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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________to_________
Commission File Number Registrant, State of Incorporation or Organization,
Address of Principal Executive Offices, Zip Code and Telephone Number		 IRS Employer Identification No.
dukeenergylogo4ca65.jpg
1-32853
DUKE ENERGY CORPORATION
 20-2777218
(a Delaware corporation)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853
1-4928
DUKE ENERGY CAROLINAS, LLC
 56-0205520
(a North Carolina limited liability company)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853
1-15929
PROGRESS ENERGY, INC.
 56-2155481
(a North Carolina corporation)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853
1-3382
DUKE ENERGY PROGRESS, LLC
 56-0165465
(a North Carolina limited liability company)
410 South Wilmington Street
Raleigh, North Carolina 27601-1748
704-382-3853
1-3274
DUKE ENERGY FLORIDA, LLC
 59-0247770
(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
704-382-3853
1-1232
DUKE ENERGY OHIO, INC.
 31-0240030
(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
704-382-3853
1-3543
DUKE ENERGY INDIANA, LLC
 35-0594457
(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
704-382-3853
1-6196
PIEDMONT NATURAL GAS COMPANY, INC.
 56-0556998
(a North Carolina corporation)
4720 Piedmont Row Drive
Charlotte, North Carolina 28210
704-364-3120




SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Name of each exchange on
Registrant    Title of each class    Trading symbols        which registered
Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC
September 15, 2078
Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC
interest in a share of 5.75% Series A Cumulative
Redeemable Perpetual Preferred Stock, par value
$0.001 per share
Duke Energy    3.10% Senior Notes due 2028    DUK 28A    New York Stock Exchange LLC        
Duke Energy    3.85% Senior Notes due 2034    DUK 34    New York Stock Exchange LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Duke Energy Corporation (Duke Energy) Yes ☒ No ☐ Duke Energy Florida, LLC (Duke Energy Florida) Yes ☒ No ☐
Duke Energy Carolinas, LLC (Duke Energy Carolinas) Yes ☒ No ☐ Duke Energy Ohio, Inc. (Duke Energy Ohio) Yes ☒ No ☐
Progress Energy, Inc. (Progress Energy) Yes ☒ No ☐ Duke Energy Indiana, LLC (Duke Energy Indiana) Yes ☒ No ☐
Duke Energy Progress, LLC (Duke Energy Progress) Yes ☒ No ☐ Piedmont Natural Gas Company, Inc. (Piedmont) Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Duke Energy Yes ☒ No ☐ Duke Energy Florida Yes ☒ No ☐
Duke Energy Carolinas Yes ☒ No ☐ Duke Energy Ohio Yes ☒ No ☐
Progress Energy Yes ☒ No ☐ Duke Energy Indiana Yes ☒ No ☐
Duke Energy Progress Yes ☒ No ☐ Piedmont Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Duke Energy Large Accelerated Filer ☒ Accelerated filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☐ Emerging growth company ☐
Duke Energy Carolinas Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
Progress Energy Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
Duke Energy Progress Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
Duke Energy Florida Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
Duke Energy Ohio Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
Duke Energy Indiana Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
Piedmont Large Accelerated Filer ☐ Accelerated filer ☐ Non-accelerated Filer ☒ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Duke Energy Yes
☐
 No ☒ Duke Energy Florida Yes
☐
 No ☒
Duke Energy Carolinas Yes
☐
 No ☒ Duke Energy Ohio Yes
☐
 No ☒
Progress Energy Yes
☐
 No ☒ Duke Energy Indiana Yes
☐
 No ☒
Duke Energy Progress Yes
☐
 No ☒ Piedmont Yes
☐
 No ☒


Number of shares of common stock outstanding at October 31, 2023:
Registrant Description Shares
Duke Energy Common stock, $0.001 par value 770,711,728
Duke Energy Carolinas All of the registrant's limited liability company member interests are directly owned by Duke Energy. N/A
Progress Energy All of the registrant's common stock is directly owned by Duke Energy. 100
Duke Energy Progress All of the registrant's limited liability company member interests are indirectly owned by Duke Energy. N/A
Duke Energy Florida All of the registrant's limited liability company member interests are indirectly owned by Duke Energy. N/A
Duke Energy Ohio All of the registrant's common stock is indirectly owned by Duke Energy. 89,663,086
Duke Energy Indiana All of the registrant's limited liability company member interests are owned by a Duke Energy subsidiary that is 80.1% indirectly owned by Duke Energy. N/A
Piedmont All of the registrant's common stock is directly owned by Duke Energy. 100
This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.
Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.


TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Piedmont Natural Gas Company, Inc. Financial Statements
Note 1 – Organization and Basis of Presentation
Note 2 – Dispositions
Note 3 – Business Segments
Note 4 – Regulatory Matters
Note 5 – Commitments and Contingencies
Note 6 – Debt and Credit Facilities
Note 7 – Asset Retirement Obligations
Note 8 – Goodwill
Note 9 – Related Party Transactions
Note 10 – Derivatives and Hedging
Note 11 – Investments in Debt and Equity Securities
Note 12 – Fair Value Measurements
Note 13 – Variable Interest Entities
Note 14 – Revenue
Note 15 – Stockholders' Equity
Note 16 – Employee Benefit Plans
Note 17 – Income Taxes
Note 18 – Subsequent Events
PART II. OTHER INFORMATION
Item 5. Other Information

GLOSSARY OF TERMS
Glossary of Terms 
The following terms or acronyms used in this Form 10-Q are defined below:
Term or Acronym Definition
2021 Settlement Settlement Agreement in 2021 among Duke Energy Florida, the Florida Office of Public Counsel, the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PSC Phosphate and NUCOR Steel Florida, Inc.
AFUDC Allowance for funds used during construction
ArcLight ArcLight Capital Partners, LLC
ARM Annual Review Mechanism
ARO Asset retirement obligations
Bison Bison Insurance Company Limited
Brookfield Brookfield Renewable Partners L.P.
CEP Capital Expenditure Program
the Company Duke Energy Corporation and its subsidiaries
Commercial Renewables Disposal Groups Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, separated into the utility-scale solar and wind group, the distributed generation group and the remaining assets
COVID-19 Coronavirus Disease 2019
CRC Cinergy Receivables Company, LLC
Crystal River Unit 3 Crystal River Unit 3 Nuclear Plant
DEFR Duke Energy Florida Receivables, LLC
DEPR Duke Energy Progress Receivables, LLC
DERF Duke Energy Receivables Finance Company, LLC
Duke Energy Duke Energy Corporation (collectively with its subsidiaries)
Duke Energy Ohio Duke Energy Ohio, Inc.
Duke Energy Progress Duke Energy Progress, LLC
Duke Energy Carolinas Duke Energy Carolinas, LLC
Duke Energy Florida Duke Energy Florida, LLC
Duke Energy Indiana Duke Energy Indiana, LLC
Duke Energy Registrants Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDIT Excess deferred income tax
EPA United States Environmental Protection Agency
EPS Earnings (Loss) Per Share
ERCOT Electric Reliability Council of Texas
ETR Effective tax rate
EU&I Electric Utilities and Infrastructure
Exchange Act Securities Exchange Act of 1934
FERC Federal Energy Regulatory Commission
FPSC Florida Public Service Commission
FTR Financial transmission rights
GAAP Generally accepted accounting principles in the U.S.
GAAP Reported Earnings Net Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPS Basic Earnings Per Share Available to Duke Energy Corporation common stockholders
GIC GIC Private Limited, Singapore's sovereign wealth fund and an experienced investor in U.S. infrastructure
GU&I Gas Utilities and Infrastructure

GLOSSARY OF TERMS
GWh Gigawatt-hours
HB 951 The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
IMR Integrity Management Rider
IRA Inflation Reduction Act
IRS Internal Revenue Service
IURC Indiana Utility Regulatory Commission
KPSC Kentucky Public Service Commission
LLC Limited Liability Company
MGP Manufactured gas plant
MGP Settlement Stipulation and Recommendation filed jointly by Duke Energy Ohio the staff of the PUCO, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group on August 31, 2021
MW Megawatt
MWh Megawatt-hour
MYRP Multiyear rate plan
NCUC North Carolina Utilities Commission
NDTF Nuclear decommissioning trust funds
NPNS Normal purchase/normal sale
NYSE The New York Stock Exchange
OCC
Ohio Consumers' Counsel
OPEB Other Post-Retirement Benefit Obligations
the Parent Duke Energy Corporation holding company
PBR Performance-based regulation
Piedmont Piedmont Natural Gas Company, Inc.
Progress Energy Progress Energy, Inc.
PSCSC Public Service Commission of South Carolina
PUCO Public Utilities Commission of Ohio
RTO Regional Transmission Organization
Subsidiary Registrants Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUC Tennessee Public Utility Commission
U.S. United States
VIE Variable Interest Entity


FORWARD-LOOKING STATEMENTS
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The ability to implement our business strategy, including our carbon emission reduction goals;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
◦The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation mix, and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

