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Revenue
 3 Months Ended
Mar. 31, 2023
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)20232024202520262027ThereafterTotal
Progress Energy$43 $66 $7 $7 $7 $36 $166 
Duke Energy Progress6 8 — — — — 14 
Duke Energy Florida37 58 7 7 7 36 152 
Duke Energy Indiana10 16 17 15 7 5 70 
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)20232024202520262027ThereafterTotal
Piedmont$51 $62 $61 $51 $49 $241 $515 
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 March 31, 2023
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$2,851 $824 $1,421 $607 $814 $234 $372 $— 
   General1,831 588 841 358 483 135 270 — 
   Industrial891 296 272 177 95 71 251 — 
   Wholesale550 135 348 319 29 9 58 — 
   Other revenues144 78 121 68 53 27 15 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,267 $1,921 $3,003 $1,529 $1,474 $476 $966 $— 
Gas Utilities and Infrastructure
   Residential$507 $— $— $— $— $162 $— $345 
   Commercial233 — — — — 58 — 175 
   Industrial47 — — — — 9 — 37 
   Power Generation— — — — — — — 23 
   Other revenues40 — — — — 6 — 19 
Total Gas Utilities and Infrastructure revenue from contracts with customers$827 $— $— $— $— $235 $— $599 
Other
Revenue from contracts with customers$7 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,101 $1,921 $3,003 $1,529 $1,474 $711 $966 $599 
Other revenue sources(a)
$175 $13 $45 $4 $36 $(2)$9 $76 
Total revenues$7,276 $1,934 $3,048 $1,533 $1,510 $709 $975 $675 
Three Months Ended March 31, 2022
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$2,767 $831 $1,368 $624 $744 $211 $354 $— 
   General1,604 544 726 325 401 116 218 — 
   Industrial772 276 270 194 76 35 192 — 
   Wholesale626 113 411 349 62 23 79 — 
   Other revenues202 111 211 139 72 21 (36)— 
Total Electric Utilities and Infrastructure revenue from contracts with customers$5,971 $1,875 $2,986 $1,631 $1,355 $406 $807 $— 
Gas Utilities and Infrastructure
   Residential$572 $— $— $— $— $149 $— $423 
   Commercial269 — — — — 64 — 204 
   Industrial57 — — — — 7 — 50 
   Power Generation— — — — — — — 24 
   Other revenues115 — — — — 6 — 93 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,013 $— $— $— $— $226 $— $794 
Other
Revenue from contracts with customers$7 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$6,991 $1,875 $2,986 $1,631 $1,355 $632 $807 $794 
Other revenue sources(a)
$20 $13 $6 $1 $— $6 $15 $11 
Total revenues$7,011 $1,888 $2,992 $1,632 $1,355 $638 $822 $805 
(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.
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 March 31, 2022 and 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2021$121 $42 $36 $21 $16 $4 $3 $15 
Write-Offs(23)(9)(10)(2)(8)— — (1)
Credit Loss Expense24 5 12 4 8 — — 3 
Other Adjustments17 14 13 8 5 — — — 
Balance at March 31, 2022$139 $52 $51 $31 $21 $4 $3 $17 
Balance at December 31, 2022$216 $68 $81 $44 $36 $6 $4 $14 
Write-Offs(42)(20)(22)(9)(12)— — (1)
Credit Loss Expense16 7 6 1 5 1 — 1 
Other Adjustments24 15 10 9 1 — — — 
Balance at March 31, 2023$214 $70 $75 $45 $30 $7 $4 $14 
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.
March 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unbilled Revenue(a)(b)
$1,070 $408 $284 $178 $106 $3 $20 $57 
Current2,018 519 892 476 414 14 46 168 
1-31 days past due254 64 103 68 35 5 9 18 
31-61 days past due148 32 83 72 11 5 2 10 
61-91 days past due33 9 13 8 5 2 1 2 
91+ days past due217 60 65 24 41 48 16 3 
Deferred Payment Arrangements(c)
144 46 51 32 19 4 — 1 
Trade and Other Receivables$3,884 $1,138 $1,491 $858 $631 $81 $94 $259 
December 31, 2022
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unbilled Revenue(a)(b)
$1,457 $486 $355 $232 $123 $20 $28 $160 
Current2,347 577 1,059 637 417 15 52 265 
1-31 days past due261 96 60 15 45 5 17 15 
31-61 days past due123 23 61 49 12 6 2 3 
61-91 days past due74 25 18 9 9 3 11 2 
91+ days past due209 70 74 27 47 26 6 4 
Deferred Payment Arrangements(c)
160 57 62 35 27 4 — 1 
Trade and Other Receivables$4,631 $1,334 $1,689 $1,004 $680 $79 $116 $450 
(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 12 for further information. These receivables for unbilled revenues are $103 million and $195 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2023, and $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022.
(c)Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans.