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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Line Items]  
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Amounts included in earnings for derivatives are primarily included in Operating Revenues.
 
Three Months Ended June 30, 2014
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
99

 
$
(14
)
 
$
85

Total pretax realized or unrealized gains (losses) included in earnings

 
(6
)
 
(6
)
Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
15

 
51

 
66

Sales
(1
)
 

 
(1
)
Issuances

 
(1
)
 
(1
)
Settlements

 
(6
)
 
(6
)
Transfers out of Level 3 due to observability of inputs
68

 
2

 
70

Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
7

 
(4
)
 
3

Balance at end of period
$
188

 
$
22

 
$
210

Pretax amounts included in the Condensed Consolidated Statements of Comprehensive Income related to Level 3 measurements outstanding
$

 
$
(25
)
 
$
(25
)
 
Three Months Ended June 30, 2013
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
98

 
$
(82
)
 
$
16

Total pretax realized or unrealized gains (losses) included in earnings

 
(11
)
 
(11
)
Total pretax gains included in other comprehensive income
(1
)
 

 
(1
)
Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
3

 
21

 
24

Issuances
(3
)
 

 
(3
)
Settlements
(1
)
 
(9
)
 
(10
)
Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
1

 
(6
)
 
(5
)
Balance at end of period
$
97

 
$
(87
)
 
$
10

 
Six Months Ended June 30, 2014
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
98

 
$
13

 
$
111

Total pretax realized or unrealized gains (losses) included in earnings

 
12

 
12

Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
16

 
51

 
67

Sales
(2
)
 

 
(2
)
Issuances

 
(1
)
 
(1
)
Settlements

 
(45
)
 
(45
)
Transfers out of Level 3 due to observability of inputs
68

 
(3
)
 
65

Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
8

 
(5
)
 
3

Balance at end of period
$
188

 
$
22

 
$
210

Pretax amounts included in the Condensed Consolidated Statements of Comprehensive Income related to Level 3 measurements outstanding
$

 
$
(25
)
 
$
(25
)
 
Six Months Ended June 30, 2013
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
98

 
$
(85
)
 
$
13

Total pretax realized or unrealized gains (losses) included in earnings

 
(21
)
 
(21
)
Total pretax gains included in other comprehensive income
(2
)
 

 
(2
)
Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
3

 
21

 
24

Sales
(3
)
 

 
(3
)
Issuances

 
6

 
6

Settlements
(1
)
 
(2
)
 
(3
)
Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
2

 
(6
)
 
(4
)
Balance at end of period
$
97

 
$
(87
)
 
$
10

Fair Value Measurement Amounts For Assets And Liabilities
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
3,873

 
$
3,703

 
$
2

 
$
168

Nuclear decommissioning trust fund debt securities
1,548

 
374

 
1,174

 

Other trading and available-for-sale equity securities
98

 
98

 

 

Other trading and available-for-sale debt securities
294

 
28

 
246

 
20

Derivative assets
133

 
8

 
66

 
59

Total assets
5,946

 
4,211

 
1,488

 
247

Derivative liabilities
(507
)
 
(150
)
 
(320
)
 
(37
)
Net assets
$
5,439

 
$
4,061

 
$
1,168

 
$
210

 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
3,579

 
$
3,495

 
$
57

 
$
27

Nuclear decommissioning trust fund debt securities
1,553

 
402

 
1,100

 
51

Other trading and available-for-sale equity securities
102

 
91

 
11

 

Other trading and available-for-sale debt securities
333

 
36

 
277

 
20

Derivative assets
145

 
33

 
70

 
42

Total assets
5,712

 
4,057

 
1,515

 
140

Derivative liabilities
(321
)
 
11

 
(303
)
 
(29
)
Net assets
$
5,391

 
$
4,068

 
$
1,212

 
$
111


Quantitative Information Table - Level 3
The following table includes quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
 
June 30, 2014
Investment Type
Fair Value
(in millions)

Valuation Technique
Unobservable Input
Range
 
 
Duke Energy
 
 
 
 
 
 
Natural gas contracts
$
(1
)
Discounted cash flow
Forward natural gas curves - price per MMBtu
$
2.92

-
$
4.71

Financial transmission rights (FTRs)
45

RTO auction pricing
FTR price - per MWh
(4.53
)
-
60.90

Electricity contracts
(9
)
Discounted cash flow
Forward electricity curves - price per MWh
25.10

