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Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Derivative Positions

The following table shows notional amounts of outstanding derivatives related to interest rate risk.


	September 30, 2022
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Indiana		Ohio
Cash flow hedges	$	1,125	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	1,102		625		150		150		300		27
Total notional amount(a)	$	2,227	$	625	$	150	$	150	$	300	$	27


	December 31, 2021
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Indiana		Ohio
Cash flow hedges	$	2,415	$	—	$	—	$	—	$	—	$	—
Undesignated contracts	1,177		350		500		500		300		27
Total notional amount(a)	$	3,592	$	350	$	500	$	500	$	300	$	27

(a)Duke Energy includes amounts related to consolidated VIEs of $625 million and $665 million in cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.


	September 30, 2022
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	32,282	—	—	—	3,067	18,633	—
Natural gas (millions of dekatherms)	862	274	265	265	—	14	309


	December 31, 2021
		Duke		Duke	Duke	Duke
	Duke	Energy	Progress	Energy	Energy	Energy
	Energy	Carolinas	Energy	Progress	Ohio	Indiana	Piedmont
Electricity (GWh)(a)	22,344	—	—	—	1,681	10,688	—
Natural gas (millions of dekatherms)	823	264	215	215	—	8	336

(a)Duke Energy includes 4,335 GWh and 9,975 GWh related to cash flow hedges as of September 30, 2022, and December 31, 2021, respectively.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk. There were no fair value hedges in 2021.


	September 30, 2022
					Receive					Fair Value
	Pay Notional				Notional		Receive		Hedge	Gain (Loss)(a)
	(in millions)		Pay Rate		(in millions)		Rate		Maturity Date	(in millions)
Fair value hedges
	$	645	4.75	%	600	euros	3.10	%	June 2028	$	(57)
	537		5.31	%	500	euros	3.85	%	June 2034	(47)
Total notional amount	$	1,182			1,100	euros				$	(104)

(a) Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded

Location And Fair Value Of Derivatives Recognized in the Condensed Consolidated Balance Sheets

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.


Derivative Assets	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts



Not Designated as Hedging Instruments
Current	$	615	$	282	$	263	$	241	$	22	$	4	$	58	$	—
Noncurrent	340		172		162		162		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	955	$	454	$	425	$	403	$	22	$	4	$	58	$	—
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	103	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	35		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	85		—		12		12		—		—		73		—
Noncurrent	81		81		—		—		—		—		—		—
Total Derivative Assets – Interest Rate Contracts	$	304	$	81	$	12	$	12	$	—	$	—	$	73	$	—








Total Derivative Assets	$	1,259	$	535	$	437	$	415	$	22	$	4	$	131	$	—


Derivative Liabilities	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current	$	24	$	—	$	—	$	—	$	—	$	—	$	—	—
Noncurrent	106		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	168		99		—		—		—		—		18		31
Noncurrent	233		14		9		9		—		—		—		140
Total Derivative Liabilities – Commodity Contracts	$	531	$	113	$	9	$	9	$	—	$	—	$	18	$	171
Interest Rate Contracts



Not Designated as Hedging Instruments
Current	1		—		—		—		—		1		—		—
Noncurrent	2		—		—		—		—		2		—		—
Total Derivative Liabilities – Interest Rate Contracts	$	3	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current	$	21	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	116		—		—		—		—		—		—		—



Total Derivative Liabilities – Foreign Currency Contracts	$	137	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total Derivative Liabilities	$	671	$	113	$	9	$	9	$	—	$	3	$	18	$	171


Derivative Assets	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts



Not Designated as Hedging Instruments
Current	$	199	$	99	$	72	$	72	$	—	$	2	$	23	$	3
Noncurrent	113		63		50		50		—		—		—		—
Total Derivative Assets – Commodity Contracts	$	312	$	162	$	122	$	122	$	—	$	2	$	23	$	3
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	3		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	2		—		2		2		—		—		—		—

Total Derivative Assets – Interest Rate Contracts	$	8	$	—	$	2	$	2	$	—	$	—	$	—	$	—








Total Derivative Assets	$	320	$	162	$	124	$	124	$	—	$	2	$	23	$	3


Derivative Liabilities	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current	$	27	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	117		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	72		18		19		5		14		—		13		21
Noncurrent	132		9		5		5		—		—		—		118
Total Derivative Liabilities – Commodity Contracts	$	348	$	27	$	24	$	10	$	14	$	—	$	13	$	139
Interest Rate Contracts
Designated as Hedging Instruments
Current	$	75	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Noncurrent	21		—		—		—		—		—		—		—
Not Designated as Hedging Instruments
Current	10		8		—		—		—		1		—		—
Noncurrent	18		—		—		—		—		4		14		—
Total Derivative Liabilities – Interest Rate Contracts	$	124	$	8	$	—	$	—	$	—	$	5	$	14	$	—








Total Derivative Liabilities	$	472	$	35	$	24	$	10	$	14	$	5	$	27	$	139

Offsetting Assets

The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The gross amounts offset in the tables below show the effect of these netting arrangements on financial position, and include cash collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable and letters of credit may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.


