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Revenue
 6 Months Ended
Jun. 30, 2024
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)20242025202620272028ThereafterTotal
Progress Energy$35 $30 $7 $7 $7 $29 $115 
Duke Energy Progress4 — — — — — 4 
Duke Energy Florida31 30 7 7 7 29 111 
Duke Energy Indiana8 17 17 15 5 — 62 
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)20242025202620272028ThereafterTotal
Piedmont$33 $61 $51 $49 $46 $195 $435 
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 June 30, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,092 $959 $1,625 $661 $964 $240 $269 $— 
   General2,013 755 933 427 506 144 180 — 
   Industrial869 374 267 183 84 39 190 — 
   Wholesale524 127 337 298 39 10 49 — 
   Other revenues293 99 187 91 96 18 39 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,791 $2,314 $3,349 $1,660 $1,689 $451 $727 $— 
Gas Utilities and Infrastructure
   Residential$182 $— $— $— $— $86 $— $96 
   Commercial103 — — — — 31 — 72 
   Industrial32 — — — — 6 — 24 
   Power Generation— — — — — — — 8 
   Other revenues32 — — — — 9 — 23 
Total Gas Utilities and Infrastructure revenue from contracts with customers$349 $— $— $— $— $132 $— $223 
Other
Revenue from contracts with customers$11 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,151 $2,314 $3,349 $1,660 $1,689 $583 $727 $223 
Other revenue sources(a)
$21 $(17)$8 $(24)$27 $25 $20 $21 
Total revenues$7,172 $2,297 $3,357 $1,636 $1,716 $608 $747 $244 
Three Months Ended June 30, 2023
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$2,740 $715 $1,555 $539 $1,016 $208 $262 $— 
   General1,876 607 914 369 545 141 212 — 
   Industrial827 320 274 180 94 56 177 — 
   Wholesale498 126 294 259 35 12 66 — 
   Other revenues189 49 144 70 74 22 32 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,130 $1,817 $3,181 $1,417 $1,764 $439 $749 $— 
Gas Utilities and Infrastructure
   Residential$179 $— $— $— $— $82 $— $97 
   Commercial100 — — — — 31 — 69 
   Industrial30 — — — — 6 — 24 
   Power Generation— — — — — — — 23 
   Other revenues25 — — — — 5 — 5 
Total Gas Utilities and Infrastructure revenue from contracts with customers$334 $— $— $— $— $124 $— $218 
Other
Revenue from contracts with customers$9 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$6,473 $1,817 $3,181 $1,417 $1,764 $563 $749 $218 
Other revenue sources(a)
$105 $11 $31 $8 $18 $26 $31 $18 
Total revenues$6,578 $1,828 $3,212 $1,425 $1,782 $589 $780 $236 
(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.
Six Months Ended June 30, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$6,207 $2,017 $3,142 $1,403 $1,739 $493 $556 $— 
   General3,947 1,472 1,799 849 950 296 381 — 
   Industrial1,691 714 533 360 173 71 373 — 
   Wholesale1,078 265 692 624 68 24 97 — 
   Other revenues546 198 336 169 167 40 73 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$13,469 $4,666 $6,502 $3,405 $3,097 $924 $1,480 $— 
Gas Utilities and Infrastructure
   Residential$702 $— $— $— $— $233 $— $469 
   Commercial343 — — — — 88 — 255 
   Industrial79 — — — — 17 — 62 
   Power Generation— — — — — — — 16 
   Other revenues72 — — — — 14 — 58 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,196 $— $— $— $— $352 $— $860 
Other
Revenue from contracts with customers$18 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$14,683 $4,666 $6,502 $3,405 $3,097 $1,276 $1,480 $860 
Other revenue sources(a)
$160 $38 $83 $19 $55 $10 $26 $60 
Total revenues$14,843 $4,704 $6,585 $3,424 $3,152 $1,286 $1,506 $920 
(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.