-
62.77

Commodity capacity option contracts
4

Discounted cash flow
Forward capacity option curves  - price per MW day
27.65

-
161.10

Reserves
(17
)
 
Bid-ask spreads, implied volatility, probability of default
 
 
 
Total Level 3 derivatives
$
22

 
 
 
 
 
Duke Energy Carolinas
 
 
 
 
 
 
Electricity contracts
$
(3
)
Discounted cash flow
Forward electricity curves - price per MWh
36.37

-
62.54

Duke Energy Ohio
 
 
 
 
 
 
Electricity contracts
$
(13
)
Discounted cash flow
Forward electricity curves - price per MWh
25.55

-
65.42

Natural gas contracts
(1
)
Discounted cash flow
Forward natural gas curves - price per MMBtu
2.92

-
4.71

Reserves
(14
)
 
Bid-ask spreads, implied volatility, probability of default
 
 
 
Total Level 3 derivatives
$
(28
)
 
 
 
 
 
Duke Energy Indiana
 
 
 
 
 
 
FTRs
$
45

RTO auction pricing
FTR price - per MWh
(4.53
)
-
60.90

 
December 31, 2013
Investment Type
Fair Value
(in millions)

Valuation Technique
Unobservable Input
Range
 
 
Duke Energy
 
 
 
 
 
 
Natural gas contracts
$
(2
)
Discounted cash flow
Forward natural gas curves - price per MMBtu
$
3.07

-
$
5.37

FERC mitigation power sale agreements
(2
)
Discounted cash flow
Forward electricity curves - price per MWh
25.79

-
52.38

Financial transmission rights (FTRs)
12

RTO auction pricing
FTR price - per MWh
(0.30
)
-
13.80

Electricity contracts
23

Discounted cash flow
Forward electricity curves - price per MWh
20.77

-
58.90

Commodity capacity option contracts
4

Discounted cash flow
Forward capacity option curves  - price per MW day
30.40

-
165.10

Reserves
(22
)
 
Bid-ask spreads, implied volatility, probability of default
 
 
 
Total Level 3 derivatives
$
13

 
 
 
 
 
Duke Energy Carolinas
 
 
 
 
 
 
FERC mitigation power sale agreements
$
(2
)
Discounted cash flow
Forward electricity curves - price per MWh
25.79

-
52.38

Duke Energy Ohio
 
 
 
 
 
 
Electricity contracts
$
18

Discounted cash flow
Forward electricity curves - price per MWh
20.77

-
58.90

Natural gas contracts
(2
)
Discounted cash flow
Forward natural gas curves - price per MMBtu
3.07

-
5.37

Reserves
(20
)
 
Bid-ask spreads, implied volatility, probability of default
 
 
 
Total Level 3 derivatives
$
(4
)
 
 
 
 
 
Duke Energy Indiana
 
 
 
 
 
 
FTRs
$
12

RTO auction pricing
FTR price - per MWh
(0.30
)
-
13.80

Schedule of Long-term debt, including current
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.
 
June 30, 2014
 
December 31, 2013
(in millions)
Book Value

Fair Value

 
Book Value

Fair Value

Duke Energy
$
40,593

$
44,558

 
$
40,256

$
42,592

Duke Energy Carolinas
8,435

9,510

 
8,436

9,123

Progress Energy
14,518

16,387

 
14,115

15,234

Duke Energy Progress
5,717

6,045

 
5,235

5,323

Duke Energy Florida
5,107

5,892

 
4,886

5,408

Duke Energy Ohio
1,784

1,983

 
2,188

2,237

Duke Energy Indiana
3,795

4,374

 
3,796

4,171

Duke Energy Carolinas [Member]
 
Fair Value Disclosures [Line Items]  
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
 
Three Months Ended June 30, 2014
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
82

 
$
(4
)
 
$
78

Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
15

 

 
15

Sales
(1
)
 

 
(1
)
Settlements

 
1

 
1

Transfers out of Level 3 due to observability of inputs
68

 

 
68

Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
7

 

 
7

Balance at end of period
$
171

 
$
(3
)
 
$
168

 
Three Months Ended June 30, 2013
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
73

 
$
(5
)
 
$
68

Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
3

 

 
3

Sales
(3
)
 

 
(3
)
Settlements

 
1

 
1

Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
1

 

 
1

Balance at end of period
$
74

 
$
(4
)
 
