Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.

Electric Utilities and Infrastructure

Electric Utilities and Infrastructure 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)	2021		2022		2023		2024		2025		Thereafter		Total
Progress Energy	$	24	$	107	$	44	$	45	$	7	$	51	$	278
Duke Energy Progress	2		8		8		8		—		—		26
Duke Energy Florida	22		99		36		37		7		51		252
Duke Energy Indiana	—		1		9		14		15		25		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

Gas Utilities and Infrastructure 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 Gas Utilities and Infrastructure 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)	2021		2022		2023		2024		2025		Thereafter		Total
Piedmont	$	17	$	67	$	64	$	61	$	60	$	336	$	605

Commercial Renewables

Commercial Renewables earns the majority of its revenues through long-term PPAs and generally sells all of its wind and solar facility output, electricity and Renewable Energy Certificates (RECs) to customers. Some of these PPAs have been accounted for as leases. For PPAs that are not accounted for as leases, the delivery of electricity and the delivery of RECs are considered separate performance obligations.

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, 2021
			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	$	2,955	$	892	$	1,525	$	619	$	906	$	223	$	316	$	—
General	1,873		685		826		400		426		119		240		—
Industrial	861		360		264		195		69		35		202		—
Wholesale	619		111		399		324		75		19		89		—
Other revenues	252		72		198		118		80		17		23		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,560	$	2,120	$	3,212	$	1,656	$	1,556	$	413	$	870	$	—
Gas Utilities and Infrastructure
Residential	$	129	$	—	$	—	$	—	$	—	$	62	$	—	$	66
Commercial	78		—		—		—		—		24		—		58
Industrial	30		—		—		—		—		3		—		26
Power Generation	—		—		—		—		—		—		—		23
Other revenues	33		—		—		—		—		4		—		9
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	270	$	—	$	—	$	—	$	—	$	93	$	—	$	182
Commercial Renewables
Revenue from contracts with customers	$	56	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	8	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,894	$	2,120	$	3,212	$	1,656	$	1,556	$	506	$	870	$	182
Other revenue sources(a)	$	57	$	(16)	$	21	$	11	$	5	$	—	$	16	$	13
Total revenues	$	6,951	$	2,104	$	3,233	$	1,667	$	1,561	$	506	$	886	$	195

(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.

	Three Months Ended September 30, 2020
			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	$	2,936	$	883	$	1,550	$	616	$	934	$	213	$	289	$	—
General	1,804		664		805		384		421		119		212		—
Industrial	797		342		245		179		66		35		175		—
Wholesale	603		117		412		358		54		10		64		—
Other revenues	238		62		167		75		92		23		22		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	6,378	$	2,068	$	3,179	$	1,612	$	1,567	$	400	$	762	$	—
Gas Utilities and Infrastructure
Residential	$	112	$	—	$	—	$	—	$	—	$	55	$	—	$	57
Commercial	64		—		—		—		—		20		—		44
Industrial	24		—		—		—		—		3		—		22
Power Generation	—		—		—		—		—		—		—		10
Other revenues	16		—		—		—		—		3		—		11
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	216	$	—	$	—	$	—	$	—	$	81	$	—	$	144
Commercial Renewables
Revenue from contracts with customers	$	57	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	7	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total revenue from contracts with customers	$	6,658	$	2,068	$	3,179	$	1,612	$	1,567	$	481	$	762	$	144
Other revenue sources(a)	$	63	$	(10)	$	18	$	14	$	—	$	(8)	$	(1)	$	18
Total revenues	$	6,721	$	2,058	$	3,197	$	1,626	$	1,567	$	473	$	761	$	162

(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, 2021
			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	$	7,753	$	2,368	$	3,903	$	1,657	$	2,246	$	589	$	894	$	—
General	4,805		1,685		2,170		1,036		1,134		329		619		—
Industrial	2,228		872		700		500		200		99		558		—
Wholesale	1,644		341		1,056		901		155		45		202		—
Other revenues	712		208		509		272		237		61		64		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	17,142	$	5,474	$	8,338	$	4,366	$	3,972	$	1,123	$	2,337	$	—
Gas Utilities and Infrastructure
Residential	$	747	$	—	$	—	$	—	$	—	$	241	$	—	$	505
Commercial	373		—		—		—		—		99		—		273
Industrial	110		—		—		—		—		14		—		96
Power Generation	—		—		—		—		—		—		—		69
Other revenues	100		—		—		—		—		21		—		34
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,330	$	—	$	—	$	—	$	—	$	375	$	—	$	977
Commercial Renewables
Revenue from contracts with customers	$	163	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	20	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	18,655	$	5,474	$	8,338	$	4,366	$	3,972	$	1,498	$	2,337	$	977
Other revenue sources(a)	$	204	$	(44)	$	79	$	51	$	15	$	(4)	$	29	$	39
Total revenues	$	18,859	$	5,430	$	8,417	$	4,417	$	3,987	$	1,494	$	2,366	$	1,016