FORWARD-LOOKING STATEMENTS
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; ◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities, as well as the successful sale of the Commercial Renewables Disposal Groups;
◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;
◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or equity method investment carrying values;
◦Asset or business acquisitions and dispositions may not yield the anticipated benefits; and
◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except per share amounts) 2023 2022 2023 2022
Operating Revenues
Regulated electric $ 7,640  $ 7,373  $ 20,140  $ 19,381 
Regulated natural gas 284  397  1,497  1,824 
Nonregulated electric and other 70  72  211  212 
Total operating revenues 7,994  7,842  21,848  21,417 
Operating Expenses
Fuel used in electric generation and purchased power 2,571  2,632  6,987  6,421 
Cost of natural gas 57  189  434  859 
Operation, maintenance and other 1,428  1,308  4,113  4,223 
Depreciation and amortization 1,353  1,299  3,913  3,793 
Property and other taxes 394  368  1,136  1,118 
Impairment of assets and other charges 88  (4) 96  202 
Total operating expenses 5,891  5,792  16,679  16,616 
Gains on Sales of Other Assets and Other, net 8  6  46  17 
Operating Income 2,111  2,056  5,215  4,818 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates 45  28  85  92 
Other income and expenses, net 133  87  431  290 
Total other income and expenses 178  115  516  382 
Interest Expense 774  603  2,221  1,760 
Income From Continuing Operations Before Income Taxes 1,515  1,568  3,510  3,440 
Income Tax Expense From Continuing Operations 42  158  316  297 
Income From Continuing Operations 1,473  1,410  3,194  3,143 
(Loss) Income From Discontinued Operations, net of tax (152) 3  (1,316) (30)
Net Income
 1,321  1,413  1,878  3,113 
Add: Net (Income) Loss Attributable to Noncontrolling Interests (69) 9  (42) 73 
Net Income Attributable to Duke Energy Corporation
 1,252  1,422  1,836  3,186 
Less: Preferred Dividends 39  39  92  92 
Net Income Available to Duke Energy Corporation Common Stockholders
 $ 1,213  $ 1,383  $ 1,744  $ 3,094 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted $ 1.83  $ 1.78  $ 3.94  $ 3.95 
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted $ (0.24) $ 0.03  $ (1.67) $ 0.08 
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted $ 1.59  $ 1.81  $ 2.27  $ 4.03 
Weighted Average Shares Outstanding
Basic and Diluted 771  770  771  770 
See Notes to Condensed Consolidated Financial Statements
9
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Net Income
 $ 1,321  $ 1,413  $ 1,878  $ 3,113 
Other Comprehensive Income, net of tax(a)
Pension and OPEB adjustments (1) (7) (1) (3)
Net unrealized gains on cash flow hedges 200  14  206  276 
Reclassification into earnings from cash flow hedges 24  —  28  9 
Net unrealized gains (losses) on fair value hedges 15  (8) 30  (20)
Unrealized (losses) gains on available-for-sale securities (6) 1  (2) (20)
Other Comprehensive Income, net of tax 232  —  261  242 
Comprehensive Income
 1,553  1,413  2,139  3,355 
Add: Comprehensive (Income) Loss Attributable to Noncontrolling Interests (69) 4  (42) 56 
Comprehensive Income Attributable to Duke Energy
 1,484  1,417  2,097  3,411 
Less: Preferred Dividends 39  39  92  92 
Comprehensive Income Available to Duke Energy Corporation Common Stockholders
 $ 1,445  $ 1,378  $ 2,005  $ 3,319 
(a)Net of income tax expense of approximately $69 million for the three months ended September 30, 2023, and approximately $78 million and $72 million for the nine months ended September 30, 2023, and 2022, respectively. All other periods presented include immaterial income tax impacts.
See Notes to Condensed Consolidated Financial Statements
10
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 324  $ 409 
Receivables (net of allowance for doubtful accounts of $49 at 2023 and $40 at 2022)
 831  1,309 
Receivables of VIEs (net of allowance for doubtful accounts of $154 at 2023 and $176 at 2022)
 3,244  3,106 
Inventory 4,118  3,584 
Regulatory assets (includes $109 at 2023 and $106 at 2022 related to VIEs)
 3,489  3,485 
Assets held for sale 440  356 
Other (includes $56 at 2023 and $116 at 2022 related to VIEs)
 602  973 
Total current assets 13,048  13,222 
Property, Plant and Equipment
Cost 170,941  163,839 
Accumulated depreciation and amortization (54,994) (52,100)
Facilities to be retired, net —  9 
Net property, plant and equipment 115,947  111,748 
Other Noncurrent Assets
Goodwill 19,303  19,303 
Regulatory assets (includes $1,668 at 2023 and $1,715 at 2022 related to VIEs)
 13,745  14,645 
Nuclear decommissioning trust funds 9,245  8,637 
Operating lease right-of-use assets, net 1,073  1,042 
Investments in equity method unconsolidated affiliates 505  455 
Assets held for sale 4,596  5,634 
Other (includes $43 at 2023 and $52 at 2022 related to VIEs)
 3,698  3,400 
Total other noncurrent assets 52,165  53,116 
Total Assets $ 181,160  $ 178,086 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 3,539  $ 4,754 
Notes payable and commercial paper 3,154  3,952 
Taxes accrued 991  722 
Interest accrued 750  626 
Current maturities of long-term debt (includes $428 at 2023 and $350 at 2022 related to VIEs)
 4,034  3,878 
Asset retirement obligations 620  773 
Regulatory liabilities 1,396  1,466 
Liabilities associated with assets held for sale 589  535 
Other 2,087  2,167 
Total current liabilities 17,160  18,873 
Long-Term Debt (includes $3,025 at 2023 and $3,108 at 2022 related to VIEs)
 71,353  65,873 
Other Noncurrent Liabilities
Deferred income taxes 10,438  9,964 
Asset retirement obligations 11,613  11,955 
Regulatory liabilities 13,396  13,582 
Operating lease liabilities 897  876 
Accrued pension and other post-retirement benefit costs 662  832 
Investment tax credits 856  849 
Liabilities associated with assets held for sale 1,634  1,927 
Other (includes $54 at 2023 related to VIEs)
 1,325  1,502 
Total other noncurrent liabilities 40,821  41,487 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2023 and 2022
 973  973 
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2023 and 2022
 989  989 
Common stock, $0.001 par value, 2 billion shares authorized; 771 million and 770 million shares outstanding at 2023 and 2022
 1  1 
Additional paid-in capital 44,886  44,862 
Retained earnings 2,036  2,637 
Accumulated other comprehensive loss 121  (140)
Total Duke Energy Corporation stockholders' equity 49,006  49,322 
Noncontrolling interests 2,820  2,531 
Total equity 51,826  51,853 
Total Liabilities and Equity $ 181,160  $ 178,086 
See Notes to Condensed Consolidated Financial Statements
11
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,878  $ 3,113 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel) 4,538  4,414 
Equity component of AFUDC (146) (151)
Gains on sales of other assets (46) (16)
Impairment of assets and other charges 1,699  202 
Deferred income taxes (29) 209 
Equity in earnings of unconsolidated affiliates (70) (87)
Contributions to qualified pension plans (100) (58)
Payments for asset retirement obligations (423) (418)
Provision for rate refunds (59) (97)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions 29  33 
Receivables 481  (356)
Inventory (531) (290)
Other current assets 40  (2,403)
Increase (decrease) in
Accounts payable (972) 504 
Taxes accrued 277  206 
Other current liabilities (116) 263 
Other assets 491  (68)
Other liabilities 368  188 
Net cash provided by operating activities 7,309  5,188 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (9,310) (8,148)
Contributions to equity method investments (30) (37)
Purchases of debt and equity securities (2,811) (3,619)
Proceeds from sales and maturities of debt and equity securities 2,848  3,691 
Net proceeds from the sales of other assets 130  — 
Other (578) (517)
Net cash used in investing activities (9,751) (8,630)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt 8,704  9,466 
Payments for the redemption of long-term debt (3,097) (3,803)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days 575  80 
Payments for the redemption of short-term debt with original maturities greater than 90 days (110) (287)
Notes payable and commercial paper (1,404) 476 
Contributions from noncontrolling interests 278  132 
Dividends paid (2,438) (2,389)
Other (95) (124)
Net cash provided by financing activities 2,413  3,551 
Net (decrease) increase in cash, cash equivalents and restricted cash (29) 109 
Cash, cash equivalents and restricted cash at beginning of period 603  520 
Cash, cash equivalents and restricted cash at end of period $ 574  $ 629 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 1,528  $ 1,387 
See Notes to Condensed Consolidated Financial Statements
12
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2022 and 2023
Accumulated Other Comprehensive
 (Loss) Income
Net Net Unrealized Total
Gains (Losses) Gains Duke Energy
Common Additional (Losses) on Available- Pension and Corporation Non-
Preferred Stock Common Paid-in Retained on for-Sale- OPEB Stockholders' controlling Total
(in millions) Stock Shares Stock Capital Earnings
Hedges(b)
 Securities Adjustments Equity Interests Equity
Balance at June 30, 2022
 $ 1,962  770  $ 1  $ 44,373  $ 3,457  $ 15  $ (23) $ (65) $ 49,720  $ 1,864  $ 51,584 
Net income (loss) —  —  —  —  1,383  —  —  —  1,383  (9) 1,374 
Other comprehensive income (loss) —  —  —  —  —  1  1  (7) (5) 5  — 
Common stock issuances, including dividend reinvestment and employee benefits —  —  —  21  —  —  —  —  21  —  21 
Common stock dividends —  —  —  —  (776) —  —  —  (776) —  (776)
Contribution from noncontrolling interests, net of transaction costs(a)
 —  —  —  —  —  —  —  —  —  6  6 
Distributions to noncontrolling interest in subsidiaries —  —  —  —  —  —  —  —  —  (42) (42)
Other —  —  —  3  (1) —  —  —  2  —  2 
Balance at September 30, 2022
 $ 1,962  $ 770  $ 1  $ 44,397  $ 4,063  $ 16  $ (22) $ (72) $ 50,345  $ 1,824  $ 52,169 
Balance at June 30, 2023
 $ 1,962  771  $ 1  $ 44,866  $ 1,615  $ (4) $ (19) $ (88) $ 48,333  $ 2,738  $ 51,071 
Net income
 —  —  —  —  1,213  —  —  —  1,213  69  1,282 
Other comprehensive income (loss) —  —  —  —  —  239  (6) (1) 232  —  232 
Common stock issuances, including dividend reinvestment and employee benefits —  —  —  22  —  —  —  —  22  —  22 
Common stock dividends —  —  —  —  (793) —  —  —  (793) —  (793)
Contribution from noncontrolling interests, net of transaction costs(a)
 —  —  —  —  —  —  —  —  —  30  30 
Distributions to noncontrolling interest in subsidiaries —  —  —  —  —  —  —  —  —  (20) (20)
Other —  —  —  (2) 1  —  —  —  (1) 3  2 
Balance at September 30, 2023
 $ 1,962  $ 771  $ 1  $ 44,886  $ 2,036  $ 235  $ (25) $ (89) $ 49,006  $ 2,820  $ 51,826 
See Notes to Condensed Consolidated Financial Statements
13
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine Months Ended September 30, 2022 and 2023
Accumulated Other Comprehensive
 (Loss) Income
Net Net Unrealized Total
Gains Gains (Losses) Duke Energy
Common Additional (Losses) on Available- Pension and Corporation Non-
Preferred Stock Common Paid-in Retained on for-Sale- OPEB Stockholders' controlling Total
(in millions) Stock Shares Stock Capital Earnings
Hedges(b)
 Securities Adjustments Equity Interests Equity
Balance at December 31, 2021 $ 1,962  769  $ 1  $ 44,371  $ 3,265  $ (232) $ (2) $ (69) $ 49,296  $ 1,840  $ 51,136 
Net income (loss) —  —  —  —  3,094  —  —  —  3,094  (73) 3,021 
Other comprehensive income (loss) —  —  —  —  —  248  (20) (3) 225  17  242 
Common stock issuances, including dividend reinvestment and employee benefits —  1  —  41  —  —  —  —  41  —  41 
Common stock dividends —  —  —  —  (2,297) —  —  —  (2,297) —  (2,297)
Sale of noncontrolling interest —  —  —  (17) —  —  —  —  (17) 38  21 
Contributions from noncontrolling interests, net of transaction costs(a)
 —  —  —  —  —  —  —  —  —  94  94 
Distributions to noncontrolling interest in subsidiaries —  —  —  —  —  —  —  —  —  (92) (92)
Other —  —  —  2  1  —  —  —  3  —  3 
Balance at September 30, 2022 $ 1,962  770  $ 1  $ 44,397  $ 4,063  $ 16  $ (22) $ (72) $ 50,345  $ 1,824  $ 52,169 
Balance at December 31, 2022 $ 1,962  770  $ 1  $ 44,862  $ 2,637  $ (29) $ (23) $ (88) $ 49,322  $ 2,531  $ 51,853 
Net income
 —  —  —  —  1,744  —  —  —  1,744  42  1,786 
Other comprehensive income (loss) —  —  —  —  —  264  (2) (1) 261  —  261 
Common stock issuances, including dividend reinvestment and employee benefits —  1  —  43  —  —  —  —  43  —  43 
Common stock dividends —  —  —  —  (2,346) —  —  —  (2,346) —  (2,346)
Sale of noncontrolling interest —  —  —  (13) —  —  —  —  (13) 10  (3)
Contributions from noncontrolling interests, net of transaction costs(a)
 —  —  —  —  —  —  —  —  —  278  278 
Distributions to noncontrolling interest in subsidiaries —  —  —  —  —  —  —  —  —  (45) (45)
Other —  —  —  (6) 1  —  —  —  (5) 4  (1)
Balance at September 30, 2023 $ 1,962  771  $ 1  $ 44,886  $ 2,036  $ 235  $ (25) $ (89) $ 49,006  $ 2,820  $ 51,826 
(a)Relates primarily to tax equity financing activity in the Commercial Renewables Disposal Groups.
(b)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.
See Notes to Condensed Consolidated Financial Statements
14
FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues $ 2,393  $ 2,175  $ 6,155  $ 5,844 
Operating Expenses
Fuel used in electric generation and purchased power 690  544  1,823  1,423 
Operation, maintenance and other 424  436  1,285  1,410 
Depreciation and amortization 407  375  1,186  1,138 
Property and other taxes 90  88  276  258 
Impairment of assets and other charges 64  6  70  (3)
Total operating expenses 1,675  1,449  4,640  4,226 
Gains on Sales of Other Assets and Other, net —  4  26  4 
Operating Income 718  730  1,541  1,622 
Other Income and Expenses, net 63  59  181  172 
Interest Expense 172  131  504  415 
Income Before Income Taxes 609  658  1,218  1,379 
Income Tax Expense 30  34  97  87 
Net Income and Comprehensive Income $ 579  $ 624  $ 1,121  $ 1,292 

See Notes to Condensed Consolidated Financial Statements
15
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 19  $ 44 
Receivables (net of allowance for doubtful accounts of $9 at 2023 and $3 at 2022)
 279  338 
Receivables of VIEs (net of allowance for doubtful accounts of $47 at 2023 and $65 at 2022)
 1,028  928 
Receivables from affiliated companies 165  390 
Inventory 1,422  1,164 
Regulatory assets (includes $12 at 2023 and 2022 related to VIEs)
 1,447  1,095 
Other (includes $5 at 2023 and $8 at 2022 related to VIEs)
 86  216 
Total current assets 4,446  4,175 
Property, Plant and Equipment
Cost 56,888  54,650 
Accumulated depreciation and amortization (19,668) (18,669)
Net property, plant and equipment 37,220  35,981 
Other Noncurrent Assets
Regulatory assets (includes $199 at 2023 and $208 at 2022 related to VIEs)
 4,020  4,293 
Nuclear decommissioning trust funds 5,156  4,783 
Operating lease right-of-use assets, net 75  78 
Other 1,087  1,036 
Total other noncurrent assets 10,338  10,190 
Total Assets $ 52,004  $ 50,346 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 1,015  $ 1,472 
Accounts payable to affiliated companies 221  209 
Notes payable to affiliated companies 331  1,233 
Taxes accrued 350  228 
Interest accrued 150  120 
Current maturities of long-term debt (includes $11 at 2023 and $10 at 2022 related to VIEs)
 19  1,018 
Asset retirement obligations 238  261 
Regulatory liabilities 532  530 
Other 597  580 
Total current liabilities 3,453  5,651 
Long-Term Debt (includes $708 at 2023 and $689 at 2022 related to VIEs)
 15,676  12,948 
Long-Term Debt Payable to Affiliated Companies 300  300 
Other Noncurrent Liabilities
Deferred income taxes 4,369  4,153 
Asset retirement obligations 5,030  5,121 
Regulatory liabilities 5,614  5,783 
Operating lease liabilities 75  83 
Accrued pension and other post-retirement benefit costs 60  38 
Investment tax credits 302  300 
Other 565  527 
Total other noncurrent liabilities 16,015  16,005 
Commitments and Contingencies
Equity
Member's equity 16,566  15,448 
Accumulated other comprehensive loss (6) (6)
Total equity 16,560  15,442 
Total Liabilities and Equity $ 52,004  $ 50,346 