$
70

 
Six Months Ended June 30, 2014
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
81

 
$
(2
)
 
$
79

Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
16

 

 
16

Sales
(2
)
 

 
(2
)
Settlements

 
(1
)
 
(1
)
Transfers out of Level 3 due to observability of inputs
68

 

 
68

Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
8

 

 
8

Balance at end of period
$
171

 
$
(3
)
 
$
168

 
Six Months Ended June 30, 2013
(in millions)
Investments

 
Derivatives (net)

 
Total

Balance at beginning of period
$
72

 
$
(12
)
 
$
60

Purchases, sales, issuances and settlements:
 
 
 
 
 
Purchases
3

 

 
3

Sales
(3
)
 

 
(3
)
Settlements

 
8

 
8

Total gains (losses) included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
2

 

 
2

Balance at end of period
$
74

 
$
(4
)
 
$
70

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 table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type.
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
2,156

 
$
1,986

 
$
2

 
$
168

Nuclear decommissioning trust fund debt securities
843

 
147

 
696

 

Other trading and available-for-sale debt securities
3

 

 

 
3

Total assets
3,002

 
2,133

 
698

 
171

Derivative liabilities
(3
)
 

 

 
(3
)
Net assets
$
2,999

 
$
2,133

 
$
698

 
$
168

 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
1,964

 
$
1,879

 
$
58

 
$
27

Nuclear decommissioning trust fund debt securities
870

 
168

 
651

 
51

Other trading and available-for-sale debt securities
3

 

 

 
3

Total assets
2,837

 
2,047

 
709

 
81

Derivative liabilities
(2
)
 

 

 
(2
)
Net assets
$
2,835

 
$
2,047

 
$
709

 
$
79


Progress Energy [Member]
 
Fair Value Disclosures [Line Items]  
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
 
Derivatives (net)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2014

 
2013

 
2014

 
2013

Balance at beginning of period
$
(3
)
 
$
(31
)
 
$

 
$
(38
)
Total pretax realized or unrealized gains included in earnings
3

 

 

 

Purchases, sales, issuances and settlements:
 
 
 
 
 
 
 
Issuances

 
1

 

 
7

Transfers out of Level 3 due to observability of inputs
2

 

 
2

 

Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
(2
)
 
(5
)
 
(2
)
 
(4
)
Balance at end of period
$

 
$
(35
)
 
$

 
$
(35
)
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 table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type.
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
1,717

 
$
1,717

 
$

 
$

Nuclear decommissioning trust fund debt securities
705

 
227

 
478

 

Other trading and available-for-sale debt securities
58

 
16

 
42

 

Derivative assets
3

 

 
3

 

Total assets
2,483

 
1,960

 
523

 

Derivative liabilities
(147
)
 

 
(147
)
 

Net assets
$
2,336

 
$
1,960

 
$
376

 
$

 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
1,615

 
$
1,615

 
$

 
$

Nuclear decommissioning trust fund debt securities
677

 
233

 
444

 

Other trading and available-for-sale debt securities
58

 
19

 
39

 

Derivative assets
3

 

 
3

 

Total assets
2,353

 
1,867

 
486

 

Derivative liabilities
(187
)
 

 
(187
)
 

Net assets
$
2,166

 
$
1,867

 
$
299

 
$


Duke Energy Progress [Member]
 
Fair Value Disclosures [Line Items]  
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
 
Derivatives (net)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2014

 
2013

 
2014

 
2013

Balance at beginning of period
$
(3
)
 
$
(31
)
 
$

 
$
(38
)
Total pretax realized or unrealized gains included in earnings
3

 

 

 

Purchases, sales, issuances and settlements:
 
 
 
 
 
 
 
Issuances

 
1

 

 
7

Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities

 
(5
)
 

 
(4
)
Balance at end of period
$

 
$
(35
)
 
$

 
$
(35
)
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 table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type.
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
1,139

 
$
1,139

 
$

 
$

Nuclear decommissioning trust fund debt securities
493

 
149

 
344

 

Other trading and available-for-sale debt securities
2

 
2

 

 

Derivative assets
1

 

 
1

 

Total assets
1,635

 
1,290

 
345

 

Derivative liabilities
(62
)
 

 
(62
)
 

