Revenue

9 Months Ended

Sep. 30, 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	$	15	$	70	$	7	$	7	$	7	$	36	$	142
Duke Energy Progress	2		8		—		—		—		—		10
Duke Energy Florida	13		62		7		7		7		36		132
Duke Energy Indiana	4		16		17		15		7		5		64

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	$	17	$	62	$	61	$	51	$	49	$	241	$	481

Other

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

Disaggregated Revenues

Disaggregated revenues are presented as follows:

	Three Months Ended September 30, 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	$	3,602	$	988	$	2,043	$	756	$	1,287	$	268	$	303	$	—
General	2,229		779		1,089		467		622		135		224		—
Industrial	912		395		298		203		95		28		190		—
Wholesale	647		141		422		364		58		12		71		—
Other revenues	285		75		175		100		75		24		56		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	7,675	$	2,378	$	4,027	$	1,890	$	2,137	$	467	$	844	$	—
Gas Utilities and Infrastructure
Residential	$	152	$	—	$	—	$	—	$	—	$	73	$	—	$	80
Commercial	88		—		—		—		—		24		—		65
Industrial	26		—		—		—		—		4		—		23
Power Generation	—		—		—		—		—		—		—		23
Other revenues	28		—		—		—		—		4		—		8
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	294	$	—	$	—	$	—	$	—	$	105	$	—	$	199
Other
Revenue from contracts with customers	$	8	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,977	$	2,378	$	4,027	$	1,890	$	2,137	$	572	$	844	$	199
Other revenue sources(a)	$	17	$	15	$	28	$	(4)	$	27	$	5	$	7	$	9
Total revenues	$	7,994	$	2,393	$	4,055	$	1,886	$	2,164	$	577	$	851	$	208

	Three Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	3,250	$	887	$	1,719	$	670	$	1,049	$	249	$	396	$	—
General	2,077		686		947		419		528		150		291		—
Industrial	986		366		298		216		82		62		260		—
Wholesale	874		140		588		403		185		32		115		—
Other revenues	248		105		317		259		58		15		19		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	7,435	$	2,184	$	3,869	$	1,967	$	1,902	$	508	$	1,081	$	—
Gas Utilities and Infrastructure
Residential	$	167	$	—	$	—	$	—	$	—	$	88	$	—	$	79
Commercial	108		—		—		—		—		26		—		82
Industrial	34		—		—		—		—		4		—		30
Power Generation	—		—		—		—		—		—		—		24
Other revenues	103		—		—		—		—		4		—		83
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	412	$	—	$	—	$	—	$	—	$	122	$	—	$	298
Other
Revenue from contracts with customers	$	6	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	7,853	$	2,184	$	3,869	$	1,967	$	1,902	$	630	$	1,081	$	298
Other revenue sources(a)	$	(11)	$	(9)	$	12	$	2	$	5	$	(2)	$	14	$	8
Total revenues	$	7,842	$	2,175	$	3,881	$	1,969	$	1,907	$	628	$	1,095	$	306

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

	Nine Months Ended September 30, 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	$	9,193	$	2,527	$	5,019	$	1,902	$	3,117	$	710	$	937	$	—
General	5,936		1,974		2,844		1,194		1,650		411		706		—
Industrial	2,630		1,011		844		560		284		155		618		—
Wholesale	1,695		402		1,064		942		122		33		195		—
Other revenues	618		202		440		238		202		73		103		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	20,072	$	6,116	$	10,211	$	4,836	$	5,375	$	1,382	$	2,559	$	—
Gas Utilities and Infrastructure
Residential	$	838	$	—	$	—	$	—	$	—	$	317	$	—	$	522
Commercial	421		—		—		—		—		113		—		309
Industrial	103		—		—		—		—		19		—		84
Power Generation	—		—		—		—		—		—		—		69
Other revenues	93		—		—		—		—		15		—		32
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,455	$	—	$	—	$	—	$	—	$	464	$	—	$	1,016
Other
Revenue from contracts with customers	$	24	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	21,551	$	6,116	$	10,211	$	4,836	$	5,375	$	1,846	$	2,559	$	1,016
Other revenue sources(a)	$	297	$	39	$	104	$	8	$	81	$	29	$	47	$	103
Total revenues	$	21,848	$	6,155	$	10,315	$	4,844	$	5,456	$	1,875	$	2,606	$	1,119