See Notes to Condensed Consolidated Financial Statements
16
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,121  $ 1,292 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel) 1,380  1,335 
Equity component of AFUDC (69) (75)
Gains on sales of other assets (26) — 
Impairment of assets and other charges 70  (3)
Deferred income taxes (7) 230 
Contributions to qualified pension plans (26) (15)
Payments for asset retirement obligations (145) (137)
Provision for rate refunds (35) (55)
(Increase) decrease in
Receivables (4) (17)
Receivables from affiliated companies 225  (107)
Inventory (257) (86)
Other current assets (439) (1,139)
Increase (decrease) in
Accounts payable (523) 104 
Accounts payable to affiliated companies 12  (88)
Taxes accrued 121  (9)
Other current liabilities (48) 279 
Other assets 526  22 
Other liabilities 105  (269)
Net cash provided by operating activities 1,981  1,262 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (2,646) (2,313)
Purchases of debt and equity securities (1,594) (2,083)
Proceeds from sales and maturities of debt and equity securities 1,594  2,083 
Net proceeds from the sales of other assets 30  — 
Other (215) (185)
Net cash used in investing activities (2,831) (2,498)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 2,764  1,352 
Payments for the redemption of long-term debt (1,040) (389)
Notes payable to affiliated companies (902) 358 
Distributions to parent —  (50)
Other (1) (1)
Net cash provided by financing activities 821  1,270 
Net (decrease) increase in cash, cash equivalents and restricted cash (29) 34 
Cash, cash equivalents and restricted cash at beginning of period 53  8 
Cash, cash equivalents and restricted cash at end of period $ 24  $ 42 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 534  $ 460 
See Notes to Condensed Consolidated Financial Statements
17
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2022 and 2023
Accumulated Other
Comprehensive
Loss
Member's Net Losses on Total
(in millions) Equity Cash Flow Hedges Equity
Balance at June 30, 2022 $ 14,515  $ (6) $ 14,509 
Net income 624  —  624 
Balance at September 30, 2022 $ 15,139  $ (6) $ 15,133 
Balance at June 30, 2023 $ 15,990  $ (6) $ 15,984 
Net income 579  —  579 
Other (3) —  (3)
Balance at September 30, 2023 $ 16,566  $ (6) $ 16,560 
Nine Months Ended September 30, 2022 and 2023
Accumulated Other
Comprehensive
Loss
Member's Net Losses on Total
(in millions) Equity Cash Flow Hedges Equity
Balance at December 31, 2021 $ 13,897  $ (6) $ 13,891 
Net income 1,292  —  1,292 
Distributions to parent (50) —  (50)
Balance at September 30, 2022 $ 15,139  $ (6) $ 15,133 
Balance at December 31, 2022 $ 15,448  $ (6) $ 15,442 
Net income 1,121  —  1,121 
Other (3) —  (3)
Balance at September 30, 2023 $ 16,566  $ (6) $ 16,560 

See Notes to Condensed Consolidated Financial Statements
18
FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues $ 4,055  $ 3,881  $ 10,315  $ 10,087 
Operating Expenses
Fuel used in electric generation and purchased power 1,535  1,605  3,902  3,927 
Operation, maintenance and other 711  581  1,963  1,829 
Depreciation and amortization 563  562  1,609  1,607 
Property and other taxes 205  169  546  472 
Impairment of assets and other charges 24  —  29  4 
Total operating expenses 3,038  2,917  8,049  7,839 
Gains on Sales of Other Assets and Other, net 8  3  20  6 
Operating Income 1,025  967  2,286  2,254 
Other Income and Expenses, net 49  45  146  150 
Interest Expense 241  197  706  616 
Income Before Income Taxes 833  815  1,726  1,788 
Income Tax Expense 131  129  280  289 
Net Income 702  686  1,446  1,499 
Less: Net Income Attributable to Noncontrolling Interests —  —  —  1 
Net Income Attributable to Parent $ 702  $ 686  $ 1,446  $ 1,498 
Net Income $ 702  $ 686  $ 1,446  $ 1,499 
Other Comprehensive Income, net of tax
Net unrealized gains on cash flow hedges —  —  —  1 
Unrealized (losses) gains on available-for-sale securities —  (1) 2  (4)
Other Comprehensive (Loss) Income, net of tax —  (1) 2  (3)
Comprehensive Income $ 702  $ 685  $ 1,448  $ 1,496 
Less: Comprehensive Income Attributable to Noncontrolling Interests —  —  —  1 
Comprehensive Income Attributable to Parent $ 702  $ 685  $ 1,448  $ 1,495 
See Notes to Condensed Consolidated Financial Statements
19
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 87  $ 108 
Receivables (net of allowance for doubtful accounts of $16 at 2023 and $13 at 2022)
 212  318 
Receivables of VIEs (net of allowance for doubtful accounts of $61 at 2023 and $68 at 2022)
 1,597  1,289 
Receivables from affiliated companies 20  22 
Inventory 1,803  1,579 
Regulatory assets (includes $97 at 2023 and $94 at 2022 related to VIEs)
 1,696  1,833 
Other (includes $42 at 2023 and $88 at 2022 related to VIEs)
 164  342 
Total current assets 5,579  5,491 
Property, Plant and Equipment
Cost 67,872  64,822 
Accumulated depreciation and amortization (21,772) (20,584)
Net property, plant and equipment 46,100  44,238 
Other Noncurrent Assets
Goodwill 3,655  3,655 
Regulatory assets (includes $1,469 at 2023 and $1,507 at 2022 related to VIEs)
 6,448  7,146 
Nuclear decommissioning trust funds 4,089  3,855 
Operating lease right-of-use assets, net 631  628 
Other 1,203  1,066 
Total other noncurrent assets 16,026  16,350 
Total Assets $ 67,705  $ 66,079 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 1,201  $ 1,481 
Accounts payable to affiliated companies 506  712 
Notes payable to affiliated companies 983  843 
Taxes accrued 492  135 
Interest accrued 217  206 
Current maturities of long-term debt (includes $417 at 2023 and $340 at 2022 related to VIEs)
 1,265  697 
Asset retirement obligations 261  289 
Regulatory liabilities 515  576 
Other 838  782 
Total current liabilities 6,278  5,721 
Long-Term Debt (includes $1,911 at 2023 and $2,003 at 2022 related to VIEs)
 21,866  21,592 
Long-Term Debt Payable to Affiliated Companies 150  150 
Other Noncurrent Liabilities
Deferred income taxes 5,228  5,147 
Asset retirement obligations 5,669  5,892 
Regulatory liabilities 4,784  4,753 
Operating lease liabilities 548  546 
Accrued pension and other post-retirement benefit costs 270  292 
Investment tax credits 363  358 
Other (includes $30 at 2023 related to VIEs)
 198  222 
Total other noncurrent liabilities 17,060  17,210 
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2023 and 2022
 —  — 
Additional paid-in capital 11,830  11,832 
Retained earnings 10,530  9,585 
Accumulated other comprehensive loss (9) (11)
Total equity 22,351  21,406 
Total Liabilities and Equity $ 67,705  $ 66,079 
See Notes to Condensed Consolidated Financial Statements
20
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 1,446  $ 1,499 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel) 2,021  1,826 
Equity component of AFUDC (49) (50)
Impairment of assets and other charges 29  4 
Deferred income taxes (38) 284 
Contributions to qualified pension plans (22) (13)
Payments for asset retirement obligations (212) (207)
Provision for rate refunds (24) (44)
(Increase) decrease in
Receivables (198) (314)
Receivables from affiliated companies 2  110 
Inventory (224) (154)
Other current assets 399  (1,133)
Increase (decrease) in
Accounts payable (177) 360 
Accounts payable to affiliated companies (206) (31)
Taxes accrued 357  173 
Other current liabilities 4  216 
Other assets 183  (262)
Other liabilities (10) 615 
Net cash provided by operating activities 3,281  2,879 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (3,607) (3,130)
Purchases of debt and equity securities (1,108) (1,301)
Proceeds from sales and maturities of debt and equity securities 1,151  1,357 
Notes receivable from affiliated companies —  (232)
Other (239) (88)
Net cash used in investing activities (3,803) (3,394)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 1,272  1,452 
Payments for the redemption of long-term debt (440) (1,136)
Notes payable to affiliated companies 140  509 
Dividends to parent (500) (250)
Other (1) (36)
Net cash provided by financing activities 471  539 
Net (decrease) increase in cash, cash equivalents and restricted cash (51) 24 
Cash, cash equivalents and restricted cash at beginning of period 184  113 
Cash, cash equivalents and restricted cash at end of period $ 133  $ 137 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 558  $ 472 
See Notes to Condensed Consolidated Financial Statements
21
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2022 and 2023
Accumulated Other Comprehensive Loss
Net Gains Net Unrealized Total Progress
Additional
 on
Losses on
 Pension and Energy, Inc.
Paid-in Retained Cash Flow Available-for- OPEB Stockholders' Noncontrolling Total
(in millions) Capital Earnings Hedges Sale Securities Adjustments Equity Interests Equity
Balance at June 30, 2022 $ 9,149  $ 11,001  $ (1) $ (5) $ (7) $ 20,137  $ 3  $ 20,140 
Net income —  686  —  —  —  686  —  686 
Other comprehensive loss —  —  —  (1) —  (1) —  (1)
Distributions to noncontrolling interests —  —  —  —  —  —  (33) (33)
Equitization of certain notes payable to affiliates
 475  —  —  —  —  475  —  475 
Other 2  —  —  —  —  2  —  2 
Balance at September 30, 2022 $ 9,626  $ 11,687  $ (1) $ (6) $ (7) $ 21,299  $ (30) $ 21,269 
Balance at June 30, 2023 $ 11,830  $ 10,329  $ (1) $ (6) $ (2) $ 22,150  $ —  $ 22,150 
Net income —  702  —  —  —  702  —  702 
Dividends to parent —  (500) —  —  —  (500) —  (500)
Other —  (1) —  —  —  (1) —  (1)
Balance at September 30, 2023 $ 11,830  $ 10,530  $ (1) $ (6) $ (2) $ 22,351  $ —  $ 22,351 
Nine Months Ended September 30, 2022 and 2023
Accumulated Other Comprehensive Loss
Net Gains Net Unrealized Total Progress
Additional
on
 Gains (Losses) on Pension and Energy, Inc.
Paid-in Retained Cash Flow Available-for- OPEB Stockholders' Noncontrolling Total
Capital Earnings Hedges Sale Securities Adjustments Equity Interests Equity
Balance at December 31, 2021 $ 9,149  $ 8,007  $ (2) $ (2) $ (7) $ 17,145  $ 3  $ 17,148 
Net income —  1,498  —  —  —  1,498  1  1,499 
Other comprehensive income (loss) —  —  1  (4) —  (3) —  (3)
Distributions to noncontrolling interests —  —  —  —  —  —  (34) (34)
Dividends to parent —  (250) —  —  —  (250) —  (250)
Equitization of certain notes payable to affiliates 475  2,431  —  —  —  2,906  —  2,906 
Other 2  1  —  —  —  3  —  3 
Balance at September 30, 2022 $ 9,626  $ 11,687  $ (1) $ (6) $ (7) $ 21,299  $ (30) $ 21,269 
Balance at December 31, 2022 $ 11,832  $ 9,585  $ (1) $ (8) $ (2) $ 21,406  $ —  $ 21,406 
Net income —  1,446  —  —  —  1,446  —  1,446 
Other comprehensive income —  —  —  2  —  2  —  2 
Dividends to parent —  (500) —  —  —  (500) —  (500)
Other (2) (1) —  —  —  (3) —  (3)
Balance at September 30, 2023 $ 11,830  $ 10,530  $ (1) $ (6) $ (2) $ 22,351  $ —  $ 22,351 
See Notes to Condensed Consolidated Financial Statements
22
FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues $ 1,886  $ 1,969  $ 4,844  $ 5,182 
Operating Expenses
Fuel used in electric generation and purchased power 651  749  1,685  1,916 
Operation, maintenance and other 345  350  1,051  1,101 
Depreciation and amortization 324  313  935  890 
Property and other taxes 48  46  143  136 
Impairment of assets and other charges 24  —  31  4 
Total operating expenses 1,392  1,458  3,845  4,047 
Gains on Sales of Other Assets and Other, net 1  1  2  2 
Operating Income 495  512  1,001  1,137 
Other Income and Expenses, net 31  29  92  83 
Interest Expense 109  85  315  260 
Income Before Income Taxes 417  456  778  960 
Income Tax Expense 49  59  101  129 
Net Income and Comprehensive Income $ 368  $ 397  $ 677  $ 831 