Six Months Ended June 30, 2023
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$5,591 $1,539 $2,976 $1,146 $1,830 $442 $634 $— 
   General3,707 1,195 1,755 727 1,028 276 482 — 
   Industrial1,718 616 546 357 189 127 428 — 
   Wholesale1,048 261 642 578 64 21 124 — 
   Other revenues333 127 265 138 127 49 47 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$12,397 $3,738 $6,184 $2,946 $3,238 $915 $1,715 $— 
Gas Utilities and Infrastructure
   Residential$686 $— $— $— $— $244 $— $442 
   Commercial333 — — — — 89 — 244 
   Industrial77 — — — — 15 — 61 
   Power Generation— — — — — — — 46 
   Other revenues65 — — — — 11 — 24 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,161 $— $— $— $— $359 $— $817 
Other
Revenue from contracts with customers$16 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$13,574 $3,738 $6,184 $2,946 $3,238 $1,274 $1,715 $817 
Other revenue sources(a)
$280 $24 $76 $12 $54 $24 $40 $94 
Total revenues$13,854 $3,762 $6,260 $2,958 $3,292 $1,298 $1,755 $911 
(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 June 30, 2023 and 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at March 31, 2023$214 $70 $75 $45 $30 $7 $4 $14 
Write-Offs(43)(20)(18)(10)(8)— — (5)
Credit Loss Expense23 6 12 4 8 1 — 4 
Other Adjustments5 1 4 4 — — — — 
Balance at June 30, 2023$199 $57 $73 $43 $30 $8 $4 $13 
Balance at March 31, 2024$204 $62 $73 $47 $27 $41 $16 $12 
Write-Offs(36)(16)(17)(12)(5)— — (3)
Credit Loss Expense35 10 11 6 5 1 — 2 
Other Adjustments4 9 6 6 (1)— — — 
Balance at June 30, 2024$207 $65 $73 $47 $26 $42 $16 $11 
Six Months Ended June 30, 2023 and 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2022$216 $68 $81 $44 $36 $6 $4 $14 
Write-Offs(85)(40)(40)(19)(20)— — (6)
Credit Loss Expense39 13 18 5 13 2 — 5 
Other Adjustments29 16 14 13 1 — — — 
Balance at June 30, 2023$199 $57 $73 $43 $30 $8 $4 $13 
Balance at December 31, 2023$205 $56 $74 $44 $31 $9 $5 $11 
Write-Offs(68)(28)(33)(19)(14)— — (4)
Credit Loss Expense45 17 20 10 10 2 2 4 
Other Adjustments25 20 12 12 (1)31 9 — 
Balance at June 30, 2024$207 $65 $73 $47 $26 $42 $16 $11 
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.
June 30, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unbilled Revenue(a)(b)
$1,155 $414 $426 $278 $148 $127 $177 $11 
Current2,503 772 1,210 727 480 182 205 112 
1-31 days past due202 60 79 35 44 26 17 19 
31-61 days past due75 25 22 15 7 12 11 5 
61-91 days past due80 19 40 10 30 10 5 6 
91+ days past due229 60 61 26 35 84 18 6 
Deferred Payment Arrangements(c)
99 36 40 26 14 18 5 — 
Trade and Other Receivables(e)
$4,343 $1,386 $1,878 $1,117 $758 $459 $438 $159 
December 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unbilled Revenue(a)(d)
$1,273 $399 $401 $280 $121 $4 $22 $108 
Current2,306 680 1,009 612 395 48 87 199 
1-31 days past due275 97 91 41 50 12 14 9 
31-61 days past due78 20 34 23 11 3 7 2 
61-91 days past due47 15 17 10 7 2 4 1 
91+ days past due253 67 69 24 45 46 27 3 
Deferred Payment Arrangements(c)
104 34 43 26 17 6 — — 
Trade and Other Receivables$4,336 $1,312 $1,664 $1,016 $646 $121 $161 $322 
(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)In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility. Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets. See Note 13 for further information.
(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.
(d)Duke Energy Ohio and Duke Energy Indiana sold, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and accounted for the transfers of receivables as sales. Accordingly, the receivables sold were not reflected on the Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. These receivables for unbilled revenues are $141 million and $197 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2023.
(e)The balance of the remaining proceeds from the sale of certain Commercial Renewables assets to Brookfield is not presented in the aging of trade and other receivables above. Refer to Note 2 for further information.