents and restricted cash at end of period	$	624	$	1,020

OPERATING CASH FLOWS

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

	Three Months Ended
	March 31,
(in millions)	2023		2022		Variance
Net income	$	761	$	820	$	(59)
Non-cash adjustments to net income	1,563		1,582		(19)
Payments for asset retirement obligations	(117)		(119)		2
Working capital	(724)		(488)		(236)
Net cash provided by operating activities	$	1,483	$	1,795	$	(312)

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

INVESTING CASH FLOWS

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

	Three Months Ended
	March 31,
(in millions)	2023		2022		Variance
Capital, investment and acquisition expenditures	$	(3,152)	$	(2,568)	$	(584)
Other investing items	(57)		(131)		74
Net cash used in investing activities	$	(3,209)	$	(2,699)	$	(510)

The variance is primarily due to higher overall investments in the EU&I segment.

94

MD&A LIQUIDITY AND CAPITAL RESOURCES

FINANCING CASH FLOWS

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

	Three Months Ended
	March 31,
(in millions)	2023		2022		Variance
Issuances of long-term debt, net	$	2,705	$	2,291	$	414
Notes payable, commercial paper and other short-term borrowings	(265)		(44)		(221)
Dividends paid	(815)		(799)		(16)
Contributions from noncontrolling interests	206		23		183
Other financing items	(84)		(67)		(17)
Net cash provided by financing activities	$	1,747	$	1,404	$	343

The variance was primarily due to:

•a $414 million increase in net proceeds from issuances of long-term debt, primarily due to timing of issuances and redemptions of long-term debt; and

•a $183 million increase in contributions from noncontrolling interests.

Partially offset by:

•a $221 million decrease in net borrowings from notes payable and commercial paper.

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 4, "Regulatory Matters," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, for more information regarding potential plant retirements and Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding regulatory filings related to the Duke Energy Registrants.

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, 2022.

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 March 31, 2023, and, based on 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 March 31, 2023, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

95

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Duke Energy Registrants are, from time to time, parties to various lawsuits and regulatory proceedings in the ordinary course of their business. For information regarding legal proceedings, including regulatory and environmental matters, see Note 4, "Regulatory Matters," and Note 5, "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, 2022.

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, 2022, which could materially affect the Duke Energy Registrants’ financial condition or future results.

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

None.

96

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
4.1	Ninety-fourth Supplemental Indenture, dated as of March 1, 2023 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 9, 2023, File No. 1-3382).				X
4.2	Forty-eighth Supplemental Indenture, dated as of March 22, 2023 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 22, 2023, File No. 1-1232).						X
4.3	Seventy-first Supplemental Indenture, dated as of March 23, 2023 (incorporated by reference to Exhibit 4.1 to registrant's Current Report on Form 8-K filed on March 23, 2023, File No. 1-3543).							X
4.4	Indenture, dated as of April 6, 2023, by and between Duke Energy Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, and form of global note included therein (incorporated by reference to registrant's Current Report on Form 8-K filed on April 6, 2023, File No. 1-32853).	X
*10.1	Amendment No. 1, dated as of March 17, 2023, to Amended and Restated Credit Agreement, dated as of March 18, 2022	X	X		X	X	X	X	X
*10.2	Lender Waiver Letter, dated as of March 29, 2023, to Amended and Restated Term Loan Credit Agreement, dated as of March 9, 2022	X	X		X	X	X	X	X
10.3**	Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.21 to registrant's Annual Report on Form 10-K for the year ended December 31, 2022, filed on February 27, 2023, File No. 1-32853).	X
10.4**	Performance Share Award Agreement (incorporated by reference to Exhibit 10.24 to registrant's Annual Report on Form 10-K for the year ended December 31, 2022, Filed on February 27, 2023, File No. 1-32853).	X
10.5**	Duke Energy Corporation 2023 Long-Term Incentive Plan (incorporated by reference to Appendix C to registrant's DEF14A filed on March 23, 2023, File No. 1-32853).	X
*10.6**	Duke Energy Corporation Director Compensation Program Summary	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

97

EXHIBITS

*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
*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

98

EXHIBITS

*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
*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.

99

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:	May 9, 2023	/s/ BRIAN D. SAVOY
		Brian D. Savoy Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	May 9, 2023	/s/ CYNTHIA S. LEE
		Cynthia S. Lee Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

100

EX-10.1

Exhibit 10.1

Execution Version

AMENDMENT NO. 1 and Consent, dated as of March 17, 2023 (this “Agreement”), among DUKE ENERGY CORPORATION (the “Company”), DUKE ENERGY CAROLINAS, LLC (“Duke Energy Carolinas”), DUKE ENERGY OHIO, INC. (“Duke Energy Ohio”), DUKE ENERGY INDIANA, LLC (“Duke Energy Indiana”), DUKE ENERGY KENTUCKY, INC. (“Duke Energy Kentucky”), DUKE ENERGY PROGRESS, LLC (f/k/a PROGRESS ENERGY CAROLINAS, INC.) (“Duke Energy Progress”), DUKE ENERGY FLORIDA, LLC (f/k/a PROGRESS ENERGY FLORIDA, INC.) (“Duke Energy Florida”) and PIEDMONT NATURAL GAS COMPANY, INC. (“Piedmont”), the LENDERS party hereto (the “Lenders”), the ISSUING LENDERS party hereto (the “Issuing Lenders”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Swingline Lender.

A.Reference is made to the Amended and Restated Credit Agreement dated as of March 18, 2022 (“Existing Credit Agreement”), among the Company, Duke Energy Carolinas, Duke Energy Ohio, Duke Energy Indiana, Duke Energy Kentucky, Duke Energy Progress, Duke Energy Florida and Piedmont (the “Borrowers”), the Lenders party thereto (the “Existing Lenders”) and Wells Fargo Bank, National Association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as swingline lender (in such capacity, the “Swingline Lender”).

B.The Company has requested to exercise one of the two remaining extension options pursuant to Section 2.01(b) of the Existing Credit Agreement to extend the Commitment Termination Date for one year (the “Extension”).

C.The Borrowers have requested that certain amendments be made to the Existing Credit Agreement, including resetting the Company’s extension options so the Company has two extension options remaining, as more fully set forth herein (the “Amendments”).

D.The Lenders party hereto have agreed to the Extension of the Existing Credit Agreement and the Amendments of the Existing Credit Agreement as set forth herein and as amended hereby (the Existing Credit Agreement as so amended being referred to as the “Amended Credit Agreement”).

Accordingly, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1. Terms Generally. (a) The rules of construction set forth in Section 1.01 of the Amended Credit Agreement shall apply mutatis mutandis to this Agreement. Capitalized terms used but not defined herein have the meanings assigned thereto in the Amended Credit Agreement.

(a) As used in this Agreement, “Effective Date” shall have the meaning assigned to such term in Section 6.

SECTION 2. Amendments to Existing Credit Agreement.

(a) Cover Page.

(i)The cover page of the Existing Credit Agreement is hereby amended by replacing “Citigroup Global Markets, Inc.” with “Citibank, N.A.”

(b) Definitions.

(i)Section 1.01 of the Existing Credit Agreement is hereby amended by adding the following defined term in the appropriate alphabetical order:

“First Amendment Effective Date” means March 17, 2023.

(ii)Commitment Termination Date. The definition of “Commitment Termination Date” is hereby amended and restated in its entirety as follows:

“Commitment Termination Date” means, for each Lender, March 17, 2028, as such date may be extended from time to time with respect to such Lender pursuant to Section 2.01(b) or, if such day is not a Domestic Business Day, the next preceding Domestic Business Day

(c) Amendment to Section 2.01(b). Section 2.01(b) of the Existing Credit Agreement is hereby amended by deleting the term “Effective Date” and substituting the term “First Amendment Effective Date” therefor.

(d) Amendment to Section 5.09. The first sentence of Section 5.09 of the Existing Credit Agreement is hereby amended by deleting the phrase “including liquidity support for commercial paper and acquisitions”.

(e) Amendment to Section 6.01(f). Section 6.01(f) is hereby amended and restated in its entirety as follows:

any event or condition shall occur and shall continue beyond the applicable grace or cure period, if any, provided with respect thereto so as to result in the acceleration of the maturity of Material Debt (other than (x) any event that permits (i) holders of any Material Debt constituting convertible indebtedness of such Borrower to convert such Material Debt pursuant to their terms or (ii) the conversion of any Material Debt constituting convertible indebtedness of such Borrower pursuant to their terms, in either case, into common stock of such Borrower (or other securities or property following a merger event, reclassification or other change of the common stock of such Borrower), cash or a combination thereof, unless, in either case, such conversion results from a default thereunder or an event of the type that constitutes an Event of Default, and (y) any termination of any related swap or hedging instrument);

SECTION 3. Extension of Commitment Termination Date. Each Lender, by executing this Agreement hereby agrees, effective as of the Effective Date, to extend its Commitment and Commitment Termination Date under the Existing Credit Agreement for one year to March 17, 2028 pursuant to Section 2.01(b) of the Existing Credit Agreement. After giving effect to this Agreement, the Borrowers will have two (2) remaining extension options available under Section 2.01(b) of the Amended Credit Agreement. Any Lender which does not execute this Agreement shall be deemed to have elected not to extend the Commitment Termination Date, and the Commitment of each non-extending Lender shall terminate on its Commitment Termination Date determined without giving effect to such requested extension.

SECTION 4. [Reserved].

SECTION 5. Representations and Warranties. To induce the other parties hereto to enter into this Agreement, each Borrower party hereto represents and warrants to the Administrative Agent and each of the Lenders that:

(a) The execution, delivery and performance by such Borrower of this Agreement and the Notes are within such Borrower’s powers, have been duly authorized by all necessary

company action, require no action by or in respect of, or filing with, any Governmental Authority (except for consents, authorizations or filings which have been obtained or made, as the case may be, and are in full force and effect) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the articles of incorporation, by laws, certificate of formation or the limited liability company agreement of such Borrower or of any material agreement, judgment, injunction, order, decree or other instrument binding upon such Borrower or result in the creation or imposition of any Lien on any asset of such Borrower or any of its Material Subsidiaries.

(b) This Agreement constitutes a valid and binding agreement of such Borrower and each Note, if and when executed and delivered by it in accordance with this Agreement, will constitute a valid and binding obligation of such Borrower, in each case enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by general principles of equity.

(c) Each of the representations and warranties made by such Borrower in Article 4 of the Amended Credit Agreement is true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case they shall be true and correct on and as of such earlier date); provided that any representation and warranty that is qualified by materiality or material adverse effect shall be true and correct in all respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case they shall be true and correct on and as of such earlier date).

(d) No Event of Default or Default has occurred and is continuing as of the date hereof.

SECTION 6. Conditions to Effectiveness. The Amendments in Section 2 and the Extension in Section 3 shall become effective as of the date (the “Effective Date”) on which each of the following conditions precedent shall have been satisfied:

(a)(1) With respect to the Amendments in Section 2, the Administrative Agent shall have received duly executed counterparts of this Agreement from the Borrowers and the Required Lenders consenting to this Agreement, and (2) with respect to the Extension in Section 3, the Administrative Agent shall have received duly executed counterparts of this Agreement from the Borrowers and the Lenders having Commitments in an aggregate amount equal to at least 51% of the Commitments in effect on the Effective Date.

(b)The Administrative Agent shall have received a certificate signed by a Vice President, the Treasurer, an Assistant Treasurer or the Controller of the Company, dated the Effective Date, to the effect set forth in clauses (c) and (d) of Section 5 above;

(c)The Administrative Agent shall have received all documents it may have reasonably requested prior to the Effective Date relating to the existence of the Borrowers, the corporate authority for and the validity of this Agreement and the Notes, and any other matters relevant hereto, all in form and substance satisfactory to the Administrative Agent;

(d)The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, fees and expenses required to be paid or delivered by the Company on the Effective Date pursuant to the certain fee letter dated as of February 27, 2023 among the arrangers party thereto and the Company, and to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Company hereunder.

(e)The Administrative Agent shall have received, at least three Domestic Business Days prior to the Effective Date, all documentation and other information about the Borrowers that shall have been reasonably requested by the Administrative Agent in writing at least 10 Domestic Business Days prior to the Effective Date and that the Administrative Agent reasonably determines is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act and the Beneficial Ownership Regulation.

SECTION 7. Effect of Amendments. Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent or each of the Lenders under the Existing Credit Agreement and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement in similar or different circumstances. This Agreement shall apply and be effective only with respect to the provisions of the Existing Credit Agreement specifically referred to herein. This Agreement constitutes a “Loan Document,” as such term is defined and referred to in the Existing Credit Agreement.

SECTION 8. Notices. All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Amended Credit Agreement.

SECTION 9. Counterparts; Integration; Electronic Execution. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other means of electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. This Agreement is subject to the Electronic Execution provisions contained in Section 9.10(b) of the Amended Credit Agreement. This Agreement constitutes the entire contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

SECTION 10. Severability. To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

SECTION 11. Expenses. The Borrowers shall pay all reasonable and documented fees and expenses of counsel to the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Agreement.

SECTION 12. APPLICABLE LAW, SUBMISSION TO JURISDICTION. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. EACH BORROWER AND EACH LENDER PARTY HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK COUNTY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH BORROWER AND EACH LENDER PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR

HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

SECTION 13. WAIVER OF JURY TRIAL. EACH OF THE BORROWERS, THE AGENTS, THE ISSUING LENDERS AND THE LENDERS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 14. Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

SECTION 15. Headings. The headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

[Remainder of this page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date and year first above written.

DUKE ENERGY CORPORATION
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	20-2777218

DUKE ENERGY CAROLINAS, LLC
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	56-0205520

DUKE ENERGY OHIO, INC.
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	31-0240030

[Signature Page to Amendment No. 1 and Consent]

DUKE ENERGY INDIANA, LLC
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	35-0594457

DUKE ENERGY KENTUCKY, INC.
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	31-0473080

DUKE ENERGY PROGRESS, LLC
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	56-0165465

[Signature Page to Amendment No. 1 and Consent]

DUKE ENERGY FLORIDA, LLC
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	59-0247770

PIEDMONT NATURAL GAS COMPANY, INC.
By:	/s/ Michael Hendershott
	Name:	Michael Hendershott
	Title:	Assistant Treasurer
	Address:	550 South Tryon Street Charlotte, NC 28202
	Attention:	Treasury Department
	Telecopy number:	704-382-4935
	Taxpayer ID:	56-0556998

[Signature Page to Amendment No. 1 and Consent]

WELLS FARGO BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent, Issuing Lender, Swingline Lender and Lender
By
	_/s/ Patrick Engel_________________
	Name:    Patrick Engel
	Title:    Managing Director

[Signature Page to Amendment No. 1 and Consent]

Bank of America, N.A., as Lender and Issuing Lender

By	_/s/ Christopher J. Heitker
	Name:    Christopher J. Heitker
	Title:    Director

[Signature Page to Amendment No. 1 and Consent]

JPMORGAN CHASE BANK, N.A., as Lender and Issuing Lender

By	/s/ Khawaja Tariq
	Name:    Khawaja Tariq
	Title:    Vice President

[Signature Page to Amendment No. 1 and Consent]

Mizuho Bank, Ltd., as Lender and Issuing Lender

By	/s/ Edward Sacks
	Name:    Edward Sacks
	Title:    Authorized Signatory

[Signature Page to Amendment No. 1 and Consent]

Bank of China, New York Branch., as Lender and Issuing Lender

By	/s/ Raymond Qiao
	Name:    Raymond Qiao
	Title:    Executive Vice President

[Signature Page to Amendment No. 1 and Consent]

BARCLAYS BANK PLC, as Lender and Issuing Lender

By	/s/ Sydney G. Dennis
	Name:    Sydney G. Dennis
	Title:    Director

[Signature Page to Amendment No. 1 and Consent]

CITIBANK, N.A., as Lender and Issuing Lender

By	/s/ Richard Rivera
	Name:    Richard Rivera
	Title:    Vice President

[Signature Page to Amendment No. 1 and Consent]

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender and Issuing Lender

By	/s/ Doreen Barr
	Name:    Doreen Barr
	Title:    Authorized Signatory

By	/s/ Michael Dieffenbacher
	Name:    Michael Dieffenbacher
	Title:    Authorized Signatory

[Signature Page to Amendment No. 1 and Consent]

Royal Bank of Canada, as Lender and Issuing Lender

By	/s/ Martina Wellik
	Name: Martina Wellik
	Title:    Authorized Signatory

[Signature Page to Amendment No. 1 and Consent]

MUFG BANK, LTD., as Lender and Issuing Lender:

By	/s/ Nietzsche Rodricks
	Name:    Nietzsche Rodricks
	Title:    Managing Director

[Signature Page to Amendment No. 1 and Consent]

Truist Bank

By	/s/ Catherine Strickland
	Name:    Catherine Strickland
	Title:    Vice President

[Signature Page to Amendment No. 1 and Consent]

PNC BANK, NATIONAL ASSOCIATION, as Lender

By	/s/ Rebecca Shellenbarger
	Name:    Rebecca Shellenbarger
	Title:    Assistant Vice President

[Signature Page to Amendment No. 1 and Consent]

SUMITOMO MITSUI BANKING CORPORATION, as Lender

By	/s/ Suela Von Bargen
	Name:    Suela Von Bargen
	Title:    Director

[Signature Page to Amendment No. 1 and Consent]

BNP Paribas, as Lender

By	/s/ Dennis O’Meara
	Name:    Dennis O’Meara
	Title:    Managing Director

By	/s/ Victor Padilla
	Name:    Victor Padilla
	Title:    Vice President

[Signature Page to Amendment No. 1 and Consent]

GOLDMAN SACHS BANK USA, as Lender

By	/s/ Andrew B. Vernon
	Name:    Andrew Vernon
	Title:    Authorized Signatory

[Signature Page to Amendment No. 1 and Consent]

Morgan Stanley Bank, N. A., as Lender

By	/s/ Michael King
	Name:    Michael King
	Title:    Authorized Signatory

[Signature Page to Amendment No. 1 and Consent]

TD Bank, N.A., as Lender

By	/s/ Bernadette Collins
	Name: Bernadette Collins
	Title:    Senior Vice President

[Signature Page to Amendment No. 1 and Consent]

The Bank of Nova Scotia, as Lender

By	/s/ David Dewar
	Name:    David Dewar
	Title:    Director

[Signature Page to Amendment No. 1 and Consent]

U.S. BANK NATIONAL ASSOCIATION, as Lender

By	/s/ James O’Shaughnessy
	Name:    James O’Shaughnessy
	Title:    Vice President

[Signature Page to Amendment No. 1 and Consent]

KEYBANK NATIONAL ASSOCIATION, as Lender

By	/s/ Lisa A. Ryder
	Name:    Lisa A. Ryder
	Title:    Senior Vice President

[Signature Page to Amendment No. 1 and Consent]

REGIONS BANK, as Lender

By	/s/ Tedrick Tarver
	Name:    Tedrick Tarver
	Title:    Director

[Signature Page to Amendment No. 1 and Consent]

BANCO SANTANDER, S.A., NEW YORK BRANCH, as Lender

By	/s/ Andres Barbosa
	Name:    Andres Barbosa
	Title:    Managing Director

By	/s/ Daniel Kostman
	Name:    Daniel Kostman
	Title:    Executive Director

[Signature Page to Amendment No. 1 and Consent]

The Bank of New York Mellon, as Lender

By	/s/ Molly H. Ross
	Name:    Molly H. Ross
	Title:    Vice President

[Signature Page to Amendment No. 1 and Consent]

The Northern Trust Company, as Lender

By	/s/ Andrew D. Holtz
	Name:    Andrew D. Holtz
	Title:    Senior Vice President

[Signature Page to Amendment No. 1 and Consent]

Bank of Montreal, Chicago Branch, as Lender

By	/s/ Darren Thomas
	Name:    Darren Thomas
	Title:    Director

[Signature Page to Amendment No. 1 and Consent]

EX-10.2

Exhibit 10.2

526 South Church Street
Charlotte, NC 28202

March 29, 2023

To the Lenders under the Term Loan Credit Agreement, dated as of March 9, 2022, by and among Duke Energy Corporation (the “Company”) and the lenders referred to therein (the “Term Loan Credit Agreement”)

Re:    Waiver of notice under Section 9.05(b) of the Term Loan Credit Agreement

As a Lender under the Master Credit Facility, you previously agreed to an amendment to section 6.01(f) of that agreement, relating to convertible securities, effective March 17, 2023. Section 9.05(b) of the Term Loan Credit Agreement provides that any amendment to Article 6 of the Master Credit Facility automatically applies to the Term Loan Credit Agreement, provided that (x) the effectiveness of that amendment to the Term Loan Credit Agreement shall be the later of (i) the effectiveness of the Master Credit Facility Change, and (ii) 30 days after the Company gives notice of the Master Credit Facility change to the Administrative Agent under the Term Loan Credit Agreement, and (y) the Required Lenders do not notify the Company within 30 days that the Master Credit Facility Change shall not be effective to the Term Loan Credit Agreement.

In order for the Company to offer and sell convertible securities as early as April 3, 2023, the Company requests a waiver of the 30-day notice periods referenced in section 9.05(b) of the Term Loan Credit Agreement to cause the automatic adoption of the amendment to 6.01(f) in the Term Loan Credit Agreement to be effective no later than March 31, 2023.

    The Company requests that each Lender execute its signature page attached to this letter and return a scanned copy of the respective executed page to my attention by 3:00 p.m. (Eastern) on Friday, March 31, 2023.

    Terms capitalized herein shall have the meanings ascribed to them in the Term Loan Credit Agreement.

    Thank you for your consideration.

/s/Michael S. Hendershott______

Michael S. Hendershott

Assistant Treasurer

[Signature Pages Follow]

Exhibit 10.2

The Bank of Nova Scotia, as a Lender and as Administrative Agent

By:/s/ David Dewar __________________

    Name: David Dewar

    Title: Director

[Signature Page to Waiver Letter]

Exhibit 10.2

Bank of China, New York Branch, as a Lender

By:/s/ Raymond Qiao _________________

    Name: Raymond Qiao

    Title: Executive Vice President

[Signature Page to Waiver Letter]

Exhibit 10.2

BNP Paribas, as a Lender

By:/s/ Denis O’ Meara ______________

    Name: Denis O’ Meara

    Title: Managing Director

By: /s/ Victor Padilla ________________

    Name: Victor Padilla

    Title: Vice President

[Signature Page to Waiver Letter]

Exhibit 10.2

PNC Bank, National Association, as a Lender

By:/s/ Raymond Rockwood _____________

    Name: Raymond Rockwood

    Title: Vice President

[Signature Page to Waiver Letter]

Exhibit 10.2

Regions Bank, as a Lender

By:/s/ Tedrick Tarver _______

    Name: Tedrick Tarver

    Title: Director

[Signature Page to Waiver Letter]

Exhibit 10.2

Sumitomo Mitsui Banking Corporation, as a Lender

By:/s/ Alkesh V. Nanavaty ____________

    Name: Alkesh V. Nanavaty

    Title: Executive Director

[Signature Page to Waiver Letter]

Exhibit 10.2

TD Bank, N.A., as a Lender

By: /s/ Steve Levi ______________________

    Name: Steve Levi

    Title: Senior Vice President

[Signature Page to Waiver Letter]

Exhibit 10.2

U.S. Bank National Association, as a Lender

By: /s/ James O’ Shaughnessy ___________

    Name: James O’ Shaughnessy

    Title: Vice President

[Signature Page to Waiver Letter]

Exhibit 10.2

Wells Fargo Bank, National Association, as a Lender

By: /s/ Patrick Engel ___________________

    Name: Patrick Engel

    Title: Managing Director

[Signature Page to Waiver Letter]

Exhibit 10.2

KeyBank National Association, as a Lender

By:/s/ Lisa A. Ryder __________________

    Name: Lisa A. Ryder

    Title: Senior Vice President

[Signature Page to Waiver Letter]

EX-10.6

Exhibit 10.6

Effective May 4, 2023, the compensation paid to our outside directors will consist of:

Type of Fee	Fee
Annual Board Retainer (Cash)	$125,000
Annual Board Retainer (Stock)	$175,000
Annual non-executive Chairman of the Board Retainer, if applicable	$100,000
Annual Lead Director Retainer, if applicable	$40,000
Annual Audit Committee Chair Retainer	$25,000
Annual Committee Chair Retainer (Other Committees)	$20,000
Additional Annual Board Retainer (Cash) (up to one) If director meets one or more of the following during the calendar year: •Serves as a member of a special committee •Attends (in person) more than two off-site committee meetings (excluding the annual Board retreat) •Attends more than thirty (30) meetings of the Board and its regular standing committees	$10,000

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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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: May 9, 2023

/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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

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 March 31, 2023, 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

May 9, 2023

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		770,651,719
Entity Central Index Key	0001326160
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Operating Revenues
Regulated electric		$ 6,324	$ 5,933
Regulated natural gas		882	1,002
Nonregulated electric and other		70	76
Total operating revenues		7,276	7,011
Operating Expenses
Operation, maintenance and other		1,310	1,548
Depreciation and amortization		1,227	1,257
Property and other taxes		389	382
Impairment of assets and other charges		8	215
Total operating expenses		5,609	5,700
Gains on Sales of Other Assets and Other, net		7	3
Operating Income		1,674	1,314
Other Income and Expenses
Equity in earnings of unconsolidated affiliates		20	26
Other income and expenses, net		151	89
Total other income and expenses		171	115
Interest Expense		720	569
Income From Continuing Operations Before Income Taxes		1,125	860
Income Tax Expense From Continuing Operations		155	25
Income From Continuing Operations		970	835
Loss from discontinued operations, net of tax		(209)	(15)
Net Income		761	820
Add: Net Loss Attributable to Noncontrolling Interests		43	37
Net Income Attributable to Parent		804	857
Less: Preferred Dividends		39	39
Net Income Available to Common Stockholders		$ 765	$ 818
Basic (in usd per share)		$ (0.19)	$ 0.02
Diluted (in usd per share)		$ (0.19)	$ 0.02
Other Comprehensive Income, net of tax
Pension and OPEB adjustments	[1]	$ (1)	$ 2
Net unrealized gain on cash flow hedges	[1]	(20)	113
Unrealized (losses) gains on available-for-sale securities	[1]	6	(13)
Other Comprehensive Income (Loss), net of tax	[1]	(26)	107
Comprehensive Income		735	927
Add: Comprehensive Loss Attributable to Noncontrolling Interests		(43)	(29)
Comprehensive Income Attributable to Duke Energy Corporation		$ 778	$ 956
Income from continuing operations available to Duke Energy Corporation common stockholders
Diluted (in usd per share)		$ 1.20	$ 1.06
Basic (in usd per share)		1.20	1.06
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic (usd per share)		(0.19)	0.02
Diluted (usd per share)		(0.19)	0.02
Net income available to Duke Energy Corporation common stockholders
Basic (in usd per share)		1.01	1.08
Diluted (in usd per share)		$ 1.01	$ 1.08
Weighted average shares outstanding
Basic (in shares)		770	770
Diluted (in shares)		770	770
Fuel used in electric generation and purchased power
Operating Expenses
Cost of sales		$ 2,377	$ 1,817
Cost of natural gas
Operating Expenses
Cost of sales		298	481
Duke Energy Carolinas
Operating Revenues
Total operating revenues		1,934	1,888
Operating Expenses
Cost of sales		623	448
Operation, maintenance and other		440	512
Depreciation and amortization		366	379
Property and other taxes		95	93
Impairment of assets and other charges		2	3
Total operating expenses		1,526	1,435
Operating Income		408	453
Other Income and Expenses
Total other income and expenses		59	55
Interest Expense		160	141
Income From Continuing Operations Before Income Taxes		307	367
Income Tax Expense From Continuing Operations		35	27
Net Income Attributable to Parent		272	340
Other Comprehensive Income, net of tax
Comprehensive Income Attributable to Duke Energy Corporation		272	340
Progress Energy
Operating Revenues
Total operating revenues		3,048	2,992
Operating Expenses
Cost of sales		1,191	1,064
Operation, maintenance and other		568	645
Depreciation and amortization		504	536
Property and other taxes		168	152
Impairment of assets and other charges		5
Total operating expenses		2,436	2,397
Gains on Sales of Other Assets and Other, net		6	2
Operating Income		618	597
Other Income and Expenses
Total other income and expenses		59	35
Interest Expense		246	211
Income From Continuing Operations Before Income Taxes		431	421
Income Tax Expense From Continuing Operations		72	67
Net Income		359	354
Other Comprehensive Income, net of tax
Net unrealized gain on cash flow hedges			1
Unrealized (losses) gains on available-for-sale securities		2	(2)
Other Comprehensive Income (Loss), net of tax		2	(1)
Comprehensive Income		361	353
Duke Energy Progress
Operating Revenues
Total operating revenues		1,533	1,632
Operating Expenses
Cost of sales		545	574
Operation, maintenance and other		350	391
Depreciation and amortization		315	306
Property and other taxes		48	49
Impairment of assets and other charges		4
Total operating expenses		1,262	1,320
Gains on Sales of Other Assets and Other, net			1
Operating Income		271	313
Other Income and Expenses
Total other income and expenses		29	22
Interest Expense		102	85
Income From Continuing Operations Before Income Taxes		198	250
Income Tax Expense From Continuing Operations		29	35
Net Income Attributable to Parent		169	215
Other Comprehensive Income, net of tax
Comprehensive Income Attributable to Duke Energy Corporation		169	215
Duke Energy Florida
Operating Revenues
Total operating revenues		1,510	1,355
Operating Expenses
Cost of sales		646	490
Operation, maintenance and other		213	249
Depreciation and amortization		190	231
Property and other taxes		120	103
Impairment of assets and other charges		1
Total operating expenses		1,170	1,073
Gains on Sales of Other Assets and Other, net		1	1
Operating Income		341	283
Other Income and Expenses
Total other income and expenses		30	15
Interest Expense		115	84
Income From Continuing Operations Before Income Taxes		256	214
Income Tax Expense From Continuing Operations		51	43
Net Income Attributable to Parent		205	171
Other Comprehensive Income, net of tax
Unrealized (losses) gains on available-for-sale securities		2	(1)
Other Comprehensive Income (Loss), net of tax		2	(1)
Comprehensive Income Attributable to Duke Energy Corporation		207	170
Duke Energy Ohio
Operating Revenues
Regulated electric		474	412
Regulated natural gas		235	226
Total operating revenues		709	638
Operating Expenses
Operation, maintenance and other		123	178
Depreciation and amortization		90	80
Property and other taxes		80	101
Total operating expenses		561	593
Operating Income		148	45
Other Income and Expenses
Total other income and expenses		8	6
Interest Expense		36	30
Income From Continuing Operations Before Income Taxes		120	21
Income Tax Expense From Continuing Operations		20	(56)
Net Income Attributable to Parent		100	77
Other Comprehensive Income, net of tax
Comprehensive Income Attributable to Duke Energy Corporation		100	77
Duke Energy Ohio | Fuel used in electric generation and purchased power
Operating Expenses
Cost of sales		176	127
Duke Energy Ohio | Cost of natural gas
Operating Expenses
Cost of sales		92	107
Duke Energy Indiana
Operating Revenues
Total operating revenues		975	822
Operating Expenses
Cost of sales		449	319
Operation, maintenance and other		184	192
Depreciation and amortization		158	156
Property and other taxes		18	25
Impairment of assets and other charges			211
Total operating expenses		809	903
Operating Income		166	(81)
Other Income and Expenses
Total other income and expenses		14	10
Interest Expense		52	45
Income From Continuing Operations Before Income Taxes		128	(116)
Income Tax Expense From Continuing Operations		22	(37)
Net Income Attributable to Parent		106	(79)
Other Comprehensive Income, net of tax
Comprehensive Income Attributable to Duke Energy Corporation		106	(79)
Piedmont
Operating Revenues
Total operating revenues		675	805
Operating Expenses
Cost of sales		206	374
Operation, maintenance and other		89	95
Depreciation and amortization		57	54
Property and other taxes		16	16
Total operating expenses		369	539
Operating Income		306	266
Other Income and Expenses
Total other income and expenses		16	13
Interest Expense		40	32
Income From Continuing Operations Before Income Taxes		282	247
Income Tax Expense From Continuing Operations		50	33
Net Income		232	214
Net Income Attributable to Parent		232	214
Other Comprehensive Income, net of tax
Comprehensive Income Attributable to Duke Energy Corporation		$ 232	$ 214

[1] Net of income tax benefit of approximately $8 million and income tax expense of approximately $32 million for the three months ended March 31, 2023, and 2022, respectfully.

