Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA created a new, zero-emission nuclear power PTC available for taxpayers beginning January 1, 2024. In the first quarter of 2024, Duke Energy Carolinas and Duke Energy Progress recorded a PTC deferred tax asset of approximately $107 million and $14 million, respectively. These amounts represent the net realizable value of the PTCs, which were deferred to a regulatory liability. The Subsidiary Registrants will work with the state utility commissions on the best regulatory process to pass the net realizable value back to customers over time. See Note 4 for additional information on Duke Energy Carolinas' approval for a stand-alone rider starting January 1, 2025. The Company will continue to assess its calculations and interpretations as new information and guidance becomes available.

EFFECTIVE TAX RATES

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

	Three Months Ended
	March 31,
	2024		2023
Duke Energy	13.4	%	13.8	%
Duke Energy Carolinas	11.5	%	11.4	%
Progress Energy	16.5	%	16.7	%
Duke Energy Progress	15.0	%	14.6	%
Duke Energy Florida	19.4	%	19.9	%
Duke Energy Ohio	16.8	%	16.7	%
Duke Energy Indiana	17.3	%	17.2	%
Piedmont	19.6	%	17.7	%

The increase in the ETR for Piedmont for the three months ended March 31, 2024, was primarily due to a decrease in the amortization of EDIT.