See Notes to Condensed Consolidated Financial Statements
23
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 27  $ 49 
Receivables (net of allowance for doubtful accounts of $7 at 2023 and $4 at 2022)
 129  167 
Receivables of VIEs (net of allowance for doubtful accounts of $37 at 2023 and $40 at 2022)
 831  793 
Receivables from affiliated companies 32  25 
Inventory 1,141  1,006 
Regulatory assets (includes $39 at 2023 and 2022 related to VIEs)
 946  690 
Other (includes $18 at 2023 and $42 at 2022 related to VIEs)
 49  174 
Total current assets 3,155  2,904 
Property, Plant and Equipment
Cost 40,283  38,875 
Accumulated depreciation and amortization (14,869) (14,201)
Net property, plant and equipment 25,414  24,674 
Other Noncurrent Assets
Regulatory assets (includes $653 at 2023 and $681 at 2022 related to VIEs)
 4,406  4,724 
Nuclear decommissioning trust funds 3,697  3,430 
Operating lease right-of-use assets, net 329  370 
Other 693  650 
Total other noncurrent assets 9,125  9,174 
Total Assets $ 37,694  $ 36,752 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 502  $ 601 
Accounts payable to affiliated companies 252  508 
Notes payable to affiliated companies 691  238 
Taxes accrued 255  77 
Interest accrued 86  101 
Current maturities of long-term debt (includes $34 at 2023 and 2022 related to VIEs)
 71  369 
Asset retirement obligations 260  288 
Regulatory liabilities 290  332 
Other 452  384 
Total current liabilities 2,859  2,898 
Long-Term Debt (includes $1,079 at 2023 and $1,114 at 2022 related to VIEs)
 11,497  10,568 
Long-Term Debt Payable to Affiliated Companies 150  150 
Other Noncurrent Liabilities
Deferred income taxes 2,558  2,477 
Asset retirement obligations 5,362  5,535 
Regulatory liabilities 4,120  4,120 
Operating lease liabilities 298  335 
Accrued pension and other post-retirement benefit costs 150  160 
Investment tax credits 130  124 
Other (includes $19 at 2023 related to VIEs)
 84  76 
Total other noncurrent liabilities 12,702  12,827 
Commitments and Contingencies
Equity
Member's Equity 10,486  10,309 
Total Liabilities and Equity $ 37,694  $ 36,752 

See Notes to Condensed Consolidated Financial Statements
24
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 677  $ 831 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel) 1,077  1,034 
Equity component of AFUDC (38) (37)
Impairment of assets and other charges 31  4 
Deferred income taxes (12) 66 
Contributions to qualified pension plans (13) (8)
Payments for asset retirement obligations (166) (133)
Provision for rate refunds (24) (44)
(Increase) decrease in
Receivables 5  (95)
Receivables from affiliated companies (7) 64 
Inventory (135) (58)
Other current assets (189) (266)
Increase (decrease) in
Accounts payable (38) 7 
Accounts payable to affiliated companies (256) 58 
Taxes accrued 178  (1)
Other current liabilities (25) 122 
Other assets 175  (105)
Other liabilities 23  39 
Net cash provided by operating activities 1,263  1,478 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,756) (1,506)
Purchases of debt and equity securities (973) (1,148)
Proceeds from sales and maturities of debt and equity securities 969  1,141 
Notes receivable from affiliated companies —  (329)
Other (114) (11)
Net cash used in investing activities (1,874) (1,853)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 991  1,448 
Payments for the redemption of long-term debt (364) (612)
Notes payable to affiliated companies 452  (172)
Distributions to parent (500) (250)
Other (1) (1)
Net cash provided by financing activities 578  413 
Net (decrease) increase in cash, cash equivalents and restricted cash (33) 38 
Cash, cash equivalents and restricted cash at beginning of period 79  39 
Cash, cash equivalents and restricted cash at end of period $ 46  $ 77 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 206  $ 184 

See Notes to Condensed Consolidated Financial Statements
25
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
September 30, 2022 and 2023
(in millions) Member's Equity
Balance at June 30, 2022 $ 9,735 
Net income 397 
Balance at September 30, 2022 $ 10,132 
Balance at June 30, 2023 $ 10,618 
Net income 368 
Distributions to parent (500)
Balance at September 30, 2023 $ 10,486 
Nine Months Ended
September 30, 2022 and 2023
(in millions) Member's Equity
Balance at December 31, 2021 $ 9,551 
Net income 831 
Distributions to parent (250)
Balance at September 30, 2022 $ 10,132 
Balance at December 31, 2022 $ 10,309 
Net income 677 
Distributions to parent (500)
Balance at September 30, 2023 $ 10,486 

See Notes to Condensed Consolidated Financial Statements
26
FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues $ 2,164  $ 1,907  $ 5,456  $ 4,890 
Operating Expenses
Fuel used in electric generation and purchased power 885  856  2,218  2,011 
Operation, maintenance and other 361  226  898  716 
Depreciation and amortization 239  249  674  717 
Property and other taxes 157  123  403  335 
Impairment of assets and other charges —  —  (1) — 
Total operating expenses 1,642  1,454  4,192  3,779 
Gains on Sales of Other Assets and Other, net —  3  1  5 
Operating Income 522  456  1,265  1,116 
Other Income and Expenses, net 19  19  56  74 
Interest Expense 103  84  305  258 
Income Before Income Taxes 438  391  1,016  932 
Income Tax Expense 91  72  206  181 
Net Income $ 347  $ 319  $ 810  $ 751 
Other Comprehensive (Loss) Gain, net of tax
Unrealized (losses) gains on available-for-sale securities —  (1) 2  (3)
Comprehensive Income $ 347  $ 318  $ 812  $ 748 

See Notes to Condensed Consolidated Financial Statements
27
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 41  $ 45 
Receivables (net of allowance for doubtful accounts of $10 at 2023 and $8 at 2022)
 80  148 
Receivables of VIEs (net of allowance for doubtful accounts of $24 at 2023 and $28 at 2022)
 766  496 
Receivables from affiliated companies 3  2 
Inventory 662  573 
Regulatory assets (includes $58 at 2023 and $55 at 2022 related to VIEs)
 749  1,143 
Other (includes $24 at 2023 and $46 at 2022 related to VIEs)
 129  108 
Total current assets 2,430  2,515 
Property, Plant and Equipment
Cost 27,581  25,940 
Accumulated depreciation and amortization (6,896) (6,377)
Net property, plant and equipment 20,685  19,563 
Other Noncurrent Assets
Regulatory assets (includes $816 at 2023 and $826 at 2022 related to VIEs)
 2,042  2,422 
Nuclear decommissioning trust funds 393  424 
Operating lease right-of-use assets, net 302  258 
Other 463  372 
Total other noncurrent assets 3,200  3,476 
Total Assets $ 26,315  $ 25,554 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 698  $ 880 
Accounts payable to affiliated companies 154  177 
Notes payable to affiliated companies 292  605 
Taxes accrued 342  53 
Interest accrued 104  80 
Current maturities of long-term debt (includes $383 at 2023 and $306 at 2022 related to VIEs)
 1,194  328 
Asset retirement obligations 1  1 
Regulatory liabilities 224  244 
Other 349  363 
Total current liabilities 3,358  2,731 
Long-Term Debt (includes $832 at 2023 and $890 at 2022 related to VIEs)
 8,726  9,381 
Other Noncurrent Liabilities
Deferred income taxes 2,771  2,789 
Asset retirement obligations 307  357 
Regulatory liabilities 664  633 
Operating lease liabilities 250  211 
Accrued pension and other post-retirement benefit costs 100  111 
Investment tax credits 233  234 
Other (includes $11 at 2023 related to VIEs)
 70  84 
Total other noncurrent liabilities 4,395  4,419 
Commitments and Contingencies
Equity
Member's equity 9,842  9,031 
Accumulated other comprehensive loss (6) (8)
Total equity 9,836  9,023 
Total Liabilities and Equity $ 26,315  $ 25,554 
See Notes to Condensed Consolidated Financial Statements
28
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 810  $ 751 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 943  790 
Equity component of AFUDC (10) (13)
Impairment of assets and other charges (1) — 
Deferred income taxes (42) 237 
Equity in (earnings) losses of unconsolidated affiliates 1  — 
Contributions to qualified pension plans (9) (5)
Payments for asset retirement obligations (46) (73)
(Increase) decrease in
Receivables (203) (218)
Receivables from affiliated companies (1) 10 
Inventory (89) (95)
Other current assets 516  (814)
Increase (decrease) in
Accounts payable (140) 354 
Accounts payable to affiliated companies (23) (90)
Taxes accrued 289  123 
Other current liabilities 23  72 
Other assets 12  (162)
Other liabilities (14) 37 
Net cash provided by operating activities 2,016  904 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (1,851) (1,624)
Purchases of debt and equity securities (135) (153)
Proceeds from sales and maturities of debt and equity securities 182  216 
Other (125) (76)
Net cash used in investing activities (1,929) (1,637)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 281  4 
Payments for the redemption of long-term debt (76) (74)
Notes payable to affiliated companies (313) 784 
Other (1) (1)
Net cash (used in) provided by financing activities (109) 713 
Net decrease in cash, cash equivalents and restricted cash (22) (20)
Cash, cash equivalents and restricted cash at beginning of period 86  62 
Cash, cash equivalents and restricted cash at end of period $ 64  $ 42 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 352  $ 288 
See Notes to Condensed Consolidated Financial Statements
29
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2022 and 2023
Accumulated
Other
Comprehensive
Loss
Net Unrealized
Losses on
Member's Available-for-Sale Total
(in millions) Equity Securities Equity
Balance at June 30, 2022 $ 8,730  $ (5) $ 8,725 
Net income 319  —  319 
Other comprehensive loss —  (1) (1)
Balance at September 30, 2022 $ 9,049  $ (6) $ 9,043 
Balance at June 30, 2023 $ 9,494  $ (6) $ 9,488 
Net income 347  —  347 
Other 1  —  1 
Balance at September 30, 2023 $ 9,842  $ (6) $ 9,836 
Nine Months Ended September 30, 2022 and 2023
Accumulated
Other
Comprehensive
Loss
Net Unrealized
Gains (Losses) on
Member's Available-for-Sale Total
(in millions) Equity Securities Equity
Balance at December 31, 2021 $ 8,298  $ (3) $ 8,295 
Net income 751  —  751 
Other comprehensive loss —  (3) (3)
Balance at September 30, 2022 $ 9,049  $ (6) $ 9,043 
Balance at December 31, 2022 $ 9,031  $ (8) $ 9,023 
Net income 810  —  810 
Other comprehensive income —  2  2 
Other 1  —  1 
Balance at September 30, 2023 $ 9,842  $ (6) $ 9,836 
See Notes to Condensed Consolidated Financial Statements
30
FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues
Regulated electric $ 472  $ 507  $ 1,411  $ 1,320 
Regulated natural gas 105  121  464  491 
Total operating revenues 577  628  1,875  1,811 
Operating Expenses
Fuel used in electric generation and purchased power 145  185  485  439 
Cost of natural gas 6  21  118  174 
Operation, maintenance and other 114  121  358  408 
Depreciation and amortization 90  84  266  247 
Property and other taxes 94  79  258  272 
Impairment of assets and other charges —  (11) —  (11)
Total operating expenses 449  479  1,485  1,529 
Losses on Sales of Other Assets and Other, net —  (1) —  — 
Operating Income 128  148  390  282 
Other Income and Expenses, net 12  4  33  16 
Interest Expense 46  32  125  92 
Income Before Income Taxes 94  120  298  206 
Income Tax Expense (Benefit) 14  17  47  (30)
Net Income and Comprehensive Income $ 80  $ 103  $ 251  $ 236 

See Notes to Condensed Consolidated Financial Statements
31
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 20  $ 16 
Receivables (net of allowance for doubtful accounts of $8 at 2023 and $6 at 2022)
 97  73 
Receivables from affiliated companies 155  247 
Inventory 168  144 
Regulatory assets 48  103 
Other 47  86 
Total current assets 535  669 
Property, Plant and Equipment
Cost 12,976  12,497 
Accumulated depreciation and amortization (3,385) (3,250)
Net property, plant and equipment 9,591  9,247 
Other Noncurrent Assets
Goodwill 920  920 
Regulatory assets 655  581 
Operating lease right-of-use assets, net 17  18 
Other 76  71 
Total other noncurrent assets 1,668  1,590 
Total Assets $ 11,794  $ 11,506 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 322  $ 380 
Accounts payable to affiliated companies 71  72 
Notes payable to affiliated companies 273  497 
Taxes accrued 247  317 
Interest accrued 51  29 
Current maturities of long-term debt 175  475 
Asset retirement obligations 8  17 
Regulatory liabilities 46  99 
Other 72  74 
Total current liabilities 1,265  1,960 
Long-Term Debt 3,492  2,745 
Long-Term Debt Payable to Affiliated Companies 25  25 
Other Noncurrent Liabilities
Deferred income taxes 1,169  1,136 
Asset retirement obligations 130  137 
Regulatory liabilities 498  534 
Operating lease liabilities 17  17 
Accrued pension and other post-retirement benefit costs 91  90 
Other 90  96 
Total other noncurrent liabilities 1,995  2,010 
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2023 and 2022
 762  762 
Additional paid-in capital 3,100  3,100 
Retained earnings 1,155  904 
Total equity 5,017  4,766 
Total Liabilities and Equity $ 11,794  $ 11,506 

See Notes to Condensed Consolidated Financial Statements
32
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 251  $ 236 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 269  251 
Equity component of AFUDC (7) (7)
Impairment of assets and other charges —  (11)
Deferred income taxes 7  (13)
Contributions to qualified pension plans (5) (3)
Payments for asset retirement obligations (9) (7)
Provision for rate refunds —  5 
(Increase) decrease in
Receivables (23) 8 
Receivables from affiliated companies 103  11 
Inventory (24) (2)
Other current assets 103  (60)
Increase (decrease) in
Accounts payable (69) (6)
Accounts payable to affiliated companies (1) (4)
Taxes accrued (70) (44)
Other current liabilities (29) (76)
Other assets (39) (54)
Other liabilities (8) 80 
Net cash provided by operating activities 449  304 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (676) (623)
Net proceeds from the sales of other assets 75  — 
Notes receivable from affiliated companies (11) (85)
Other (53) (47)
Net cash used in investing activities (665) (755)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 749  50 
Payments for the redemption of long-term debt (300) — 
Notes payable to affiliated companies (224) 399 
Other (5) (2)
Net cash provided by financing activities 220  447 
Net increase (decrease) in cash and cash equivalents
 4  (4)
Cash and cash equivalents at beginning of period 16  13 
Cash and cash equivalents at end of period $ 20  $ 9 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 134  $ 119 