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 761	$ 820
Other Comprehensive Income, net of tax
Pension and OPEB adjustments	[1]	(1)	2
Net unrealized gains (losses) on cash flow hedges	[1]	(20)	113
Reclassification into earnings from cash flow hedges	[1]		5
Net unrealized losses on fair value hedges	[1]	(11)
Unrealized (losses) gains on available-for-sale securities	[1]	6	(13)
Other Comprehensive Income (Loss), net of tax	[1]	(26)	107
Comprehensive Income		735	927
Add: Comprehensive Loss Attributable to Noncontrolling Interests		43	29
Comprehensive Income Attributable to Duke Energy Corporation		778	956
Less: Preferred Dividends		39	39
Comprehensive Income Available to Duke Energy Corporation Common Stockholders		$ 739	$ 917

[1] Net of income tax benefit of approximately $8 million and income tax expense of approximately $32 million for the three months ended March 31, 2023, and 2022, respectfully.

XML

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Other comprehensive income (loss), tax expense (benefit)	$ (8)	$ 32

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents		$ 409
Receivables (net of allowance for doubtful accounts)	$ 2,635	3,106
Receivables of VIEs (net of allowance for doubtful accounts)	1,035	1,309
Inventory	3,865	3,584
Assets held for sale	374	356
Regulatory assets (includes amounts related to VIEs)	3,502	3,485
Other (including amounts related to VIEs)	452	973
Total current assets	12,314	13,222
Property, Plant and Equipment
Cost	166,096	163,839
Accumulated depreciation and amortization	(53,162)	(52,100)
Facilities to be retired, net	8	9
Net property, plant and equipment	112,942	111,748
Other Noncurrent Assets
Goodwill	19,303	19,303
Other Noncurrent Assets: Regulatory assets	14,702	14,645
Nuclear decommissioning trust funds	9,124	8,637
Operating lease right-of-use assets, net	1,019	1,042
Investments in equity method unconsolidated affiliates	465	455
Assets held for sale	5,538	5,634
Other	3,426	3,400
Total other noncurrent assets	53,577	53,116
Total Assets	178,833	178,086
Current Liabilities
Accounts payable	3,214	4,754
Notes payable and commercial paper	3,731	3,952
Taxes accrued	586	722
Interest accrued	693	626
Current maturities of long-term debt (includes amounts related to VIEs)	3,330	3,878
Asset retirement obligations	732	773
Regulatory liabilities	1,283	1,466
Liabilities associated with assets held for sale	476	535
Other	1,970	2,167
Total current liabilities	16,015	18,873
Long-Term Debt (includes amounts related to VIEs)	69,107	65,873
Other Noncurrent Liabilities
Deferred income taxes	10,188	9,964
Total noncurrent ARO	11,987	11,955
Regulatory liabilities	13,714	13,582
Operating lease liabilities	851	876
Accrued pension and other post-retirement benefit costs	820	832
Investment tax credits	852	849
Liabilities associated with assets held for sale	1,931	1,927
Other	1,417	1,502
Total other noncurrent liabilities	41,760	41,487
Commitments and Contingencies
Equity
Common stock	1	1
Additional paid-in capital	44,837	44,862
Retained earnings	2,626	2,637
Accumulated other comprehensive (loss) income	(166)	(140)
Total Parent stockholders' equity	49,260	49,322
Noncontrolling interests	2,691	2,531
Total equity	51,951	51,853
Total Liabilities and Equity	$ 178,833	$ 178,086
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares outstanding (in shares)	771,000,000	770,000,000
VIEs
Current Assets
Regulatory assets (includes amounts related to VIEs)	$ 106
Other (including amounts related to VIEs)	42	$ 116
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	1,691	1,715
Other	50	52
Current Liabilities
Current maturities of long-term debt (includes amounts related to VIEs)	101	350
Long-Term Debt (includes amounts related to VIEs)	3,334	3,108
Preferred stock, Series A
Equity
Preferred stock	973	973
Preferred stock, Series B
Equity
Preferred stock	989	989
Duke Energy Carolinas
Current Assets
Cash and cash equivalents	24	44
Receivables (net of allowance for doubtful accounts)	286	338
Receivables of VIEs (net of allowance for doubtful accounts)	782	928
Receivables from affiliated companies	181	390
Inventory	1,303	1,164
Regulatory assets (includes amounts related to VIEs)	1,311	1,095
Other (including amounts related to VIEs)	62	216
Total current assets	3,949	4,175
Property, Plant and Equipment
Cost	55,422	54,650
Accumulated depreciation and amortization	(19,082)	(18,669)
Net property, plant and equipment	36,340	35,981
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	4,309	4,293
Nuclear decommissioning trust funds	5,076	4,783
Operating lease right-of-use assets, net	75	78
Other	998	1,036
Total other noncurrent assets	10,458	10,190
Total Assets	50,747	50,346
Current Liabilities
Accounts payable	872	1,472
Accounts payable to affiliated companies	236	209
Notes payable to affiliated companies	1,153	1,233
Taxes accrued	110	228
Interest accrued	142	120
Current maturities of long-term debt (includes amounts related to VIEs)	18	1,018
Asset retirement obligations	249	261
Regulatory liabilities	418	530
Other	572	580
Total current liabilities	3,770	5,651
Long-Term Debt (includes amounts related to VIEs)	14,787	12,948
Long-Term Debt Payable to Affiliated Companies	300	300
Other Noncurrent Liabilities
Deferred income taxes	4,263	4,153
Total noncurrent ARO	5,148	5,121
Regulatory liabilities	5,817	5,783
Operating lease liabilities	80	83
Accrued pension and other post-retirement benefit costs	35	38
Investment tax credits	299	300
Other	534	527
Total other noncurrent liabilities	16,176	16,005
Commitments and Contingencies
Equity
Member's equity	15,720	15,448
Accumulated other comprehensive (loss) income	(6)	(6)
Total member's equity	15,714	15,442
Total Liabilities and Equity	50,747	50,346
Duke Energy Carolinas | VIEs
Current Assets
Regulatory assets (includes amounts related to VIEs)	12	12
Other (including amounts related to VIEs)	5	8
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	205	208
Current Liabilities
Current maturities of long-term debt (includes amounts related to VIEs)	10
Long-Term Debt (includes amounts related to VIEs)	713	689
Progress Energy
Current Assets
Cash and cash equivalents	93	108
Receivables (net of allowance for doubtful accounts)	315	318
Receivables of VIEs (net of allowance for doubtful accounts)	1,101	1,289
Receivables from affiliated companies	24	22
Notes receivable from affiliated companies	118
Inventory	1,712	1,579
Regulatory assets (includes amounts related to VIEs)	1,548	1,833
Other (including amounts related to VIEs)	166	342
Total current assets	5,077	5,491
Property, Plant and Equipment
Cost	65,852	64,822
Accumulated depreciation and amortization	(21,011)	(20,584)
Net property, plant and equipment	44,841	44,238
Other Noncurrent Assets
Goodwill	3,655	3,655
Other Noncurrent Assets: Regulatory assets	7,422	7,146
Nuclear decommissioning trust funds	4,048	3,855
Operating lease right-of-use assets, net	604	628
Other	1,097	1,066
Total other noncurrent assets	16,826	16,350
Total Assets	66,744	66,079
Current Liabilities
Accounts payable	1,127	1,481
Accounts payable to affiliated companies	410	712
Notes payable to affiliated companies	845	843
Taxes accrued	172	135
Interest accrued	224	206
Current maturities of long-term debt (includes amounts related to VIEs)	699	697
Asset retirement obligations	272	289
Regulatory liabilities	473	576
Other	771	782
Total current liabilities	4,993	5,721
Long-Term Debt (includes amounts related to VIEs)	22,522	21,592
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	5,226	5,147
Total noncurrent ARO	5,898	5,892
Regulatory liabilities	4,796	4,753
Operating lease liabilities	521	546
Accrued pension and other post-retirement benefit costs	289	292
Investment tax credits	362	358
Other	222	222
Total other noncurrent liabilities	17,314	17,210
Commitments and Contingencies
Equity
Additional paid-in capital	11,830	11,832
Retained earnings	9,944	9,585
Accumulated other comprehensive (loss) income	(9)	(11)
Total equity	21,765	21,406
Total Liabilities and Equity	$ 66,744	$ 66,079
Common stock, shares authorized (in shares)	100	100
Common stock, shares outstanding (in shares)	100	100
Progress Energy | VIEs
Current Assets
Regulatory assets (includes amounts related to VIEs)	$ 94	$ 94
Other (including amounts related to VIEs)	33	88
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	1,486	1,507
Current Liabilities
Current maturities of long-term debt (includes amounts related to VIEs)	341	340
Long-Term Debt (includes amounts related to VIEs)	1,955	2,003
Duke Energy Progress
Current Assets
Cash and cash equivalents	50	49
Receivables (net of allowance for doubtful accounts)	159	167
Receivables of VIEs (net of allowance for doubtful accounts)	654	793
Receivables from affiliated companies	26	25
Notes receivable from affiliated companies	160
Inventory	1,082	1,006
Regulatory assets (includes amounts related to VIEs)	764	690
Other (including amounts related to VIEs)	57	174
Total current assets	2,952	2,904
Property, Plant and Equipment
Cost	39,396	38,875
Accumulated depreciation and amortization	(14,452)	(14,201)
Net property, plant and equipment	24,944	24,674
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	4,817	4,724
Nuclear decommissioning trust funds	3,640	3,430
Operating lease right-of-use assets, net	356	370
Other	659	650
Total other noncurrent assets	9,472	9,174
Total Assets	37,368	36,752
Current Liabilities
Accounts payable	511	601
Accounts payable to affiliated companies	252	508
Notes payable to affiliated companies		238
Taxes accrued	56	77
Interest accrued	90	101
Current maturities of long-term debt (includes amounts related to VIEs)	370	369
Asset retirement obligations	272	288
Regulatory liabilities	293	332
Other	412	384
Total current liabilities	2,256	2,898
Long-Term Debt (includes amounts related to VIEs)	11,527	10,568
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	2,531	2,477
Total noncurrent ARO	5,552	5,535
Regulatory liabilities	4,178	4,120
Operating lease liabilities	320	335
Accrued pension and other post-retirement benefit costs	158	160
Investment tax credits	129	124
Other	89	76
Total other noncurrent liabilities	12,957	12,827
Commitments and Contingencies
Equity
Total member's equity	10,478	10,309
Total Liabilities and Equity	37,368	36,752
Duke Energy Progress | VIEs
Current Assets
Regulatory assets (includes amounts related to VIEs)	39	39
Other (including amounts related to VIEs)	15	42
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	672	681
Current Liabilities
Current maturities of long-term debt (includes amounts related to VIEs)	34
Long-Term Debt (includes amounts related to VIEs)	1,096	1,114
Duke Energy Florida
Current Assets
Cash and cash equivalents	26	45
Receivables (net of allowance for doubtful accounts)	154	148
Receivables of VIEs (net of allowance for doubtful accounts)	447	496
Receivables from affiliated companies	3	2
Inventory	630	573
Regulatory assets (includes amounts related to VIEs)	784	1,143
Other (including amounts related to VIEs)	67	108
Total current assets	2,111	2,515
Property, Plant and Equipment
Cost	26,448	25,940
Accumulated depreciation and amortization	(6,552)	(6,377)
Net property, plant and equipment	19,896	19,563
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	2,605	2,422
Nuclear decommissioning trust funds	408	424
Operating lease right-of-use assets, net	247	258
Other	393	372
Total other noncurrent assets	3,653	3,476
Total Assets	25,660	25,554
Current Liabilities
Accounts payable	616	880
Accounts payable to affiliated companies	110	177
Notes payable to affiliated companies	886	605
Taxes accrued	131	53
Interest accrued	106	80
Current maturities of long-term debt (includes amounts related to VIEs)	330	328
Asset retirement obligations	1	1
Regulatory liabilities	180	244
Other	320	363
Total current liabilities	2,680	2,731
Long-Term Debt (includes amounts related to VIEs)	9,353	9,381
Other Noncurrent Liabilities
Deferred income taxes	2,811	2,789
Total noncurrent ARO	346	357
Regulatory liabilities	618	633
Operating lease liabilities	201	211
Accrued pension and other post-retirement benefit costs	110	111
Investment tax credits	233	234
Other	77	84
Total other noncurrent liabilities	4,396	4,419
Commitments and Contingencies
Equity
Member's equity	9,237	9,031
Accumulated other comprehensive (loss) income	(6)	(8)
Total member's equity	9,231	9,023
Total Liabilities and Equity	25,660	25,554
Duke Energy Florida | VIEs
Current Assets
Regulatory assets (includes amounts related to VIEs)	55
Other (including amounts related to VIEs)	18	46
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	814	826
Current Liabilities
Current maturities of long-term debt (includes amounts related to VIEs)	307	306
Long-Term Debt (includes amounts related to VIEs)	859	890
Duke Energy Ohio
Current Assets
Cash and cash equivalents	26	16
Receivables (net of allowance for doubtful accounts)	74	73
Receivables from affiliated companies	196	247
Notes receivable from affiliated companies	258
Inventory	157	144
Regulatory assets (includes amounts related to VIEs)	54	103
Other (including amounts related to VIEs)	33	86
Total current assets	798	669
Property, Plant and Equipment
Cost	12,543	12,497
Accumulated depreciation and amortization	(3,282)	(3,250)
Net property, plant and equipment	9,261	9,247
Other Noncurrent Assets
Goodwill	920	920
Other Noncurrent Assets: Regulatory assets	623	581
Operating lease right-of-use assets, net	17	18
Other	74	71
Total other noncurrent assets	1,634	1,590
Total Assets	11,693	11,506
Current Liabilities
Accounts payable	284	380
Accounts payable to affiliated companies	65	72
Notes payable to affiliated companies	72	497
Taxes accrued	227	317
Interest accrued	31	29
Current maturities of long-term debt (includes amounts related to VIEs)	475	475
Asset retirement obligations	14	17
Regulatory liabilities	62	99
Other	66	74
Total current liabilities	1,296	1,960
Long-Term Debt (includes amounts related to VIEs)	3,491	2,745
Long-Term Debt Payable to Affiliated Companies	25	25
Other Noncurrent Liabilities
Deferred income taxes	1,142	1,136
Total noncurrent ARO	140	137
Regulatory liabilities	530	534
Operating lease liabilities	17	17
Accrued pension and other post-retirement benefit costs	91	90
Other	95	96
Total other noncurrent liabilities	2,015	2,010
Commitments and Contingencies
Equity
Common stock	762	762
Additional paid-in capital	3,100	3,100
Retained earnings	1,004	904
Total Parent stockholders' equity	4,866	4,766
Total equity	4,866	4,766
Total Liabilities and Equity	$ 11,693	$ 11,506
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares outstanding (in shares)	90,000,000	90,000,000
Duke Energy Indiana
Current Assets
Cash and cash equivalents	$ 11	$ 31
Receivables (net of allowance for doubtful accounts)	90	112
Receivables from affiliated companies	228	298
Inventory	560	489
Regulatory assets (includes amounts related to VIEs)	91	249
Other (including amounts related to VIEs)	64	197
Total current assets	1,044	1,376
Property, Plant and Equipment
Cost	18,295	18,121
Accumulated depreciation and amortization	(6,136)	(6,021)
Net property, plant and equipment	12,159	12,100
Other Noncurrent Assets
Other Noncurrent Assets: Regulatory assets	903	875
Operating lease right-of-use assets, net	48	49
Other	265	254
Total other noncurrent assets	1,216	1,178
Total Assets	14,419	14,654
Current Liabilities
Accounts payable	247	391
Accounts payable to affiliated companies	60	206
Notes payable to affiliated companies	204	435
Taxes accrued	106	92
Interest accrued	59	48
Current maturities of long-term debt (includes amounts related to VIEs)	3	303
Asset retirement obligations	197	207
Regulatory liabilities	207	187
Other	145	161
Total current liabilities	1,228	2,030
Long-Term Debt (includes amounts related to VIEs)	4,350	3,854
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	1,313	1,299
Total noncurrent ARO	741	744
Regulatory liabilities	1,517	1,454
Operating lease liabilities	46	47
Accrued pension and other post-retirement benefit costs	123	122
Investment tax credits	186	186
Other	31	65
Total other noncurrent liabilities	3,957	3,917
Commitments and Contingencies
Equity
Member's equity	4,733	4,702
Accumulated other comprehensive (loss) income	1	1
Total member's equity	4,734	4,703
Total Liabilities and Equity	14,419	14,654
Piedmont
Current Assets
Receivables (net of allowance for doubtful accounts)	245	436
Receivables from affiliated companies	11	11
Inventory	99	172
Regulatory assets (includes amounts related to VIEs)	121	119
Other (including amounts related to VIEs)	9	4
Total current assets	485	742
Property, Plant and Equipment
Cost	11,101	10,869
Accumulated depreciation and amortization	(2,136)	(2,081)
Facilities to be retired, net	8	9
Net property, plant and equipment	8,973	8,797
Other Noncurrent Assets
Goodwill	49	49
Other Noncurrent Assets: Regulatory assets	389	392
Operating lease right-of-use assets, net	3	4
Investments in equity method unconsolidated affiliates	78	79
Other	278	272
Total other noncurrent assets	797	796
Total Assets	10,255	10,335
Current Liabilities
Accounts payable	191	345
Accounts payable to affiliated companies	39	51
Notes payable to affiliated companies	343	514
Taxes accrued	61	74
Interest accrued	43	40
Current maturities of long-term debt (includes amounts related to VIEs)	45	45
Regulatory liabilities	122	74
Other	58	81
Total current liabilities	902	1,224
Long-Term Debt (includes amounts related to VIEs)	3,319	3,318
Other Noncurrent Liabilities
Deferred income taxes	897	870
Total noncurrent ARO	27	26
Regulatory liabilities	1,016	1,024
Operating lease liabilities	12	13
Accrued pension and other post-retirement benefit costs	7	7
Other	170	180
Total other noncurrent liabilities	2,129	2,120
Commitments and Contingencies
Equity
Common stock	1,635	1,635
Retained earnings	2,269	2,037
Total Parent stockholders' equity	3,904	3,672
Noncontrolling interests	1	1
Total equity	3,905	3,673
Total Liabilities and Equity	$ 10,255	$ 10,335
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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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts - receivables	$ 45	$ 40
Regulatory Assets: Current	3,502	3,485
Current Assets: Other	452	973
Other Noncurrent Assets: Regulatory assets	14,702	14,645
Other	3,426	3,400
Current maturities of long-term debt (includes amounts related to VIEs)	3,330	3,878
Long-term debt	$ 69,107	$ 65,873
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)	771,000,000	770,000,000
VIEs
Allowance for doubtful accounts - receivables of VIEs	$ 169	$ 176
Regulatory Assets: Current	106
Current Assets: Other	42	116
Other Noncurrent Assets: Regulatory assets	1,691	1,715
Other	50	52
Current maturities of long-term debt (includes amounts related to VIEs)	101	350
Long-term debt	$ 3,334	$ 3,108
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
Duke Energy Carolinas
Allowance for doubtful accounts - receivables	$ 5	$ 3
Allowance for doubtful accounts - receivables of VIEs	65
Regulatory Assets: Current	1,311	1,095
Current Assets: Other	62	216
Other Noncurrent Assets: Regulatory assets	4,309	4,293
Other	998	1,036
Current maturities of long-term debt (includes amounts related to VIEs)	18	1,018
Long-term debt	14,787	12,948
Duke Energy Carolinas | VIEs
Regulatory Assets: Current	12	12
Current Assets: Other	5	8
Other Noncurrent Assets: Regulatory assets	205	208
Current maturities of long-term debt (includes amounts related to VIEs)	10
Long-term debt	713	689
Progress Energy
Allowance for doubtful accounts - receivables	14	13
Regulatory Assets: Current	1,548	1,833
Current Assets: Other	166	342
Other Noncurrent Assets: Regulatory assets	7,422	7,146
Other	1,097	1,066
Current maturities of long-term debt (includes amounts related to VIEs)	699	697
Long-term debt	$ 22,522	$ 21,592
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 | VIEs
Allowance for doubtful accounts - receivables of VIEs	$ 61	$ 68
Regulatory Assets: Current	94	94
Current Assets: Other	33	88
Other Noncurrent Assets: Regulatory assets	1,486	1,507
Current maturities of long-term debt (includes amounts related to VIEs)	341	340
Long-term debt	1,955	2,003
Duke Energy Progress
Allowance for doubtful accounts - receivables	5	4
Regulatory Assets: Current	764	690
Current Assets: Other	57	174
Other Noncurrent Assets: Regulatory assets	4,817	4,724
Other	659	650
Current maturities of long-term debt (includes amounts related to VIEs)	370	369
Long-term debt	11,527	10,568
Duke Energy Progress | VIEs
Allowance for doubtful accounts - receivables of VIEs	40
Regulatory Assets: Current	39	39
Current Assets: Other	15	42
Other Noncurrent Assets: Regulatory assets	672	681
Current maturities of long-term debt (includes amounts related to VIEs)	34
Long-term debt	1,096	1,114
Duke Energy Florida
Allowance for doubtful accounts - receivables	9	8
Regulatory Assets: Current	784	1,143
Current Assets: Other	67	108
Other Noncurrent Assets: Regulatory assets	2,605	2,422
Other	393	372
Current maturities of long-term debt (includes amounts related to VIEs)	330	328
Long-term debt	9,353	9,381
Duke Energy Florida | VIEs
Allowance for doubtful accounts - receivables of VIEs	21	28
Regulatory Assets: Current	55
Current Assets: Other	18	46
Other Noncurrent Assets: Regulatory assets	814	826
Current maturities of long-term debt (includes amounts related to VIEs)	307	306
Long-term debt	859	890
Duke Energy Ohio
Allowance for doubtful accounts - receivables	7	6
Regulatory Assets: Current	54	103
Current Assets: Other	33	86
Other Noncurrent Assets: Regulatory assets	623	581
Other	74	71
Current maturities of long-term debt (includes amounts related to VIEs)	475	475
Long-term debt	$ 3,491	$ 2,745
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
Duke Energy Indiana
Allowance for doubtful accounts - receivables	$ 4	$ 4
Regulatory Assets: Current	91	249
Current Assets: Other	64	197
Other Noncurrent Assets: Regulatory assets	903	875
Other	265	254
Current maturities of long-term debt (includes amounts related to VIEs)	3	303
Long-term debt	4,350	3,854
Piedmont
Allowance for doubtful accounts - receivables	14	14
Regulatory Assets: Current	121	119
Current Assets: Other	9	4
Other Noncurrent Assets: Regulatory assets	389	392
Other	278	272
Current maturities of long-term debt (includes amounts related to VIEs)	45	45
Long-term debt	$ 3,319	$ 3,318
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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Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 761	$ 820
Net loss attributable to Duke Energy		804	857
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		1,344	1,480
Equity component of AFUDC		(46)	(46)
Deferred income taxes		90	(11)
Impairment of assets and other charges		8	215
Impairment of assets and other charges		228	215
Equity in earnings of unconsolidated affiliates		(20)	(25)
Payments for asset retirement obligations		(117)	(119)
Provision for rate refunds		(33)	(31)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions		5	215
Receivables		754	5
Inventory		(275)	28
Other current liabilities		(266)	(269)
Other current assets(a)	[1]	262	(327)
Increase (decrease) in
Accounts payable		(1,193)	(160)
Taxes accrued		(148)	(90)
Other assets	[1]	(20)	(26)
Other liabilities		157	136
Net cash provided by (used in) operating activities		1,483	1,795
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(3,146)	(2,551)
Contributions to equity method investments		(6)	(17)
Purchases of debt and equity securities		(866)	(1,516)
Proceeds from sales and maturities of debt and equity securities		882	1,530
Net proceeds from the sales of other assets		76	0
Other		(149)	(145)
Net cash used in investing activities		(3,209)	(2,699)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		4,085	3,506
Payments for the redemption of long-term debt		(1,380)	(1,215)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days		2
Payments for the redemption of short-term debt with original maturities greater than 90 days		(50)	(257)
Notes payable and commercial paper		(217)	213
Contributions from noncontrolling interests		206	23
Dividends paid		(815)	(799)
Other		(84)	(67)
Net cash provided by financing activities		1,747	1,404
Net increase (decrease) in cash, cash equivalents and restricted cash		21	500
Cash, cash equivalents and restricted cash at beginning of period		603	520
Cash, cash equivalents and restricted cash at end of period		624	1,020
Cash, cash equivalents and restricted cash at beginning of period		409
Significant non-cash transactions:
Accrued capital expenditures		1,366	1,028
Duke Energy Carolinas
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss attributable to Duke Energy		272	340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		426	447
Equity component of AFUDC		(24)	(22)
Deferred income taxes		32	44
Impairment of assets and other charges		2	3
Payments for asset retirement obligations		(39)	(35)
Provision for rate refunds		(19)	(18)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			50
Receivables		199	77
Receivables from affiliated companies		209	56
Inventory		(139)	(13)
Other current liabilities		(78)	56
Other current assets(a)	[2]	(293)	(230)
Increase (decrease) in
Accounts payable		(594)	(225)
Accounts payable to affiliated companies		27	(17)
Taxes accrued		(119)	(150)
Other assets	[2]	206	6
Other liabilities		76	(44)
Net cash provided by (used in) operating activities		144	325
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(866)	(717)
Purchases of debt and equity securities		(556)	(1,008)
Proceeds from sales and maturities of debt and equity securities		556	1,008
Notes receivable from affiliated companies			(492)
Other		(59)	(54)
Net cash used in investing activities		(925)	(1,263)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		1,845	1,217
Payments for the redemption of long-term debt		(1,007)	(1)
Notes payable to affiliated companies		(79)	(226)
Distributions to parent			(50)
Other		(1)	(1)
Net cash provided by financing activities		758	939
Net increase (decrease) in cash, cash equivalents and restricted cash		(23)	1
Cash, cash equivalents and restricted cash at beginning of period		53	8
Cash, cash equivalents and restricted cash at end of period		30	9
Cash, cash equivalents and restricted cash at beginning of period		44
Cash, cash equivalents and restricted cash at end of period		24
Significant non-cash transactions:
Accrued capital expenditures		449	352
Progress Energy
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		359	354
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		554	625
Equity component of AFUDC		(16)	(12)
Deferred income taxes		51	72
Impairment of assets and other charges		5
Payments for asset retirement obligations		(58)	(68)
Provision for rate refunds		(14)	(16)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			164
Receivables		188	(123)
Receivables from affiliated companies		(2)	102
Inventory		(133)	(5)
Other current liabilities		(107)	(113)
Other current assets(a)	[3]	319	(224)
Increase (decrease) in
Accounts payable		(214)	26
Accounts payable to affiliated companies		(302)	(142)
Taxes accrued		36	30
Other assets	[3]	(212)	(80)
Other liabilities		4	40
Net cash provided by (used in) operating activities		458	630
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(1,275)	(981)
Purchases of debt and equity securities		(279)	(531)
Proceeds from sales and maturities of debt and equity securities		304	548
Notes receivable from affiliated companies		(118)	(237)
Other		(71)	(28)
Net cash used in investing activities		(1,439)	(1,229)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		996	889
Payments for the redemption of long-term debt		(66)	(54)
Notes payable to affiliated companies		2	(1)
Dividends to parent			(250)
Other		(1)	(3)
Net cash provided by financing activities		931	581
Net increase (decrease) in cash, cash equivalents and restricted cash		(50)	(18)
Cash, cash equivalents and restricted cash at beginning of period		184	113
Cash, cash equivalents and restricted cash at end of period		134	95
Cash, cash equivalents and restricted cash at beginning of period		108
Cash, cash equivalents and restricted cash at end of period		93
Significant non-cash transactions:
Accrued capital expenditures		516	349
Duke Energy Progress
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss attributable to Duke Energy		169	215
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		360	350
Equity component of AFUDC		(13)	(7)
Deferred income taxes		27	19
Impairment of assets and other charges		4
Payments for asset retirement obligations		(46)	(41)
Provision for rate refunds		(14)	(16)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			164
Receivables		144	(70)
Receivables from affiliated companies		(1)	63
Inventory		(76)	(19)
Other current liabilities		(86)	(67)
Other current assets(a)		(61)	(75)
Increase (decrease) in
Accounts payable		(3)	18
Accounts payable to affiliated companies		(256)	(50)
Taxes accrued		(21)	(85)
Other assets		(16)	(56)
Other liabilities		21	47
Net cash provided by (used in) operating activities		132	390
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(666)	(467)
Purchases of debt and equity securities		(239)	(481)
Proceeds from sales and maturities of debt and equity securities		236	480
Notes receivable from affiliated companies		(160)	(328)
Other		(33)	(19)
Net cash used in investing activities		(862)	(815)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		991	889
Payments for the redemption of long-term debt		(32)	(21)
Notes payable to affiliated companies		(239)	(172)
Distributions to parent		0	(250)
Other		(1)	(1)
Net cash provided by financing activities		719	445
Net increase (decrease) in cash, cash equivalents and restricted cash		(11)	20
Cash, cash equivalents and restricted cash at beginning of period		79	39
Cash, cash equivalents and restricted cash at end of period		68	59
Cash, cash equivalents and restricted cash at beginning of period		49
Cash, cash equivalents and restricted cash at end of period		50
Significant non-cash transactions:
Accrued capital expenditures		176	111
Duke Energy Florida
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss attributable to Duke Energy		205	171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		194	273
Equity component of AFUDC		(3)	(5)
Deferred income taxes		21	52
Impairment of assets and other charges		1
Payments for asset retirement obligations		(12)	(28)
(Increase) decrease in
Receivables		42	(54)
Receivables from affiliated companies		(1)
Inventory		(57)	14
Other current liabilities		(27)	(52)
Other current assets(a)	[3]	363	(72)
Increase (decrease) in
Accounts payable		(211)	9
Accounts payable to affiliated companies		(67)	(89)
Taxes accrued		79	45
Other assets	[3]	(193)	(24)
Other liabilities		(8)	(6)
Net cash provided by (used in) operating activities		326	234
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(609)	(514)
Purchases of debt and equity securities		(40)	(49)
Proceeds from sales and maturities of debt and equity securities		68	69
Other		(38)	(10)
Net cash used in investing activities		(619)	(504)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		5
Payments for the redemption of long-term debt		(34)	(34)
Notes payable to affiliated companies		281	269
Other		(1)	(1)
Net cash provided by financing activities		251	234
Net increase (decrease) in cash, cash equivalents and restricted cash		(42)	(36)
Cash, cash equivalents and restricted cash at beginning of period		86	62
Cash, cash equivalents and restricted cash at end of period		44	26
Cash, cash equivalents and restricted cash at beginning of period		45
Cash, cash equivalents and restricted cash at end of period		26
Significant non-cash transactions:
Accrued capital expenditures		340	237
Duke Energy Ohio
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss attributable to Duke Energy		100	77
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		91	81
Equity component of AFUDC			(3)
Deferred income taxes		(3)	(51)
Payments for asset retirement obligations		(1)
Provision for rate refunds			5
(Increase) decrease in
Receivables			(5)
Receivables from affiliated companies		17	15
Inventory		(11)	2
Other current liabilities		(42)	(89)
Other current assets(a)		94	48
Increase (decrease) in
Accounts payable		(60)	88
Accounts payable to affiliated companies		(7)
Taxes accrued		(90)	(56)
Other assets		1	(17)
Other liabilities		(1)	74
Net cash provided by (used in) operating activities		88	169
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(232)	(210)
Losses on sales of other assets		75
Notes receivable from affiliated companies		(224)	29
Other		(16)	(6)
Net cash used in investing activities		(397)	(187)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		749
Notes payable to affiliated companies		(425)	21
Other		(5)	(1)
Net cash provided by financing activities		319	20
Net increase (decrease) in cash, cash equivalents and restricted cash		10	2
Cash, cash equivalents and restricted cash at beginning of period		16	13
Cash, cash equivalents and restricted cash at end of period		26	15
Cash, cash equivalents and restricted cash at beginning of period		16
Cash, cash equivalents and restricted cash at end of period		26
Significant non-cash transactions:
Accrued capital expenditures		87	82
Duke Energy Indiana
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss attributable to Duke Energy		106	(79)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		158	157
Equity component of AFUDC		(1)	(7)
Deferred income taxes		2	(81)
Impairment of assets and other charges			211
Payments for asset retirement obligations		(19)	(15)
(Increase) decrease in
Receivables		20	4
Receivables from affiliated companies		(26)	12
Inventory		(71)	(12)
Other current liabilities		112	14
Other current assets(a)	[4]	174	(22)
Increase (decrease) in
Accounts payable		(107)	19
Accounts payable to affiliated companies		(33)	(22)
Taxes accrued		14	74
Other assets	[4]	(12)	(10)
Other liabilities		35	50
Net cash provided by (used in) operating activities		352	293
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(226)	(212)
Purchases of debt and equity securities		(23)	(16)
Proceeds from sales and maturities of debt and equity securities		16	13
Notes receivable from affiliated companies		96	131
Other		(10)	(17)
Net cash used in investing activities		(147)	(101)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt		495
Payments for the redemption of long-term debt		(300)	(53)
Notes payable to affiliated companies		(231)
Distributions to parent		(188)	(125)
Other		(1)	(1)
Net cash provided by financing activities		(225)	(179)
Net increase (decrease) in cash, cash equivalents and restricted cash		(20)	13
Cash, cash equivalents and restricted cash at beginning of period		31	6
Cash, cash equivalents and restricted cash at end of period		11	19
Cash, cash equivalents and restricted cash at beginning of period		31
Cash, cash equivalents and restricted cash at end of period		11
Significant non-cash transactions:
Accrued capital expenditures		85	82
Piedmont
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		232	214
Net loss attributable to Duke Energy		232	214
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)		58	55
Equity component of AFUDC		(5)	(1)
Deferred income taxes		14	(11)
Impairment of assets and other charges		1
Equity in earnings of unconsolidated affiliates		(2)	(2)
Provision for rate refunds		0	(2)
(Increase) decrease in
Receivables		189	15
Receivables from affiliated companies			(2)
Inventory		73	58
Other current liabilities		42	36
Other current assets(a)		(19)	7
Increase (decrease) in
Accounts payable		(107)	(16)
Accounts payable to affiliated companies		(12)	12
Taxes accrued		(13)	16
Other assets		(2)	(13)
Other liabilities		(1)
Net cash provided by (used in) operating activities		448	366
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(271)	(199)
Other		(6)	(8)
Net cash used in investing activities		(277)	(207)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes payable to affiliated companies		(171)	(158)
Other		0	(1)
Net cash provided by financing activities		(171)	(159)
Significant non-cash transactions:
Accrued capital expenditures		$ 160	$ 87