Net assets
$
1,573

 
$
1,290

 
$
283

 
$

 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
1,069

 
$
1,069

 
$

 
$

Nuclear decommissioning trust fund debt securities
470

 
137

 
333

 

Other trading and available-for-sale debt securities
3

 
3

 

 

Derivative assets
1

 

 
1

 

Total assets
1,543

 
1,209

 
334

 

Derivative liabilities
(66
)
 

 
(66
)
 

Net assets
$
1,477

 
$
1,209

 
$
268

 
$

Duke Energy Florida [Member]
 
Fair Value Disclosures [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 table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type.
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
578

 
$
578

 
$

 
$

Nuclear decommissioning trust fund debt securities and other
212

 
78

 
134

 

Other trading and available-for-sale debt securities and other
43

 
1

 
42

 

Derivative assets
2

 

 
2

 

Total assets
835

 
657

 
178

 

Derivative liabilities
(85
)
 

 
(85
)
 

Net assets
$
750

 
$
657

 
$
93

 
$

 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Nuclear decommissioning trust fund equity securities
$
546

 
$
546

 
$

 
$

Nuclear decommissioning trust fund debt securities and other
214

 
96

 
118

 

Other trading and available-for-sale debt securities and other
40

 
2

 
38

 

Derivative assets
1

 

 
1

 

Total assets
801

 
644

 
157

 

Derivative liabilities
(116
)
 

 
(116
)
 

Net assets
$
685

 
$
644

 
$
41

 
$


Duke Energy Ohio [Member]
 
Fair Value Disclosures [Line Items]  
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
 
Derivatives (net)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2014

 
2013

 
2014

 
2013

Balance at beginning of period
$
(19
)
 
$
(5
)
 
$
(4
)
 
$
(6
)
Total pretax realized or unrealized gains (losses) included in earnings
(13
)
 
(14
)
 
(19
)
 
(10
)
Purchases, sales, issuances and settlements:
 
 
 
 
 
 
 
Purchases
1

 
1

 
1

 
1

Settlements

 

 
(4
)
 
(3
)
Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
2

 
(1
)
 
2

 
(1
)
Transfers out of Level 3 due to observability of inputs
1

 

 
(4
)
 

Balance at end of period
$
(28
)
 
$
(19
)
 
$
(28
)
 
$
(19
)
Pretax amounts included in the Condensed Consolidated Statements of Operations and Comprehensive Income related to Level 3 measurements outstanding at June 30, 2014


 
 
 
$
(27
)
 
 
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 table below exclude cash collateral, which is disclosed in Note 9.
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Derivative assets
$
18

 
$

 
$
11

 
$
7

Derivative liabilities
(294
)
 
(145
)
 
(114
)
 
(35
)
Net assets (liabilities)
$
(276
)
 
$
(145
)
 
$
(103
)
 
$
(28
)
 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Derivative assets
$
96

 
$
50

 
$
21

 
$
25

Derivative liabilities
(95
)
 
(1
)
 
(65
)
 
(29
)
Net assets (liabilities)
$
1

 
$
49

 
$
(44
)
 
$
(4
)

Duke Energy Indiana [Member]
 
Fair Value Disclosures [Line Items]  
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
 
Derivatives (net)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2014

 
2013

 
2014

 
2013

Balance at beginning of period
$
7

 
$
4

 
$
12

 
$
10

Total pretax realized or unrealized gains (losses) included in earnings

 
7

 
27

 
2

Purchases, sales, issuances and settlements:
 
 
 
 
 
 
 
Purchases
49

 
20

 
49

 

Sales

 

 

 
20

Settlements
(7
)
 
(13
)
 
(38
)
 
(13
)
Total gains included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities
(4
)
 

 
(5
)
 
(1
)
Balance at end of period
$
45

 
$
18

 
$
45

 
$
18

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 table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type.
 
June 30, 2014
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Available-for-sale equity securities
$
70

 
$
70

 
$

 
$

Available-for-sale debt securities
30

 

 
30

 

Derivative assets
45

 

 

 
45

Net assets
$
145

 
$
70

 
$
30

 
$
45

 
December 31, 2013
(in millions)
Total Fair Value

 
Level 1

 
Level 2

 
Level 3

Available-for-sale equity securities
$
65

 
$
65

 
$

 
$

Available-for-sale debt securities
29

 

 
29

 

Derivative assets
12

 

 

 
12

Net assets
$
106

 
$
65

 
$
29

 
$
12