See Notes to Condensed Consolidated Financial Statements
33
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2022 and 2023
Additional
Common Paid-in Retained Total
(in millions) Stock Capital Earnings Equity
Balance at June 30, 2022 $ 762  $ 3,100  $ 735  $ 4,597 
Net income —  —  103  103 
Other —  —  1  1 
Balance at September 30, 2022 $ 762  $ 3,100  $ 839  $ 4,701 
Balance at June 30, 2023 $ 762  $ 3,100  $ 1,075  $ 4,937 
Net income —  —  80  80 
Balance at September 30, 2023 $ 762  $ 3,100  $ 1,155  $ 5,017 
Nine Months Ended September 30, 2022 and 2023
Additional
Common Paid-in Retained Total
(in millions) Stock Capital Earnings Equity
Balance at December 31, 2021 $ 762  $ 3,100  $ 602  $ 4,464 
Net income —  —  236  236 
Other —  —  1  1 
Balance at September 30, 2022 $ 762  $ 3,100  $ 839  $ 4,701 
Balance at December 31, 2022 $ 762  $ 3,100  $ 904  $ 4,766 
Net income —  —  251  251 
Balance at September 30, 2023 $ 762  $ 3,100  $ 1,155  $ 5,017 
See Notes to Condensed Consolidated Financial Statements
34
FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues $ 851  $ 1,095  $ 2,606  $ 2,835 
Operating Expenses
Fuel used in electric generation and purchased power 283  556  980  1,234 
Operation, maintenance and other 160  177  524  551 
Depreciation and amortization 173  167  500  478 
Property and other taxes 17  13  42  60 
Impairment of assets and other charges —  —  —  211 
Total operating expenses 633  913  2,046  2,534 
Operating Income 218  182  560  301 
Other Income and Expenses, net 30  9  58  27 
Interest Expense 53  48  157  138 
Income Before Income Taxes 195  143  461  190 
Income Tax Expense
 36  24  82  1 
Net Income and Comprehensive Income $ 159  $ 119  $ 379  $ 189 

See Notes to Condensed Consolidated Financial Statements
35
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents $ 14  $ 31 
Receivables (net of allowance for doubtful accounts of $5 at 2023 and $4 at 2022)
 117  112 
Receivables from affiliated companies 154  298 
Inventory 600  489 
Regulatory assets 93  249 
Other 59  197 
Total current assets 1,037  1,376 
Property, Plant and Equipment
Cost 18,638  18,121 
Accumulated depreciation and amortization (6,359) (6,021)
Net property, plant and equipment 12,279  12,100 
Other Noncurrent Assets
Regulatory assets 899  875 
Operating lease right-of-use assets, net 47  49 
Other 323  254 
Total other noncurrent assets 1,269  1,178 
Total Assets $ 14,585  $ 14,654 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 277  $ 391 
Accounts payable to affiliated companies 111  206 
Notes payable to affiliated companies 200  435 
Taxes accrued 88  92 
Interest accrued 74  48 
Current maturities of long-term debt 3  303 
Asset retirement obligations 114  207 
Regulatory liabilities 205  187 
Other 157  161 
Total current liabilities 1,229  2,030 
Long-Term Debt 4,351  3,854 
Long-Term Debt Payable to Affiliated Companies 150  150 
Other Noncurrent Liabilities
Deferred income taxes 1,352  1,299 
Asset retirement obligations 728  744 
Regulatory liabilities 1,478  1,454 
Operating lease liabilities 45  47 
Accrued pension and other post-retirement benefit costs 116  122 
Investment tax credits 186  186 
Other 14  65 
Total other noncurrent liabilities 3,919  3,917 
Commitments and Contingencies
Equity
Member's equity 4,935  4,702 
Accumulated other comprehensive income 1  1 
           Total equity 4,936  4,703 
Total Liabilities and Equity $ 14,585  $ 14,654 

See Notes to Condensed Consolidated Financial Statements
36
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 379  $ 189 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 503  481 
Equity component of AFUDC (7) (12)
Impairment of assets and other charges —  211 
Deferred income taxes 15  (26)
Contributions to qualified pension plans (8) (5)
Payments for asset retirement obligations (57) (67)
(Increase) decrease in
Receivables (23) (1)
Receivables from affiliated companies (12) 17 
Inventory (112) (34)
Other current assets 209  (181)
Increase (decrease) in
Accounts payable (86) 44 
Accounts payable to affiliated companies (32) (24)
Taxes accrued (4) 5 
Other current liabilities 107  18 
Other assets (62) 8 
Other liabilities 26  9 
Net cash provided by operating activities 836  632 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (699) (643)
Purchases of debt and equity securities (53) (43)
Proceeds from sales and maturities of debt and equity securities 42  32 
Notes receivable from affiliated companies 156  (32)
Other (50) (38)
Net cash used in investing activities (604) (724)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 495  67 
Payments for the redemption of long-term debt (300) (81)
Notes payable to affiliated companies (234) 483 
Distributions to parent (209) (350)
Other (1) (1)
Net cash (used in) provided by financing activities (249) 118 
Net (decrease) increase in cash and cash equivalents (17) 26 
Cash and cash equivalents at beginning of period 31  6 
Cash and cash equivalents at end of period $ 14  $ 32 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 94  $ 102 
See Notes to Condensed Consolidated Financial Statements
37
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Accumulated Other
Comprehensive Income
Member's Pension and Total
(in millions) Equity OPEB Adjustments Equity
Balance at June 30, 2022 $ 4,861  $ —  $ 4,861 
Net income 119  —  119 
Other (1) —  (1)
Balance at September 30, 2022 $ 4,979  $ —  $ 4,979 
Balance at June 30, 2023 $ 4,826  $ 1  $ 4,827 
Net income 159  —  159 
Distributions to parent (50) —  (50)
Balance at September 30, 2023 $ 4,935  $ 1  $ 4,936 
Accumulated Other
Comprehensive Income
Member's Pension and Total
(in millions) Equity OPEB Adjustments Equity
Balance at December 31, 2021 $ 5,015  $ —  $ 5,015 
Net income
 189  —  189 
Distributions to parent (225) —  (225)
Balance at September 30, 2022 $ 4,979  $ —  $ 4,979 
Balance at December 31, 2022 $ 4,702  $ 1  $ 4,703 
Net income 379  —  379 
Distributions to parent (146) —  (146)
Balance at September 30, 2023 $ 4,935  $ 1  $ 4,936 

See Notes to Condensed Consolidated Financial Statements
38
FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2023 2022 2023 2022
Operating Revenues $ 208  $ 306  $ 1,119  $ 1,421 
Operating Expenses
Cost of natural gas 51  168  316  685 
Operation, maintenance and other 77  87  248  270 
Depreciation and amortization 59  56  175  166 
Property and other taxes 16  13  46  44 
Impairment of assets and other charges —  1  (4) 1 
Total operating expenses 203  325  781  1,166 
Gains on Sales of Other Assets and Other, net —  —  —  4 
Operating Income (Loss)
 5  (19) 338  259 
Other Income and Expenses, net 17  13  49  41 
Interest Expense 41  36  120  102 
(Loss) Income Before Income Taxes (19) (42) 267  198 
Income Tax (Benefit) Expense (5) (9) 46  18 
Net (Loss) Income and Comprehensive (Loss) Income $ (14) $ (33) $ 221  $ 180 

See Notes to Condensed Consolidated Financial Statements
39
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions) September 30, 2023 December 31, 2022
ASSETS
Current Assets
Receivables (net of allowance for doubtful accounts of $10 at 2023 and $14 at 2022)
 $ 99  $ 436 
Receivables from affiliated companies 12  11 
Inventory 88  172 
Regulatory assets 120  119 
Other 63  4 
Total current assets 382  742 
Property, Plant and Equipment
Cost 11,595  10,869 
Accumulated depreciation and amortization (2,230) (2,081)
Facilities to be retired, net —  9 
Net property, plant and equipment 9,365  8,797 
Other Noncurrent Assets
Goodwill 49  49 
Regulatory assets 415  392 
Operating lease right-of-use assets, net 3  4 
Investments in equity method unconsolidated affiliates 78  79 
Other 288  272 
Total other noncurrent assets 833  796 
Total Assets $ 10,580  $ 10,335 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $ 209  $ 345 
Accounts payable to affiliated companies 48  51 
Notes payable to affiliated companies 297  514 
Taxes accrued 44  74 
Interest accrued 49  40 
Current maturities of long-term debt 85  45 
Regulatory liabilities 98  74 
Other 66  81 
Total current liabilities 896  1,224 
Long-Term Debt 3,628  3,318 
Other Noncurrent Liabilities
Deferred income taxes 948  870 
Asset retirement obligations 28  26 
Regulatory liabilities 993  1,024 
Operating lease liabilities 10  13 
Accrued pension and other post-retirement benefit costs 7  7 
Other 176  180 
Total other noncurrent liabilities 2,162  2,120 
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2023 and 2022
 1,635  1,635 
Retained earnings 2,258  2,037 
Total Piedmont Natural Gas Company, Inc. stockholder's equity 3,893  3,672 
Noncontrolling interests 1  1 
Total equity 3,894  3,673 
Total Liabilities and Equity $ 10,580  $ 10,335 

See Notes to Condensed Consolidated Financial Statements
40
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in millions) 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 221  $ 180 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 177  168 
Equity component of AFUDC (15) (7)
Impairment of assets and other charges (4) 1 
Deferred income taxes 52  13 
Equity in earnings from unconsolidated affiliates (6) (5)
Contributions to qualified pension plans (3) (2)
Provision for rate refunds —  (3)
(Increase) decrease in
Receivables 335  198 
Receivables from affiliated companies (1) 1 
Inventory 83  (26)
Other current assets (63) (91)
Increase (decrease) in
Accounts payable (78) 24 
Accounts payable to affiliated companies (3) (5)
Taxes accrued (30) (18)
Other current liabilities 25  23 
Other assets (23) (8)
Other liabilities 7  (3)
Net cash provided by operating activities 674  440 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (774) (598)
Contributions to equity method investments —  (8)
Other (32) (17)
Net cash used in investing activities (806) (623)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt 348  394 
Notes payable to affiliated companies (216) (210)
Other —  (1)
Net cash provided by financing activities 132  183 
Net increase in cash and cash equivalents —  — 
Cash and cash equivalents at beginning of period —  — 
Cash and cash equivalents at end of period $ —  $ — 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures $ 149  $ 163 

See Notes to Condensed Consolidated Financial Statements
41
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended September 30, 2022 and 2023
Total
Piedmont
Natural Gas
Common Retained Company, Inc. Noncontrolling Total
(in millions) Stock Earnings Equity Interests Equity
Balance at June 30, 2022 $ 1,635  $ 1,927  $ 3,562  $ —  $ 3,562 
Net loss —  (33) (33) —  (33)
Balance at September 30, 2022 $ 1,635  $ 1,894  $ 3,529  $ —  $ 3,529 
Balance at June 30, 2023 $ 1,635  $ 2,272  $ 3,907  $ 1  $ 3,908 
Net loss
 —  (14) (14) —  (14)
Balance at September 30, 2023 $ 1,635  $ 2,258  $ 3,893  $ 1  $ 3,894 
Nine Months Ended September 30, 2022 and 2023
Total
Piedmont
Natural Gas
Common Retained Company, Inc. Noncontrolling Total
(in millions) Stock Earnings Equity Interests Equity
Balance at December 31, 2021 $ 1,635  $ 1,714  $ 3,349  $ —  $ 3,349 
Net income —  180  180  —  180 
Balance at September 30, 2022 $ 1,635  $ 1,894  $ 3,529  $ —  $ 3,529 
Balance at December 31, 2022 $ 1,635  $ 2,037  $ 3,672  $ 1  $ 3,673 
Net income —  221  221  —  221 
Balance at September 30, 2023 $ 1,635  $ 2,258  $ 3,893  $ 1  $ 3,894 