[1] Includes approximately $346 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

[2] Includes approximately $14 million of under-collected deferred fuel regulatory assets for the three months ended March 31, 2023

[3] Includes approximately $162 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

[4] Includes approximately $175 million of net collections of deferred fuel regulatory assets for the three months ended March 31, 2023.

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Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Net collections of deferred fuel regulatory assets	$ 346
Duke Energy Carolinas
Net collections of deferred fuel regulatory assets	14
Progress Energy
Net collections of deferred fuel regulatory assets	139
Duke Energy Florida
Net collections of deferred fuel regulatory assets	162
Duke Energy Indiana
Net collections of deferred fuel regulatory assets	$ 175

XML

Consolidated Statements of Changes in Equity - USD ($) $ in Millions		Total		Common Stockholders' Equity	Preferred Stock	Additional Paid In Capital	Retained Earnings	Net Gains (Losses) on Hedges	[1]	Net Unrealized Gains (Losses) on Available-for-Sale Securities	Pension and OPEB Adjustments	Noncontrolling Interests	Duke Energy Carolinas	Duke Energy Carolinas Members Equity	Duke Energy Carolinas Net Gains (Losses) on Cash Flow Hedges	Progress Energy	Progress Energy Common Stockholders' Equity	Progress Energy Additional Paid In Capital	Progress Energy Retained Earnings	Progress Energy Net Gains (Losses) on Cash Flow Hedges	Progress Energy Net Unrealized Gains (Losses) on Available-for-Sale Securities	Progress Energy Pension and OPEB Adjustments	Progress Energy Noncontrolling Interests	Duke Energy Progress	Duke Energy Progress Members Equity	Duke Energy Florida	Duke Energy Florida Members Equity	Duke Energy Florida Net Unrealized Gains (Losses) on Available-for-Sale Securities	Duke Energy Ohio	Duke Energy Ohio Common Stock	Duke Energy Ohio Additional Paid In Capital	Duke Energy Ohio Retained Earnings	Duke Energy Indiana	Duke Energy Indiana Members Equity	Duke Energy Indiana Pension and OPEB Adjustments	Piedmont	Piedmont Common Stockholders' Equity	Piedmont Common Stock	Piedmont Retained Earnings	Piedmont Noncontrolling Interests	Common Stock	Common Stock Common Stockholders' Equity	Common Stock Common Stock	Common Stock Additional Paid In Capital
Beginning Balance (parent) at Dec. 31, 2021		$ 51,136														$ 17,148	$ 17,145	$ 9,149	$ 8,007	$ (2)	$ (2)	$ (7)	$ 3													$ 3,349
Beginning Members' Equity at Dec. 31, 2021													$ 13,891	$ 13,897	$ (6)										$ 9,551	$ 8,295	$ 8,298	$ (3)					$ 5,015	$ 5,015
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2021												$ 1,840																												$ 0
Beginning Balance (Attributable to Parent) at Dec. 31, 2021				$ 49,296	$ 1,962	$ 44,371	$ 3,265	$ (232)		$ (2)	$ (69)																		$ 4,464	$ 762	$ 3,100	$ 602					$ 3,349	$ 1,635	$ 1,714				$ 1
Balance (in shares) at Dec. 31, 2021																																											769,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		781		818			818					(37)
Net income		820														354	354		354																	214	214		214
Net income (loss)		857											340	340										$ 215	215	171	171		77			77	(79)	(79)		214
Other comprehensive (loss) income		107	[2]	99				110		(13)	2	8				(1)	(1)			1	(2)					(1)		(1)
Common stock issuances, including dividend reinvestment and employee benefits																																									$ (7)	$ (7)		$ (7)
Common stock issuances, including dividend reinvestment and employee benefits (in shares)																																											1,000,000
Common stock dividends		(760)		(760)			(760)						(50)	(50)		(250)	(250)		(250)						(250)								(113)	(113)
Contribution from noncontrolling interest, net of transaction costs(a)	[3]	23										23
Distributions to noncontrolling interest in subsidiaries		(28)										(28)				(1)							(1)
Equitization of certain notes payable to affiliates																2,431	2,431		2,431
Other													1	1		1	1		1						1				1			1	1	1
Ending Balance (parent) at Mar. 31, 2022		51,252														19,682	19,680	9,149	10,543	(1)	(4)	(7)	$ 2													3,563
Ending Balance (Attributable to Parent) at Mar. 31, 2022				49,446	1,962	44,364	3,323	(122)		(15)	(67)																		4,542	762	3,100	680					3,563	1,635	1,928				$ 1
Ending Balance (Attributable to Noncontrolling Interest) at Mar. 31, 2022												1,806																												0
Ending Member's Equity at Mar. 31, 2022													14,182	14,188	(6)										9,517	8,465	8,469	(4)					4,824	4,824
Balance (in shares) at Mar. 31, 2022																																											770,000,000
Beginning Balance (parent) at Dec. 31, 2022		51,853														$ 21,406	21,406	11,832	9,585	(1)	(8)	(2)							4,766							3,673
Beginning Members' Equity at Dec. 31, 2022													15,442	15,448	(6)									10,309	10,309	9,023	9,031	(8)					4,703	4,702	$ 1
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022		2,531										2,531																								1				1
Beginning Balance (Attributable to Parent) at Dec. 31, 2022		$ 49,322		49,322	1,962	44,862	2,637	(29)		(23)	(88)																		$ 4,766	762	3,100	904				$ 3,672	3,672	1,635	2,037				$ 1
Balance (in shares) at Dec. 31, 2022		770,000,000														100													90,000,000							100,000,000							770,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 722		765			765					(43)
Net income		761														$ 359	359		359																	$ 232	232		232
Net income (loss)		804											272	272										169	169	205	205		$ 100			100	106	106		232
Other comprehensive (loss) income		(26)	[2]	(26)				(31)		6	(1)					2	2				2					2		2
Common stock issuances, including dividend reinvestment and employee benefits																																									$ (10)	$ (10)		$ (10)
Common stock issuances, including dividend reinvestment and employee benefits (in shares)																																											1,000,000
Common stock dividends		(776)		(776)			(776)																										(75)	(75)
Sale of noncontrolling interest		(3)		(13)		(13)						10
Contribution from noncontrolling interest, net of transaction costs(a)	[3]	206										206
Distributions to noncontrolling interest in subsidiaries		(13)										(13)
Other		(2)		(2)		(2)										(2)	(2)	(2)								1	1
Ending Balance (parent) at Mar. 31, 2023		51,951														$ 21,765	$ 21,765	$ 11,830	$ 9,944	$ (1)	$ (6)	$ (2)							4,866							3,905
Ending Balance (Attributable to Parent) at Mar. 31, 2023		49,260		$ 49,260	$ 1,962	$ 44,837	$ 2,626	$ (60)		$ (17)	$ (89)																		$ 4,866	$ 762	$ 3,100	$ 1,004				3,904	$ 3,904	$ 1,635	$ 2,269				$ 1
Ending Balance (Attributable to Noncontrolling Interest) at Mar. 31, 2023		$ 2,691										$ 2,691																								$ 1				$ 1
Ending Member's Equity at Mar. 31, 2023													$ 15,714	$ 15,720	$ (6)									$ 10,478	$ 10,478	$ 9,231	$ 9,237	$ (6)					$ 4,734	$ 4,733	$ 1
Balance (in shares) at Mar. 31, 2023		771,000,000														100													90,000,000							100,000,000							771,000,000

[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 benefit of approximately $8 million and income tax expense of approximately $32 million for the three months ended March 31, 2023, and 2022, respectfully.

[3] Relates primarily to tax equity financing activity in the Commercial Renewables segment.

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

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, 2022.

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.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the three months ended March 31, 2023, and 2022, the Loss From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

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. 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

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.

	March 31, 2023										December 31, 2022
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy(a)		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	451	$	24	$	93	$	50	$	26	$	409	$	44	$	108	$	49	$	45
Other	42		5		37		14		18		82		8		74		28		41
Other Noncurrent Assets
Other	11		1		4		4		—		11		1		2		2		—
Total cash, cash equivalents and restricted cash	$	504	$	30	$	134	$	68	$	44	$	502	$	53	$	184	$	79	$	86

(a)    Certain prior year balances have been adjusted for held for sale presentation. See Note 2 for additional information.

INVENTORY

Provisions for inventory write-offs were not material at March 31, 2023, and December 31, 2022. The components of inventory are presented in the tables below.

	March 31, 2023
			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	$	2,739	$	948	$	1,273	$	842	$	431	$	116	$	355	$	12
Coal	772		309		233		128		105		29		202		—
Natural gas, oil and other fuel	354		46		206		112		94		12		3		87
Total inventory	$	3,865	$	1,303	$	1,712	$	1,082	$	630	$	157	$	560	$	99

	December 31, 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	$	2,604	$	876	$	1,232	$	819	$	413	$	105	$	342	$	12
Coal	620		253		190		99		91		34		144		—
Natural gas, oil and other fuel	360		35		157		88		69		5		3		160
Total inventory	$	3,584	$	1,164	$	1,579	$	1,006	$	573	$	144	$	489	$	172

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. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the Electric Utilities and Infrastructure (EU&I) segment. See Notes 2 and 3 for further information.

ACCOUNTS PAYABLE

Duke Energy maintains a supply chain finance program (the “program”) with a global financial institution. The program is voluntary and allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to the financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Duke Energy confirms invoices sold by suppliers under the program to the financial institution and pays the financial institution based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

The following table represents the changes in confirmed obligations outstanding for the three months ended March 31, 2023, and 2022.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at the December 31, 2021	$	19	$	—	$	9	$	—	$	9	$	6	$	—	$	4
Invoices confirmed during the period	31		2		11		2		9		6		2		11
Confirmed invoices paid during the period	(31)		(1)		(11)		(1)		(10)		(8)		(1)		(10)
Confirmed obligations outstanding at March 31, 2022	$	19	$	1	$	9	$	1	$	8	$	4	$	1	$	5
Confirmed obligations outstanding at the December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	59		10		22		11		11		1		—		25
Confirmed invoices paid during the period	(94)		(9)		(26)		(13)		(13)		(6)		—		(53)
Confirmed obligations outstanding at March 31, 2023	$	52	$	7	$	15	$	6	$	9	$	—	$	—	$	29

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2023.

XML

Dispositions

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

DISPOSITIONS

Sale of Commercial Renewables Segment

In August 2022, Duke Energy announced a strategic review of its commercial renewables business. Since 2007, Duke Energy has built a portfolio of commercial wind, solar and battery projects across the U.S., and established a development pipeline. Duke Energy has developed a strategy to focus on renewables, grid and other investment opportunities within its regulated operations. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the EU&I segment. Prior to March 2023, Duke Energy was actively marketing the Commercial Renewables business as two separate disposal groups, the utility-scale solar and wind group and the distributed generation group. In March 2023, assets for certain projects were removed from the utility-scale solar and wind group and placed in a separate disposal group (collectively, Commercial Renewables Disposal Groups) and a pretax impairment of approximately $220 million was recorded for the three months ended March 31, 2023. The sales processes for the Commercial Renewables Disposal Groups are ongoing and Duke Energy expects to dispose of these groups in the second half of 2023.

Assets Held For Sale and Discontinued Operations

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. Originally debt and the related restricted cash and interest rate swaps were not expected to transfer to a buyer but during the marketing process it was determined they would be included with the sale and were classified as held for sale in March 2023. As a result, adjustments were made to the December 31, 2022, Consolidated Balance Sheet to present debt and the related restricted cash and interest rate swaps as held for sale. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented.

No interest from corporate level debt was allocated to discontinued operations.

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

(in millions)	March 31, 2023		December 31, 2022
Current Assets Held for Sale
Cash and cash equivalents	$	12	$	10
Receivables, net	114		107
Inventory	81		88
Other	167		151
Total current assets held for sale	374		356
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	6,334		6,444
Accumulated depreciation and amortization	(1,651)		(1,651)
Net property, plant and equipment	4,683		4,793
Operating lease right-of-use assets, net	142		140
Investments in equity method unconsolidated affiliates	512		522
Other	201		179
Total other noncurrent assets held for sale	855		841
Total Assets Held for Sale	$	5,912	$	5,990
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	80	$	122
Taxes accrued	9		17
Current maturities of long-term debt	275		276
Other	112		120
Total current liabilities associated with assets held for sale	476		535
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	1,184		1,188
Operating lease liabilities	150		150
Asset retirement obligations	196		190
Other	401		399
Total other noncurrent liabilities associated with assets held for sale	1,931		1,927
Total Liabilities Associated with Assets Held for Sale	$	2,407	$	2,462

As of March 31, 2023, and December 31, 2022, the noncontrolling interest balance is $1.7 billion and $1.6 billion, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating revenues	$	80	$	121
Operation, maintenance and other	89		81
Depreciation and amortization(a)	—		64
Property and other taxes	10		10
Other income and expenses, net	(4)		—
Interest expense	31		19
Loss on disposal	220		—
Loss before income taxes	(274)		(53)
Income tax benefit	(65)		(38)
Loss from discontinued operations	$	(209)	$	(15)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64		27
Net income from discontinued operations attributable to Duke Energy Corporation	$	(145)	$	12

(a)    Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased.

The Commercial Renewables Disposal Groups' held for sale assets included pretax impairments of approximately $1.7 billion at December 31, 2022. In the first quarter of 2023, a pretax impairment of approximately $220 million was recorded to write-down the carrying amount of property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated costs to sell. The first quarter impairment was included in Loss from Discontinued Operations, net of tax, in Duke Energy's Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2023. The fair value was primarily determined from market information obtained through the bidding process and discounted cash flow analysis. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 11. The impairment will be updated, if necessary, based on market changes or the final sales price, including all closing adjustments.

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Cash flows provided by (used in):
Operating activities	$	(54)	$	64
Investing activities	(151)		(88)

Other Sale-Related Matters

Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to Duke Energy (Parent) from these lawsuits will remain with Duke Energy (Parent) and any future activity related to Duke Energy (Parent) as a defendant in these lawsuits will be presented in discontinued operations. See Note 4 for more information.

XML

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Duke Energy

Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups.

The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information.

The GU&I 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 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 March 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,381	$	888	$	7,269	$	7	$	—	$	7,276
Intersegment revenues	17		23		40		24		(64)		—
Total revenues	$	6,398	$	911	$	7,309	$	31	$	(64)	$	7,276
Segment income (loss)	$	791	$	287	$	1,078	$	(168)	$	—	$	910
Less: Noncontrolling interests											43
Add: Preferred stock dividend											39
Discontinued operations											(145)
Net Income											$	761
Segment assets(a)	$	152,989	$	16,217	$	169,206	$	9,627	$	—	$	178,833

	Three Months Ended March 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	5,995	$	1,009	$	7,004	$	7	$	—	$	7,011
Intersegment revenues	7		23		30		23		(53)		—
Total revenues	$	6,002	$	1,032	$	7,034	$	30	$	(53)	$	7,011
Segment income (loss)(b)	$	723	$	254	$	977	$	(171)	$	—	$	806
Less: Noncontrolling interests											37
Add: Preferred stock dividend											39
Discontinued operations											12
Net Income											$	820

(a)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

(b)EU&I includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $22 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 4 for additional information.

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.

	Three Months Ended March 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	474	$	235	$	709	$	—	$	—	$	709
Segment income (loss)/Net income	$	49	$	52	$	101	$	(1)	$	—	$	100
Segment assets	$	7,553	$	4,041	$	11,594	$	10	$	89	$	11,693

	Three Months Ended March 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	412	$	226	$	638	$	—	$	638
Segment income (loss)/Net income	$	41	$	38	$	79	$	(2)	$	77

XML

Regulatory Matters

3 Months Ended

Mar. 31, 2023

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

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 and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, 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 Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC 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. Although 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 environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify 18 potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. Currently, the NRC expects to publish a draft EIS in October 2023.

On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACRS) on February 2, 2023, to discuss issues regarding the SER and SLR application. On February 25, 2023, the ACRS issued a report to the NRC on the safety aspects of the ONS SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that ONS can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for ONS should be approved.

Although the NRC’s GEIS applicability 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.

Storm Cost Securitization

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 February 7, 2023, a stipulation was reached with all parties in the proceeding regarding certain items identified through the Office of Regulatory Staff (ORS) audit of storm costs. The evidentiary hearing was held on March 1, 2023. On April 20, 2023, the PSCSC issued its order, approving the stipulation and determining unresolved issues in the case, resulting in approximately $171 million in projected deferred storm costs eligible to be securitized. The difference in the original filed amount and the approved amount is primarily related to the stipulation with the ORS in which Duke Energy Progress agreed to apply a debt-only rate of return for the calculation of carrying costs during the deferral period for the deferred storm costs.

Duke Energy Carolinas

2023 North Carolina Rate Case

On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR Application includes an MYRP to recover projected capital investments during the three-year 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 $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million or 15.7% by early 2026. 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. Duke Energy Carolinas plans to implement interim rates, subject to refund, on September 1, 2023, and has requested permanent rates be effective by January 1, 2024. The evidentiary hearing has been scheduled to begin on August 21, 2023. Duke Energy Carolinas cannot predict the outcome of this matter.

Duke Energy Progress

2022 North Carolina Rate Case

On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC includes an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR Application includes an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMs) as required by HB 951. The overall retail revenue increase as originally filed 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. Duke Energy Progress plans to implement interim rates, subject to refund, in June 2023, and has requested permanent rates be effective by October 1, 2023.

Testimony was filed by various parties on March 27, 2023, and Duke Energy Progress rebuttal testimony was filed on April 14, 2023. On April 26, 2023, Duke Energy Progress filed a partial settlement with Public Staff, which includes agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, the Carolina Industrial Group for Fair Utility Rates II joined this partial settlement and the parties filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the residential decoupling mechanism under the PBR Application. The settlement agreements are subject to the review and approval of the NCUC. Evidentiary hearings began on May 4, 2023. The key unsettled issues to be litigated in the hearing include the return on equity, capital structure, recovery of the COVID-19 cost deferral and treatment of certain regulatory asset and liability amortizations. Duke Energy Progress' proposed revenue requirement in the case as adjusted for supplemental updates and the partial settlement is $320 million in Year 1, $127 million in Year 2 and $140 million in Year 3, for a combined total of $587 million or 15% by late 2025. 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. On January 12, 2023, Duke Energy Progress and the ORS, as well as other consumer, environmental, and industrial intervening parties, filed a comprehensive Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the stipulation include:

•A $52 million annual customer rate increase prior to the reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT. After extending the remaining EDIT giveback to customers to 33 months, the net annual retail rate increase is approximately $36 million.

•ROE of 9.6% based on a capital structure of 52.43% equity and 47.57% debt.

•Continuation of deferral treatment of coal ash basin closure costs. Supports an amortization period for remaining coal ash closure costs in this rate case of seven years. Duke Energy Progress agreed not to seek recovery of approximately $50 million of deferred coal ash expenditures related to retired sites in this rate case (South Carolina retail allocation).

•Accepts the 2021 Depreciation Study as proposed in this case, as adjusted for certain recommendations from ORS and includes accelerated retirement dates for certain coal units as originally proposed.

•Establishment of a storm reserve to help offset the costs of major storms.

The PSCSC held a hearing on January 17, 2023, to consider evidence supporting the stipulation and unanimously voted to approve the comprehensive agreement on February 9, 2023. A final written order was issued on March 8, 2023.

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 $173 million of the expected Department of Energy (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 is permitted to recognize the $173 million into earnings through the approved settlement period. 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. As of March 31, 2023, Duke Energy Florida has recognized $54 million into earnings. The remaining $119 million is expected to be recognized over the remainder of 2023 and 2024, while also remaining within the approved return on equity band.

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 PTCs 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 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida's petition.

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 oral arguments in the appeal on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case 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 Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed February 6, 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the Court has yet to rule on that request. 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. On December 9, 2022, the Office of Public Counsel filed a notice of appeal of this order to the Florida Supreme Court. The Office of Public Counsel’s initial brief was filed on April 18, 2023. Duke Energy Florida cannot predict the outcome of this matter.

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 March 31, 2023 Condensed Consolidated Balance Sheets includes an estimate of approximately $357 million in regulatory assets related to deferred Hurricane Ian storm costs consistent with the FPSC's storm rule. 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 filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve on January 23, 2023, seeking recovery of $442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. On March 7, 2023, the Commission approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida cannot predict the outcome of this matter

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%. 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 PUCO issued an order on December 14, 2022, approving the Stipulation without material modification. Rates went into effect on January 3, 2023. The Ohio Consumers' Counsel (OCC) filed an application for rehearing on January 13, 2023. On February 8, 2023, the Commission granted the OCC's application for rehearing for further consideration. 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. This 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.

•On March 17, 2023, the Staff of the Public Utilities Commission of Ohio submitted its Staff Review and Recommendation. This Staff Report, like prior such reports, recommends certain disallowances related to incentives.

•On March 27, 2023, the Commission established a procedural schedule. Intervention/comments were filed on April 26, 2023, and reply comments are due by May 11, 2023.

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 CEP Rider. The Staff of the PUCO (Staff) report was issued on December 21, 2022, recommending an increase in natural gas base rates of $24 million to $36 million, with an equity ratio of 52.32% and an ROE range of 9.03% to 10.04%. On April 28, 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The evidentiary hearing is scheduled to begin on May 23, 2023. Duke Energy Ohio cannot predict the outcome of this matter.

Duke Energy Kentucky Electric Base Rate Case

On December 1, 2022, Duke Energy Kentucky filed a rate case with the KPSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.35%. This is an overall increase in rates of approximately 17.8%. The request for rate increase is driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale generation stations to support the energy transition. Duke Energy Kentucky is also requesting new programs and tariff updates, including a voluntary community-based renewable subscription program and two EV charging programs. Intervenor testimony was filed March 10, 2023, and rebuttal testimony was filed April 14, 2023. The Kentucky Attorney General recommended an increase of $31 million and an ROE of 9.55%. An evidentiary hearing will begin May 9, 2023. New rates are anticipated to go into effect around July 15, 2023. Duke Energy Kentucky cannot predict the outcome of this matter.

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. 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. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. However, upon appeal by the Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group on March 10, 2022, the Indiana Supreme Court found 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 three months ended March 31, 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. On February 3, 2023, Duke Energy Indiana filed a settlement agreement reached with the OUCC and Duke Industrial Group, which includes an agreed amount of approximately $70 million of refunds to be paid to customers. The IURC approved this settlement agreement in its entirety on April 12, 2023.

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 and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed. As a result of the Court's opinion, Duke Energy Indiana recognized a pretax charge of approximately $175 million to Impairment of assets and other charges for the year ended December 31, 2022. After the passage of Senate Enrolled Act 9, which amended the federal mandate statute to make clear that costs incurred pre-order are recoverable, Duke Energy Indiana filed a petition for rehearing with the Indiana Court of Appeals, which was denied on April 27, 2023. Duke Energy Indiana is evaluating whether to file a petition to transfer the case to the Indiana Supreme Court. 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 customer reliability, 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, and Duke Energy Indiana filed its responsive brief on December 28, 2022. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the Commission’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. Duke Energy Indiana filed its opposition to transfer on April 11, 2023. Duke Energy Indiana cannot predict the outcome of this matter.