Derivative Assets	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	803	$	282	$	275	$	253	$	22	$	4	$	131	$	—
Gross amounts offset	(232)		(124)		(109)		(109)		—		—		—		—
Net amounts presented in Current Assets: Other	$	571	$	158	$	166	$	144	$	22	$	4	$	131	$	—
Noncurrent
Gross amounts recognized	$	456	$	253	$	162	$	162	$	—	$	—	$	—	$	—
Gross amounts offset	(191)		(86)		(105)		(105)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	265	$	167	$	57	$	57	$	—	$	—	$	—	$	—


Derivative Liabilities	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	214	$	99	$	—	$	—	$	—	$	1	$	18	$	31
Gross amounts offset	(18)		—		—		—		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	196	$	99	$	—	$	—	$	—	$	1	$	—	$	31
Noncurrent
Gross amounts recognized	$	457	$	14	$	9	$	9	$	—	$	2	$	—	$	140
Gross amounts offset	(17)		(9)		(9)		(9)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	440	$	5	$	—	$	—	$	—	$	2	$	—	$	140


Derivative Assets	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	204	$	99	$	74	$	74	$	—	$	2	$	23	$	3
Gross amounts offset	(25)		(16)		(9)		(9)		—		—		—		—
Net amounts presented in Current Assets: Other	$	179	$	83	$	65	$	65	$	—	$	2	$	23	$	3
Noncurrent
Gross amounts recognized	$	116	$	63	$	50	$	50	$	—	$	—	$	—	$	—
Gross amounts offset	(23)		(15)		(8)		(8)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	93	$	48	$	42	$	42	$	—	$	—	$	—	$	—


Derivative Liabilities	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	184	$	26	$	19	$	5	$	14	$	1	$	13	$	21
Gross amounts offset	(11)		(6)		(5)		(5)		—		—		—		—
Net amounts presented in Current Liabilities: Other	$	173	$	20	$	14	$	—	$	14	$	1	$	13	$	21
Noncurrent
Gross amounts recognized	$	288	$	9	$	5	$	5	$	—	$	4	$	14	$	118
Gross amounts offset	(12)		(8)		(5)		(5)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	276	$	1	$	—	$	—	$	—	$	4	$	14	$	118

Offsetting Liabilities


Derivative Assets	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	803	$	282	$	275	$	253	$	22	$	4	$	131	$	—
Gross amounts offset	(232)		(124)		(109)		(109)		—		—		—		—
Net amounts presented in Current Assets: Other	$	571	$	158	$	166	$	144	$	22	$	4	$	131	$	—
Noncurrent
Gross amounts recognized	$	456	$	253	$	162	$	162	$	—	$	—	$	—	$	—
Gross amounts offset	(191)		(86)		(105)		(105)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	265	$	167	$	57	$	57	$	—	$	—	$	—	$	—


Derivative Liabilities	September 30, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	214	$	99	$	—	$	—	$	—	$	1	$	18	$	31
Gross amounts offset	(18)		—		—		—		—		—		(18)		—
Net amounts presented in Current Liabilities: Other	$	196	$	99	$	—	$	—	$	—	$	1	$	—	$	31
Noncurrent
Gross amounts recognized	$	457	$	14	$	9	$	9	$	—	$	2	$	—	$	140
Gross amounts offset	(17)		(9)		(9)		(9)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	440	$	5	$	—	$	—	$	—	$	2	$	—	$	140


Derivative Assets	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	204	$	99	$	74	$	74	$	—	$	2	$	23	$	3
Gross amounts offset	(25)		(16)		(9)		(9)		—		—		—		—
Net amounts presented in Current Assets: Other	$	179	$	83	$	65	$	65	$	—	$	2	$	23	$	3
Noncurrent
Gross amounts recognized	$	116	$	63	$	50	$	50	$	—	$	—	$	—	$	—
Gross amounts offset	(23)		(15)		(8)		(8)		—		—		—		—
Net amounts presented in Other Noncurrent Assets: Other	$	93	$	48	$	42	$	42	$	—	$	—	$	—	$	—


Derivative Liabilities	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Current
Gross amounts recognized	$	184	$	26	$	19	$	5	$	14	$	1	$	13	$	21
Gross amounts offset	(11)		(6)		(5)		(5)		—		—		—		—
Net amounts presented in Current Liabilities: Other	$	173	$	20	$	14	$	—	$	14	$	1	$	13	$	21
Noncurrent
Gross amounts recognized	$	288	$	9	$	5	$	5	$	—	$	4	$	14	$	118
Gross amounts offset	(12)		(8)		(5)		(5)		—		—		—		—
Net amounts presented in Other Noncurrent Liabilities: Other	$	276	$	1	$	—	$	—	$	—	$	4	$	14	$	118