See Notes to Condensed Consolidated Financial Statements
42
FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION
Index to Combined Notes to Condensed Consolidated Financial Statements
The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.
Applicable Notes
Registrant 1
2
 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Duke Energy • • • • • • • • • • • • • • • • •
Duke Energy Carolinas • • • • • • • • • • • • • • •
Progress Energy • • • • • • • • • • • • • • • •
Duke Energy Progress • • • • • • • • • • • • • • •
Duke Energy Florida • • • • • • • • • • • • • • •
Duke Energy Ohio • • • • • • • • • • • • • • •
Duke Energy Indiana • • • • • • • • • • • • • • •
Piedmont • • • • • • • • • • • • • •
Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.
1. ORGANIZATION AND BASIS OF PRESENTATION
BASIS OF PRESENTATION
These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022.
The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.
These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
BASIS OF CONSOLIDATION
These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 13 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.
Discontinued Operations
Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the nine months ended September 30, 2023, and 2022, the Loss (Income) From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Condensed Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.
NONCONTROLLING INTEREST
Duke Energy maintains a controlling financial interest in certain less than wholly owned subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Condensed Consolidated Balance Sheets. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares.
43
FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 11 and 13 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.
September 30, 2023 December 31, 2022
Duke Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Duke Energy Progress Energy Energy
Energy Carolinas Energy Progress Florida
Energy(a)
 Carolinas Energy Progress Florida
Current Assets
Cash and cash equivalents $ 324  $ 19  $ 87  $ 27  $ 41  $ 409  $ 44  $ 108  $ 49  $ 45 
Other 49  4  44  17  23  82  8  74  28  41 
Other Noncurrent Assets
Other 9  1  2  2  —  11  1  2  2  — 
Total cash, cash equivalents and restricted cash $ 382  $ 24  $ 133  $ 46  $ 64  $ 502  $ 53  $ 184  $ 79  $ 86 
(a)    Certain prior year balances have been adjusted for held for sale presentation. See Note 2 for additional information.
INVENTORY
Provisions for inventory write-offs were not material at September 30, 2023, and December 31, 2022. The components of inventory are presented in the tables below.
  September 30, 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Materials and supplies $ 3,018  $ 1,045  $ 1,408  $ 920  $ 488  $ 132  $ 381  $ 15 
Coal 758  330  187  110  77  24  217  — 
Natural gas, oil and other fuel 342  47  208  111  97  12  2  73 
Total inventory $ 4,118  $ 1,422  $ 1,803  $ 1,141  $ 662  $ 168  $ 600  $ 88 
  December 31, 2022
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Materials and supplies $ 2,604  $ 876  $ 1,232  $ 819  $ 413  $ 105  $ 342  $ 12 
Coal 620  253  190  99  91  34  144  — 
Natural gas, oil and other fuel 360  35  157  88  69  5  3  160 
Total inventory $ 3,584  $ 1,164  $ 1,579  $ 1,006  $ 573  $ 144  $ 489  $ 172 
OTHER NONCURRENT ASSETS
Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the Electric Utilities and Infrastructure (EU&I) segment. See Notes 2 and 3 for further information.
ACCOUNTS PAYABLE
Duke Energy maintains a supply chain finance program (the “program”) with a global financial institution. The program is voluntary and allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to the financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Duke Energy confirms invoices sold by suppliers under the program to the financial institution and pays the financial institution based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.
44
FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION
The following table represents the changes in confirmed obligations outstanding for the three and nine months ended September 30, 2023, and 2022.
Three months ended September 30, 2022 and 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Confirmed obligations outstanding at the June 30, 2022
 $ 46  $ 9  $ 11  $ 3  $ 8  $ 9  $ —  $ 17 
Invoices confirmed during the period 86  6  21  7  14  12  —  47 
Confirmed invoices paid during the period (58) (12) (15) (5) (10) (9) —  (22)
Confirmed obligations outstanding at September 30, 2022
 $ 74  $ 3  $ 17  $ 5  $ 12  $ 12  $ —  $ 42 
Confirmed obligations outstanding at the June 30, 2023
 $ 40  $ 5  $ 14  $ 12  $ 2  $ 2  $ —  $ 19 
Invoices confirmed during the period 47  2  11  2  9  4  —  30 
Confirmed invoices paid during the period (18) (4) (8) (3) (5) —  —  (6)
Confirmed obligations outstanding at September 30, 2023
 $ 69  $ 3  $ 17  $ 11  $ 6  $ 6  $ —  $ 43 
Nine months ended September 30, 2022 and 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Confirmed obligations outstanding at the December 31, 2021 $ 19  $ —  $ 9  $ —  $ 9  $ 6  $ —  $ 4 
Invoices confirmed during the period 181  20  52  17  35  27  1  81 
Confirmed invoices paid during the period (126) (17) (44) (12) (32) (21) (1) (43)
Confirmed obligations outstanding at September 30, 2022
 $ 74  $ 3  $ 17  $ 5  $ 12  $ 12  $ —  $ 42 
Confirmed obligations outstanding at the December 31, 2022 $ 87  $ 6  $ 19  $ 8  $ 11  $ 5  $ —  $ 57 
Invoices confirmed during the period 161  22  53  25  28  7  —  79 
Confirmed invoices paid during the period (179) (25) (55) (22) (33) (6) —  (93)
Confirmed obligations outstanding at September 30, 2023
 $ 69  $ 3  $ 17  $ 11  $ 6  $ 6  $ —  $ 43 
NEW ACCOUNTING STANDARDS
No new accounting standards were adopted by the Duke Energy Registrants in 2023.
2. DISPOSITIONS
Sale of Commercial Renewables Segment
In August 2022, Duke Energy announced a strategic review of its commercial renewables business. Since 2007, Duke Energy has built a portfolio of commercial wind, solar and battery projects across the U.S., and established a development pipeline. Duke Energy has developed a strategy to focus on renewables, grid and other investment opportunities within its regulated operations. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the EU&I segment. In June 2023, Duke Energy announced that it had entered into a purchase and sale agreement with affiliates of Brookfield for the sale of the utility-scale solar and wind group. Duke Energy closed on this transaction on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. In July 2023, Duke Energy announced that it had entered into a purchase and sale agreement with affiliates of ArcLight for the distributed generation group. Duke Energy closed on this transaction on October 4, 2023, and received proceeds of $243 million. In March 2023, assets for certain projects were removed from the utility-scale solar and wind group and placed in a separate disposal group. The disposal process for the remaining assets is expected to be completed by early 2024, with net proceeds from the dispositions not anticipated to be material.
Assets Held For Sale and Discontinued Operations
The utility-scale solar and wind group, the distributed generation group and the remaining assets (collectively, Commercial Renewables Disposal Groups) were classified as held for sale and as discontinued operations in the fourth quarter of 2022. Originally debt and the related restricted cash and interest rate swaps were not expected to transfer to a buyer but during the marketing process it was determined they would be included with the sale and were classified as held for sale in March 2023. As a result, adjustments were made to the December 31, 2022, Consolidated Balance Sheet to present debt and the related restricted cash and interest rate swaps as held for sale. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented.
No interest from corporate level debt was allocated to discontinued operations.
45
FINANCIAL STATEMENTS DISPOSITIONS
The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.
(in millions) September 30, 2023 December 31, 2022
Current Assets Held for Sale
Cash and cash equivalents $ 70  $ 10 
Receivables, net 107  107 
Inventory 84  88 
Other 179  151 
Total current assets held for sale 440  356 
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost 5,387  6,444 
Accumulated depreciation and amortization (1,651) (1,651)
Net property, plant and equipment 3,736  4,793 
Operating lease right-of-use assets, net 144  140 
Investments in equity method unconsolidated affiliates 504  522 
Other 212  179 
Total other noncurrent assets held for sale 860  841 
Total Assets Held for Sale $ 5,036  $ 5,990 
Current Liabilities Associated with Assets Held for Sale
Accounts payable $ 124  $ 122 
Taxes accrued 22  17 
Current maturities of long-term debt 268  276 
Other 175  120 
Total current liabilities associated with assets held for sale 589  535 
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt 1,047  1,188 
Operating lease liabilities 154  150 
Asset retirement obligations 201  190 
Other 232  399 
Total other noncurrent liabilities associated with assets held for sale 1,634  1,927 
Total Liabilities Associated with Assets Held for Sale $ 2,223  $ 2,462 
As of September 30, 2023, and December 31, 2022, the noncontrolling interest balance is $1.8 billion and $1.6 billion, respectively.
The following table presents the results of the Commercial Renewables Disposal Groups, which are included in (Loss) Income from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions) 2023 2022 2023 2022
Operating revenues $ 103  $ 129  $ 293  $ 372 
Operation, maintenance and other 93  85 270  248
Depreciation and amortization(a)
 —  65 —  193
Property and other taxes 8  10 27  31
Other income and expenses, net (2) (1) (9) (4)
Interest expense 10  18 53  55
Loss on disposal 169  —  1,603  — 
Loss before income taxes (179) (50) (1,669) (159)
Income tax benefit (27) (30) (353) (106)
Loss from discontinued operations $ (152) $ (20) $ (1,316) $ (53)
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations
 (38) 20  33  92 
Net (loss) income from discontinued operations attributable to Duke Energy Corporation $ (190) $ —  $ (1,283) $ 39 
(a)    Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased.
46
FINANCIAL STATEMENTS DISPOSITIONS
The Commercial Renewables Disposal Groups' held for sale assets reflected pretax impairments of approximately $1.7 billion as of December 31, 2022, and an incremental pretax impairment of $220 million as of March 31, 2023. The final purchase and sale agreements were signed with Brookfield in June 2023 for the utility-scale solar and wind group and with ArcLight in July 2023 for the distributed generation group, and accordingly, in the second quarter of 2023, pretax impairments of approximately $1.2 billion were recorded to write-down the carrying amount of property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated costs to sell. Pretax impairments of $169 million were recorded in the third quarter of 2023 reflecting closing-related adjustments for the transactions that closed and ongoing assessment of the estimated fair values of the remaining assets held for sale. The impairments were included in (Loss) Income from Discontinued Operations, net of tax, in Duke Energy's Condensed Consolidated Statements of Operations and Comprehensive Income for the periods presented. The fair value was primarily determined from purchase and sale agreements for the utility scale and distributed generation groups and discounted cash flow analysis for the remainder of the assets. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 12. The impairments for the utility-scale and distributed generation assets were updated based on customary adjustments at closing, and will be updated, if necessary, for any post-closing adjustments. The carrying amounts for the remaining assets will be updated, if necessary, based on final disposition amounts.
Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.
Nine Months Ended
September 30,
(in millions) 2023 2022
Cash flows provided by (used in):
Operating activities $ 545  $ 485 
Investing activities (597) (223)
Other Sale-Related Matters
Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. The plaintiffs have begun to dismiss Duke Energy (parent) from these lawsuits and have represented to the court that they will dismiss Duke Energy (Parent) from all such cases. See Note 5 for more information.
As part of the purchase and sale agreement for the distributed generation group, Duke Energy has agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that will be disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.
3. BUSINESS SEGMENTS
Duke Energy
Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups.
The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information.
The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.
47
FINANCIAL STATEMENTS BUSINESS SEGMENTS
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
Three Months Ended September 30, 2023
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Eliminations Total
Unaffiliated revenues $ 7,695  $ 291  $ 7,986  $ 8  $ —  $ 7,994 
Intersegment revenues 20  22  42  25  (67) — 
Total revenues $ 7,715  $ 313  $ 8,028  $ 33  $ (67) $ 7,994 
Segment income (loss)(a)
 $ 1,447  $ 15  $ 1,462  $ (59) $ —  $ 1,403 
Less: Noncontrolling interests (69)
Add: Preferred stock dividend 39 
Discontinued operations (190)
Net Income
 $ 1,321 
Segment assets(b)
 $ 155,588  $ 16,724  $ 172,312  $ 8,848  $ —  $ 181,160 
Three Months Ended September 30, 2022
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Eliminations Total
Unaffiliated revenues $ 7,431  $ 404  $ 7,835  $ 7  $ —  $ 7,842 
Intersegment revenues 8  23  31  23  (54) — 
Total revenues $ 7,439  $ 427  $ 7,866  $ 30  $ (54) $ 7,842 
Segment income (loss) $ 1,540  $ 4  $ 1,544  $ (183) $ (1) $ 1,360 
Less: Noncontrolling interests 9 
Add: Preferred stock dividend 39 
Discontinued operations 23 
Net Income $ 1,413 
(a)EU&I includes $95 million recorded within Impairment of assets and other charges and $16 million within Operations, maintenance and other on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations related primarily to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. See Note 4 for additional information.
(b)Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.
Nine Months Ended September 30, 2023
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Eliminations Total
Unaffiliated revenues $ 20,308  $ 1,516  $ 21,824  $ 24  $ —  $ 21,848 
Intersegment revenues 55  67  122  74  (196) — 
Total revenues $ 20,363  $ 1,583  $ 21,946  $ 98  $ (196) $ 21,848 
Segment income (loss)(a)
 $ 3,088  $ 327  $ 3,415  $ (388) $ —  $ 3,027 
Less: Noncontrolling interests (42)
Add: Preferred stock dividend 92 
Discontinued operations (1,283)
Net Income $ 1,878 
48
FINANCIAL STATEMENTS BUSINESS SEGMENTS
Nine Months Ended September 30, 2022
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Eliminations Total
Unaffiliated revenues $ 19,552  $ 1,843  $ 21,395  $ 22  $ —  $ 21,417 
Intersegment revenues 24  69  93  69  (162) — 
Total revenues $ 19,576  $ 1,912  $ 21,488  $ 91  $ (162) $ 21,417 
Segment income (loss)(b)
 $ 3,237  $ 277  $ 3,514  $ (480) $ (2) $ 3,032 
Less: Noncontrolling interests 73 
Add: Preferred stock dividend 92 
Discontinued operations 62 
Net Income $ 3,113 
(a)EU&I includes $95 million recorded within Impairment of assets and other charges and $16 million within Operations, maintenance and other on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations related primarily to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. See Note 4 for additional information.
(b)EU&I includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $20 million within Noncontrolling Interests on the Condensed Consolidated Statements of Operations related to a Duke Energy Indiana Supreme Court ruling. See Note 4 for additional information.
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.
Three Months Ended September 30, 2023
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Eliminations Total
Total revenues $ 472  $ 105  $ 577  $ —  $ —  $ 577 
Segment income (loss)/Net income $ 65  $ 17  $ 82  $ (2) $ —  $ 80 
Segment assets $ 7,745  $ 4,218  $ 11,963  $ 10  $ (179) $ 11,794 
Three Months Ended September 30, 2022
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Total
Total revenues $ 507  $ 121  $ 628  $ —  $ 628 
Segment income (loss)/Net income
 $ 74  $ 30  $ 104  $ (1) $ 103 
Nine Months Ended September 30, 2023
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Total
Total revenues $ 1,411  $ 464  $ 1,875  $ —  $ 1,875 
Segment income (loss)/Net income $ 168  $ 87  $ 255  $ (4) $ 251 
Nine Months Ended September 30, 2022
Electric Gas Total
Utilities and Utilities and Reportable
(in millions) Infrastructure Infrastructure Segments Other Total
Total revenues $ 1,320  $ 491  $ 1,811  $ —  $ 1,811 