Piedmont

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.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

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 on 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)	March 31, 2023		December 31, 2022
Reserves for Environmental Remediation
Duke Energy	$	86	$	84
Duke Energy Carolinas	23		22
Progress Energy	20		19
Duke Energy Progress	9		8
Duke Energy Florida	11		11
Duke Energy Ohio	33		33
Duke Energy Indiana	3		3
Piedmont	7		7

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

Texas Storm Uri Tort Litigation

Duke Energy (Parent) and several Duke Energy renewables project companies in the ERCOT market were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. Duke Energy (Parent) was dismissed from the suits, leaving two suits in which individual wind and solar projects are named. These lawsuits seek recovery for property damages, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators, transmission and distribution operators, retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed. On January 28, 2023, the Court denied certain motions including those by the generator defendants and granted others. Defendants filed a petition for Writ of Mandamus to the Texas Court of Appeals seeking to overturn the denials, which is fully briefed and pending a decision from the Texas Court of Appeals. Since the ruling on the motion to dismiss, plaintiffs have served a number of new lawsuits on Duke Energy (Parent), Duke Energy Renewables, LLC, and several Duke Energy renewable entities. These new lawsuits are being included in the MDL proceeding and are currently stayed. Duke Energy cannot predict the outcomes of these matters. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups.

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. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes, did not adequately warn about the dam, and created a dangerous and hidden hazard on the Dan River by building and maintaining the low-head dam. Duke Energy Carolinas has reached an agreement in principle that will resolve this matter to the parties' mutual satisfaction. The resolution, which is not expected to have a material financial impact, is subject to court approval by the Durham County Superior Court. 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. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.

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. On April 6, 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.

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 in violation of state and federal 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. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal will be completed on June 2, 2023. 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 $451 million at March 31, 2023, and $457 million at December 31, 2022. 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 on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2042 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 2042 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 March 31, 2023, and at December 31, 2022. 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 March 31, 2023, and December 31, 2022. 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 Indiana

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 trial date 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

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information.

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

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

				Three Months Ended March 31, 2023
						Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		Carolinas		Progress		Ohio		Indiana
First Mortgage Bonds
January 2023(a)	January 2033	4.95	%	$	900	$	900	$	—	$	—	$	—
January 2023(a)	January 2053	5.35	%	900		900		—		—		—
March 2023(b)	March 2033	5.25	%	500		—		500		—		—
March 2023(b)	March 2053	5.35	%	500		—		500		—		—
March 2023(c)	April 2033	5.25	%	375		—		—		375		—
March 2023(c)	April 2053	5.65	%	375		—		—		375		—
March 2023(d)	April 2053	5.40	%	500		—		—		—		500
Total issuances				$	4,050	$	1,800	$	1,000	$	750	$	500

(a)Proceeds were used to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes.

(b)Proceeds will be used to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes.

(c)Proceeds will be used to repay $300 million of maturities due September 2023 and a portion of the $100 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general corporate purposes.

(d)Proceeds were used to repay the $300 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general company purposes.

Duke Energy (Parent) Convertible Senior Notes

In April 2023, Duke Energy (Parent) completed the sale of $1.7 billion 4.125% Convertible Senior Notes due April 2026 (convertible notes). The convertible notes will be senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. The convertible notes will bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. Proceeds will be used to repay a portion of outstanding commercial paper and for general corporate purposes.

Prior to the close of business on the business day immediately preceding January 15, 2026, the convertible notes will be convertible at the option of the holders only under certain conditions. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.

The conversion rate for the convertible notes will initially be 8.4131 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 25% over the last reported sale price of Duke Energy’s common stock on the NYSE on April 3, 2023. The conversion rate and the corresponding conversion price will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. Duke Energy may not redeem the convertible notes prior to the maturity date.

Duke Energy issued the convertible notes pursuant to an indenture, dated as of April 6, 2023, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.

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		March 31, 2023
Unsecured Debt
Duke Energy (Parent)	April 2023	2.875	%	$	350
Duke Energy (Parent)(a)	June 2023	4.631	%	500
Duke Energy (Parent)	October 2023	3.950	%	400
Duke Energy (Parent) Term Loan Facility(a)	March 2024	5.385	%	1,000
Duke Energy Ohio(a)	October 2023	4.879	%	150
First Mortgage Bonds
Duke Energy Progress	September 2023	3.375	%	300
Duke Energy Ohio	September 2023	3.800	%	300
Other(b)				330
Current maturities of long-term debt				$	3,330

(a)Debt has a floating interest rate.

(b)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 2023, Duke Energy amended its existing Master Credit Facility of $9 billion to extend the termination date to March 2028. 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. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default.

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

	March 31, 2023
			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	$	2,275	$	2,025	$	900	$	1,350	$	700	$	950	$	800
Reduction to backstop issuances
Commercial paper(b)	(3,452)		(494)		(1,310)		(150)		(776)		(93)		(328)		(301)
Outstanding letters of credit	(39)		(27)		(4)		(1)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,428	$	1,754	$	711	$	749	$	567	$	607	$	541	$	499

(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

In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 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 Current maturities of long-term debt on Duke Energy's Condensed Consolidated Balance Sheets.

In March 2023, Duke Energy amended its existing Credit Agreement in conjunction with the issuance of the Convertible Senior Notes due April 2026 to clarify that payments due as a result of a conversion of a convertible note would not constitute an event of default.

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Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022. There are no accumulated impairment charges.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at March 31, 2023, and December 31, 2022.

Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

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Related Party Transactions

3 Months Ended

Mar. 31, 2023

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 March 31,
(in millions)	2023		2022
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	196	$	206
Indemnification coverages(b)	9		7
Joint Dispatch Agreement (JDA) revenue(c)	13		26
JDA expense(c)	29		94
Intercompany natural gas purchases(d)	5		13
Progress Energy
Corporate governance and shared service expenses(a)	$	178	$	196
Indemnification coverages(b)	12		11
JDA revenue(c)	29		94
JDA expense(c)	13		26
Intercompany natural gas purchases(d)	19		19
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	107	$	119
Indemnification coverages(b)	5		5
JDA revenue(c)	29		94
JDA expense(c)	13		26
Intercompany natural gas purchases(d)	19		19
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	71	$	77
Indemnification coverages(b)	7		6
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	73	$	82
Indemnification coverages(b)	1		1
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	99	$	124
Indemnification coverages(b)	2		2
Piedmont
Corporate governance and shared service expenses(a)	$	38	$	35
Indemnification coverages(b)	1		1
Intercompany natural gas sales(d)	24		32
Natural gas storage and transportation costs(e)	6		6

(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
March 31, 2023
Intercompany income tax receivable	$	—	$	21	$	—	$	—	$	—	$	—	$	—
Intercompany income tax payable	—		—		2		30		15		24		38
December 31, 2022
Intercompany income tax receivable	$	—	$	95	$	36	$	17	$	—	$	—	$	—
Intercompany income tax payable	37		—		—		—		17		18		38

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Derivatives and Hedging

3 Months Ended

Mar. 31, 2023

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. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information.

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 income (loss) for the three months ended March 31, 2023, and 2022, were not material. Duke Energy's interest rate derivatives designated as hedges include 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 tables show notional amounts of outstanding derivatives related to interest rate risk.

	March 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,300	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,077		800		1,050		250		800		200		27
Total notional amount	$	3,377	$	800	$	1,050	$	250	$	800	$	200	$	27

	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	500	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,377		1,250		800		500		300		300		27
Total notional amount	$	2,877	$	1,250	$	800	$	500	$	300	$	300	$	27

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.

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 cost volatility for customers.

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.

	March 31, 2023
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	5,984	—	—	—	720	5,264	—
Natural gas (millions of dekatherms)	903	311	294	294	—	8	290

	December 31, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	14,086	—	—	—	1,820	12,266	—
Natural gas (millions of dekatherms)	909	307	292	292	—	11	299

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 at March 31, 2023.

										Fair Value Gain (Loss)(a)
	Pay Notional				Receive Notional		Receive		Hedge	(in millions)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	Three months ended March 31, 2023
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	5
	537		5.31	%	500	euros	3.85	%	June 2034	5
Total notional amount	$	1,182			1,100	euros				$	10

(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 IN THE CONDENSED CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.

Derivative Assets	March 31, 2023
			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	$	35	$	12	$	9	$	9	$	—	$	1	$	11	$	1
Noncurrent	140		67		73		73		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	175	$	79	$	82	$	82	$	—	$	1	$	11	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	86	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Not Designated as Hedging Instruments
Current	7		1		6		—		6		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	93	$	1	$	6	$	—	$	6	$	—	$	—	$	—
Total Derivative Assets	$	268	$	80	$	88	$	82	$	6	$	1	$	11	$	1

Derivative Liabilities	March 31, 2023
			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	$	264	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Noncurrent	237		54		51		51		—		—		—		132
Total Derivative Liabilities – Commodity Contracts	$	501	$	197	$	141	$	141	$	—	$	—	$	19	$	144
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	14		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	26		4		12		8		3		1		9		—
Total Derivative Liabilities – Interest Rate Contracts	$	40	$	4	$	12	$	8	$	3	$	1	$	9	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	44		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	62	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	603	$	201	$	153	$	149	$	3	$	1	$	28	$	144

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	265	$	132	$	99	$	99	$	—	$	5	$	29	$	—
Noncurrent	213		104		108		108		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	478	$	236	$	207	$	207	$	—	$	5	$	29	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	101	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Not Designated as Hedging Instruments
Current	$	216	$	94	$	41	$	23	$	17	$	—	$	81	$	—
Total Derivative Assets – Interest Rate Contracts	$	317	$	94	$	41	$	23	$	17	$	—	$	81	$	—
Total Derivative Assets	$	795	$	330	$	248	$	230	$	17	$	5	$	110	$	—

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	175	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Noncurrent	202		31		30		30		—		—		—		141
Total Derivative Liabilities – Commodity Contracts	$	377	$	127	$	66	$	48	$	19	$	—	$	16	$	168
Interest Rate Contracts
Not Designated as Hedging Instruments
Noncurrent	$	2	$	—	$	—	$	—	$	—	$	2	$	—	$	—
Total Derivative Liabilities – Interest Rate Contracts	$	2	$	—	$	—	$	—	$	—	$	2	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	40		—		—		—		—		—		—		—
Total Derivative Liabilities – Equity Securities Contracts	$	58	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	437	$	127	$	66	$	48	$	19	$	2	$	16	$	168

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

Derivative Assets	March 31, 2023
			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	$	128	$	13	$	15	$	9	$	6	$	1	$	11	$	1
Gross amounts offset	(19)		(11)		(8)		(8)		—		—		—		—
Net amounts presented in Current Assets: Other	$	109	$	2	$	7	$	1	$	6	$	1	$	11	$	1
Noncurrent
Gross amounts recognized	$	140	$	67	$	73	$	73	$	—	$	—	$	—	$	—
Gross amounts offset	(78)		(38)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	62	$	29	$	33	$	33	$	—	$	—	$	—	$	—

Derivative Liabilities	March 31, 2023
			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	$	282	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Gross amounts offset	(47)		(20)		(8)		(8)		—		—		(19)		—
Net amounts presented in Current Liabilities: Other	$	235	$	123	$	82	$	82	$	—	$	—	$	—	$	12
Noncurrent
Gross amounts recognized	$	321	$	58	$	63	$	59	$	3	$	1	$	9	$	132
Gross amounts offset	(83)		(43)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	238	$	15	$	23	$	19	$	3	$	1	$	9	$	132

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	582	$	226	$	140	$	122	$	17	$	5	$	110	$	—
Gross amounts offset	(64)		(33)		(30)		(30)		—		—		—		—
Net amounts presented in Current Assets: Other	$	518	$	193	$	110	$	92	$	17	$	5	$	110	$	—
Noncurrent
Gross amounts recognized	$	213	$	104	$	108	$	108	$	—	$	—	$	—	$	—
Gross amounts offset	(97)		(40)		(57)		(57)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	116	$	64	$	51	$	51	$	—	$	—	$	—	$	—

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	193	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Gross amounts offset	(49)		(15)		(18)		(18)		—		—		(16)		—
Net amounts presented in Current Liabilities: Other	$	144	$	81	$	18	$	—	$	19	$	—	$	—	$	27
Noncurrent
Gross amounts recognized	$	244	$	31	$	30	$	30	$	—	$	2	$	—	$	141
Gross amounts offset	(59)		(29)		(30)		(30)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	185	$	2	$	—	$	—	$	—	$	2	$	—	$	141

OBJECTIVE CREDIT CONTINGENT FEATURES

Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

	March 31, 2023
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	106	$	54	$	52	$	52
Fair value of collateral already posted	10		10		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	96	$	44	$	52	$	52

	December 31, 2022
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Aggregate fair value of derivatives in a net liability position	$	141	$	86	$	55	$	48	$	7
Fair value of collateral already posted	—		—		—		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	141	$	86	$	55	$	48	$	7

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

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Investments in Debt and Equity Securities

3 Months Ended

Mar. 31, 2023

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 March 31, 2023, and December 31, 2022.

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	161	$	—	$	—	$	215
Equity securities	4,048		60		6,367		3,658		105		5,871
Corporate debt securities	3		65		616		1		85		641
Municipal bonds	1		27		337		—		39		330
U.S. government bonds	9		85		1,495		2		112		1,423
Other debt securities	—		15		147		—		18		156
Total NDTF Investments	$	4,061	$	252	$	9,123	$	3,661	$	359	$	8,636
Other Investments
Cash and cash equivalents	$	—	$	—	$	134	$	—	$	—	$	22
Equity securities	25		11		137		21		16		128
Corporate debt securities	—		10		87		—		12		84
Municipal bonds	—		2		80		—		3		78
U.S. government bonds	—		—		69		—		2		62
Other debt securities	—		2		42		—		3		41
Total Other Investments	$	25	$	25	$	549	$	21	$	36	$	415
Total Investments	$	4,086	$	277	$	9,672	$	3,682	$	395	$	9,051

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	26	$	111
Realized losses	46		85
AFS:
Realized gains	8		4
Realized losses	32		23

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	69	$	—	$	—	$	117
Equity securities	2,375		29		3,677		2,147		51		3,367
Corporate debt securities	2		47		384		1		62		401
Municipal bonds	—		5		56		—		10		64
U.S. government bonds	5		38		746		1		51		685
Other debt securities	—		15		143		—		18		148
Total NDTF Investments	$	2,382	$	134	$	5,075	$	2,149	$	192	$	4,782

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	18	$	75
Realized losses	29		49
AFS:
Realized gains	5		3
Realized losses	20		16

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	92	$	—	$	—	$	98
Equity securities	1,673		31		2,690		1,511		54		2,504
Corporate debt securities	1		18		232		—		23		240
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		47		749		1		61		738
Other debt securities	—		—		4		—		—		8
Total NDTF Investments	$	1,679	$	118	$	4,048	$	1,512	$	167	$	3,854
Other Investments
Cash and cash equivalents	$	—	$	—	$	8	$	—	$	—	$	11
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	33	$	—	$	—	$	36
Total Investments	$	1,679	$	118	$	4,081	$	1,512	$	167	$	3,890

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	8	$	36
Realized losses	17		36
AFS:
Realized gains	3		1
Realized losses	12		6

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	72	$	—	$	—	$	56
Equity securities	1,586		31		2,590		1,431		54		2,411
Corporate debt securities	1		17		222		—		22		230
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		28		470		1		37		460
Other debt securities	—		—		4		—		—		7
Total NDTF Investments	$	1,592	$	98	$	3,639	$	1,432	$	142	$	3,430
Other Investments
Cash and cash equivalents	$	—	$	—	$	7	$	—	$	—	$	9
Total Other Investments	$	—	$	—	$	7	$	—	$	—	$	9
Total Investments	$	1,592	$	98	$	3,646	$	1,432	$	142	$	3,439

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	8	$	36
Realized losses	17		35
AFS:
Realized gains	3		1
Realized losses	12		5

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	20	$	—	$	—	$	42
Equity securities	87		—		100		80		—		93
Corporate debt securities	—		1		10		—		1		10
U.S. government bonds	—		19		279		—		24		278
Other debt securities	—		—		—		—		—		1
Total NDTF Investments(a)	$	87	$	20	$	409	$	80	$	25	$	424
Other Investments
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	1
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	25	$	—	$	—	$	26
Total Investments	$	87	$	20	$	434	$	80	$	25	$	450

(a)During the three months ended March 31, 2023, and the year ended December 31, 2022, 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 months ended March 31, 2023, and 2022, 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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	1
Equity securities	3		11		85		2		16		79
Corporate debt securities	—		—		9		—		1		8
Municipal bonds	—		2		46		—		3		45
U.S. government bonds	—		—		9		—		—		7
Total Investments	$	3	$	13	$	150	$	2	$	20	$	140

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

	March 31, 2023
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	115	$	5	$	96	$	19	$	77	$	6
Due after one through five years	793		277		424		238		186		23
Due after five through 10 years	522		262		207		194		13		11
Due after 10 years	1,443		785		564		526		38		24
Total	$	2,873	$	1,329	$	1,291	$	977	$	314	$	64

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

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 the 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 per share practical expedient. The net asset value 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 NYSE 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. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information.

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 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, 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.

	March 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	161	$	161	$	—	$	—	$	—
NDTF equity securities	6,367		6,326		—		—		41
NDTF debt securities	2,595		822		1,773		—		—
Other equity securities	137		137		—		—		—
Other debt securities	278		60		218		—		—
Other cash and cash equivalents	134		134		—		—		—
Derivative assets	268		1		255		12		—
Total assets	9,940		7,641		2,246		12		41
Derivative liabilities	(603)		(19)		(584)		—		—
Net assets (liabilities)	$	9,337	$	7,622	$	1,662	$	12	$	41

	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	215	$	215	$	—	$	—	$	—
NDTF equity securities	5,871		5,829		—		—		42
NDTF debt securities	2,550		780		1,770		—		—
Other equity securities	128		128		—		—		—
Other debt securities	265		55		210		—		—
Other cash and cash equivalents	22		22		—		—		—
Derivative assets	795		1		760		34		—
Total assets	9,846		7,030		2,740		34		42
Derivative liabilities	(437)		(16)		(421)		—		—
Net assets (liabilities)	$	9,409	$	7,014	$	2,319	$	34	$	42

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

	Derivatives (net)
	Three Months Ended March 31,
(in millions)	2023		2022
Balance at beginning of period	$	34	$	24
Purchases, sales, issuances and settlements:
Settlements	(20)		(7)
Total losses included on the Condensed Consolidated Balance Sheet	(2)		(7)
Balance at end of period	$	12	$	10

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.

	March 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	69	$	69	$	—	$	—
NDTF equity securities	3,677		3,636		—		41
NDTF debt securities	1,329		372		957		—
Derivative assets	80		—		80		—
Total assets	5,155		4,077		1,037		41
Derivative liabilities	(201)		—		(201)		—
Net assets	$	4,954	$	4,077	$	836	$	41

	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	117	$	117	$	—	$	—
NDTF equity securities	3,367		3,325		—		42
NDTF debt securities	1,298		323		975		—
Derivative assets	330		—		330		—
Total assets	5,112		3,765		1,305		42
Derivative liabilities	(127)		—		(127)		—
Net assets	$	4,985	$	3,765	$	1,178	$	42

PROGRESS ENERGY

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	92	$	92	$	—	$	98	$	98	$	—
NDTF equity securities	2,690		2,690		—		2,504		2,504		—
NDTF debt securities	1,266		450		816		1,252		457		795
Other debt securities	25		—		25		25		—		25
Other cash and cash equivalents	8		8		—		11		11		—
Derivative assets	88		—		88		248		—		248
Total assets	4,169		3,240		929		4,138		3,070		1,068
Derivative liabilities	(153)		—		(153)		(66)		—		(66)
Net assets	$	4,016	$	3,240	$	776	$	4,072	$	3,070	$	1,002

DUKE ENERGY PROGRESS

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	72	$	72	$	—	$	56	$	56	$	—
NDTF equity securities	2,590		2,590		—		2,411		2,411		—
NDTF debt securities	977		219		758		963		225		738
Other cash and cash equivalents	7		7		—		9		9		—
Derivative assets	82		—		82		230		—		230
Total assets	3,728		2,888		840		3,669		2,701		968
Derivative liabilities	(149)		—		(149)		(48)		—		(48)
Net assets	$	3,579	$	2,888	$	691	$	3,621	$	2,701	$	920

DUKE ENERGY FLORIDA

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	20	$	20	$	—	$	42	$	42	$	—
NDTF equity securities	100		100		—		93		93		—
NDTF debt securities	289		231		58		289		232		57
Other debt securities	25		—		25		25		—		25
Other cash and cash equivalents	—		—		—		1		1		—
Derivative assets	6		—		6		17		—		17
Total assets	440		351		89		467		368		99
Derivative liabilities	(3)		—		(3)		(19)		—		(19)
Net assets	$	437	$	351	$	86	$	448	$	368	$	80

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 March 31, 2023, and December 31, 2022.

DUKE ENERGY INDIANA

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

	March 31, 2023								December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	85	$	85	$	—	$	—	$	79	$	79	$	—	$	—
Other debt securities	64		—		64		—		60		—		60		—
Other cash and cash equivalents	1		1		—		—		1		1		—		—
Derivative assets	11		—		—		11		110		—		81		29
Total assets	161		86		64		11		250		80		141		29
Derivative liabilities	(28)		(19)		(9)		—		(16)		(16)		—		—
Net assets	$	133	$	67	$	55	$	11	$	234	$	64	$	141	$	29

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 March 31,
(in millions)	2023		2022
Balance at beginning of period	$	29	$	22
Purchases, sales, issuances and settlements:
Settlements	(19)		(6)
Total gains (losses) included on the Condensed Consolidated Balance Sheet	1		(6)
Balance at end of period	$	11	$	10

PIEDMONT

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	1	$	1	$	—	$	—	$	—	$	—
Derivative liabilities	(144)		—		(144)		(168)		—		(168)
Net (liabilities) assets	$	(143)	$	1	$	(144)	$	(168)	$	—	$	(168)

QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS

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

	March 31, 2023
								Weighted
	Fair Value							Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range			Range
Duke Energy Ohio
FTRs	1		RTO auction pricing	FTR price – per MWh	(0.19)	-	2.71	1.08
Duke Energy Indiana
FTRs	11		RTO auction pricing	FTR price – per MWh	0.03	-	14.88	2.63
Duke Energy
Total Level 3 derivatives	$	12

	December 31, 2022
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	5	RTO auction pricing	FTR price – per MWh	$	0.89	-	$	6.25	$	3.35
Duke Energy Indiana
FTRs	29		RTO auction pricing	FTR price – per MWh	0.09		-	21.79		2.74
Duke Energy
Total Level 3 derivatives	$	34

OTHER FAIR VALUE DISCLOSURES

The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. 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.

	March 31, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	72,437	$	66,455	$	69,751	$	61,986
Duke Energy Carolinas	15,105		14,176		14,266		12,943
Progress Energy	23,371		21,974		22,439		20,467
Duke Energy Progress	12,047		10,911		11,087		9,689
Duke Energy Florida	9,683		9,242		9,709		8,991
Duke Energy Ohio	3,991		3,768		3,245		2,927
Duke Energy Indiana	4,503		4,265		4,307		3,913
Piedmont	3,364		3,014		3,363		2,940

(a)Book value of long-term debt includes $1.15 billion and $1.17 billion at March 31, 2023, and December 31, 2022, 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 March 31, 2023, and December 31, 2022, 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.

XML

Variable Interest Entities

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023, and the year ended December 31, 2022, 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.

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 2024
Credit facility amount	$	350	$	500	$	400	$	325
Amounts borrowed at March 31, 2023	350		500		400		250
Amounts borrowed at December 31, 2022	350		471		400		250
Restricted Receivables at March 31, 2023	784		782		654		443
Restricted Receivables at December 31, 2022	917		928		793		490

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)	March 31, 2023		December 31, 2022
Receivables of VIEs	$	4	$	6
Regulatory Assets: Current	55		55
Current Assets: Other	18		41
Other Noncurrent Assets: Regulatory assets	814		826
Current Liabilities: Other	2		9
Current maturities of long-term debt	57		56
Long-Term Debt	859		890

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.

	March 31, 2023				December 31, 2022
	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		15		8		29
Other Noncurrent Assets: Regulatory assets	205		672		208		681
Other Noncurrent Assets: Other	1		4		1		2
Current Liabilities: Other	1		4		3		8
Current maturities of long-term debt	10		34		10		34
Long-Term Debt	213		697		219		714

NON-CONSOLIDATED VIEs

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

	March 31, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	164	$	221
Investments in equity method unconsolidated affiliates	49		—		—
Other noncurrent assets	46		—		—
Total assets	$	95	$	164	$	221
Other current liabilities	52		—		—
Other noncurrent liabilities	49		—		—
Total liabilities	$	101	$	—	$	—
Net (liabilities) assets	$	(6)	$	164	$	221

	December 31, 2022
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	198	$	317
Investments in equity method unconsolidated affiliates	43		—		—
Other noncurrent assets	45		—		—
Total assets	$	88	$	198	$	317
Other current liabilities	59		—		—
Other noncurrent liabilities	47		—		—
Total liabilities	$	106	$	—	$	—
Net (liabilities) assets	$	(18)	$	198	$	317

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 including 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.

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)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Receivables sold	$	369	$	423	$	426	$	508
Less: Retained interests	164		198		221		317
Net receivables sold	$	205	$	225	$	205	$	191

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

	Duke Energy Ohio					Duke Energy Indiana
		Three Months Ended					Three Months Ended
		March 31,					March 31,
(in millions)		2023		2022			2023		2022
Sales
Receivables sold		$	725	$	663		$	942	$	782
Loss recognized on sale		9		3			10		4
Cash flows
Cash proceeds from receivables sold		$	750	$	674		$	1,028	$	795
Return received on retained interests		6		1			8		2

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

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.

Electric Utilities and Infrastructure

EU&I 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)	2023		2024		2025		2026		2027		Thereafter		Total
Progress Energy	$	43	$	66	$	7	$	7	$	7	$	36	$	166
Duke Energy Progress	6		8		—		—		—		—		14
Duke Energy Florida	37		58		7		7		7		36		152
Duke Energy Indiana	10		16		17		15		7		5		70

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

GU&I 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 GU&I 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)	2023		2024		2025		2026		2027		Thereafter		Total
Piedmont	$	51	$	62	$	61	$	51	$	49	$	241	$	515

Other

The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.

Disaggregated Revenues

Disaggregated revenues are presented as follows:

	Three Months Ended March 31, 2023
			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	$	2,851	$	824	$	1,421	$	607	$	814	$	234	$	372	$	—
General	1,831		588		841		358		483		135		270		—
Industrial	891		296		272		177		95		71		251		—
Wholesale	550		135		348		319		29		9		58		—
Other revenues	144		78		121		68		53		27		15		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,267	$	1,921	$	3,003	$	1,529	$	1,474	$	476	$	966	$	—
Gas Utilities and Infrastructure
Residential	$	507	$	—	$	—	$	—	$	—	$	162	$	—	$	345
Commercial	233		—		—		—		—		58		—		175
Industrial	47		—		—		—		—		9		—		37
Power Generation	—		—		—		—		—		—		—		23
Other revenues	40		—		—		—		—		6		—		19
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	827	$	—	$	—	$	—	$	—	$	235	$	—	$	599
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,101	$	1,921	$	3,003	$	1,529	$	1,474	$	711	$	966	$	599
Other revenue sources(a)	$	175	$	13	$	45	$	4	$	36	$	(2)	$	9	$	76
Total revenues	$	7,276	$	1,934	$	3,048	$	1,533	$	1,510	$	709	$	975	$	675

	Three Months Ended March 31, 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	$	2,767	$	831	$	1,368	$	624	$	744	$	211	$	354	$	—
General	1,604		544		726		325		401		116		218		—
Industrial	772		276		270		194		76		35		192		—
Wholesale	626		113		411		349		62		23		79		—
Other revenues	202		111		211		139		72		21		(36)		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	5,971	$	1,875	$	2,986	$	1,631	$	1,355	$	406	$	807	$	—
Gas Utilities and Infrastructure
Residential	$	572	$	—	$	—	$	—	$	—	$	149	$	—	$	423
Commercial	269		—		—		—		—		64		—		204
Industrial	57		—		—		—		—		7		—		50
Power Generation	—		—		—		—		—		—		—		24
Other revenues	115		—		—		—		—		6		—		93
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,013	$	—	$	—	$	—	$	—	$	226	$	—	$	794
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,991	$	1,875	$	2,986	$	1,631	$	1,355	$	632	$	807	$	794
Other revenue sources(a)	$	20	$	13	$	6	$	1	$	—	$	6	$	15	$	11
Total revenues	$	7,011	$	1,888	$	2,992	$	1,632	$	1,355	$	638	$	822	$	805

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard.

	Three Months Ended March 31, 2022 and 2023
			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	$	121	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Write-Offs	(23)		(9)		(10)		(2)		(8)		—		—		(1)
Credit Loss Expense	24		5		12		4		8		—		—		3
Other Adjustments	17		14		13		8		5		—		—		—
Balance at March 31, 2022	$	139	$	52	$	51	$	31	$	21	$	4	$	3	$	17
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(42)		(20)		(22)		(9)		(12)		—		—		(1)
Credit Loss Expense	16		7		6		1		5		1		—		1
Other Adjustments	24		15		10		9		1		—		—		—
Balance at March 31, 2023	$	214	$	70	$	75	$	45	$	30	$	7	$	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.