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

	Nine Months Ended September 30, 2022
			Duke				Duke		Duke		Duke		Duke
(in millions)	Duke		Energy		Progress		Energy		Energy		Energy		Energy
By market or type of customer	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Electric Utilities and Infrastructure
Residential	$	8,642	$	2,454	$	4,487	$	1,824	$	2,663	$	656	$	1,046	$	—
General	5,498		1,796		2,562		1,114		1,448		377		760		—
Industrial	2,582		938		842		594		248		130		672		—
Wholesale	2,129		356		1,388		1,033		355		90		296		—
Other revenues	652		308		775		608		167		56		6		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	19,503	$	5,852	$	10,054	$	5,173	$	4,881	$	1,309	$	2,780	$	—
Gas Utilities and Infrastructure
Residential	$	936	$	—	$	—	$	—	$	—	$	331	$	—	$	605
Commercial	504		—		—		—		—		128		—		376
Industrial	125		—		—		—		—		17		—		108
Power Generation	—		—		—		—		—		—		—		71
Other revenues	284		—		—		—		—		16		—		220
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,849	$	—	$	—	$	—	$	—	$	492	$	—	$	1,380
Other
Revenue from contracts with customers	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	21,373	$	5,852	$	10,054	$	5,173	$	4,881	$	1,801	$	2,780	$	1,380
Other revenue sources(a)	$	44	$	(8)	$	33	$	9	$	9	$	10	$	55	$	41
Total revenues	$	21,417	$	5,844	$	10,087	$	5,182	$	4,890	$	1,811	$	2,835	$	1,421

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

The following table presents the reserve for credit losses for trade and other receivables.

	Three Months Ended September 30, 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 June 30, 2022	$	135	$	52	$	52	$	31	$	21	$	4	$	3	$	15
Write-Offs	(49)		(19)		(26)		(11)		(15)		—		—		(4)
Credit Loss Expense	37		10		20		5		15		2		1		3
Other Adjustments	51		19		21		16		5		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14
Balance at June 30, 2023	$	199	$	57	$	73	$	43	$	30	$	8	$	4	$	13
Write-Offs	(36)		(14)		(20)		(11)		(8)		—		—		(5)
Credit Loss Expense	23		5		15		2		13		—		1		2
Other Adjustments	17		8		9		10		(1)		—		—		—
Balance at September 30, 2023	$	203	$	56	$	77	$	44	$	34	$	8	$	5	$	10
	Nine Months Ended September 30, 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	(103)		(44)		(45)		(18)		(28)		—		—		(10)
Credit Loss Expense	81		23		39		11		28		2		1		9
Other Adjustments	75		41		37		27		10		—		—		—
Balance at September 30, 2022	$	174	$	62	$	67	$	41	$	26	$	6	$	4	$	14
Balance at December 31, 2022	$	216	$	68	$	81	$	44	$	36	$	6	$	4	$	14
Write-Offs	(121)		(54)		(60)		(30)		(28)		—		—		(11)
Credit Loss Expense	62		18		33		7		26		2		1		7
Other Adjustments	46		24		23		23		—		—		—		—
Balance at September 30, 2023	$	203	$	56	$	77	$	44	$	34	$	8	$	5	$	10

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.

	September 30, 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)	$	977	$	356	$	333	$	206	$	127	$	2	$	27	$	8
Current	2,538		795		1,233		658		573		55		54		83
1-31 days past due	258		71		121		44		77		5		10		5
31-61 days past due	114		31		57		38		19		2		5		5
61-91 days past due	53		19		21		7		14		1		2		3
91+ days past due	234		60		71		24		47		37		24		5
Deferred Payment Arrangements(c)	104		31		50		27		23		3		—		—
Trade and Other Receivables	$	4,278	$	1,363	$	1,886	$	1,004	$	880	$	105	$	122	$	109

	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 13 for further information. These receivables for unbilled revenues are $95 million and $156 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 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.