Segment income (loss)/Net income $ 152  $ 87  $ 239  $ (3) $ 236 
4. REGULATORY MATTERS
RATE-RELATED INFORMATION
The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects.
49
FINANCIAL STATEMENTS REGULATORY MATTERS
Duke Energy Carolinas and Duke Energy Progress
Nuclear Station Subsequent License Renewal
On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, on February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the proceeding.
On February 24, 2022, the NRC issued a decision in the SLR appeal related to Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. Although Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On September 14, 2023, the NRC posted on its website that the issuance of the GEIS will now be issued in August 2024 instead of May 2024 due to the volume and technical complexity of the comments received.
On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify 18 potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. The NRC has notified Duke Energy Carolinas that the draft EIS will now be issued in January 2024.
On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACRS) on February 2, 2023, to discuss issues regarding the SER and SLR application. On February 25, 2023, the ACRS issued a report to the NRC on the safety aspects of the ONS SLR application, which concluded that the established programs and commitments made by Duke Energy Carolinas to manage age-related degradation provide confidence that ONS can be operated in accordance with its current licensing basis for the subsequent period of extended operation without undue risk to the health and safety of the public and the SLR application for ONS should be approved.
Although the NRC’s GEIS applicability decision will delay completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process.
Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations. New depreciation rates were implemented for all of the nuclear facilities during the second quarter of 2021. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of these additional relicensing proceedings.
Duke Energy Carolinas
2023 North Carolina Rate Case
On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR Application included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR Application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB 951. The application as originally filed requested an overall retail revenue increase of $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million, or 15.7%, by early 2026. The rate increase is driven primarily by major transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carolinas Carbon Plan (Carbon Plan). The Public Staff – North Carolina Utilities Commission (Public Staff) and intervenor testimony was filed on July 19, 2023, and Duke Energy Carolinas' rebuttal testimony was filed on August 4, 2023.
On August 22, 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the Public Staff in connection with its PBR application. The partial settlement includes, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement includes agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the Public Staff resolving additional issues, including the future treatment of nuclear production tax credits related to the Inflation Reduction Act, through a stand-alone rider that will provide the benefits to customers beginning January 1, 2025. As a result of the partial settlements, Duke Energy Carolinas recognized pretax charges of $59 million within Impairment of assets and other charges, which primarily related to certain COVID-19 deferred costs, and $8 million within Operations, maintenance and other, for the three and nine months ended September 30, 2023, on the Condensed Consolidated Statements of Operations. These partial settlements are subject to the review and approval of the NCUC.
50
FINANCIAL STATEMENTS REGULATORY MATTERS
Remaining items litigated at the evidentiary hearing, which occurred August 28 to September 5, 2023, include ROE, capital structure, and recovery of the remaining COVID-19 deferred costs. Duke Energy Carolinas implemented interim rates, subject to refund, on September 1, 2023, and has requested permanent rates be effective by January 1, 2024. On October 13, 2023, the Public Staff filed supplemental testimony, and on October 23, 2023, the NCUC ordered the hearing to reconvene on October 30, 2023. Duke Energy Carolinas expects a decision on its application in this case in the fourth quarter of this year. Duke Energy Carolinas cannot predict the outcome of this matter.
Duke Energy Progress
2022 North Carolina Rate Case
On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR Application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB 951. The overall retail revenue increase as originally filed would have been $326 million in Year 1, $151 million in Year 2 and $138 million in Year 3, for a combined total of $615 million, by late 2025. The rate increase is driven primarily by major transmission and distribution investments since the last rate case and as projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan.
On April 26, 2023, Duke Energy Progress filed with the NCUC a partial settlement with Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, the Carolina Industrial Group for Fair Utility Rates II (CIGFUR) joined this partial settlement and Public Staff and CIGFUR filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.
On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR Application, as modified by the partial settlements and the order, approving of an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon a capital structure of 53% equity and 47% debt and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR Application and revised by the partial settlements. As a result of the order, Duke Energy Progress recognized pretax charges of $28 million within Impairment of assets and other charges, which primarily related to certain COVID-19 deferred costs, and $8 million within Operations, maintenance and other, for the three and nine months ended September 30, 2023, on the Condensed Consolidated Statements of Operations. Duke Energy Progress implemented interim rates, subject to refund, on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.
On October 17, 2023, CIGFUR and Haywood Electric Membership Corporation each filed a Notice of Appeal and Exceptions to the Supreme Court of North Carolina. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they are appealing the class subsidy reduction percentage, and CIGFUR is also appealing the Customer Assistance Program and the fuel cost allocation methodology. CIGFUR also filed with the NCUC a Motion for Reconsideration and Motion for Stay with respect to those issues during the pendency of the appeal. Duke Energy Progress cannot predict the outcome of this matter.
2023 South Carolina Storm Securitization
On May 31, 2023, Duke Energy Progress filed a petition with the PSCSC requesting authorization for the financing of Duke Energy Progress' storm recovery costs in the amount of approximately $171 million, through securitization, due to storm recovery activities required as a result of the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. On September 8, 2023, Duke Energy Progress filed a comprehensive settlement agreement with all parties on all cost recovery issues raised in the storm securitization proceeding.
The evidentiary hearing occurred in early September 2023. On September 20, 2023, the PSCSC approved the comprehensive settlement agreement and on October 13, 2023, the PSCSC issued its financing order. Duke Energy Progress will proceed with structuring, marketing and pricing the storm recovery bonds and then seek PSCSC authorization to issue the bonds in the first half of 2024. Duke Energy Progress cannot predict the outcome of this matter.
2022 South Carolina Rate Case
On September 1, 2022, Duke Energy Progress filed an application with the PSCSC to request an increase in base rate retail revenues. On January 12, 2023, Duke Energy Progress and the ORS, as well as other consumer, environmental, and industrial intervening parties, filed a comprehensive Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the stipulation include:
•A $52 million annual customer rate increase prior to the reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT. After extending the remaining EDIT giveback to customers to 33 months, the net annual retail rate increase is approximately $36 million.
•ROE of 9.6% based on a capital structure of 52.43% equity and 47.57% debt.
•Continuation of deferral treatment of coal ash basin closure costs. Supports an amortization period for remaining coal ash closure costs in this rate case of seven years. Duke Energy Progress agreed not to seek recovery of approximately $50 million of deferred coal ash expenditures related to retired sites in this rate case (South Carolina retail allocation).
•Acceptance of the 2021 Depreciation Study as proposed in this case, as adjusted for certain recommendations from ORS and includes accelerated retirement dates for certain coal units as originally proposed.
•Establishment of a storm reserve to help offset the costs of major storms.
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FINANCIAL STATEMENTS REGULATORY MATTERS
The PSCSC held a hearing on January 17, 2023, to consider evidence supporting the stipulation and unanimously voted to approve the comprehensive agreement on February 9, 2023. A final written order was issued on March 8, 2023. New rates went into effect April 1, 2023.
Duke Energy Florida
2021 Settlement Agreement
On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”).
Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. On July 25, 2022, this provision was triggered. Duke Energy Florida filed a petition with the FPSC on August 12, 2022, to increase the ROE effective August 2022 with a base rate increase effective January 1, 2023. The FPSC approved this request on October 4, 2022. The 2021 Settlement Agreement also provided that Duke Energy Florida will be able to retain $173 million of the expected Department of Energy (DOE) award from its lawsuit to recover spent nuclear fuel to mitigate customer rates over the term of the 2021 Settlement. Duke Energy Florida is permitted to recognize the $173 million into earnings through the approved settlement period. Duke Energy Florida settled the DOE lawsuit and received payment of approximately $180 million on June 15, 2022, of which the retail portion was approximately $154 million. The 2021 Settlement authorizes Duke Energy Florida to collect the difference between $173 million and the $154 million retail portion of the amount received through the capacity cost recovery clause. As of September 30, 2023, Duke Energy Florida has recognized $94 million into earnings. The remaining $79 million is expected to be recognized over the remainder of 2023 and 2024, while also remaining within the approved return on equity band.
The 2021 Settlement also contained a provision to recover or flow back the effects of tax law changes. As a result of the IRA enacted on August 16, 2022, Duke Energy Florida is eligible for Production Tax Credits (PTCs) associated with solar facilities placed in service beginning in January 2022. Duke Energy Florida filed a petition with the FPSC on October 17, 2022, to reduce base rates effective January 1, 2023, by $56 million to flow back the expected 2023 PTCs and to flow back the expected 2022 PTCs via an adjustment to the capacity cost recovery clause. On December 14, 2022, the FPSC issued an order approving Duke Energy Florida's petition.
In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian.
The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024.
Clean Energy Connection
On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion and the projects are expected to be completed by the end of 2024. This investment will be included in base rates offset by the revenue from the subscription fees and the credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021.
On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. The Supreme Court of Florida heard oral arguments in the appeal on February 9, 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. On September 23, 2022, the FPSC issued a revised order and submitted it on September 26, 2022, to the Supreme Court of Florida. The Supreme Court of Florida requested that the parties file supplemental briefs regarding the revised order, which were filed February 6, 2023. LULAC has filed a request for Oral Argument on the issues discussed in the supplemental briefs, but the Court has yet to rule on that request. The FPSC approval order remains in effect pending the outcome of the appeal. Duke Energy Florida cannot predict the outcome of this matter.
Storm Protection Plan
On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approximately $7 billion of capital investment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. The evidentiary hearing began on August 2, 2022. On October 4, 2022, the FPSC voted to approve Duke Energy Florida’s plan with one modification to remove the transmission loop radially fed program, representing a reduction of approximately $80 million over the 10-year period starting in 2025. On December 9, 2022, the OPC filed a notice of appeal of this order to the Florida Supreme Court. The OPC's initial brief was filed on April 18, 2023. Duke Energy Florida filed its brief on July 17, 2023. The OPC's reply brief was filed on October 16, 2023. The OPC has filed a request for oral argument, but the Florida Supreme Court has yet to rule on that request. Duke Energy Florida cannot predict the outcome of this matter.
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FINANCIAL STATEMENTS REGULATORY MATTERS
Hurricanes Ian and Idalia
On September 28, 2022, much of Duke Energy Florida’s service territory was impacted by Hurricane Ian, which caused significant damage resulting in more than 1.1 million outages. Duke Energy Florida's September 30, 2023, Condensed Consolidated Balance Sheets includes an estimate of approximately $357 million in regulatory assets related to deferred Hurricane Ian storm costs consistent with the FPSC's storm rule. After depleting any existing storm reserves, which were approximately $107 million before Hurricane Ian, Duke Energy Florida is permitted to petition the FPSC for recovery of additional incremental operation and maintenance costs resulting from the storm and to replenish the retail customer storm reserve to approximately $132 million. Duke Energy Florida filed its petition for cost recovery of various storms, including Hurricane Ian, and replenishment of the storm reserve on January 23, 2023, seeking recovery of $442 million, for recovery over 12 months beginning with the first billing cycle in April 2023. On March 7, 2023, the FPSC approved this request for interim recovery, subject to refund, and ordered Duke Energy Florida to file documentation of the total actual storm costs, once known. Duke Energy Florida filed documentation evidencing its total actual storm costs of $431 million on September 29, 2023.
On August 30, 2023, Hurricane Idalia made landfall on Florida’s gulf coast, causing damage and impacting more than 200,000 customers across Duke Energy Florida's service territory. Duke Energy Florida's September 30, 2023, Condensed Consolidated Balance Sheets includes an estimate of approximately $96 million in regulatory assets related to deferred Hurricane Idalia storm costs consistent with the FPSC's storm rule. On October 16, 2023, Duke Energy Florida requested to combine the $92 million retail portion of the deferred estimated Hurricane Idalia costs with $74 million of costs projected to be collected after December 31, 2023, under the existing approved storm cost recovery and storm surcharge. This $74 million of costs relates primarily to the approved ongoing replenishment of the storm reserves. Duke Energy Florida is seeking recovery of the total $166 million over 12 months beginning with its first billing cycle in January 2024, replacing the previously approved storm cost recovery and storm surcharge. Duke Energy Florida cannot predict the outcome of these matters.
Duke Energy Ohio
Duke Energy Ohio Electric Base Rate Case
Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million and an ROE of 10.3%. On September 19, 2022, Duke Energy Ohio filed a Stipulation and Recommendation with the PUCO, which includes an increase in overall electric distribution base rates of approximately $23 million and an ROE of 9.5%. The stipulation is among all but one party to the proceeding. The PUCO issued an order on December 14, 2022, approving the Stipulation without material modification. Rates went into effect on January 3, 2023. The OCC filed an application for rehearing on January 13, 2023, arguing the Stipulation was unreasonable, discriminatory, and denied OCC due process. On February 8, 2023, the PUCO granted the OCC's application for rehearing for further consideration. Duke Energy Ohio cannot predict the outcome of this matter.