	March 31, 2023
			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)	$	1,070	$	408	$	284	$	178	$	106	$	3	$	20	$	57
Current	2,018		519		892		476		414		14		46		168
1-31 days past due	254		64		103		68		35		5		9		18
31-61 days past due	148		32		83		72		11		5		2		10
61-91 days past due	33		9		13		8		5		2		1		2
91+ days past due	217		60		65		24		41		48		16		3
Deferred Payment Arrangements(c)	144		46		51		32		19		4		—		1
Trade and Other Receivables	$	3,884	$	1,138	$	1,491	$	858	$	631	$	81	$	94	$	259

	December 31, 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)	$	1,457	$	486	$	355	$	232	$	123	$	20	$	28	$	160
Current	2,347		577		1,059		637		417		15		52		265
1-31 days past due	261		96		60		15		45		5		17		15
31-61 days past due	123		23		61		49		12		6		2		3
61-91 days past due	74		25		18		9		9		3		11		2
91+ days past due	209		70		74		27		47		26		6		4
Deferred Payment Arrangements(c)	160		57		62		35		27		4		—		1
Trade and Other Receivables	$	4,631	$	1,334	$	1,689	$	1,004	$	680	$	79	$	116	$	450

(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 $103 million and $195 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022.

(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITYBasic 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 March 31,
(in millions, except per share amounts)	2023		2022
Net income available to Duke Energy common stockholders	$	765	$	818
Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders	(145)		12
Accumulated preferred stock dividends adjustment	12		12
Less: Impact of participating securities	1		1
Income from continuing operations available to Duke Energy common stockholders	$	921	$	817
Loss from discontinued operations, net of tax	$	(209)	$	(15)
Add: Loss attributable to NCI	64		27
(Loss) Income from discontinued operations attributable to Duke Energy common stockholders	$	(145)	$	12
Weighted average common shares outstanding – basic and diluted	770		770
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted	$	1.20	$	1.06
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted	$	(0.19)	$	0.02
Potentially dilutive items excluded from the calculation(a)	2		2
Dividends declared per common share	$	1.005	$	0.985
Dividends declared on Series A preferred stock per depositary share(b)	$	0.359	$	0.359
Dividends declared on Series B preferred stock per share(c)	$	24.375	$	24.375

(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

3 Months Ended

Mar. 31, 2023

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.

QUALIFIED PENSION PLANS

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

	Three Months Ended March 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	30	$	10	$	9	$	5	$	3	$	1	$	1	$	1
Interest cost on projected benefit obligation	86		21		27		12		14		4		7		2
Expected return on plan assets	(147)		(40)		(50)		(23)		(26)		(6)		(10)		(5)
Amortization of actuarial loss	2		—		1		—		1		—		1		—
Amortization of prior service credit	(3)		—		—		—		—		—		—		(2)
Amortization of settlement charges	5		2		1		1		—		—		—		1
Net periodic pension costs	$	(27)	$	(7)	$	(12)	$	(5)	$	(8)	$	(1)	$	(1)	$	(3)

	Three Months Ended March 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	40	$	12	$	12	$	7	$	4	$	1	$	2	$	1
Interest cost on projected benefit obligation	58		14		18		8		10		3		5		2
Expected return on plan assets	(140)		(38)		(46)		(22)		(24)		(5)		(9)		(6)
Amortization of actuarial loss	24		5		6		3		3		1		2		2
Amortization of prior service credit	(5)		(1)		—		—		—		—		—		(2)
Amortization of settlement charges	2		1		1		—		—		—		—		—
Net periodic pension costs	$	(21)	$	(7)	$	(9)	$	(4)	$	(7)	$	—	$	—	$	(3)

NON-QUALIFIED PENSION PLANS

Net periodic pension costs for non-qualified pension plans were not material for the three months ended March 31, 2023, and 2022.

OTHER POST-RETIREMENT BENEFIT PLANS

Net periodic costs for OPEB plans were not material for the three months ended March 31, 2023, and 2022.

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Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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
	March 31,
	2023		2022
Duke Energy	13.8	%	2.9	%
Duke Energy Carolinas	11.4	%	7.4	%
Progress Energy	16.7	%	15.9	%
Duke Energy Progress	14.6	%	14.0	%
Duke Energy Florida	19.9	%	20.1	%
Duke Energy Ohio	16.7	%	(266.7)	%
Duke Energy Indiana	17.2	%	31.9	%
Piedmont	17.7	%	13.4	%

The increase in the ETR for Duke Energy for the three months ended March 31, 2023, 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 months ended March 31, 2023, was primarily due to a decrease in the amortization of excess deferred taxes.

The increase in the ETR for Duke Energy Ohio for the three months ended March 31, 2023, was primarily due to a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year.

The decrease in the ETR for Duke Energy Indiana for the three months ended March 31, 2023, was primarily due to the coal ash impairment in the prior year, based on the Indiana Supreme Court Opinion.

The increase in the ETR for Piedmont for the three months ended March 31, 2023, was primarily due to a decrease in the amortization of excess deferred taxes.

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Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSFor information on subsequent events related to regulatory matters, commitments and contingencies, and debt and credit facilities, see Notes 4, 5 and 6, respectively.

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Organization and Basis of Presentation (Policy)

3 Months Ended

Mar. 31, 2023

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, 2022.

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. 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.

Discontinued Operations

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the three months ended March 31, 2023, and 2022, the Loss From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

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 2023.

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.

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 cost volatility for customers.

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, EU&I and GU&I.

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)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

	March 31, 2023										December 31, 2022
			Duke				Duke		Duke				Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Energy(a)		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	451	$	24	$	93	$	50	$	26	$	409	$	44	$	108	$	49	$	45
Other	42		5		37		14		18		82		8		74		28		41
Other Noncurrent Assets
Other	11		1		4		4		—		11		1		2		2		—
Total cash, cash equivalents and restricted cash	$	504	$	30	$	134	$	68	$	44	$	502	$	53	$	184	$	79	$	86

(a)    Certain prior year balances have been adjusted for held for sale presentation. See Note 2 for additional information.

Schedule of Utility Inventory

The components of inventory are presented in the tables below.

	March 31, 2023
			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	$	2,739	$	948	$	1,273	$	842	$	431	$	116	$	355	$	12
Coal	772		309		233		128		105		29		202		—
Natural gas, oil and other fuel	354		46		206		112		94		12		3		87
Total inventory	$	3,865	$	1,303	$	1,712	$	1,082	$	630	$	157	$	560	$	99

	December 31, 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	$	2,604	$	876	$	1,232	$	819	$	413	$	105	$	342	$	12
Coal	620		253		190		99		91		34		144		—
Natural gas, oil and other fuel	360		35		157		88		69		5		3		160
Total inventory	$	3,584	$	1,164	$	1,579	$	1,006	$	573	$	144	$	489	$	172

Schedule Of Accounts Payable Finance Programs

The following table represents the changes in confirmed obligations outstanding for the three months ended March 31, 2023, and 2022.

			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at the December 31, 2021	$	19	$	—	$	9	$	—	$	9	$	6	$	—	$	4
Invoices confirmed during the period	31		2		11		2		9		6		2		11
Confirmed invoices paid during the period	(31)		(1)		(11)		(1)		(10)		(8)		(1)		(10)
Confirmed obligations outstanding at March 31, 2022	$	19	$	1	$	9	$	1	$	8	$	4	$	1	$	5
Confirmed obligations outstanding at the December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	59		10		22		11		11		1		—		25
Confirmed invoices paid during the period	(94)		(9)		(26)		(13)		(13)		(6)		—		(53)
Confirmed obligations outstanding at March 31, 2023	$	52	$	7	$	15	$	6	$	9	$	—	$	—	$	29

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Dispositions (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

(in millions)	March 31, 2023		December 31, 2022
Current Assets Held for Sale
Cash and cash equivalents	$	12	$	10
Receivables, net	114		107
Inventory	81		88
Other	167		151
Total current assets held for sale	374		356
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	6,334		6,444
Accumulated depreciation and amortization	(1,651)		(1,651)
Net property, plant and equipment	4,683		4,793
Operating lease right-of-use assets, net	142		140
Investments in equity method unconsolidated affiliates	512		522
Other	201		179
Total other noncurrent assets held for sale	855		841
Total Assets Held for Sale	$	5,912	$	5,990
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	80	$	122
Taxes accrued	9		17
Current maturities of long-term debt	275		276
Other	112		120
Total current liabilities associated with assets held for sale	476		535
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	1,184		1,188
Operating lease liabilities	150		150
Asset retirement obligations	196		190
Other	401		399
Total other noncurrent liabilities associated with assets held for sale	1,931		1,927
Total Liabilities Associated with Assets Held for Sale	$	2,407	$	2,462

As of March 31, 2023, and December 31, 2022, the noncontrolling interest balance is $1.7 billion and $1.6 billion, respectively.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Operating revenues	$	80	$	121
Operation, maintenance and other	89		81
Depreciation and amortization(a)	—		64
Property and other taxes	10		10
Other income and expenses, net	(4)		—
Interest expense	31		19
Loss on disposal	220		—
Loss before income taxes	(274)		(53)
Income tax benefit	(65)		(38)
Loss from discontinued operations	$	(209)	$	(15)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64		27
Net income from discontinued operations attributable to Duke Energy Corporation	$	(145)	$	12

(a)    Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased.

The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Three Months Ended
	March 31,
(in millions)	2023		2022
Cash flows provided by (used in):
Operating activities	$	(54)	$	64
Investing activities	(151)		(88)

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Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	6,381	$	888	$	7,269	$	7	$	—	$	7,276
Intersegment revenues	17		23		40		24		(64)		—
Total revenues	$	6,398	$	911	$	7,309	$	31	$	(64)	$	7,276
Segment income (loss)	$	791	$	287	$	1,078	$	(168)	$	—	$	910
Less: Noncontrolling interests											43
Add: Preferred stock dividend											39
Discontinued operations											(145)
Net Income											$	761
Segment assets(a)	$	152,989	$	16,217	$	169,206	$	9,627	$	—	$	178,833

	Three Months Ended March 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated revenues	$	5,995	$	1,009	$	7,004	$	7	$	—	$	7,011
Intersegment revenues	7		23		30		23		(53)		—
Total revenues	$	6,002	$	1,032	$	7,034	$	30	$	(53)	$	7,011
Segment income (loss)(b)	$	723	$	254	$	977	$	(171)	$	—	$	806
Less: Noncontrolling interests											37
Add: Preferred stock dividend											39
Discontinued operations											12
Net Income											$	820

(a)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

(b)EU&I includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $22 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 4 for additional information.

Duke Energy Ohio

Segment Reporting Information [Line Items]

Business Segment Data

	Three Months Ended March 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	474	$	235	$	709	$	—	$	—	$	709
Segment income (loss)/Net income	$	49	$	52	$	101	$	(1)	$	—	$	100
Segment assets	$	7,553	$	4,041	$	11,594	$	10	$	89	$	11,693

	Three Months Ended March 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Total
Total revenues	$	412	$	226	$	638	$	—	$	638
Segment income (loss)/Net income	$	41	$	38	$	79	$	(2)	$	77

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

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)	March 31, 2023		December 31, 2022
Reserves for Environmental Remediation
Duke Energy	$	86	$	84
Duke Energy Carolinas	23		22
Progress Energy	20		19
Duke Energy Progress	9		8
Duke Energy Florida	11		11
Duke Energy Ohio	33		33
Duke Energy Indiana	3		3
Piedmont	7		7

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Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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

				Three Months Ended March 31, 2023
						Duke		Duke		Duke		Duke
	Maturity	Interest		Duke		Energy		Energy		Energy		Energy
Issuance Date	Date	Rate		Energy		Carolinas		Progress		Ohio		Indiana
First Mortgage Bonds
January 2023(a)	January 2033	4.95	%	$	900	$	900	$	—	$	—	$	—
January 2023(a)	January 2053	5.35	%	900		900		—		—		—
March 2023(b)	March 2033	5.25	%	500		—		500		—		—
March 2023(b)	March 2053	5.35	%	500		—		500		—		—
March 2023(c)	April 2033	5.25	%	375		—		—		375		—
March 2023(c)	April 2053	5.65	%	375		—		—		375		—
March 2023(d)	April 2053	5.40	%	500		—		—		—		500
Total issuances				$	4,050	$	1,800	$	1,000	$	750	$	500

(a)Proceeds were used to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes.

(b)Proceeds will be used to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes.

(c)Proceeds will be used to repay $300 million of maturities due September 2023 and a portion of the $100 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general corporate purposes.

(d)Proceeds were used to repay the $300 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general company purposes.

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		March 31, 2023
Unsecured Debt
Duke Energy (Parent)	April 2023	2.875	%	$	350
Duke Energy (Parent)(a)	June 2023	4.631	%	500
Duke Energy (Parent)	October 2023	3.950	%	400
Duke Energy (Parent) Term Loan Facility(a)	March 2024	5.385	%	1,000
Duke Energy Ohio(a)	October 2023	4.879	%	150
First Mortgage Bonds
Duke Energy Progress	September 2023	3.375	%	300
Duke Energy Ohio	September 2023	3.800	%	300
Other(b)				330
Current maturities of long-term debt				$	3,330

(a)Debt has a floating interest rate.

(b)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.

	March 31, 2023
			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	$	2,275	$	2,025	$	900	$	1,350	$	700	$	950	$	800
Reduction to backstop issuances
Commercial paper(b)	(3,452)		(494)		(1,310)		(150)		(776)		(93)		(328)		(301)
Outstanding letters of credit	(39)		(27)		(4)		(1)		(7)		—		—		—
Tax-exempt bonds	(81)		—		—		—		—		—		(81)		—
Available capacity under the Master Credit Facility	$	5,428	$	1,754	$	711	$	749	$	567	$	607	$	541	$	499

(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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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
(in millions)	2023		2022
Duke Energy Carolinas
Corporate governance and shared service expenses(a)	$	196	$	206
Indemnification coverages(b)	9		7
Joint Dispatch Agreement (JDA) revenue(c)	13		26
JDA expense(c)	29		94
Intercompany natural gas purchases(d)	5		13
Progress Energy
Corporate governance and shared service expenses(a)	$	178	$	196
Indemnification coverages(b)	12		11
JDA revenue(c)	29		94
JDA expense(c)	13		26
Intercompany natural gas purchases(d)	19		19
Duke Energy Progress
Corporate governance and shared service expenses(a)	$	107	$	119
Indemnification coverages(b)	5		5
JDA revenue(c)	29		94
JDA expense(c)	13		26
Intercompany natural gas purchases(d)	19		19
Duke Energy Florida
Corporate governance and shared service expenses(a)	$	71	$	77
Indemnification coverages(b)	7		6
Duke Energy Ohio
Corporate governance and shared service expenses(a)	$	73	$	82
Indemnification coverages(b)	1		1
Duke Energy Indiana
Corporate governance and shared service expenses(a)	$	99	$	124
Indemnification coverages(b)	2		2
Piedmont
Corporate governance and shared service expenses(a)	$	38	$	35
Indemnification coverages(b)	1		1
Intercompany natural gas sales(d)	24		32
Natural gas storage and transportation costs(e)	6		6

(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
March 31, 2023
Intercompany income tax receivable	$	—	$	21	$	—	$	—	$	—	$	—	$	—
Intercompany income tax payable	—		—		2		30		15		24		38
December 31, 2022
Intercompany income tax receivable	$	—	$	95	$	36	$	17	$	—	$	—	$	—
Intercompany income tax payable	37		—		—		—		17		18		38

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Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Derivative Positions

The following tables show notional amounts of outstanding derivatives related to interest rate risk.

	March 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	1,300	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,077		800		1,050		250		800		200		27
Total notional amount	$	3,377	$	800	$	1,050	$	250	$	800	$	200	$	27

	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana		Ohio
Cash flow hedges	$	500	$	—	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	2,377		1,250		800		500		300		300		27
Total notional amount	$	2,877	$	1,250	$	800	$	500	$	300	$	300	$	27

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.

	March 31, 2023
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	5,984	—	—	—	720	5,264	—
Natural gas (millions of dekatherms)	903	311	294	294	—	8	290

	December 31, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)	14,086	—	—	—	1,820	12,266	—
Natural gas (millions of dekatherms)	909	307	292	292	—	11	299

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at March 31, 2023.

										Fair Value Gain (Loss)(a)
	Pay Notional				Receive Notional		Receive		Hedge	(in millions)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	Three months ended March 31, 2023
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	5
	537		5.31	%	500	euros	3.85	%	June 2034	5
Total notional amount	$	1,182			1,100	euros				$	10

(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	March 31, 2023
			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	$	35	$	12	$	9	$	9	$	—	$	1	$	11	$	1
Noncurrent	140		67		73		73		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	175	$	79	$	82	$	82	$	—	$	1	$	11	$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	86	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Not Designated as Hedging Instruments
Current	7		1		6		—		6		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	93	$	1	$	6	$	—	$	6	$	—	$	—	$	—
Total Derivative Assets	$	268	$	80	$	88	$	82	$	6	$	1	$	11	$	1

Derivative Liabilities	March 31, 2023
			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	$	264	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Noncurrent	237		54		51		51		—		—		—		132
Total Derivative Liabilities – Commodity Contracts	$	501	$	197	$	141	$	141	$	—	$	—	$	19	$	144
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent	14		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Noncurrent	26		4		12		8		3		1		9		—
Total Derivative Liabilities – Interest Rate Contracts	$	40	$	4	$	12	$	8	$	3	$	1	$	9	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	44		—		—		—		—		—		—		—
Total Derivative Liabilities – Foreign Currency Contracts	$	62	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	603	$	201	$	153	$	149	$	3	$	1	$	28	$	144

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	265	$	132	$	99	$	99	$	—	$	5	$	29	$	—
Noncurrent	213		104		108		108		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	478	$	236	$	207	$	207	$	—	$	5	$	29	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	101	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Not Designated as Hedging Instruments
Current	$	216	$	94	$	41	$	23	$	17	$	—	$	81	$	—
Total Derivative Assets – Interest Rate Contracts	$	317	$	94	$	41	$	23	$	17	$	—	$	81	$	—
Total Derivative Assets	$	795	$	330	$	248	$	230	$	17	$	5	$	110	$	—

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current	$	175	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Noncurrent	202		31		30		30		—		—		—		141
Total Derivative Liabilities – Commodity Contracts	$	377	$	127	$	66	$	48	$	19	$	—	$	16	$	168
Interest Rate Contracts
Not Designated as Hedging Instruments
Noncurrent	$	2	$	—	$	—	$	—	$	—	$	2	$	—	$	—
Total Derivative Liabilities – Interest Rate Contracts	$	2	$	—	$	—	$	—	$	—	$	2	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	18	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	40		—		—		—		—		—		—		—
Total Derivative Liabilities – Equity Securities Contracts	$	58	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	437	$	127	$	66	$	48	$	19	$	2	$	16	$	168

Offsetting Assets

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The gross amounts offset in the tables below show the effect of these netting arrangements on financial position and include collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.

Derivative Assets	March 31, 2023
			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	$	128	$	13	$	15	$	9	$	6	$	1	$	11	$	1
Gross amounts offset	(19)		(11)		(8)		(8)		—		—		—		—
Net amounts presented in Current Assets: Other	$	109	$	2	$	7	$	1	$	6	$	1	$	11	$	1
Noncurrent
Gross amounts recognized	$	140	$	67	$	73	$	73	$	—	$	—	$	—	$	—
Gross amounts offset	(78)		(38)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	62	$	29	$	33	$	33	$	—	$	—	$	—	$	—

Derivative Liabilities	March 31, 2023
			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	$	282	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Gross amounts offset	(47)		(20)		(8)		(8)		—		—		(19)		—
Net amounts presented in Current Liabilities: Other	$	235	$	123	$	82	$	82	$	—	$	—	$	—	$	12
Noncurrent
Gross amounts recognized	$	321	$	58	$	63	$	59	$	3	$	1	$	9	$	132
Gross amounts offset	(83)		(43)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	238	$	15	$	23	$	19	$	3	$	1	$	9	$	132

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	582	$	226	$	140	$	122	$	17	$	5	$	110	$	—
Gross amounts offset	(64)		(33)		(30)		(30)		—		—		—		—
Net amounts presented in Current Assets: Other	$	518	$	193	$	110	$	92	$	17	$	5	$	110	$	—
Noncurrent
Gross amounts recognized	$	213	$	104	$	108	$	108	$	—	$	—	$	—	$	—
Gross amounts offset	(97)		(40)		(57)		(57)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	116	$	64	$	51	$	51	$	—	$	—	$	—	$	—

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	193	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Gross amounts offset	(49)		(15)		(18)		(18)		—		—		(16)		—
Net amounts presented in Current Liabilities: Other	$	144	$	81	$	18	$	—	$	19	$	—	$	—	$	27
Noncurrent
Gross amounts recognized	$	244	$	31	$	30	$	30	$	—	$	2	$	—	$	141
Gross amounts offset	(59)		(29)		(30)		(30)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	185	$	2	$	—	$	—	$	—	$	2	$	—	$	141

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

Derivative Assets	March 31, 2023
			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	$	128	$	13	$	15	$	9	$	6	$	1	$	11	$	1
Gross amounts offset	(19)		(11)		(8)		(8)		—		—		—		—
Net amounts presented in Current Assets: Other	$	109	$	2	$	7	$	1	$	6	$	1	$	11	$	1
Noncurrent
Gross amounts recognized	$	140	$	67	$	73	$	73	$	—	$	—	$	—	$	—
Gross amounts offset	(78)		(38)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	62	$	29	$	33	$	33	$	—	$	—	$	—	$	—

Derivative Liabilities	March 31, 2023
			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	$	282	$	143	$	90	$	90	$	—	$	—	$	19	$	12
Gross amounts offset	(47)		(20)		(8)		(8)		—		—		(19)		—
Net amounts presented in Current Liabilities: Other	$	235	$	123	$	82	$	82	$	—	$	—	$	—	$	12
Noncurrent
Gross amounts recognized	$	321	$	58	$	63	$	59	$	3	$	1	$	9	$	132
Gross amounts offset	(83)		(43)		(40)		(40)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	238	$	15	$	23	$	19	$	3	$	1	$	9	$	132

Derivative Assets	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	582	$	226	$	140	$	122	$	17	$	5	$	110	$	—
Gross amounts offset	(64)		(33)		(30)		(30)		—		—		—		—
Net amounts presented in Current Assets: Other	$	518	$	193	$	110	$	92	$	17	$	5	$	110	$	—
Noncurrent
Gross amounts recognized	$	213	$	104	$	108	$	108	$	—	$	—	$	—	$	—
Gross amounts offset	(97)		(40)		(57)		(57)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	116	$	64	$	51	$	51	$	—	$	—	$	—	$	—

Derivative Liabilities	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	193	$	96	$	36	$	18	$	19	$	—	$	16	$	27
Gross amounts offset	(49)		(15)		(18)		(18)		—		—		(16)		—
Net amounts presented in Current Liabilities: Other	$	144	$	81	$	18	$	—	$	19	$	—	$	—	$	27
Noncurrent
Gross amounts recognized	$	244	$	31	$	30	$	30	$	—	$	2	$	—	$	141
Gross amounts offset	(59)		(29)		(30)		(30)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	185	$	2	$	—	$	—	$	—	$	2	$	—	$	141

Derivative Contracts with Contingent Credit Features

The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.

	March 31, 2023
			Duke				Duke
	Duke		Energy		Progress		Energy
(in millions)	Energy		Carolinas		Energy		Progress
Aggregate fair value of derivatives in a net liability position	$	106	$	54	$	52	$	52
Fair value of collateral already posted	10		10		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	96	$	44	$	52	$	52

	December 31, 2022
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Aggregate fair value of derivatives in a net liability position	$	141	$	86	$	55	$	48	$	7
Fair value of collateral already posted	—		—		—		—		—
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$	141	$	86	$	55	$	48	$	7

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Investments in Debt and Equity Securities (Tables)

3 Months Ended

Mar. 31, 2023

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	161	$	—	$	—	$	215
Equity securities	4,048		60		6,367		3,658		105		5,871
Corporate debt securities	3		65		616		1		85		641
Municipal bonds	1		27		337		—		39		330
U.S. government bonds	9		85		1,495		2		112		1,423
Other debt securities	—		15		147		—		18		156
Total NDTF Investments	$	4,061	$	252	$	9,123	$	3,661	$	359	$	8,636
Other Investments
Cash and cash equivalents	$	—	$	—	$	134	$	—	$	—	$	22
Equity securities	25		11		137		21		16		128
Corporate debt securities	—		10		87		—		12		84
Municipal bonds	—		2		80		—		3		78
U.S. government bonds	—		—		69		—		2		62
Other debt securities	—		2		42		—		3		41
Total Other Investments	$	25	$	25	$	549	$	21	$	36	$	415
Total Investments	$	4,086	$	277	$	9,672	$	3,682	$	395	$	9,051

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	161	$	—	$	—	$	215
Equity securities	4,048		60		6,367		3,658		105		5,871
Corporate debt securities	3		65		616		1		85		641
Municipal bonds	1		27		337		—		39		330
U.S. government bonds	9		85		1,495		2		112		1,423
Other debt securities	—		15		147		—		18		156
Total NDTF Investments	$	4,061	$	252	$	9,123	$	3,661	$	359	$	8,636
Other Investments
Cash and cash equivalents	$	—	$	—	$	134	$	—	$	—	$	22
Equity securities	25		11		137		21		16		128
Corporate debt securities	—		10		87		—		12		84
Municipal bonds	—		2		80		—		3		78
U.S. government bonds	—		—		69		—		2		62
Other debt securities	—		2		42		—		3		41
Total Other Investments	$	25	$	25	$	549	$	21	$	36	$	415
Total Investments	$	4,086	$	277	$	9,672	$	3,682	$	395	$	9,051

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 months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	26	$	111
Realized losses	46		85
AFS:
Realized gains	8		4
Realized losses	32		23

Investments Classified by Contractual Maturity Date

The table below summarizes the maturity date for debt securities.

	March 31, 2023
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
Due in one year or less	$	115	$	5	$	96	$	19	$	77	$	6
Due after one through five years	793		277		424		238		186		23
Due after five through 10 years	522		262		207		194		13		11
Due after 10 years	1,443		785		564		526		38		24
Total	$	2,873	$	1,329	$	1,291	$	977	$	314	$	64

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	69	$	—	$	—	$	117
Equity securities	2,375		29		3,677		2,147		51		3,367
Corporate debt securities	2		47		384		1		62		401
Municipal bonds	—		5		56		—		10		64
U.S. government bonds	5		38		746		1		51		685
Other debt securities	—		15		143		—		18		148
Total NDTF Investments	$	2,382	$	134	$	5,075	$	2,149	$	192	$	4,782

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	69	$	—	$	—	$	117
Equity securities	2,375		29		3,677		2,147		51		3,367
Corporate debt securities	2		47		384		1		62		401
Municipal bonds	—		5		56		—		10		64
U.S. government bonds	5		38		746		1		51		685
Other debt securities	—		15		143		—		18		148
Total NDTF Investments	$	2,382	$	134	$	5,075	$	2,149	$	192	$	4,782

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 months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	18	$	75
Realized losses	29		49
AFS:
Realized gains	5		3
Realized losses	20		16

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	92	$	—	$	—	$	98
Equity securities	1,673		31		2,690		1,511		54		2,504
Corporate debt securities	1		18		232		—		23		240
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		47		749		1		61		738
Other debt securities	—		—		4		—		—		8
Total NDTF Investments	$	1,679	$	118	$	4,048	$	1,512	$	167	$	3,854
Other Investments
Cash and cash equivalents	$	—	$	—	$	8	$	—	$	—	$	11
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	33	$	—	$	—	$	36
Total Investments	$	1,679	$	118	$	4,081	$	1,512	$	167	$	3,890

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	92	$	—	$	—	$	98
Equity securities	1,673		31		2,690		1,511		54		2,504
Corporate debt securities	1		18		232		—		23		240
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		47		749		1		61		738
Other debt securities	—		—		4		—		—		8
Total NDTF Investments	$	1,679	$	118	$	4,048	$	1,512	$	167	$	3,854
Other Investments
Cash and cash equivalents	$	—	$	—	$	8	$	—	$	—	$	11
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	33	$	—	$	—	$	36
Total Investments	$	1,679	$	118	$	4,081	$	1,512	$	167	$	3,890

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 months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	8	$	36
Realized losses	17		36
AFS:
Realized gains	3		1
Realized losses	12		6

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	72	$	—	$	—	$	56
Equity securities	1,586		31		2,590		1,431		54		2,411
Corporate debt securities	1		17		222		—		22		230
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		28		470		1		37		460
Other debt securities	—		—		4		—		—		7
Total NDTF Investments	$	1,592	$	98	$	3,639	$	1,432	$	142	$	3,430
Other Investments
Cash and cash equivalents	$	—	$	—	$	7	$	—	$	—	$	9
Total Other Investments	$	—	$	—	$	7	$	—	$	—	$	9
Total Investments	$	1,592	$	98	$	3,646	$	1,432	$	142	$	3,439

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	72	$	—	$	—	$	56
Equity securities	1,586		31		2,590		1,431		54		2,411
Corporate debt securities	1		17		222		—		22		230
Municipal bonds	1		22		281		—		29		266
U.S. government bonds	4		28		470		1		37		460
Other debt securities	—		—		4		—		—		7
Total NDTF Investments	$	1,592	$	98	$	3,639	$	1,432	$	142	$	3,430
Other Investments
Cash and cash equivalents	$	—	$	—	$	7	$	—	$	—	$	9
Total Other Investments	$	—	$	—	$	7	$	—	$	—	$	9
Total Investments	$	1,592	$	98	$	3,646	$	1,432	$	142	$	3,439

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 months ended March 31, 2023, and 2022, were as follows.