(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, 2020
			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	$	7,451	$	2,316	$	3,792	$	1,578	$	2,214	$	558	$	785	$	—
General	4,691		1,720		2,080		1,001		1,079		336		554		—
Industrial	2,148		871		673		487		186		103		502		—
Wholesale	1,535		332		1,018		877		141		22		163		—
Other revenues	713		184		476		208		268		62		63		—
Total Electric Utilities and Infrastructure revenue from contracts with customers	$	16,538	$	5,423	$	8,039	$	4,151	$	3,888	$	1,081	$	2,067	$	—
Gas Utilities and Infrastructure
Residential	$	631	$	—	$	—	$	—	$	—	$	214	$	—	$	417
Commercial	308		—		—		—		—		86		—		222
Industrial	92		—		—		—		—		12		—		80
Power Generation	—		—		—		—		—		—		—		27
Other revenues	58		—		—		—		—		12		—		46
Total Gas Utilities and Infrastructure revenue from contracts with customers	$	1,089	$	—	$	—	$	—	$	—	$	324	$	—	$	792
Commercial Renewables
Revenue from contracts with customers	$	170	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other
Revenue from contracts with customers	$	20	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Revenue from contracts with customers	$	17,817	$	5,423	$	8,039	$	4,151	$	3,888	$	1,405	$	2,067	$	792
Other revenue sources(a)	$	274	$	(7)	$	78	$	56	$	9	$	(11)	$	3	$	79
Total revenues	$	18,091	$	5,416	$	8,117	$	4,207	$	3,897	$	1,394	$	2,070	$	871

(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.

As described in Note 1, 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 September 30, 2020 and 2021
			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, 2020	$	102	$	14	$	29	$	14	$	14	$	5	$	3	$	6
Write-Offs	12		(2)		15		13		2		—		—		—
Credit Loss Expense	(9)		—		(16)		(15)		—		—		—		3
Other Adjustments	28		10		9		9		—		—		—		—
Balance at September 30, 2020	$	133	$	22	$	37	$	21	$	16	$	5	$	3	$	9
Balance at June 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	13
Write-Offs	(13)		(3)		(6)		(3)		(3)		—		—		(4)
Credit Loss Expense	11		4		6		3		3		—		—		2
Other Adjustments	2		(1)		—		—		—		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15
	Nine Months Ended September 30, 2020 and 2021
			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, 2019	$	76	$	10	$	16	$	8	$	7	$	4	$	3	$	6
Cumulative Change in Accounting Principle	5		1		2		1		1		—		—		1
Write-Offs	(7)		(8)		8		8		—		—		—		(5)
Credit Loss Expense	24		9		2		(5)		8		1		—		7
Other Adjustments	35		10		9		9		—		—		—		—
Balance at September 30, 2020	$	133	$	22	$	37	$	21	$	16	$	5	$	3	$	9
Balance at December 31, 2020	$	146	$	23	$	37	$	23	$	14	$	4	$	3	$	12
Write-Offs	(39)		(10)		(20)		(11)		(9)		—		—		(7)
Credit Loss Expense	40		20		19		9		10		—		—		6
Other Adjustments	(24)		9		—		—		1		—		—		4
Balance at September 30, 2021	$	123	$	42	$	36	$	21	$	16	$	4	$	3	$	15

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. Duke Energy considers receivables greater than 30 days outstanding past due.

	September 30, 2021
			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)	$	826	$	308	$	242	$	125	$	117	$	5	$	27	$	7
0-30 days	2,201		689		910		521		388		65		41		80
30-60 days	194		74		63		37		26		7		5		6
60-90 days	57		30		14		6		8		1		1		3
90+ days	161		68		27		5		22		31		10		9
Deferred Payment Arrangements(c)	113		66		29		21		8		2		—		6
Trade and Other Receivables	$	3,552	$	1,235	$	1,285	$	715	$	569	$	111	$	84	$	111

	December 31, 2020
			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)	$	969	$	328	$	283	$	167	$	116	$	2	$	16	$	86
0-30 days	1,789		445		707		398		307		60		26		149
30-60 days	185		80		54		25		29		8		3		8
60-90 days	22		1		10		4		6		2		1		3
90+ days	119		16		32		9		23		30		12		9
Deferred Payment Arrangements(c)	215		96		80		52		28		—		—		7
Trade and Other Receivables	$	3,299	$	966	$	1,166	$	655	$	509	$	102	$	58	$	262

(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 11 for further information. These receivables for unbilled revenues are $64 million and $115 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 2021, and $87 million and $134 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2020.

(c)Due to certain customer financial hardships created by the COVID-19 pandemic and resulting stay-at-home orders, Duke Energy permitted customers to defer payment of past-due amounts through an installment payment plan over a period of several months.