The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs.

No financial support was provided to any of the consolidated VIEs during the nine months ended September 30, 2023, and the year ended December 31, 2022, or is expected to be provided in the future that was not previously contractually required.

DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies.

DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the DERF and DEPR credit facilities are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt. Amounts borrowed under the DEFR credit facility are reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt.

The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions.

CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Condensed Consolidated Balance Sheets as Long-Term Debt.

The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million.

CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC.


	Duke Energy
			Duke Energy		Duke Energy		Duke Energy
			Carolinas		Progress		Florida
(in millions)	CRC		DERF		DEPR		DEFR
Expiration date	February 2025		January 2025		April 2025		April 2024
Credit facility amount	$	350	$	500	$	400	$	325
Amounts borrowed at September 30, 2023	336		500		400		325
Amounts borrowed at December 31, 2022	350		471		400		250
Restricted Receivables at September 30, 2023	619		1,028		831		758
Restricted Receivables at December 31, 2022	917		928		793		490

Duke Energy Florida Project Finance, LLC (DEFPF) is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3.

In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida.

DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF.


(in millions)	September 30, 2023		December 31, 2022
Receivables of VIEs	$	8	$	6
Regulatory Assets: Current	58		55
Current Assets: Other	24		41
Other Noncurrent Assets: Regulatory assets	816		826
Current Liabilities: Other	2		9
Current maturities of long-term debt	58		56
Long-Term Debt	832		890

Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs.

In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress.

DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively.


	September 30, 2023				December 31, 2022
	Duke Energy		Duke Energy		Duke Energy		Duke Energy
(in millions)	Carolinas		Progress		Carolinas		Progress
Regulatory Assets: Current	$	12	$	39	$	12	$	39
Current Assets: Other	5		16		8		29
Other Noncurrent Assets: Regulatory assets	199		653		208		681
Other Noncurrent Assets: Other	1		2		1		2

Current Liabilities: Other	1		4		3		8
Current maturities of long-term debt	11		34		10		34
Long-Term Debt	208		680		219		714


	September 30, 2023
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	122	$	161

Investments in equity method unconsolidated affiliates	61		—		—
Other noncurrent assets	43		—		—
Total assets	$	104	$	122	$	161

Other current liabilities	18		—		—

Other noncurrent liabilities	12		—		—
Total liabilities	$	30	$	—	$	—
Net assets	$	74	$	122	$	161


	December 31, 2022
	Duke Energy		Duke		Duke
	Natural Gas		Energy		Energy
(in millions)	Investments		Ohio		Indiana
Receivables from affiliated companies	$	—	$	198	$	317

Investments in equity method unconsolidated affiliates	43		—		—
Other noncurrent assets	45		—		—
Total assets	$	88	$	198	$	317

Other current liabilities	59		—		—

Other noncurrent liabilities	47		—		—
Total liabilities	$	106	$	—	$	—
Net (liabilities) assets	$	(18)	$	198	$	317

Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities.

Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value.


	Duke Energy Ohio				Duke Energy Indiana
(in millions)	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Receivables sold	$	334	$	423	$	330	$	508
Less: Retained interests	122		198		161		317
Net receivables sold	$	212	$	225	$	169	$	191


		Duke Energy Ohio						Duke Energy Indiana
	Nine Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)			2023		2022				2023		2022
Sales
Receivables sold			$	1,973	$	1,869			$	2,453	$	2,646
Loss recognized on sale			25		11				29		15
Cash flows
Cash proceeds from receivables sold			$	2,024	$	1,757			$	2,580	$	2,465
Collection fees received			1		1				1		1
Return received on retained interests			15		6				19		9

Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Condensed Consolidated Statements of Cash Flows.