	Three Months Ended
(in millions)	March 31, 2023		March 31, 2022
FV-NI:
Realized gains	$	8	$	36
Realized losses	17		35
AFS:
Realized gains	3		1
Realized losses	12		5

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	20	$	—	$	—	$	42
Equity securities	87		—		100		80		—		93
Corporate debt securities	—		1		10		—		1		10
U.S. government bonds	—		19		279		—		24		278
Other debt securities	—		—		—		—		—		1
Total NDTF Investments(a)	$	87	$	20	$	409	$	80	$	25	$	424
Other Investments
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	1
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	25	$	—	$	—	$	26
Total Investments	$	87	$	20	$	434	$	80	$	25	$	450

(a)During the three months ended March 31, 2023, and the year ended December 31, 2022, 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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	20	$	—	$	—	$	42
Equity securities	87		—		100		80		—		93
Corporate debt securities	—		1		10		—		1		10
U.S. government bonds	—		19		279		—		24		278
Other debt securities	—		—		—		—		—		1
Total NDTF Investments(a)	$	87	$	20	$	409	$	80	$	25	$	424
Other Investments
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	1
Municipal bonds	—		—		25		—		—		25
Total Other Investments	$	—	$	—	$	25	$	—	$	—	$	26
Total Investments	$	87	$	20	$	434	$	80	$	25	$	450

(a)During the three months ended March 31, 2023, and the year ended December 31, 2022, 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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	1
Equity securities	3		11		85		2		16		79
Corporate debt securities	—		—		9		—		1		8
Municipal bonds	—		2		46		—		3		45
U.S. government bonds	—		—		9		—		—		7
Total Investments	$	3	$	13	$	150	$	2	$	20	$	140

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.

	March 31, 2023						December 31, 2022
	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	$	—	$	—	$	1
Equity securities	3		11		85		2		16		79
Corporate debt securities	—		—		9		—		1		8
Municipal bonds	—		2		46		—		3		45
U.S. government bonds	—		—		9		—		—		7
Total Investments	$	3	$	13	$	150	$	2	$	20	$	140

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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.

	March 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	161	$	161	$	—	$	—	$	—
NDTF equity securities	6,367		6,326		—		—		41
NDTF debt securities	2,595		822		1,773		—		—
Other equity securities	137		137		—		—		—
Other debt securities	278		60		218		—		—
Other cash and cash equivalents	134		134		—		—		—
Derivative assets	268		1		255		12		—
Total assets	9,940		7,641		2,246		12		41
Derivative liabilities	(603)		(19)		(584)		—		—
Net assets (liabilities)	$	9,337	$	7,622	$	1,662	$	12	$	41

	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	215	$	215	$	—	$	—	$	—
NDTF equity securities	5,871		5,829		—		—		42
NDTF debt securities	2,550		780		1,770		—		—
Other equity securities	128		128		—		—		—
Other debt securities	265		55		210		—		—
Other cash and cash equivalents	22		22		—		—		—
Derivative assets	795		1		760		34		—
Total assets	9,846		7,030		2,740		34		42
Derivative liabilities	(437)		(16)		(421)		—		—
Net assets (liabilities)	$	9,409	$	7,014	$	2,319	$	34	$	42

Reconciliation of Assets And Liabilities Measured At Fair Value on a Recurring Basis Using Unobservable Inputs

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

	Derivatives (net)
	Three Months Ended March 31,
(in millions)	2023		2022
Balance at beginning of period	$	34	$	24
Purchases, sales, issuances and settlements:
Settlements	(20)		(7)
Total losses included on the Condensed Consolidated Balance Sheet	(2)		(7)
Balance at end of period	$	12	$	10

Quantitative Information Table - Level 3

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

	March 31, 2023
								Weighted
	Fair Value							Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range			Range
Duke Energy Ohio
FTRs	1		RTO auction pricing	FTR price – per MWh	(0.19)	-	2.71	1.08
Duke Energy Indiana
FTRs	11		RTO auction pricing	FTR price – per MWh	0.03	-	14.88	2.63
Duke Energy
Total Level 3 derivatives	$	12

	December 31, 2022
										Weighted
	Fair Value									Average
Investment Type	(in millions)		Valuation Technique	Unobservable Input	Range					Range
Duke Energy Ohio
FTRs	$	5	RTO auction pricing	FTR price – per MWh	$	0.89	-	$	6.25	$	3.35
Duke Energy Indiana
FTRs	29		RTO auction pricing	FTR price – per MWh	0.09		-	21.79		2.74
Duke Energy
Total Level 3 derivatives	$	34

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. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. 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.

	March 31, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	72,437	$	66,455	$	69,751	$	61,986
Duke Energy Carolinas	15,105		14,176		14,266		12,943
Progress Energy	23,371		21,974		22,439		20,467
Duke Energy Progress	12,047		10,911		11,087		9,689
Duke Energy Florida	9,683		9,242		9,709		8,991
Duke Energy Ohio	3,991		3,768		3,245		2,927
Duke Energy Indiana	4,503		4,265		4,307		3,913
Piedmont	3,364		3,014		3,363		2,940

(a)Book value of long-term debt includes $1.15 billion and $1.17 billion at March 31, 2023, and December 31, 2022, 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.

	March 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	69	$	69	$	—	$	—
NDTF equity securities	3,677		3,636		—		41
NDTF debt securities	1,329		372		957		—
Derivative assets	80		—		80		—
Total assets	5,155		4,077		1,037		41
Derivative liabilities	(201)		—		(201)		—
Net assets	$	4,954	$	4,077	$	836	$	41

	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	117	$	117	$	—	$	—
NDTF equity securities	3,367		3,325		—		42
NDTF debt securities	1,298		323		975		—
Derivative assets	330		—		330		—
Total assets	5,112		3,765		1,305		42
Derivative liabilities	(127)		—		(127)		—
Net assets	$	4,985	$	3,765	$	1,178	$	42

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	92	$	92	$	—	$	98	$	98	$	—
NDTF equity securities	2,690		2,690		—		2,504		2,504		—
NDTF debt securities	1,266		450		816		1,252		457		795
Other debt securities	25		—		25		25		—		25
Other cash and cash equivalents	8		8		—		11		11		—
Derivative assets	88		—		88		248		—		248
Total assets	4,169		3,240		929		4,138		3,070		1,068
Derivative liabilities	(153)		—		(153)		(66)		—		(66)
Net assets	$	4,016	$	3,240	$	776	$	4,072	$	3,070	$	1,002

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	72	$	72	$	—	$	56	$	56	$	—
NDTF equity securities	2,590		2,590		—		2,411		2,411		—
NDTF debt securities	977		219		758		963		225		738
Other cash and cash equivalents	7		7		—		9		9		—
Derivative assets	82		—		82		230		—		230
Total assets	3,728		2,888		840		3,669		2,701		968
Derivative liabilities	(149)		—		(149)		(48)		—		(48)
Net assets	$	3,579	$	2,888	$	691	$	3,621	$	2,701	$	920

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	20	$	20	$	—	$	42	$	42	$	—
NDTF equity securities	100		100		—		93		93		—
NDTF debt securities	289		231		58		289		232		57
Other debt securities	25		—		25		25		—		25
Other cash and cash equivalents	—		—		—		1		1		—
Derivative assets	6		—		6		17		—		17
Total assets	440		351		89		467		368		99
Derivative liabilities	(3)		—		(3)		(19)		—		(19)
Net assets	$	437	$	351	$	86	$	448	$	368	$	80

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.

	March 31, 2023								December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	85	$	85	$	—	$	—	$	79	$	79	$	—	$	—
Other debt securities	64		—		64		—		60		—		60		—
Other cash and cash equivalents	1		1		—		—		1		1		—		—
Derivative assets	11		—		—		11		110		—		81		29
Total assets	161		86		64		11		250		80		141		29
Derivative liabilities	(28)		(19)		(9)		—		(16)		(16)		—		—
Net assets	$	133	$	67	$	55	$	11	$	234	$	64	$	141	$	29

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 March 31,
(in millions)	2023		2022
Balance at beginning of period	$	29	$	22
Purchases, sales, issuances and settlements:
Settlements	(19)		(6)
Total gains (losses) included on the Condensed Consolidated Balance Sheet	1		(6)
Balance at end of period	$	11	$	10

Piedmont

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities

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

	March 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
Derivative assets	$	1	$	1	$	—	$	—	$	—	$	—
Derivative liabilities	(144)		—		(144)		(168)		—		(168)
Net (liabilities) assets	$	(143)	$	1	$	(144)	$	(168)	$	—	$	(168)

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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2023

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 2024
Credit facility amount	$	350	$	500	$	400	$	325
Amounts borrowed at March 31, 2023	350		500		400		250
Amounts borrowed at December 31, 2022	350		471		400		250
Restricted Receivables at March 31, 2023	784		782		654		443
Restricted Receivables at December 31, 2022	917		928		793		490

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.

	March 31, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	164	$	221
Investments in equity method unconsolidated affiliates	49		—		—
Other noncurrent assets	46		—		—
Total assets	$	95	$	164	$	221
Other current liabilities	52		—		—
Other noncurrent liabilities	49		—		—
Total liabilities	$	101	$	—	$	—
Net (liabilities) assets	$	(6)	$	164	$	221

	December 31, 2022
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	198	$	317
Investments in equity method unconsolidated affiliates	43		—		—
Other noncurrent assets	45		—		—
Total assets	$	88	$	198	$	317
Other current liabilities	59		—		—
Other noncurrent liabilities	47		—		—
Total liabilities	$	106	$	—	$	—
Net (liabilities) assets	$	(18)	$	198	$	317

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)	March 31, 2023		December 31, 2022
Receivables of VIEs	$	4	$	6
Regulatory Assets: Current	55		55
Current Assets: Other	18		41
Other Noncurrent Assets: Regulatory assets	814		826
Current Liabilities: Other	2		9
Current maturities of long-term debt	57		56
Long-Term Debt	859		890

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.

	March 31, 2023				December 31, 2022
	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		15		8		29
Other Noncurrent Assets: Regulatory assets	205		672		208		681
Other Noncurrent Assets: Other	1		4		1		2
Current Liabilities: Other	1		4		3		8
Current maturities of long-term debt	10		34		10		34
Long-Term Debt	213		697		219		714

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)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Receivables sold	$	369	$	423	$	426	$	508
Less: Retained interests	164		198		221		317
Net receivables sold	$	205	$	225	$	205	$	191

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

	Duke Energy Ohio					Duke Energy Indiana
		Three Months Ended					Three Months Ended
		March 31,					March 31,
(in millions)		2023		2022			2023		2022
Sales
Receivables sold		$	725	$	663		$	942	$	782
Loss recognized on sale		9		3			10		4
Cash flows
Cash proceeds from receivables sold		$	750	$	674		$	1,028	$	795
Return received on retained interests		6		1			8		2

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Revenue (Tables)

3 Months Ended

Mar. 31, 2023

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)	2023		2024		2025		2026		2027		Thereafter		Total
Progress Energy	$	43	$	66	$	7	$	7	$	7	$	36	$	166
Duke Energy Progress	6		8		—		—		—		—		14
Duke Energy Florida	37		58		7		7		7		36		152
Duke Energy Indiana	10		16		17		15		7		5		70

Estimated remaining performance obligations are as follows:

	Remaining Performance Obligations
(in millions)	2023		2024		2025		2026		2027		Thereafter		Total
Piedmont	$	51	$	62	$	61	$	51	$	49	$	241	$	515

Disaggregation of Revenue

Disaggregated revenues are presented as follows:

	Three Months Ended March 31, 2023
			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	$	2,851	$	824	$	1,421	$	607	$	814	$	234	$	372	$	—
General	1,831		588		841		358		483		135		270		—
Industrial	891		296		272		177		95		71		251		—
Wholesale	550		135		348		319		29		9		58		—
Other revenues	144		78		121		68		53		27		15		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,267	$	1,921	$	3,003	$	1,529	$	1,474	$	476	$	966	$	—
Gas Utilities and Infrastructure
Residential	$	507	$	—	$	—	$	—	$	—	$	162	$	—	$	345
Commercial	233		—		—		—		—		58		—		175
Industrial	47		—		—		—		—		9		—		37
Power Generation	—		—		—		—		—		—		—		23
Other revenues	40		—		—		—		—		6		—		19
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	827	$	—	$	—	$	—	$	—	$	235	$	—	$	599
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,101	$	1,921	$	3,003	$	1,529	$	1,474	$	711	$	966	$	599
Other revenue sources(a)	$	175	$	13	$	45	$	4	$	36	$	(2)	$	9	$	76
Total revenues	$	7,276	$	1,934	$	3,048	$	1,533	$	1,510	$	709	$	975	$	675

	Three Months Ended March 31, 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	$	2,767	$	831	$	1,368	$	624	$	744	$	211	$	354	$	—
General	1,604		544		726		325		401		116		218		—
Industrial	772		276		270		194		76		35		192		—
Wholesale	626		113		411		349		62		23		79		—
Other revenues	202		111		211		139		72		21		(36)		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	5,971	$	1,875	$	2,986	$	1,631	$	1,355	$	406	$	807	$	—
Gas Utilities and Infrastructure
Residential	$	572	$	—	$	—	$	—	$	—	$	149	$	—	$	423
Commercial	269		—		—		—		—		64		—		204
Industrial	57		—		—		—		—		7		—		50
Power Generation	—		—		—		—		—		—		—		24
Other revenues	115		—		—		—		—		6		—		93
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,013	$	—	$	—	$	—	$	—	$	226	$	—	$	794
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,991	$	1,875	$	2,986	$	1,631	$	1,355	$	632	$	807	$	794
Other revenue sources(a)	$	20	$	13	$	6	$	1	$	—	$	6	$	15	$	11
Total revenues	$	7,011	$	1,888	$	2,992	$	1,632	$	1,355	$	638	$	822	$	805

(a)Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues.

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 March 31, 2022 and 2023
			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	$	121	$	42	$	36	$	21	$	16	$	4	$	3	$	15
Write-Offs	(23)		(9)		(10)		(2)		(8)		—		—		(1)
Credit Loss Expense	24		5		12		4		8		—		—		3
Other Adjustments	17		14		13		8		5		—		—		—
Balance at March 31, 2022	$	139	$	52	$	51	$	31	$	21	$	4	$	3	$	17
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(42)		(20)		(22)		(9)		(12)		—		—		(1)
Credit Loss Expense	16		7		6		1		5		1		—		1
Other Adjustments	24		15		10		9		1		—		—		—
Balance at March 31, 2023	$	214	$	70	$	75	$	45	$	30	$	7	$	4	$	14

Aging of Trade Receivables

The aging of trade receivables is presented in the table below.

	March 31, 2023
			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)	$	1,070	$	408	$	284	$	178	$	106	$	3	$	20	$	57
Current	2,018		519		892		476		414		14		46		168
1-31 days past due	254		64		103		68		35		5		9		18
31-61 days past due	148		32		83		72		11		5		2		10
61-91 days past due	33		9		13		8		5		2		1		2
91+ days past due	217		60		65		24		41		48		16		3
Deferred Payment Arrangements(c)	144		46		51		32		19		4		—		1
Trade and Other Receivables	$	3,884	$	1,138	$	1,491	$	858	$	631	$	81	$	94	$	259

	December 31, 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)	$	1,457	$	486	$	355	$	232	$	123	$	20	$	28	$	160
Current	2,347		577		1,059		637		417		15		52		265
1-31 days past due	261		96		60		15		45		5		17		15
31-61 days past due	123		23		61		49		12		6		2		3
61-91 days past due	74		25		18		9		9		3		11		2
91+ days past due	209		70		74		27		47		26		6		4
Deferred Payment Arrangements(c)	160		57		62		35		27		4		—		1
Trade and Other Receivables	$	4,631	$	1,334	$	1,689	$	1,004	$	680	$	79	$	116	$	450

(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 $103 million and $195 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022.

(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
(in millions, except per share amounts)	2023		2022
Net income available to Duke Energy common stockholders	$	765	$	818
Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders	(145)		12
Accumulated preferred stock dividends adjustment	12		12
Less: Impact of participating securities	1		1
Income from continuing operations available to Duke Energy common stockholders	$	921	$	817
Loss from discontinued operations, net of tax	$	(209)	$	(15)
Add: Loss attributable to NCI	64		27
(Loss) Income from discontinued operations attributable to Duke Energy common stockholders	$	(145)	$	12
Weighted average common shares outstanding – basic and diluted	770		770
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted	$	1.20	$	1.06
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders
Basic and diluted	$	(0.19)	$	0.02
Potentially dilutive items excluded from the calculation(a)	2		2
Dividends declared per common share	$	1.005	$	0.985
Dividends declared on Series A preferred stock per depositary share(b)	$	0.359	$	0.359
Dividends declared on Series B preferred stock per share(c)	$	24.375	$	24.375

(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)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	30	$	10	$	9	$	5	$	3	$	1	$	1	$	1
Interest cost on projected benefit obligation	86		21		27		12		14		4		7		2
Expected return on plan assets	(147)		(40)		(50)		(23)		(26)		(6)		(10)		(5)
Amortization of actuarial loss	2		—		1		—		1		—		1		—
Amortization of prior service credit	(3)		—		—		—		—		—		—		(2)
Amortization of settlement charges	5		2		1		1		—		—		—		1
Net periodic pension costs	$	(27)	$	(7)	$	(12)	$	(5)	$	(8)	$	(1)	$	(1)	$	(3)

	Three Months Ended March 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	40	$	12	$	12	$	7	$	4	$	1	$	2	$	1
Interest cost on projected benefit obligation	58		14		18		8		10		3		5		2
Expected return on plan assets	(140)		(38)		(46)		(22)		(24)		(5)		(9)		(6)
Amortization of actuarial loss	24		5		6		3		3		1		2		2
Amortization of prior service credit	(5)		(1)		—		—		—		—		—		(2)
Amortization of settlement charges	2		1		1		—		—		—		—		—
Net periodic pension costs	$	(21)	$	(7)	$	(9)	$	(4)	$	(7)	$	—	$	—	$	(3)

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

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
	March 31,
	2023		2022
Duke Energy	13.8	%	2.9	%
Duke Energy Carolinas	11.4	%	7.4	%
Progress Energy	16.7	%	15.9	%
Duke Energy Progress	14.6	%	14.0	%
Duke Energy Florida	19.9	%	20.1	%
Duke Energy Ohio	16.7	%	(266.7)	%
Duke Energy Indiana	17.2	%	31.9	%
Piedmont	17.7	%	13.4	%

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Organization and Basis of Presentation (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents		$ 409
Other Noncurrent Assets
Total cash, cash equivalents and restricted cash	$ 624	603	$ 1,020	$ 520
Duke Energy (Parent)
Current Assets
Cash and cash equivalents	451	409
Other	42	82
Other Noncurrent Assets
Other	11	11
Total cash, cash equivalents and restricted cash	504	502
Duke Energy Carolinas
Current Assets
Cash and cash equivalents	24	44
Other	5	8
Other Noncurrent Assets
Other	1	1
Total cash, cash equivalents and restricted cash	30	53	9	8
Progress Energy
Current Assets
Cash and cash equivalents	93	108
Other	37	74
Other Noncurrent Assets
Other	4	2
Total cash, cash equivalents and restricted cash	134	184	95	113
Duke Energy Progress
Current Assets
Cash and cash equivalents	50	49
Other	14	28
Other Noncurrent Assets
Other	4	2
Total cash, cash equivalents and restricted cash	68	79	59	39
Duke Energy Florida
Current Assets
Cash and cash equivalents	26	45
Other	18	41
Other Noncurrent Assets
Total cash, cash equivalents and restricted cash	$ 44	$ 86	$ 26	$ 62

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Organization and Basis of Presentation (Schedule of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Public Utilities, Inventory [Line Items]
Materials and supplies	$ 2,739	$ 2,604
Coal	772	620
Natural gas, oil and other fuel	354	360
Inventory	3,865	3,584
Duke Energy Carolinas
Public Utilities, Inventory [Line Items]
Materials and supplies	948	876
Coal	309	253
Natural gas, oil and other fuel	46	35
Inventory	1,303	1,164
Progress Energy
Public Utilities, Inventory [Line Items]
Materials and supplies	1,273	1,232
Coal	233	190
Natural gas, oil and other fuel	206	157
Inventory	1,712	1,579
Duke Energy Progress
Public Utilities, Inventory [Line Items]
Materials and supplies	842	819
Coal	128	99
Natural gas, oil and other fuel	112	88
Inventory	1,082	1,006
Duke Energy Florida
Public Utilities, Inventory [Line Items]
Materials and supplies	431	413
Coal	105	91
Natural gas, oil and other fuel	94	69
Inventory	630	573
Duke Energy Ohio
Public Utilities, Inventory [Line Items]
Materials and supplies	116	105
Coal	29	34
Natural gas, oil and other fuel	12	5
Inventory	157	144
Duke Energy Indiana
Public Utilities, Inventory [Line Items]
Materials and supplies	355	342
Coal	202	144
Natural gas, oil and other fuel	3	3
Inventory	560	489
Piedmont
Public Utilities, Inventory [Line Items]
Materials and supplies	12	12
Natural gas, oil and other fuel	87	160
Inventory	$ 99	$ 172

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Organization and Basis of Presentation (Other Noncurrent Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Regulatory Asset [Line Items]
Other	$ 3,426	$ 3,400
Offshore Wind Arrangement
Regulatory Asset [Line Items]
Other	$ 150

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Organization and Basis of Presentation (Confirmed Obligations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Duke Energy (Parent)
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	$ 87	$ 19
Invoices confirmed during the period	59	31
Confirmed invoices paid during the period	(94)	(31)
Confirmed obligations at end of period	52	19
Duke Energy Carolinas
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	6
Invoices confirmed during the period	10	2
Confirmed invoices paid during the period	(9)	(1)
Confirmed obligations at end of period	7	1
Progress Energy
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	19	9
Invoices confirmed during the period	22	11
Confirmed invoices paid during the period	(26)	(11)
Confirmed obligations at end of period	15	9
Duke Energy Progress
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	8
Invoices confirmed during the period	11	2
Confirmed invoices paid during the period	(13)	(1)
Confirmed obligations at end of period	6	1
Duke Energy Florida
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	11	9
Invoices confirmed during the period	11	9
Confirmed invoices paid during the period	(13)	(10)
Confirmed obligations at end of period	9	8
Duke Energy Ohio
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	5	6
Invoices confirmed during the period	1	6
Confirmed invoices paid during the period	(6)	(8)
Confirmed obligations at end of period		4
Duke Energy Indiana
Contractual Obligations [Roll Forward]
Invoices confirmed during the period		2
Confirmed invoices paid during the period		(1)
Confirmed obligations at end of period		1
Piedmont
Contractual Obligations [Roll Forward]
Confirmed obligations at beginning of period	57	4
Invoices confirmed during the period	25	11
Confirmed invoices paid during the period	(53)	(10)
Confirmed obligations at end of period	$ 29	$ 5

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Dispositions (Duke Energy Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss From Discontinued Operations, net of tax	$ (209)	$ (15)
Discontinued Operations, Held-for-sale | Commercial Renewables
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss From Discontinued Operations, net of tax	$ (209)	$ (15)

XML

Dispositions (Narrative) (Details) - Discontinued Operations, Held-for-sale - Commercial Renewables $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2022 Units	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of disposal groups | Units	2
Pre-tax impairment		$ 220	$ 1,700
Noncontrolling interest balance		$ 1,700	$ 1,600

XML

Dispositions (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets Held for Sale
Total current assets held for sale	$ 374	$ 356
Noncurrent Assets Held for Sale
Total other noncurrent assets held for sale	5,538	5,634
Current Liabilities Associated with Assets Held for Sale
Total current liabilities associated with assets held for sale	476	535
Noncurrent Liabilities Associated with Assets Held for Sale
Total other noncurrent liabilities associated with assets held for sale	1,931	1,927
Discontinued Operations, Held-for-sale | Commercial Renewables
Current Assets Held for Sale
Cash and cash equivalents	12	10
Receivables, net	114	107
Inventory	81	88
Other	167	151
Total current assets held for sale	374	356
Noncurrent Assets Held for Sale
Cost	6,334	6,444
Accumulated depreciation and amortization	(1,651)	(1,651)
Net property, plant and equipment	4,683	4,793
Operating lease right-of-use assets, net	142	140
Investments in equity method unconsolidated affiliates	512	522
Other	201	179
Total other noncurrent assets held for sale	855	841
Total Assets Held for Sale	5,912	5,990
Current Liabilities Associated with Assets Held for Sale
Accounts payable	80	122
Taxes accrued	9	17
Current maturities of long-term debt	275	276
Other	112	120
Total current liabilities associated with assets held for sale	476	535
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	1,184	1,188
Operating lease liabilities	150	150
Asset retirement obligations	196	190
Other	401	399
Total other noncurrent liabilities associated with assets held for sale	1,931	1,927
Total Liabilities Associated with Assets Held for Sale	$ 2,407	$ 2,462

XML

Dispositions (Income Statement) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations	$ (209)	$ (15)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64	27
Net income from discontinued operations attributable to Duke Energy Corporation	(145)	12
Discontinued Operations, Held-for-sale | Commercial Renewables
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating revenues	80	121
Operation, maintenance and other	89	81
Depreciation and amortization	0	64
Property and other taxes	10	10
Other income and expenses, net	(4)	0
Interest expense	31	19
Loss on disposal	220	0
Loss before income taxes	(274)	(53)
Income tax benefit	(65)	(38)
Loss from discontinued operations	(209)	(15)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64	27
Net income from discontinued operations attributable to Duke Energy Corporation	$ (145)	$ 12

XML

Dispositions (Cash Flow Statement) (Details) - Commercial Renewables - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating activities	$ (54)	$ 64
Investing activities	$ (151)	$ (88)

XML

Business Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023 Segment segment
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2
Duke Energy Ohio
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2

XML

Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenues	$ 7,276	$ 7,011
Segment income (loss)	910	806
Less: Noncontrolling interests	43	37
Add: Preferred stock dividend	39	39
Discontinued operations	(145)	12
Net Income	761	820
Segment assets	178,833		$ 178,086
Impairment of assets and other charges	8	215
Regulated electric	6,324	5,933
Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	709	638
Segment income (loss)	100	77
Segment assets	11,693		$ 11,506
Regulated electric	474	412
Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	6,381	5,995
Less: Noncontrolling interests		(22)
Impairment of assets and other charges		211
Regulated electric		(46)
Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	888	1,009
Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	7,269	7,004
Operating Segments | Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	6,398	6,002
Segment income (loss)	791	723
Segment assets	152,989
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	474	412
Segment income (loss)	49	41
Segment assets	7,553
Operating Segments | Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	911	1,032
Segment income (loss)	287	254
Segment assets	16,217
Operating Segments | Gas Utilities and Infrastructure | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	235	226
Segment income (loss)	52	38
Segment assets	4,041
Operating Segments | Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	7,309	7,034
Segment income (loss)	1,078	977
Segment assets	169,206
Operating Segments | Total Reportable Segments | Duke Energy Ohio
Segment Reporting Information [Line Items]
Operating Revenues	709	638
Segment income (loss)	101	79
Segment assets	11,594
Other
Segment Reporting Information [Line Items]
Segment assets	9,627
Other | Other | Duke Energy Ohio
Segment Reporting Information [Line Items]
Segment income (loss)	(1)	(2)
Segment assets	10
Corporate And Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	31	30
Segment income (loss)	(168)	(171)
Eliminations
Segment Reporting Information [Line Items]
Operating Revenues	(64)	(53)
Segment assets	0
Eliminations | Duke Energy Ohio
Segment Reporting Information [Line Items]
Segment assets	89
Eliminations | Electric Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	17	7
Eliminations | Gas Utilities and Infrastructure
Segment Reporting Information [Line Items]
Operating Revenues	23	23
Eliminations | Total Reportable Segments
Segment Reporting Information [Line Items]
Operating Revenues	40	30
Eliminations | Other
Segment Reporting Information [Line Items]
Operating Revenues	24	23
Other
Segment Reporting Information [Line Items]
Operating Revenues	$ 7	$ 7

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas and Duke Energy Progress) (Details) $ in Millions					3 Months Ended
	Sep. 27, 2021 contention	Jul. 28, 2021	Jun. 07, 2021	Jun. 06, 2021	Mar. 31, 2023	Apr. 20, 2023 USD ($)	Aug. 05, 2022 USD ($)
Nuclear Regulatory Commission
Public Utilities, General Disclosures [Line Items]
Operating license extension (in years)					20 years
Oconee Nuclear Station Subsequent License Renewal | Nuclear Regulatory Commission | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Comment period (in days)		60 days
Number of contentions | contention	3
Oconee Nuclear Station Subsequent License Renewal | Oconee Nuclear Station | Nuclear Regulatory Commission | Duke Energy Carolinas
Public Utilities, General Disclosures [Line Items]
Operating license extension (in years)			20 years
Operating license (in years)			80 years	60 years
Storm Cost Securitization Legislation | PSCSC | Duke Energy Progress
Public Utilities, General Disclosures [Line Items]
Deferred storm costs							$ 223
Storm Cost Securitization Legislation | PSCSC | Duke Energy Progress | Subsequent event
Public Utilities, General Disclosures [Line Items]
Deferred storm costs						$ 171

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas) (Details) - 2023 North Carolina Rate Case - NCUC - Duke Energy Carolinas - USD ($) $ in Millions		11 Months Ended	12 Months Ended
	Jan. 19, 2023	Dec. 31, 2026	Jan. 18, 2026	Jan. 18, 2025	Jan. 18, 2024
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)	3 years
Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount		$ 823	$ 150	$ 172
Requested return on equity (as a percent)		15.70%
Forecast | Subsequent event
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount					$ 501

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Progress) (Details) - Duke Energy Progress - USD ($) $ in Millions			7 Months Ended	9 Months Ended	12 Months Ended
	Oct. 06, 2022	Sep. 01, 2022	Dec. 31, 2025	Dec. 31, 2025	May 31, 2027	May 31, 2026	Mar. 31, 2026	May 31, 2025	Mar. 31, 2025	May 31, 2024	Mar. 31, 2024
2022 North Carolina Rate Case | NCUC
Public Utilities, General Disclosures [Line Items]
Proposed rate period (in years)	3 years
2022 North Carolina Rate Case | NCUC | Forecast
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount			$ 615	$ 587		$ 138	$ 140	$ 151	$ 127
Requested return on equity (as a percent)				15.00%	16.00%
2022 North Carolina Rate Case | NCUC | Forecast | Subsequent event
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount										$ 326	$ 320
2022 South Carolina Rate Case | PSCSC
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount		$ 52
2022 South Carolina Rate Case, Retail Rate Case | PSCSC
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount		$ 36
Approved return on equity percentage (as a percent)		9.60%
2022 South Carolina Rate Case, Retail Rate Case | PSCSC | Equity
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)		52.43%
2022 South Carolina Rate Case, Retail Rate Case | PSCSC | Debt
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)		47.57%
2022 South Carolina Rate Case, Coal Ash Basin Closure Costs | PSCSC
Public Utilities, General Disclosures [Line Items]
Deferred compliance costs period (in years)		7 years
Deferred compliance costs		$ 50

