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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$140 $140 $— $— $— 
NDTF equity securities7,837 7,802 — — 35 
NDTF debt securities2,810 873 1,937 — — 
Other equity securities173 173 — — — 
Other debt securities271 50 221 — — 
Other cash and cash equivalents21 21 — — — 
Derivative assets255 77 172 6 — 
Total assets11,507 9,136 2,330 6 35 
Derivative liabilities(612)(51)(561)— — 
Net assets$10,895 $9,085 $1,769 $6 $35 
December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$133 $133 $— $— $— 
NDTF equity securities7,278 7,241 — — 37 
NDTF debt securities2,732 829 1,903 — — 
Other equity securities158 158 — — — 
Other debt securities271 55 216 — — 
Other cash and cash equivalents31 31 — — — 
Derivative assets189 37 137 15 — 
Total assets10,792 8,484 2,256 15 37 
Derivative liabilities(729)(60)(669)— — 
Net assets$10,063 $8,424 $1,587 $15 $37 
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) 20242023
Balance at beginning of period$15 $34 
Purchases, sales, issuances and settlements:
Settlements(13)(20)
Total gains (losses) included on the Condensed Consolidated Balance Sheet4 (2)
Balance at end of period$6 $12 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
March 31, 2024
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$1 RTO auction pricingFTR price – per MWh$0.17 -$2.13 $0.49 
Duke Energy Indiana 
FTRs5 RTO auction pricingFTR price – per MWh— -8.95 1.45 
Duke Energy
Total Level 3 derivatives$6 
December 31, 2023
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio   
FTRs$2 RTO auction pricingFTR price – per MWh$0.36 -$2.11 $0.71 
Duke Energy Indiana   
FTRs13 RTO auction pricingFTR price – per MWh(1.05)-9.64 1.26 
Duke Energy
Total Level 3 derivatives$15 
Schedule of Long Term Debt Fair Value
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
March 31, 2024December 31, 2023
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$77,253 $70,512 $75,252 $69,790 
Duke Energy Carolinas17,019 15,723 16,012 15,077 
Progress Energy24,198 22,505 23,759 22,553 
Duke Energy Progress12,178 10,824 11,714 10,595 
Duke Energy Florida10,377 9,888 10,401 10,123 
Duke Energy Ohio3,939 3,685 3,518 3,310 
Duke Energy Indiana4,800 4,437 4,502 4,230 
Piedmont3,669 3,273 3,668 3,336 
(a)Book value of long-term debt includes $1.1 billion and $1.0 billion at March 31, 2024, and December 31, 2023, 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, 2024
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$81 $81 $— $— 
NDTF equity securities4,514 4,479 — 35 
NDTF debt securities1,480 418 1,062 — 
Other AFS debt securities— — — — 
Derivative assets35 — 35 — 
Total assets6,110 4,978 1,097 35 
Derivative liabilities(234)— (234)— 
Net assets$5,876 $4,978 $863 $35 
December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$51 $51 $— $— 
NDTF equity securities4,196 4,159 — 37 
NDTF debt securities1,438 375 1,063 — 
Derivative assets35 — 35 — 
Total assets5,720 4,585 1,098 37 
Derivative liabilities(260)— (260)— 
Net assets$5,460 $4,585 $838 $37 
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, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$59 $59 $— $82 $82 $— 
NDTF equity securities3,323 3,323 — 3,082 3,082 — 
NDTF debt securities1,330 455 875 1,294 454 840 
Other debt securities24 — 24 23 — 23 
Other cash and cash equivalents15 15 — 18 18 — 
Derivative assets57 — 57 34 — 34 
Total assets4,808 3,852 956 4,533 3,636 897 
Derivative liabilities(188)— (188)(234)— (234)
Net assets$4,620 $3,852 $768 $4,299 $3,636 $663 
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, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$48 $48 $— $55 $55 $— 
NDTF equity securities3,200 3,200 — 2,970 2,970 — 
NDTF debt securities1,097 280 817 1,050 266 784 
Other cash and cash equivalents12 12 — 14 14 — 
Derivative assets47 — 47 32 — 32 
Total assets4,404 3,540 864 4,121 3,305 816 
Derivative liabilities(181)— (181)(219)— (219)
Net assets$4,223 $3,540 $683 $3,902 $3,305 $597 
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, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$11 $11 $— $27 $27 $— 
NDTF equity securities123 123 — 112 112 — 
NDTF debt securities233 175 58 244 188 56 
Other debt securities24 — 24 23 — 23 
Other cash and cash equivalents2 2 — 3 3 — 
Derivative assets10 — 10 2 — 2 
Total assets403 311 92 411 330 81 
Derivative liabilities(7)— (7)(15)— (15)
Net assets$396 $311 $85 $396 $330 $66 
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, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$108 $108 $— $— $98 $98 $— $— 
Other debt securities63 — 63 — 64 — 64 — 
Other cash and cash equivalents1 1 — — 1 1 — — 
Derivative assets24 2 17 5 25 5 7 13 
Total assets196 111 80 5 188 104 71 13 
Derivative liabilities(19)(19)— — (18)(18)— — 
Net assets$177 $92 $80 $5 $170 $86 $71 $13 
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)20242023
Balance at beginning of period$13 $29 
Purchases, sales, issuances and settlements:
Settlements(11)(19)
Total gains included on the Condensed Consolidated Balance Sheet
3 1 
Balance at end of period$5 $11 
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, 2024December 31, 2023
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$1 $1 $— $1 $1 $— 
Derivative liabilities(126)— (126)(147)— (147)
Net (liabilities) assets$(125)$1 $(126)$(146)$1 $(147)