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Florida) (Details) - Duke Energy Florida						3 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 ($) plant MW	Mar. 31, 2023 USD ($)	Dec. 31, 2034 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 28, 2022 outage	Sep. 27, 2022 USD ($)	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]
Number of outages | outage										1,100,000
Deferred storm coats						$ 357,000,000
Storm reserves									$ 132,000,000		$ 107,000,000
Interim recovery payments						442,000,000
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		$ 54,000,000
Proceeds from legal settlements			$ 180,000,000
Requested rate increase (decrease), amount	$ (56,000,000)
Future investment in infrastructure				$ 1,000,000,000
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 | Forecast
Public Utilities, General Disclosures [Line Items]
Approved rate increase (decrease), amount							$ 79,000,000	$ 49,000,000
Contract with customer, asset, after allowance for credit loss, noncurrent								$ 119,000,000
Storm Protection Plan | FPSC
Public Utilities, General Disclosures [Line Items]
Investment in transmission and distribution												$ 7,000,000,000
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) - USD ($) $ in Millions						3 Months Ended
	Apr. 28, 2023	Mar. 10, 2023	Dec. 01, 2022	Sep. 19, 2022	Oct. 01, 2021	Mar. 31, 2023	Mar. 31, 2022
Public Utilities, General Disclosures [Line Items]
Operating Revenues						$ 7,276	$ 7,011
Operation, maintenance and other						1,310	1,548
Income Tax Expense From Continuing Operations						(155)	(25)
Duke Energy Ohio
Public Utilities, General Disclosures [Line Items]
Operating Revenues						709	638
Operation, maintenance and other						123	178
Income Tax Expense From Continuing Operations						(20)	$ 56
Duke Energy Ohio Electric Base Rate Case | PUCO | Duke Energy Ohio
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount				$ 23	$ 55
Requested return on equity (as a percent)				9.50%	10.30%
Duke Energy Ohio Gas Base Rate Case | PUCO | Duke Energy Ohio
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%
Duke Energy Ohio Gas Base Rate Case | PUCO | Duke Energy Ohio | Subsequent event
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount	$ 32
Requested return on equity (as a percent)	9.60%
Duke Energy Ohio Gas Base Rate Case | PUCO | Duke Energy Ohio | Minimum
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount						$ 24
Requested return on equity (as a percent)						9.03%
Duke Energy Ohio Gas Base Rate Case | PUCO | Duke Energy Ohio | Maximum
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount						$ 36
Requested return on equity (as a percent)						10.04%
Equity ratio (as a percent)						52.32%
Duke Energy Ohio Gas Base Rate Case | PUCO | Duke Energy Ohio | Maximum | Subsequent event
Public Utilities, General Disclosures [Line Items]
Equity ratio (as a percent)	52.32%
Duke Energy Kentucky Electric Base Rate Case | KPSC | Duke Energy Ohio
Public Utilities, General Disclosures [Line Items]
Requested rate increase (decrease), amount		$ 31	$ 75
Requested return on equity (as a percent)		9.55%	10.35%
Requested rate increase, percentage						17.80%

XML

Regulatory Matters (Regulatory Matters Narrative - Duke Energy Indiana) (Details) - USD ($)					3 Months Ended		12 Months Ended
	Jul. 28, 2021	Jun. 29, 2020	Dec. 04, 2019	Jul. 02, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Feb. 03, 2023	Jun. 15, 2022	Dec. 31, 2020
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges					$ 8,000,000	$ 215,000,000
Operating Revenues					7,276,000,000	7,011,000,000
Duke Energy Indiana
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges						211,000,000
Operating Revenues					$ 975,000,000	822,000,000
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
Regulatory Matters, Settlement To Customers								$ 70,000,000
Duke Energy Indiana | IURC | TDSIG 2.0
Public Utilities, General Disclosures [Line Items]
Future investment in infrastructure									$ 2,000,000,000
Duke Energy Indiana | IURC | Indiana Coal Ash Recovery
Public Utilities, General Disclosures [Line Items]
Impairment of assets and other charges							$ 175,000,000

XML

Regulatory Matters (Regulatory Matters Narrative - Piedmont) (Details)	Oct. 10, 2022
Piedmont | Tennessee Annual Review Mechanism | TPUC
Public Utilities, General Disclosures [Line Items]
Approved return on equity percentage (as a percent)	9.80%

XML

Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	$ 86	$ 84
Duke Energy Carolinas
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	23	22
Progress Energy
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	20	19
Duke Energy Progress
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	9	8
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	33	33
Duke Energy Indiana
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	3	3
Piedmont
Environmental Matters Details [Line Items]
Reserves for Environmental Remediation	$ 7	$ 7

XML

Commitments and Contingencies (Narrative) (Details) $ in Millions	Jun. 16, 2021 people	Mar. 31, 2023 USD ($) case	Dec. 31, 2022 USD ($)
Texas Storm Uri Tort Litigation | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending claims, number | case		5
Duke Energy Carolinas | Ruben Villano, et al. v. Duke Energy Carolinas, LLC | Pending Litigation
Loss Contingencies [Line Items]
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 | $		$ 451	$ 457
Probable insurance recoveries | $		595	595
Duke Energy and Duke Energy Carolinas | ASU 2016-13
Loss Contingencies [Line Items]
Reserve for credit losses for insurance receivables | $		$ 12	$ 12

XML

Debt and Credit Facilities (Summary of Debt Issuances) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current maturities of long-term debt (includes amounts related to VIEs)	$ 3,330,000,000	$ 3,878,000,000
4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
Interest Rate	4.95%
5.350% January 2023 Notes Due January 2053
Debt Instrument [Line Items]
Interest Rate	5.35%
5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Interest Rate	5.25%
5.350% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Interest Rate	5.35%
5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Interest Rate	5.25%
5.650% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Interest Rate	5.65%
5.400% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Interest Rate	5.40%
Maturities Due March 2023
Debt Instrument [Line Items]
Repayments of Debt	$ 1,000,000,000
Maturities Due September 2023
Debt Instrument [Line Items]
Repayments of Debt	300,000,000
Maturities Due October 2023
Debt Instrument [Line Items]
Repayments of Debt	100,000,000
Maturities Due October 2023
Debt Instrument [Line Items]
Repayments of Debt	300,000,000
Duke Energy (Parent)
Debt Instrument [Line Items]
Debt issuances	4,050,000,000
Duke Energy (Parent) | 4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
Debt issuances	900,000,000
Duke Energy (Parent) | 5.350% January 2023 Notes Due January 2053
Debt Instrument [Line Items]
Debt issuances	900,000,000
Duke Energy (Parent) | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy (Parent) | 5.350% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy (Parent) | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	375,000,000
Duke Energy (Parent) | 5.650% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	375,000,000
Duke Energy (Parent) | 5.400% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy Carolinas
Debt Instrument [Line Items]
Debt issuances	1,800,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	18,000,000	1,018,000,000
Duke Energy Carolinas | 4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
Debt issuances	900,000,000
Duke Energy Carolinas | 5.350% January 2023 Notes Due January 2053
Debt Instrument [Line Items]
Debt issuances	900,000,000
Duke Energy Carolinas | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Carolinas | 5.350% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Carolinas | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Carolinas | 5.650% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Carolinas | 5.400% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Progress
Debt Instrument [Line Items]
Debt issuances	1,000,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	370,000,000	369,000,000
Duke Energy Progress | 4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Progress | 5.350% January 2023 Notes Due January 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Progress | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy Progress | 5.350% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	500,000,000
Duke Energy Progress | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Progress | 5.650% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Progress | 5.400% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Ohio
Debt Instrument [Line Items]
Debt issuances	750,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	475,000,000	475,000,000
Duke Energy Ohio | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	375,000,000
Duke Energy Ohio | 5.650% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	375,000,000
Duke Energy Indiana
Debt Instrument [Line Items]
Debt issuances	500,000,000
Current maturities of long-term debt (includes amounts related to VIEs)	3,000,000	$ 303,000,000
Duke Energy Indiana | 4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Indiana | 5.350% January 2023 Notes Due January 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Indiana | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Indiana | 5.350% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Indiana | 5.250% March 2022 Notes Due April 2033
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Indiana | 5.650% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	0
Duke Energy Indiana | 5.400% March 2022 Notes Due April 2053
Debt Instrument [Line Items]
Debt issuances	$ 500,000,000

XML

Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 3,330	$ 3,878
Other debt securities
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 330
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
Duke Energy (Parent) | Debt Maturing June 2023, 2.048% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	4.631%
Current maturities of long-term debt	$ 500
Duke Energy (Parent) | Debt Maturing October 2023, 3.950% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	3.95%
Current maturities of long-term debt	$ 400
Duke Energy (Parent) | Debt Maturing March 2024, 5.385% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	5.385%
Current maturities of long-term debt	$ 1,000
Duke Energy Ohio
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 475	475
Duke Energy Ohio | Debt Maturing October 2023, 4.879% Coupon | Unsecured Debt
Debt Instrument [Line Items]
Interest Rate	4.879%
Current maturities of long-term debt	$ 150
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
Duke Energy Carolinas
Debt Instrument [Line Items]
Current maturities of long-term debt	18	1,018
Duke Energy Progress
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 370	$ 369
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

XML

Debt and Credit Facilities (Narrative) (Details)		1 Months Ended
	Mar. 09, 2022 USD ($)	Apr. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares
Debt Instrument [Line Items]
Common stock, par value (in usd per share) | $ / shares			$ 0.001	$ 0.001
4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
Interest Rate			4.95%
Subsequent event | 4.25% Convertible Senior notes Due April 2026
Debt Instrument [Line Items]
Interest Rate		4.125%
Duke Energy (Parent)
Debt Instrument [Line Items]
sale of debt			$ 4,050,000,000
Duke Energy (Parent) | 4.95% January 2023 Notes Due January 2033
Debt Instrument [Line Items]
sale of debt			$ 900,000,000
Duke Energy (Parent) | Subsequent event | 4.25% Convertible Senior notes Due April 2026
Debt Instrument [Line Items]
sale of debt		$ 1,700,000,000
Common stock, par value (in usd per share) | $ / shares		$ 0.001
Conversion ratio		0.0084131
Debt conversion rate (as a percent)		25.00%
Progress Energy
Debt Instrument [Line Items]
Common stock, par value (in usd per share) | $ / shares			$ 0.01	$ 0.01
Master Credit Facility
Debt Instrument [Line Items]
Facility size			$ 9,000,000,000
Master Credit Facility | Duke Energy Florida
Debt Instrument [Line Items]
Facility size			$ 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
June 2017 Three Year Revolving Credit Facility
Debt Instrument [Line Items]
Facility term (in years)	3 years

XML

Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - Master Credit Facility	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Facility size	$ 9,000,000,000
Commercial paper	(3,452,000,000)
Outstanding letters of credit	(39,000,000)
Tax-exempt bonds	(81,000,000)
Available capacity under the Master Credit Facility	5,428,000,000
Duke Energy Carolinas
Line of Credit Facility [Line Items]
Facility size	2,025,000,000
Commercial paper	(1,310,000,000)
Outstanding letters of credit	(4,000,000)
Available capacity under the Master Credit Facility	711,000,000
Duke Energy Progress
Line of Credit Facility [Line Items]
Facility size	900,000,000
Commercial paper	(150,000,000)
Outstanding letters of credit	(1,000,000)
Available capacity under the Master Credit Facility	749,000,000
Duke Energy Florida
Line of Credit Facility [Line Items]
Facility size	1,350,000,000
Commercial paper	(776,000,000)
Outstanding letters of credit	(7,000,000)
Available capacity under the Master Credit Facility	567,000,000
Duke Energy Ohio
Line of Credit Facility [Line Items]
Facility size	700,000,000
Commercial paper	(93,000,000)
Available capacity under the Master Credit Facility	607,000,000
Duke Energy Indiana
Line of Credit Facility [Line Items]
Facility size	950,000,000
Commercial paper	(328,000,000)
Tax-exempt bonds	(81,000,000)
Available capacity under the Master Credit Facility	541,000,000
Piedmont
Line of Credit Facility [Line Items]
Facility size	800,000,000
Commercial paper	(301,000,000)
Available capacity under the Master Credit Facility	499,000,000
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	2,275,000,000
Commercial paper	(494,000,000)
Outstanding letters of credit	(27,000,000)
Available capacity under the Master Credit Facility	$ 1,754,000,000

XML

Goodwill (Narrative) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 19,303,000,000	$ 19,303,000,000
Accumulated impairment charges	0	0
Duke Energy Ohio
Goodwill [Line Items]
Goodwill	920,000,000	920,000,000
Accumulated impairment charges	216,000,000	216,000,000
Progress Energy
Goodwill [Line Items]
Goodwill	3,655,000,000	3,655,000,000
Piedmont
Goodwill [Line Items]
Goodwill	49,000,000	49,000,000
Electric Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	17,400,000,000	17,400,000,000
Electric Utilities and Infrastructure | Duke Energy Ohio
Goodwill [Line Items]
Goodwill	596,000,000	596,000,000
Electric Utilities and Infrastructure | Progress Energy
Goodwill [Line Items]
Accumulated impairment charges	0	0
Gas Utilities and Infrastructure
Goodwill [Line Items]
Goodwill	1,900,000,000	1,900,000,000
Gas Utilities and Infrastructure | Duke Energy Ohio
Goodwill [Line Items]
Goodwill	324,000,000	324,000,000
Gas Utilities and Infrastructure | Piedmont
Goodwill [Line Items]
Accumulated impairment charges	$ 0	$ 0

XML

Related Party Transactions (Other Revenue and Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ 196	$ 206
Duke Energy Carolinas | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	9	7
Duke Energy Carolinas | JDA | Duke Energy Progress
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	29	94
Related party transaction, other revenues from transactions with related party	13	26
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	13
Progress Energy | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	178	196
Progress Energy | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	12	11
Progress Energy | JDA | Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	13	26
Related party transaction, other revenues from transactions with related party	29	94
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
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	107	119
Duke Energy Progress | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	5	5
Duke Energy Progress | JDA | Duke Energy Carolinas
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	13	26
Related party transaction, other revenues from transactions with related party	29	94
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
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	71	77
Duke Energy Florida | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	7	6
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	73	82
Duke Energy Ohio | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1	1
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	99	124
Duke Energy Indiana | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2	2
Piedmont | Corporate governance and shared service expenses | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	38	35
Piedmont | Indemnification coverages | Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1	1
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	32
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

XML

Related Party Transactions (Intercompany Income Taxes) (Details) - Affiliated Entity - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Duke Energy Carolinas
Related Party Transaction [Line Items]
Intercompany income tax payable		$ 37
Progress Energy
Related Party Transaction [Line Items]
Intercompany income tax receivable	$ 21	95
Duke Energy Progress
Related Party Transaction [Line Items]
Intercompany income tax receivable		36
Intercompany income tax payable	2
Duke Energy Florida
Related Party Transaction [Line Items]
Intercompany income tax receivable		17
Intercompany income tax payable	30
Duke Energy Ohio
Related Party Transaction [Line Items]
Intercompany income tax payable	15	17
Duke Energy Indiana
Related Party Transaction [Line Items]
Intercompany income tax payable	24	18
Piedmont
Related Party Transaction [Line Items]
Intercompany income tax payable	$ 38	$ 38

XML

Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) GWh Mcf	Dec. 31, 2022 USD ($) GWh Mcf
Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 3,377	$ 2,877
Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	5,984	14,086
Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	903	909
Designated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,300	$ 500
Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	2,077	2,377
Duke Energy Carolinas | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 800	$ 1,250
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	311	307
Duke Energy Carolinas | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 800	$ 1,250
Progress Energy | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,050	$ 800
Progress Energy | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	294	292
Progress Energy | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 1,050	$ 800
Duke Energy Progress | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 250	$ 500
Duke Energy Progress | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	294	292
Duke Energy Progress | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 250	$ 500
Duke Energy Florida | Interest Rate Contracts
Derivative [Line Items]
Notional amount	800	300
Duke Energy Florida | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	800	300
Duke Energy Indiana | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 200	$ 300
Duke Energy Indiana | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	5,264	12,266
Duke Energy Indiana | Commodity contracts | Natural gas (millions of dekatherms)
Derivative [Line Items]
Notional amount, volume (in millions of dekatherms) | Mcf	8	11
Duke Energy Indiana | Undesignated contracts | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 200	$ 300
Duke Energy Ohio | Interest Rate Contracts
Derivative [Line Items]
Notional amount	$ 27	$ 27
Duke Energy Ohio | Commodity contracts | Electricity (GWh)
Derivative [Line Items]
Notional amount, energy measure (in gigawatt-hours) | GWh	720	1,820
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	290	299

XML

Derivatives and Hedging (Foreign Exchange Risk) (Details) - Foreign Currency Contracts - Designated contracts € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 1,182
Receive notional | €		€ 1,100
Fair value gain (loss)	10
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)	$ 5
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)	$ 5

XML

Derivatives and Hedging (Location and Fair Value Amounts of Derivatives Reflected in the Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	$ 268	$ 795
Location and fair value amounts of derivatives (Liability)	603	437
Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	128	582
Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	140	213
Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	282	193
Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	321	244
Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	175	478
Location and fair value amounts of derivatives (Liability)	501	377
Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	93	317
Location and fair value amounts of derivatives (Liability)	40	2
Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	62
Foreign Currency Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		58
Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	35	265
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	140	213
Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	264	175
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	237	202
Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	7	216
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	26	2
Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	86
Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		101
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	14
Designated as Hedging Instruments | Foreign Currency Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	18	18
Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	44	40
Duke Energy Carolinas
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	80	330
Location and fair value amounts of derivatives (Liability)	201	127
Duke Energy Carolinas | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	13	226
Duke Energy Carolinas | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	67	104
Duke Energy Carolinas | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	143	96
Duke Energy Carolinas | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	58	31
Duke Energy Carolinas | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	79	236
Location and fair value amounts of derivatives (Liability)	197	127
Duke Energy Carolinas | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	94
Location and fair value amounts of derivatives (Liability)	4
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)	12	132
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)	67	104
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)	143	96
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)	54	31
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	94
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	4
Progress Energy
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	88	248
Location and fair value amounts of derivatives (Liability)	153	66
Progress Energy | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	15	140
Progress Energy | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	73	108
Progress Energy | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	90	36
Progress Energy | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	63	30
Progress Energy | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	82	207
Location and fair value amounts of derivatives (Liability)	141	66
Progress Energy | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	6	41
Location and fair value amounts of derivatives (Liability)	12
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	9	99
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	73	108
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	90	36
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	51	30
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)	6	41
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	12
Duke Energy Progress
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	82	230
Location and fair value amounts of derivatives (Liability)	149	48
Duke Energy Progress | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	9	122
Duke Energy Progress | Noncurrent assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	73	108
Duke Energy Progress | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	90	18
Duke Energy Progress | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	59	30
Duke Energy Progress | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	82	207
Location and fair value amounts of derivatives (Liability)	141	48
Duke Energy Progress | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)		23
Location and fair value amounts of derivatives (Liability)	8
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)	9	99
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)	73	108
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)	90	18
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)	51	30
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)		23
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	8
Duke Energy Florida
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	6	17
Location and fair value amounts of derivatives (Liability)	3	19
Duke Energy Florida | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	6	17
Duke Energy Florida | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		19
Duke Energy Florida | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	3
Duke Energy Florida | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)		19
Duke Energy Florida | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	6	17
Location and fair value amounts of derivatives (Liability)	3
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)		19
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	6	17
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	3
Duke Energy Ohio
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	5
Location and fair value amounts of derivatives (Liability)	1	2
Duke Energy Ohio | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	5
Duke Energy Ohio | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	2
Duke Energy Ohio | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1	5
Duke Energy Ohio | Interest Rate Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	1	2
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)	1	5
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)	1	2
Duke Energy Indiana
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	11	110
Location and fair value amounts of derivatives (Liability)	28	16
Duke Energy Indiana | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	11	110
Duke Energy Indiana | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	19	16
Duke Energy Indiana | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	9
Duke Energy Indiana | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	11	29
Location and fair value amounts of derivatives (Liability)	19	16
Duke Energy Indiana | 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)	9
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)	11	29
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)	19	16
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)		81
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)	9
Piedmont
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1
Location and fair value amounts of derivatives (Liability)	144	168
Piedmont | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1
Piedmont | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	12	27
Piedmont | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	132	141
Piedmont | Commodity Contracts
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1
Location and fair value amounts of derivatives (Liability)	144	168
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current assets
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Asset)	1
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	12	27
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities
Derivatives, Fair Value [Line Items]
Location and fair value amounts of derivatives (Liability)	$ 132	$ 141

XML

Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 268	$ 795
Derivative Asset, Current	109	518
Net amounts presented in Current Assets: Other	62	116
Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	128	582
Gross amounts offset	$ (19)	$ (64)
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Current Assets: Other	Current Assets: Other
Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 140	$ 213
Gross amounts offset	$ (78)	$ (97)
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other	Other
Duke Energy Carolinas
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 80	$ 330
Derivative Asset, Current	2	193
Net amounts presented in Current Assets: Other	29	64
Duke Energy Carolinas | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	13	226
Gross amounts offset	(11)	(33)
Duke Energy Carolinas | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	67	104
Gross amounts offset	(38)	(40)
Progress Energy
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	88	248
Derivative Asset, Current	7	110
Net amounts presented in Current Assets: Other	33	51
Progress Energy | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	15	140
Gross amounts offset	(8)	(30)
Progress Energy | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	73	108
Gross amounts offset	(40)	(57)
Duke Energy Progress
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	82	230
Derivative Asset, Current	1	92
Net amounts presented in Current Assets: Other	33	51
Duke Energy Progress | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	9	122
Gross amounts offset	(8)	(30)
Duke Energy Progress | Noncurrent assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	73	108
Gross amounts offset	(40)	(57)
Duke Energy Florida
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	6	17
Derivative Asset, Current	6	17
Duke Energy Florida | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	6	17
Duke Energy Ohio
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1	5
Derivative Asset, Current	1	5
Duke Energy Ohio | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1	5
Duke Energy Indiana
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	11	110
Derivative Asset, Current	11	110
Duke Energy Indiana | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	11	$ 110
Piedmont
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	1
Derivative Asset, Current	1
Piedmont | Current assets
Offsetting Derivative Assets [Abstract]
Gross amounts recognized	$ 1

XML

Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 603	$ 437
Net amounts presented in Current Liabilities: Other	235	144
Net amounts presented in Current Liabilities: Other	238	185
Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	282	193
Gross amounts offset	$ (47)	$ (49)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current Liabilities: Other	Current Liabilities: Other
Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 321	$ 244
Gross amounts offset	$ (83)	$ (59)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other	Other
Duke Energy Carolinas
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 201	$ 127
Net amounts presented in Current Liabilities: Other	123	81
Net amounts presented in Current Liabilities: Other	15	2
Duke Energy Carolinas | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	143	96
Gross amounts offset	(20)	(15)
Duke Energy Carolinas | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	58	31
Gross amounts offset	(43)	(29)
Progress Energy
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	153	66
Net amounts presented in Current Liabilities: Other	82	18
Net amounts presented in Current Liabilities: Other	23
Progress Energy | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	90	36
Gross amounts offset	(8)	(18)
Progress Energy | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	63	30
Gross amounts offset	(40)	(30)
Duke Energy Progress
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	149	48
Net amounts presented in Current Liabilities: Other	82
Net amounts presented in Current Liabilities: Other	19
Duke Energy Progress | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	90	18
Gross amounts offset	(8)	(18)
Duke Energy Progress | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	59	30
Gross amounts offset	(40)	(30)
Duke Energy Florida
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	3	19
Net amounts presented in Current Liabilities: Other		19
Net amounts presented in Current Liabilities: Other	3
Duke Energy Florida | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized		19
Duke Energy Florida | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	3
Duke Energy Ohio
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	1	2
Net amounts presented in Current Liabilities: Other	1	2
Duke Energy Ohio | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	1	2
Duke Energy Indiana
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	28	16
Net amounts presented in Current Liabilities: Other	9
Duke Energy Indiana | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	19	16
Gross amounts offset	(19)	(16)
Duke Energy Indiana | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	9
Piedmont
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	144	168
Net amounts presented in Current Liabilities: Other	12	27
Net amounts presented in Current Liabilities: Other	132	141
Piedmont | Current liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	12	27
Piedmont | Noncurrent liabilities
Offsetting Derivative Liabilities [Abstract]
Gross amounts recognized	$ 132	$ 141

XML

Derivatives and Hedging (Derivative Instruments with Credit-Risk Related Contingent Features and Cash Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	$ 106	$ 141
Fair value of collateral already posted	10
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	96	141
Duke Energy Carolinas
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	54	86
Fair value of collateral already posted	10
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	44	86
Progress Energy
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	52	55
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	52	55
Duke Energy Progress
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position	52	48
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered	$ 52	48
Duke Energy Florida
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features
Aggregate fair value of derivatives in a net liability position		7
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered		$ 7

XML

Investments in Debt and Equity Securities (Estimated Fair Value of Investments in Debt and Equity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale
Estimated Fair Value	$ 2,873
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	4,086	$ 3,682
Unrealized Holding Losses	277	395
Estimated Fair Value	9,672	9,051
Duke Energy Carolinas
Debt Securities, Available-for-sale
Estimated Fair Value	1,329
Progress Energy
Debt Securities, Available-for-sale
Estimated Fair Value	1,291
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,679	1,512
Unrealized Holding Losses	118	167
Estimated Fair Value	4,081	3,890
Duke Energy Progress
Debt Securities, Available-for-sale
Estimated Fair Value	977
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,592	1,432
Unrealized Holding Losses	98	142
Estimated Fair Value	3,646	3,439
Duke Energy Florida
Debt Securities, Available-for-sale
Estimated Fair Value	314
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	87	80
Unrealized Holding Losses	20	25
Estimated Fair Value	434	450
Duke Energy Indiana
Debt Securities, Available-for-sale
Estimated Fair Value	64
NDTF
Available-for-sale Securities
Cash and cash equivalents	161	215
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	4,048	3,658
Equity Securities, FV-NI, Accumulated Unrealized Loss	60	105
Equity securities, FV-NI	6,367	5,871
Debt Securities, Available-for-sale
Estimated Fair Value	2,595	2,550
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	4,061	3,661
Unrealized Holding Losses	252	359
Estimated Fair Value	9,123	8,636
NDTF | Duke Energy Carolinas
Available-for-sale Securities
Cash and cash equivalents	69	117
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	2,375	2,147
Equity Securities, FV-NI, Accumulated Unrealized Loss	29	51
Equity securities, FV-NI	3,677	3,367
Debt Securities, Available-for-sale
Estimated Fair Value	1,329	1,298
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	2,382	2,149
Unrealized Holding Losses	134	192
Estimated Fair Value	5,075	4,782
NDTF | Progress Energy
Available-for-sale Securities
Cash and cash equivalents	92	98
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	1,673	1,511
Equity Securities, FV-NI, Accumulated Unrealized Loss	31	54
Equity securities, FV-NI	2,690	2,504
Debt Securities, Available-for-sale
Estimated Fair Value	1,266	1,252
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,679	1,512
Unrealized Holding Losses	118	167
Estimated Fair Value	4,048	3,854
NDTF | Duke Energy Progress
Available-for-sale Securities
Cash and cash equivalents	72	56
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	1,586	1,431
Equity Securities, FV-NI, Accumulated Unrealized Loss	31	54
Equity securities, FV-NI	2,590	2,411
Debt Securities, Available-for-sale
Estimated Fair Value	977	963
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	1,592	1,432
Unrealized Holding Losses	98	142
Estimated Fair Value	3,639	3,430
NDTF | Duke Energy Florida
Available-for-sale Securities
Cash and cash equivalents	20	42
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	87	80
Equity securities, FV-NI	100	93
Debt Securities, Available-for-sale
Estimated Fair Value	289	289
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	87	80
Unrealized Holding Losses	20	25
Estimated Fair Value	409	424
Other Investments
Available-for-sale Securities
Cash and cash equivalents	134	22
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	25	21
Equity Securities, FV-NI, Accumulated Unrealized Loss	11	16
Equity securities, FV-NI	137	128
Debt Securities, Available-for-sale
Estimated Fair Value	278	265
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	25	21
Unrealized Holding Losses	25	36
Estimated Fair Value	549	415
Other Investments | Progress Energy
Available-for-sale Securities
Cash and cash equivalents	8	11
Debt Securities, Available-for-sale
Estimated Fair Value	25	25
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Estimated Fair Value	33	36
Other Investments | Duke Energy Progress
Available-for-sale Securities
Cash and cash equivalents	7	9
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Estimated Fair Value	7	9
Other Investments | Duke Energy Florida
Available-for-sale Securities
Cash and cash equivalents		1
Debt Securities, Available-for-sale
Estimated Fair Value	25	25
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Estimated Fair Value	25	26
Other Investments | Duke Energy Indiana
Available-for-sale Securities
Cash and cash equivalents	1	1
Equity Securities, FV-NI
Equity Securities, FV-NI, Accumulated Unrealized Gain	3	2
Equity Securities, FV-NI, Accumulated Unrealized Loss	11	16
Equity securities, FV-NI	85	79
Debt Securities, Available-for-sale
Estimated Fair Value	64	60
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract]
Unrealized Holding Gains	3	2
Unrealized Holding Losses	13	20
Estimated Fair Value	150	140
Corporate debt securities | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	3	1
Gross Unrealized Holding Losses	65	85
Estimated Fair Value	616	641
Corporate debt securities | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	2	1
Gross Unrealized Holding Losses	47	62
Estimated Fair Value	384	401
Corporate debt securities | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	18	23
Estimated Fair Value	232	240
Corporate debt securities | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	17	22
Estimated Fair Value	222	230
Corporate debt securities | NDTF | Duke Energy Florida
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	1	1
Estimated Fair Value	10	10
Corporate debt securities | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	10	12
Estimated Fair Value	87	84
Corporate debt securities | Other Investments | Duke Energy Indiana
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses		1
Estimated Fair Value	9	8
Municipal bonds | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	27	39
Estimated Fair Value	337	330
Municipal bonds | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	5	10
Estimated Fair Value	56	64
Municipal bonds | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	22	29
Estimated Fair Value	281	266
Municipal bonds | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	22	29
Estimated Fair Value	281	266
Municipal bonds | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	2	3
Estimated Fair Value	80	78
Municipal bonds | Other Investments | Progress Energy
Debt Securities, Available-for-sale
Estimated Fair Value	25	25
Municipal bonds | Other Investments | Duke Energy Florida
Debt Securities, Available-for-sale
Estimated Fair Value	25	25
Municipal bonds | Other Investments | Duke Energy Indiana
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	2	3
Estimated Fair Value	46	45
U.S. government bonds | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	9	2
Gross Unrealized Holding Losses	85	112
Estimated Fair Value	1,495	1,423
U.S. government bonds | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	5	1
Gross Unrealized Holding Losses	38	51
Estimated Fair Value	746	685
U.S. government bonds | NDTF | Progress Energy
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	4	1
Gross Unrealized Holding Losses	47	61
Estimated Fair Value	749	738
U.S. government bonds | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Gross Unrealized Holding Gains	4	1
Gross Unrealized Holding Losses	28	37
Estimated Fair Value	470	460
U.S. government bonds | NDTF | Duke Energy Florida
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	19	24
Estimated Fair Value	279	278
U.S. government bonds | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses		2
Estimated Fair Value	69	62
U.S. government bonds | Other Investments | Duke Energy Indiana
Debt Securities, Available-for-sale
Estimated Fair Value	9	7
Other debt securities | NDTF
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	15	18
Estimated Fair Value	147	156
Other debt securities | NDTF | Duke Energy Carolinas
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	15	18
Estimated Fair Value	143	148
Other debt securities | NDTF | Progress Energy
Debt Securities, Available-for-sale
Estimated Fair Value	4	8
Other debt securities | NDTF | Duke Energy Progress
Debt Securities, Available-for-sale
Estimated Fair Value	4	7
Other debt securities | NDTF | Duke Energy Florida
Debt Securities, Available-for-sale
Estimated Fair Value		1
Other debt securities | Other Investments
Debt Securities, Available-for-sale
Gross Unrealized Holding Losses	2	3
Estimated Fair Value	$ 42	$ 41

XML

Investments in Debt and Equity Securities (Realized Gains and Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
FV-NI:
Realized gains	$ 26	$ 111
Realized losses	46	85
AFS:
Realized gains	8	4
Realized losses	32	23
Duke Energy Carolinas
FV-NI:
Realized gains	18	75
Realized losses	29	49
AFS:
Realized gains	5	3
Realized losses	20	16
Progress Energy
FV-NI:
Realized gains	8	36
Realized losses	17	36
AFS:
Realized gains	3	1
Realized losses	12	6
Duke Energy Progress
FV-NI:
Realized gains	8	36
Realized losses	17	35
AFS:
Realized gains	3	1
Realized losses	$ 12	$ 5

XML

Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	$ 115
Due after one through five years	793
Due after five through 10 years	522
Due after 10 years	1,443
Total	2,873
Duke Energy Carolinas
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	5
Due after one through five years	277
Due after five through 10 years	262
Due after 10 years	785
Total	1,329
Progress Energy
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	96
Due after one through five years	424
Due after five through 10 years	207
Due after 10 years	564
Total	1,291
Duke Energy Progress
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	19
Due after one through five years	238
Due after five through 10 years	194
Due after 10 years	526
Total	977
Duke Energy Florida
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	77
Due after one through five years	186
Due after five through 10 years	13
Due after 10 years	38
Total	314
Duke Energy Indiana
Debt Securities, Available-for-sale [Line Items]
Due in one year or less	6
Due after one through five years	23
Due after five through 10 years	11
Due after 10 years	24
Total	$ 64

XML

Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	$ 2,873
Derivative assets	268	$ 795
Total assets	9,940	9,846
Derivative liabilities	(603)	(437)
Net assets (liabilities)	9,337	9,409
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	1
Total assets	7,641	7,030
Derivative liabilities	(19)	(16)
Net assets (liabilities)	7,622	7,014
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	255	760
Total assets	2,246	2,740
Derivative liabilities	(584)	(421)
Net assets (liabilities)	1,662	2,319
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	12	34
Total assets	12	34
Net assets (liabilities)	12	34
Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	41	42
Net assets (liabilities)	41	42
NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	161	215
Equity securities, FV-NI	6,367	5,871
Debt securities, available-for-sale	2,595	2,550
NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	161	215
Debt securities, available-for-sale	822	780
NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,773	1,770
NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	6,367	5,871
NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	6,326	5,829
NDTF equity securities | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	41	42
Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	134	22
Equity securities, FV-NI	137	128
Debt securities, available-for-sale	278	265
Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	134	22
Equity securities, FV-NI	137	128
Debt securities, available-for-sale	60	55
Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	218	210
Duke Energy Carolinas
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,329
Derivative assets	80	330
Total assets	5,155	5,112
Derivative liabilities	(201)	(127)
Net assets (liabilities)	4,954	4,985
Duke Energy Carolinas | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	4,077	3,765
Net assets (liabilities)	4,077	3,765
Duke Energy Carolinas | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	80	330
Total assets	1,037	1,305
Derivative liabilities	(201)	(127)
Net assets (liabilities)	836	1,178
Duke Energy Carolinas | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	41	42
Net assets (liabilities)	41	42
Duke Energy Carolinas | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	69	117
Equity securities, FV-NI	3,677	3,367
Debt securities, available-for-sale	1,329	1,298
Duke Energy Carolinas | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	69	117
Debt securities, available-for-sale	372	323
Duke Energy Carolinas | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	957	975
Duke Energy Carolinas | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	3,677	3,367
Duke Energy Carolinas | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	3,636	3,325
Duke Energy Carolinas | NDTF equity securities | Not Categorized
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	41	42
Progress Energy
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	1,291
Derivative assets	88	248
Total assets	4,169	4,138
Derivative liabilities	(153)	(66)
Net assets (liabilities)	4,016	4,072
Progress Energy | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	3,240	3,070
Net assets (liabilities)	3,240	3,070
Progress Energy | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	88	248
Total assets	929	1,068
Derivative liabilities	(153)	(66)
Net assets (liabilities)	776	1,002
Progress Energy | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	92	98
Equity securities, FV-NI	2,690	2,504
Debt securities, available-for-sale	1,266	1,252
Progress Energy | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	92	98
Debt securities, available-for-sale	450	457
Progress Energy | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	816	795
Progress Energy | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,690	2,504
Progress Energy | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,690	2,504
Progress Energy | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	8	11
Debt securities, available-for-sale	25	25
Progress Energy | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	8	11
Progress Energy | Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	25	25
Duke Energy Progress
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	977
Derivative assets	82	230
Total assets	3,728	3,669
Derivative liabilities	(149)	(48)
Net assets (liabilities)	3,579	3,621
Duke Energy Progress | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	2,888	2,701
Net assets (liabilities)	2,888	2,701
Duke Energy Progress | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	82	230
Total assets	840	968
Derivative liabilities	(149)	(48)
Net assets (liabilities)	691	920
Duke Energy Progress | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	72	56
Equity securities, FV-NI	2,590	2,411
Debt securities, available-for-sale	977	963
Duke Energy Progress | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	72	56
Debt securities, available-for-sale	219	225
Duke Energy Progress | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	758	738
Duke Energy Progress | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,590	2,411
Duke Energy Progress | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	2,590	2,411
Duke Energy Progress | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	7	9
Duke Energy Progress | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	7	9
Duke Energy Florida
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	314
Derivative assets	6	17
Total assets	440	467
Derivative liabilities	(3)	(19)
Net assets (liabilities)	437	448
Duke Energy Florida | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	351	368
Net assets (liabilities)	351	368
Duke Energy Florida | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	6	17
Total assets	89	99
Derivative liabilities	(3)	(19)
Net assets (liabilities)	86	80
Duke Energy Florida | NDTF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	20	42
Equity securities, FV-NI	100	93
Debt securities, available-for-sale	289	289
Duke Energy Florida | NDTF | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	20	42
Debt securities, available-for-sale	231	232
Duke Energy Florida | NDTF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	58	57
Duke Energy Florida | NDTF equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	100	93
Duke Energy Florida | NDTF equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities, FV-NI	100	93
Duke Energy Florida | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		1
Debt securities, available-for-sale	25	25
Duke Energy Florida | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		1
Duke Energy Florida | Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	25	25
Duke Energy Indiana
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	64
Derivative assets	11	110
Total assets	161	250
Derivative liabilities	(28)	(16)
Net assets (liabilities)	133	234
Duke Energy Indiana | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	86	80
Derivative liabilities	(19)	(16)
Net assets (liabilities)	67	64
Duke Energy Indiana | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets		81
Total assets	64	141
Derivative liabilities	(9)
Net assets (liabilities)	55	141
Duke Energy Indiana | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	11	29
Total assets	11	29
Net assets (liabilities)	11	29
Duke Energy Indiana | Other Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1	1
Equity securities, FV-NI	85	79
Debt securities, available-for-sale	64	60
Duke Energy Indiana | Other Investments | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1	1
Equity securities, FV-NI	85	79
Duke Energy Indiana | Other Investments | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt securities, available-for-sale	64	60
Piedmont
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	0
Derivative liabilities	(144)	(168)
Net assets (liabilities)	(143)	(168)
Piedmont | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	1	0
Net assets (liabilities)	1	0
Piedmont | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	(144)	(168)
Net assets (liabilities)	$ (144)	$ (168)

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
	Mar. 31, 2023	Mar. 31, 2022
Derivatives (net)
Balance at beginning of period	$ 34	$ 24
Purchases, sales, issuances and settlements:
Settlements	(20)	(7)
Total losses included on the Condensed Consolidated Balance Sheet	(2)	(7)
Balance at end of period	12	10
Duke Energy Indiana
Derivatives (net)
Balance at beginning of period	29	22
Purchases, sales, issuances and settlements:
Settlements	(19)	(6)
Total losses included on the Condensed Consolidated Balance Sheet	1	(6)
Balance at end of period	$ 11	$ 10

XML

Fair Value Measurements (Quantitative Level 3 Fair Value Disclosures) (Details) $ in Millions	Mar. 31, 2023 USD ($) $ / MWh	Dec. 31, 2022 USD ($) $ / MWh	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 12	$ 34	$ 10	$ 24
Duke Energy Ohio | FTRs | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 1	$ 5
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)	(0.19)	0.89
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)	2.71	6.25
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)	1.08	3.35
Duke Energy Indiana
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 11	$ 29	$ 10	$ 22
Duke Energy Indiana | FTRs | RTO auction pricing
Fair Value Measurement Inputs and Valuation Techniques
Net derivative asset (liability) | $	$ 11	$ 29
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)	0.03	0.09
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)	14.88	21.79
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)	2.63	2.74

XML

Fair Value Measurements (Other Fair Value Disclosure) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 72,437	$ 69,751
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	66,455	61,986
Piedmont Natural Gas and Progress Energy
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt discount (premium), net	1,150	1,170
Duke Energy Carolinas | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	15,105	14,266
Duke Energy Carolinas | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	14,176	12,943
Progress Energy | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	23,371	22,439
Progress Energy | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	21,974	20,467
Duke Energy Progress | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	12,047	11,087
Duke Energy Progress | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	10,911	9,689
Duke Energy Florida | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,683	9,709
Duke Energy Florida | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	9,242	8,991
Duke Energy Ohio | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,991	3,245
Duke Energy Ohio | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,768	2,927
Duke Energy Indiana | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	4,503	4,307
Duke Energy Indiana | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	4,265	3,913
Piedmont | Book Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	3,364	3,363
Piedmont | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,014	$ 2,940

XML

Variable Interest Entities (Narrative) (Details) - VIE primary beneficiary - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Mar. 31, 2023
Variable Interest Entities [Line Items]
Variable interest entity, financial or other support, amount		$ 0
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
DECNCSF | Duke Energy Carolinas
Variable Interest Entities [Line Items]
Proceeds from issuance of senior secured bonds	$ 237,000,000
DEPNCSF | Duke Energy Progress
Variable Interest Entities [Line Items]
Proceeds from issuance of senior secured bonds	$ 770,000,000

XML

Variable Interest Entities (Schedule of Accounts Receivable Securitizations) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entities [Line Items]
Long-Term Debt	$ 69,107,000,000	$ 65,873,000,000
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Long-Term Debt	14,787,000,000	12,948,000,000
Duke Energy Progress
Variable Interest Entities [Line Items]
Long-Term Debt	11,527,000,000	10,568,000,000
Duke Energy Florida
Variable Interest Entities [Line Items]
Long-Term Debt	9,353,000,000	9,381,000,000
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	784,000,000	917,000,000
DERF | Duke Energy Carolinas | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	500,000,000
Long-Term Debt	500,000,000	471,000,000
Accounts receivable from securitization	782,000,000	928,000,000
DEPR | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	400,000,000
Long-Term Debt	400,000,000	400,000,000
Accounts receivable from securitization	654,000,000	793,000,000
DEFR | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Facility size	325,000,000
Long-Term Debt	250,000,000	250,000,000
Accounts receivable from securitization	$ 443,000,000	$ 490,000,000

XML

Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entities [Line Items]
Regulatory Assets: Current	$ 3,502	$ 3,485
Current Assets: Other	452	973
Other Noncurrent Assets: Regulatory assets	14,702	14,645
Public Utilities, Property, Plant and Equipment, Plant in Service	166,096	163,839
Accumulated depreciation and amortization	(53,162)	(52,100)
Other	3,426	3,400
Current Liabilities: Other	1,970	2,167
Current maturities of long-term debt	3,330	3,878
Long-Term Debt	69,107	65,873
Asset Retirement Obligations, Noncurrent	11,987	11,955
Deferred Credits and Other Liabilities	1,417	1,502
Duke Energy Florida
Variable Interest Entities [Line Items]
Regulatory Assets: Current	784	1,143
Current Assets: Other	67	108
Other Noncurrent Assets: Regulatory assets	2,605	2,422
Public Utilities, Property, Plant and Equipment, Plant in Service	26,448	25,940
Accumulated depreciation and amortization	(6,552)	(6,377)
Other	393	372
Current Liabilities: Other	320	363
Current maturities of long-term debt	330	328
Long-Term Debt	9,353	9,381
Asset Retirement Obligations, Noncurrent	346	357
Deferred Credits and Other Liabilities	77	84
Duke Energy Carolinas
Variable Interest Entities [Line Items]
Regulatory Assets: Current	1,311	1,095
Current Assets: Other	62	216
Other Noncurrent Assets: Regulatory assets	4,309	4,293
Public Utilities, Property, Plant and Equipment, Plant in Service	55,422	54,650
Accumulated depreciation and amortization	(19,082)	(18,669)
Other	998	1,036
Current Liabilities: Other	572	580
Current maturities of long-term debt	18	1,018
Long-Term Debt	14,787	12,948
Asset Retirement Obligations, Noncurrent	5,148	5,121
Deferred Credits and Other Liabilities	534	527
Duke Energy Progress
Variable Interest Entities [Line Items]
Regulatory Assets: Current	764	690
Current Assets: Other	57	174
Other Noncurrent Assets: Regulatory assets	4,817	4,724
Public Utilities, Property, Plant and Equipment, Plant in Service	39,396	38,875
Accumulated depreciation and amortization	(14,452)	(14,201)
Other	659	650
Current Liabilities: Other	412	384
Current maturities of long-term debt	370	369
Long-Term Debt	11,527	10,568
Asset Retirement Obligations, Noncurrent	5,552	5,535
Deferred Credits and Other Liabilities	89	76
DEFPF | Duke Energy Florida | VIE primary beneficiary
Variable Interest Entities [Line Items]
Receivables of VIEs	4	6
Regulatory Assets: Current	55	55
Current Assets: Other	18	41
Other Noncurrent Assets: Regulatory assets	814	826
Current Liabilities: Other	2	9
Current maturities of long-term debt	57	56
Long-Term Debt	859	890
DECNCSF | Duke Energy Carolinas | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	12	12
Current Assets: Other	5	8
Other Noncurrent Assets: Regulatory assets	205	208
Other	1	1
Current Liabilities: Other	1	3
Current maturities of long-term debt	10	10
Long-Term Debt	213	219
DEPNCSF | Duke Energy Progress | VIE primary beneficiary
Variable Interest Entities [Line Items]
Regulatory Assets: Current	39	39
Current Assets: Other	15	29
Other Noncurrent Assets: Regulatory assets	672	681
Other	4	2
Current Liabilities: Other	4	8
Current maturities of long-term debt	34	34
Long-Term Debt	$ 697	$ 714

XML

Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	$ 465	$ 455
Other noncurrent assets	3,426	3,400
Total Assets	178,833	178,086
Other current liabilities	1,970	2,167
Other	1,417	1,502
Duke Energy Ohio
Variable Interest Entities [Line Items]
Other noncurrent assets	74	71
Total Assets	11,693	11,506
Other current liabilities	66	74
Other	95	96
Duke Energy Ohio | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Receivables from affiliated companies	164	198
Total Assets	164	198
Net assets	164	198
Duke Energy Indiana
Variable Interest Entities [Line Items]
Other noncurrent assets	265	254
Total Assets	14,419	14,654
Other current liabilities	145	161
Other	31	65
Duke Energy Indiana | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Receivables from affiliated companies	221	317
Total Assets	221	317
Net assets	221	317
Pipeline Investments | VIE not primary beneficiary
Variable Interest Entities [Line Items]
Investments in equity method unconsolidated affiliates	49	43
Other noncurrent assets	46	45
Total Assets	95	88
Other current liabilities	52	59
Other	49	47
Total liabilities	101	106
Net assets	$ (6)	$ (18)

XML

Variable Interest Entities (Receivables Sold) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Duke Energy Ohio
Variable Interest Entities [Line Items]
Receivables sold	$ 369	$ 423
Less: Retained interests	164	198
Net receivables sold	205	225
Duke Energy Indiana
Variable Interest Entities [Line Items]
Receivables sold	426	508
Less: Retained interests	221	317
Net receivables sold	$ 205	$ 191

XML

Variable Interest Entities (Sales and Cash Flows) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Duke Energy Ohio
Sales
Receivables sold	$ 725	$ 663
Loss recognized on sale	9	3
Cash flows
Cash proceeds from receivables sold	750	674
Return received on retained interests	6	1
Duke Energy Indiana
Sales
Receivables sold	942	782
Loss recognized on sale	10	4
Cash flows
Cash proceeds from receivables sold	1,028	795
Return received on retained interests	$ 8	$ 2

XML

Revenue (Remaining Performance Obligations) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Progress Energy
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 166
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation, amount	$ 43
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	$ 66
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	1 year
Revenue, remaining performance obligation, amount	$ 7
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 36
Duke Energy Progress
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 14
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation, amount	$ 6
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	1 year
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
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	$ 152
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation, amount	$ 37
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	$ 58
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	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 36
Duke Energy Indiana
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 70
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation, amount	$ 10
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	1 year
Revenue, remaining performance obligation, amount	$ 7
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 5
Piedmont
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 515
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation, amount	$ 51
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	1 year
Revenue, remaining performance obligation, amount	$ 49
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, amount	$ 241

XML

Revenue (Remaining Performance Obligations Total) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Progress Energy
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 166
Duke Energy Progress
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	14
Duke Energy Florida
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	152
Duke Energy Indiana
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	70
Piedmont
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 515

XML

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 7,101	$ 6,991
Revenue from sources other than contracts with customers	175	20
Total operating revenues	7,276	7,011
Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,267	5,971
Total operating revenues	6,381	5,995
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,851	2,767
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,831	1,604
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	891	772
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	550	626
Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	144	202
Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	827	1,013
Total operating revenues	888	1,009
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	507	572
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	233	269
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	47	57
Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	40	115
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7	7
Duke Energy Carolinas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,921	1,875
Revenue from sources other than contracts with customers	13	13
Total operating revenues	1,934	1,888
Duke Energy Carolinas | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,921	1,875
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	824	831
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	588	544
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	296	276
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	135	113
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	78	111
Progress Energy
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,003	2,986
Revenue from sources other than contracts with customers	45	6
Total operating revenues	3,048	2,992
Progress Energy | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,003	2,986
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,421	1,368
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	841	726
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	272	270
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	348	411
Progress Energy | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	121	211
Duke Energy Progress
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,529	1,631
Revenue from sources other than contracts with customers	4	1
Total operating revenues	1,533	1,632
Duke Energy Progress | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,529	1,631
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	607	624
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	358	325
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	177	194
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	319	349
Duke Energy Progress | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	68	139
Duke Energy Florida
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,474	1,355
Revenue from sources other than contracts with customers	36
Total operating revenues	1,510	1,355
Duke Energy Florida | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,474	1,355
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	814	744
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	483	401
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	95	76
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	29	62
Duke Energy Florida | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	53	72
Duke Energy Ohio
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	711	632
Revenue from sources other than contracts with customers	(2)	6
Total operating revenues	709	638
Duke Energy Ohio | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	476	406
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	234	211
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	135	116
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71	35
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9	23
Duke Energy Ohio | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	27	21
Duke Energy Ohio | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	235	226
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	162	149
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	58	64
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9	7
Duke Energy Ohio | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6	6
Duke Energy Indiana
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	966	807
Revenue from sources other than contracts with customers	9	15
Total operating revenues	975	822
Duke Energy Indiana | Electric Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	966	807
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	372	354
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	270	218
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	251	192
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	58	79
Duke Energy Indiana | Electric Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15	(36)
Piedmont
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	599	794
Revenue from sources other than contracts with customers	76	11
Total operating revenues	675	805
Piedmont | Gas Utilities and Infrastructure
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	599	794
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	345	423
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	175	204
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	37	50
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	23	24
Piedmont | Gas Utilities and Infrastructure | Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 19	$ 93

XML

Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 216	$ 121
Cumulative Change in Accounting Principle	214	139
Write-Offs	(42)	(23)
Credit Loss Expense	16	24
Other Adjustments	24	17
Ending balance	214	139
Duke Energy Carolinas
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	68	42
Cumulative Change in Accounting Principle	70	52
Write-Offs	(20)	(9)
Credit Loss Expense	7	5
Other Adjustments	15	14
Ending balance	70	52
Progress Energy
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	81	36
Cumulative Change in Accounting Principle	75	51
Write-Offs	(22)	(10)
Credit Loss Expense	6	12
Other Adjustments	10	13
Ending balance	75	51
Duke Energy Progress
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	44	21
Cumulative Change in Accounting Principle	45	31
Write-Offs	(9)	(2)
Credit Loss Expense	1	4
Other Adjustments	9	8
Ending balance	45	31
Duke Energy Florida
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	36	16
Cumulative Change in Accounting Principle	30	21
Write-Offs	(12)	(8)
Credit Loss Expense	5	8
Other Adjustments	1	5
Ending balance	30	21
Duke Energy Ohio
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6	4
Cumulative Change in Accounting Principle	7	4
Credit Loss Expense	1
Ending balance	7	4
Duke Energy Indiana
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	4	3
Cumulative Change in Accounting Principle	4	3
Ending balance	4	3
Piedmont
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14	15
Cumulative Change in Accounting Principle	14	17
Write-Offs	(1)	(1)
Credit Loss Expense	1	3
Ending balance	$ 14	$ 17

XML

Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	$ 1,070	$ 1,457
Current	2,018	2,347
Deferred Payment Arrangements	144	160
Trade and Other Receivables	3,884	4,631
30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	148	123
60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	33	74
Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	254	261
Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	217	209
Duke Energy Carolinas
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	408	486
Current	519	577
Deferred Payment Arrangements	46	57
Trade and Other Receivables	1,138	1,334
Duke Energy Carolinas | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	32	23
Duke Energy Carolinas | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	9	25
Duke Energy Carolinas | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	64	96
Duke Energy Carolinas | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	60	70
Progress Energy
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	284	355
Current	892	1,059
Deferred Payment Arrangements	51	62
Trade and Other Receivables	1,491	1,689
Progress Energy | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	83	61
Progress Energy | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	13	18
Progress Energy | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	103	60
Progress Energy | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	65	74
Duke Energy Progress
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	178	232
Current	476	637
Deferred Payment Arrangements	32	35
Trade and Other Receivables	858	1,004
Duke Energy Progress | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	72	49
Duke Energy Progress | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	8	9
Duke Energy Progress | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	68	15
Duke Energy Progress | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	24	27
Duke Energy Florida
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	106	123
Current	414	417
Deferred Payment Arrangements	19	27
Trade and Other Receivables	631	680
Duke Energy Florida | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	11	12
Duke Energy Florida | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	5	9
Duke Energy Florida | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	35	45
Duke Energy Florida | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	41	47
Duke Energy Ohio
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	3	20
Current	14	15
Deferred Payment Arrangements	4	4
Trade and Other Receivables	81	79
Duke Energy Ohio | CRC
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	103	148
Duke Energy Ohio | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	5	6
Duke Energy Ohio | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	2	3
Duke Energy Ohio | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	5	5
Duke Energy Ohio | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	48	26
Duke Energy Indiana
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	20	28
Current	46	52
Trade and Other Receivables	94	116
Duke Energy Indiana | CRC
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	195	260
Duke Energy Indiana | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	2	2
Duke Energy Indiana | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	1	11
Duke Energy Indiana | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	9	17
Duke Energy Indiana | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	16	6
Piedmont
Financing Receivable, Past Due [Line Items]
Unbilled Receivables	57	160
Current	168	265
Deferred Payment Arrangements	1	1
Trade and Other Receivables	259	450
Piedmont | 30-60 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	10	3
Piedmont | 60-90 days
Financing Receivable, Past Due [Line Items]
Trade and other receivables	2	2
Piedmont | Financial Asset, 1 to 29 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	18	15
Piedmont | Financial Asset, Equal to or Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Trade and other receivables	$ 3	$ 4

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Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Net Income Available to Duke Energy Corporation Common Stockholders	$ 765	$ 818
Accumulated preferred stock dividends adjustment	12	12
Less: Impact of participating securities	1	1
Income from continuing operations available to Duke Energy common stockholders	921	817
Loss from discontinued operations, net of tax	(209)	(15)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64	27
Discontinued operations	$ (145)	$ 12
Weighted average common shares outstanding – basic (in shares)	770	770
Weighted average common shares outstanding – diluted (in shares)	770	770
Basic (in usd per share)	$ 1.20	$ 1.06
Diluted (in usd per share)	1.20	1.06
EPS from continuing operations available to Duke Energy common stockholders
Basic (usd per share)	(0.19)	0.02
Diluted (usd per share)	$ (0.19)	$ 0.02
Potentially dilutive items excluded from the calculation (in shares)	2	2
Common Stock
EPS from continuing operations available to Duke Energy common stockholders
Dividends declared per common share (in usd per share)	$ 1.005	$ 0.985
Preferred stock, Series A
EPS from continuing operations available to Duke Energy common stockholders
Dividends declared on preferred stock per depositary share (in usd per share)	$ 0.359	0.359
Cumulative dividend rate per annum	5.75%
Liquidation preference per share (in usd per share)	$ 25
Preferred stock, Series B
EPS from continuing operations available to Duke Energy common stockholders
Dividends declared on preferred stock per depositary share (in usd per share)	$ 24.375	$ 24.375
Cumulative dividend rate per annum	4.875%
Liquidation preference per share (in usd per share)	$ 1,000

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Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - Qualified Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 30	$ 40
Interest cost on projected benefit obligation	86	58
Expected return on plan assets	(147)	(140)
Amortization of actuarial loss	2	24
Amortization of prior service credit	(3)	(5)
Amortization of settlement charges	5	2
Net periodic pension costs	(27)	(21)
Duke Energy Carolinas
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	10	12
Interest cost on projected benefit obligation	21	14
Expected return on plan assets	(40)	(38)
Amortization of actuarial loss	0	5
Amortization of prior service credit	0	(1)
Amortization of settlement charges	2	1
Net periodic pension costs	(7)	(7)
Progress Energy
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	9	12
Interest cost on projected benefit obligation	27	18
Expected return on plan assets	(50)	(46)
Amortization of actuarial loss	1	6
Amortization of settlement charges	1	1
Net periodic pension costs	(12)	(9)
Duke Energy Progress
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	5	7
Interest cost on projected benefit obligation	12	8
Expected return on plan assets	(23)	(22)
Amortization of actuarial loss	0	3
Amortization of settlement charges	1
Net periodic pension costs	(5)	(4)
Duke Energy Florida
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	3	4
Interest cost on projected benefit obligation	14	10
Expected return on plan assets	(26)	(24)
Amortization of actuarial loss	1	3
Net periodic pension costs	(8)	(7)
Duke Energy Ohio
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1
Interest cost on projected benefit obligation	4	3
Expected return on plan assets	(6)	(5)
Amortization of actuarial loss		1
Net periodic pension costs	(1)
Duke Energy Indiana
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	2
Interest cost on projected benefit obligation	7	5
Expected return on plan assets	(10)	(9)
Amortization of actuarial loss	1	2
Net periodic pension costs	(1)
Piedmont
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1
Interest cost on projected benefit obligation	2	2
Expected return on plan assets	(5)	(6)
Amortization of actuarial loss		2
Amortization of prior service credit	(2)	(2)
Amortization of settlement charges	1
Net periodic pension costs	$ (3)	$ (3)

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Income Taxes (Effective Tax Rates) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	13.80%	2.90%
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	11.40%	7.40%
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	16.70%	15.90%
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	14.60%	14.00%
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	19.90%	20.10%
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	16.70%	(266.70%)
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	17.20%	31.90%
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	17.70%	13.40%