Energy Efficiency Cost Recovery
In response to changes in Ohio law that eliminated Ohio's energy efficiency mandates, the PUCO issued an order on February 26, 2020, directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020. Duke Energy Ohio took the following actions:
•On March 27, 2020, Duke Energy Ohio filed an application for rehearing seeking clarification on the final true up and reconciliation process after 2020. On November 18, 2020, the PUCO issued an order replacing the cost cap previously imposed upon Duke Energy Ohio with a cap on shared savings recovery. On December 18, 2020, Duke Energy Ohio filed an additional application for rehearing challenging, among other things, the imposition of the cap on shared savings. On January 13, 2021, the application for rehearing was granted for further consideration.
•On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposed a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs.
•On November 18, 2020, the PUCO issued an order directing all utilities to set their energy efficiency riders to zero effective January 1, 2021, and to file a separate application for final reconciliation of all energy efficiency costs prior to December 31, 2020. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs.
•On June 14, 2021, the PUCO requested each utility to file by July 15, 2021, a proposal to reestablish low-income programs through December 31, 2021. Duke Energy Ohio filed its application on July 14, 2021.
•On February 23, 2022, the PUCO issued its Fifth Entry on Rehearing that 1) affirmed its reduction in Duke Energy Ohio's shared savings cap; 2) denied rehearing/clarification regarding lost distribution revenues and shared savings recovery for periods after December 31, 2020; and 3) directed Duke Energy Ohio to submit an updated application with exhibits. On March 25, 2022, Duke Energy Ohio filed its Amended Application consistent with the PUCO's order.
•On March 17, 2023, the Staff of the PUCO submitted its Staff Review and Recommendation. This Staff Report, like prior such reports, recommends certain disallowances related to incentives.
•On March 27, 2023, the PUCO established a procedural schedule. Intervention/comments were filed on April 26, 2023, and Duke Energy Ohio filed reply comments on May 11, 2023.
On August 9, 2023, the PUCO issued its decision approving the Company’s request for recovery and final true up of energy efficiency program costs, lost distribution revenues and performance incentives from calendar years 2018 through 2020, resulting in $14 million of Regulated electric revenue on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023, and resolving all outstanding issues in these proceedings. Rates were revised effective September 1, 2023.
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FINANCIAL STATEMENTS REGULATORY MATTERS
Duke Energy Ohio Natural Gas Base Rate Case
Duke Energy Ohio filed with the PUCO a natural gas base rate case application on June 30, 2022, with supporting testimony filed on July 14, 2022, requesting an increase in natural gas base rates of approximately $49 million and an ROE of 10.3%. This is an approximate 5.6% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio is also seeking to adjust the caps on its CEP rider. The report of the Staff of the PUCO was issued on December 21, 2022, recommending an increase in natural gas base rates of $24 million to $36 million, with an equity ratio of 52.32% and an ROE range of 9.03% to 10.04%. On April 28, 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the OCC. In the stipulation, the parties agreed to approximately $32 million in revenue increases with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP Rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded on May 24, 2023. Initial briefs were filed June 16, 2023, and reply briefs were filed on July 14, 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed. New rates went into effect November 1, 2023. Duke Energy Ohio cannot predict the outcome of this matter.
Duke Energy Kentucky Electric Base Rate Case
On December 1, 2022, Duke Energy Kentucky filed a rate case with the KPSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.35%. This is an overall increase in rates of approximately 17.8%. The request for rate increase is driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine (CT) generation stations. Duke Energy Kentucky is also requesting approval for new programs for the benefit of customers and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. Intervenor testimony was filed March 10, 2023, and rebuttal testimony was filed April 14, 2023. The Kentucky Attorney General recommended an increase of $31 million and an ROE of 9.55%. An evidentiary hearing concluded on May 11, 2023, with simultaneous briefs filed June 9, 2023, and replies filed on June 19, 2023. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. The Company's request to align the depreciation rates of East Bend with a 2035 retirement date was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC did approve the request to align the depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and the two electric vehicle charging programs. On November 1, 2023, Duke Energy Kentucky filed for rehearing requesting certain matters be reconsidered by the KPSC. Duke Energy Kentucky cannot predict the outcome of this matter.
Duke Energy Indiana
2019 Indiana Rate Case
On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6%, or $396 million, average retail rate increase, including the impacts of the utility receipts tax. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction was due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% was due to the approved ROE of 9.7% versus the requested ROE of 10.4% and approximately 20% was related to miscellaneous earnings neutral adjustments. Step one rates were estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates estimated to be the remaining 25% of the total rate increase were approved on July 28, 2021, and implemented in August 2021.
Several groups appealed the IURC order to the Indiana Court of Appeals. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. However, upon appeal by the Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group on March 10, 2022, the Indiana Supreme Court found that the IURC erred in allowing Duke Energy Indiana to recover coal ash costs incurred before the IURC’s rate case order in June 2020. The Indiana Supreme Court found that allowing Duke Energy Indiana to recover coal ash costs incurred between rate cases that exceeded the amount built into base rates violated the prohibition against retroactive ratemaking. The IURC’s order has been remanded to the IURC for additional proceedings consistent with the Indiana Supreme Court’s opinion. As a result of the court's opinion, Duke Energy Indiana recognized pretax charges of approximately $211 million to Impairment of assets and other charges and $46 million to Operating revenues in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022. Duke Energy Indiana filed a request for rehearing with the Supreme Court on April 11, 2022, which the court denied on May 26, 2022. Duke Energy Indiana filed its testimony in the remand proceeding on August 18, 2022. On February 3, 2023, Duke Energy Indiana filed a settlement agreement reached with the OUCC and Duke Industrial Group, which includes an agreed amount of approximately $70 million of refunds to be paid to customers. The IURC approved this settlement agreement in its entirety on April 12, 2023. In June of 2023, Duke Energy Indiana commenced refunding the approximate $70 million to customers in accordance with the settlement agreement.
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FINANCIAL STATEMENTS REGULATORY MATTERS
Indiana Coal Ash Recovery Cases
In Duke Energy Indiana’s 2019 rate case, the IURC also opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. An evidentiary hearing was held on September 14, 2020. Briefing was completed by mid-September 2021. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021, order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed. As a result of the Court's opinion, Duke Energy Indiana recognized a pretax charge of approximately $175 million to Impairment of assets and other charges for the year ended December 31, 2022. Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021, order date. On September 20, 2023, the commission approved the Company's proposal to remove the costs from its rates and assessed simple interest of the refunds of 4.71%, beginning from when the costs were initially recovered from customers. Duke Energy Indiana also filed a new petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the 2020 Indiana Coal Ash Recovery Case. An evidentiary hearing has been scheduled for January 25, 2024. Duke Energy Indiana cannot predict the outcome of this matter.
TDSIC 2.0
On November 23, 2021, Duke Energy Indiana filed for approval of the Transmission, Distribution, Storage Improvement Charge 2.0 investment plan for 2023-2028 (TDSIC 2.0). On June 15, 2022, the IURC approved, without modification, TDSIC 2.0, which includes approximately $2 billion in transmission and distribution investments selected to improve customer reliability, harden and improve resiliency of the grid, enable expansion of renewable and distributed energy projects and encourage economic development. In addition, the IURC set up a subdocket to consider the targeted economic development project, which the IURC approved on March 2, 2022. On July 15, 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. An appellant brief was filed on October 28, 2022, and Duke Energy Indiana filed its responsive brief on December 28, 2022. The Indiana Court of Appeals issued its opinion on March 9, 2023, affirming the IURC’s order in its entirety. The Duke Industrial Group filed a petition to transfer to the Indiana Supreme Court. The Indiana Supreme Court granted transfer and held an oral argument on September 28, 2023. Duke Energy Indiana cannot predict the outcome of this matter.
Piedmont
Tennessee Annual Review Mechanism
On October 10, 2022, the TPUC approved Piedmont’s petition to adopt an ARM as allowed by Tennessee law. Under the ARM, Piedmont will adjust rates annually to achieve its allowed 9.80% ROE over the upcoming year and to true up any variance between its allowed ROE and actual ROE from the prior calendar year. The initial year subject to the true up is 2022, and Piedmont filed the initial rate adjustments request on May 19, 2023, for a total increase of approximately $42 million and for rates to become effective October 1, 2023. On September 11, 2023, the TPUC approved a settlement between Piedmont and the Consumer Advocate Division of the Tennessee Attorney General's Office, which provided for recovery of the Historic Base Period Reconciliation cost of service of $11 million through rider rates and an increase in Piedmont's base rates of $29 million for the Annual Base Rate Reset component of the ARM. These amounts result in a total increase of $40 million with adjusted rates effective October 1, 2023.
5. COMMITMENTS AND CONTINGENCIES
ENVIRONMENTAL
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.
Remediation Activities
In addition to AROs recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.
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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES
The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.
(in millions) September 30, 2023 December 31, 2022
Reserves for Environmental Remediation
Duke Energy $ 90  $ 84 
Duke Energy Carolinas 24  22 
Progress Energy 20  19 
Duke Energy Progress 10  8 
Duke Energy Florida 10  11 
Duke Energy Ohio 36  33 
Duke Energy Indiana 2  3 
Piedmont 7  7 
Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.
LITIGATION
Duke Energy
Texas Storm Uri Tort Litigation
Duke Energy (Parent), several Duke Energy renewables project companies, and others in the ERCOT market were named in multiple lawsuits arising out of Texas Storm Uri, which occurred in February 2021. These lawsuits seek recovery for property damages, personal injury and wrongful death allegedly caused by the power outages that plaintiffs claim were the collective failure of generators, transmission and distribution operators (TDUs), retail energy providers, and all others, including ERCOT. The cases were consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-trial motions. Five MDL cases were designated as lead cases in which motions to dismiss were filed and all other cases were stayed. On January 28, 2023, the Court denied certain motions including those by the generator defendants and TDUs and granted others. The generators and TDUs filed petitions for Writ of Mandamus to the Texas Court of Appeals seeking to overturn the denials. The TDUs' petition, filed first, was accepted and oral argument was held on October 23, 2023. The parties await a ruling from the court. The generators’ petition has not yet been set for argument. After the rulings on the motions to dismiss, plaintiffs filed new lawsuits against Duke Energy (Parent), Duke Energy Renewables, LLC, and several Duke Energy renewable entities, which are included in the MDL proceeding and are currently stayed. The plaintiffs have begun to dismiss Duke Energy (Parent) from these lawsuits and have represented to the court that they will dismiss Duke Energy (Parent) from all such cases. Duke Energy cannot predict the outcome of this matter. See Note 2 for more information related to the sale of the Commercial Renewables Disposal Groups.
Duke Energy Carolinas
Ruben Villano, et al. v. Duke Energy Carolinas, LLC
On June 16, 2021, a group of nine individuals went over a low-head dam adjacent to the Dan River Steam Station in Eden, North Carolina, while water tubing. Emergency personnel rescued four people and five others were confirmed deceased. On August 11, 2021, Duke Energy Carolinas was served with the complaint filed in Durham County Superior Court on behalf of four survivors, which was later amended to include all the decedents along with the survivors. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes, did not adequately warn about the dam, and created a dangerous and hidden hazard on the Dan River by building and maintaining the low-head dam. Duke Energy Carolinas reached an agreement that resolved this matter. The resolution, which did not have a material financial impact, was approved by the Durham County Superior Court. The case was dismissed on June 6, 2023.
NTE Carolinas II, LLC Litigation
In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court.
On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. On April 6, 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.
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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES
Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal was completed on June 30, 2023. The oral argument has been scheduled for t December 7, 2023. Duke Energy Carolinas cannot predict the outcome of this matter.
Asbestos-related Injuries and Damages Claims
Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.
Duke Energy Carolinas has recognized asbestos-related reserves of $436 million at September 30, 2023, and $457 million at December 31, 2022. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2043 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2043 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.
Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $572 million at September 30, 2023, and $595 million at December 31, 2022. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.
The reserve for credit losses for insurance receivables is $9 million and $12 million for Duke Energy and Duke Energy Carolinas as of September 30, 2023, and December 31, 2022, respectively. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.
Duke Energy Indiana
Coal Ash Insurance Coverage Litigation
In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A trial date has not yet been set. On June 30, 2023, Duke Energy Indiana and Associated Electric and Gas Insurance Services (AEGIS) reached a confidential settlement, the results of which were not material, and as a result, AEGIS was dismissed from the litigation on July 13, 2023. The lawsuit remains pending as to the other insurers, but is stayed until December 31, 2023, to allow for further settlement negotiations. Duke Energy Indiana cannot predict the outcome of this matter.
Other Litigation and Legal Proceedings
The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.
OTHER COMMITMENTS AND CONTINGENCIES
General
As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.
In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.
6. DEBT AND CREDIT FACILITIES
Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information.
57
FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Nine Months Ended September 30, 2023
Duke Duke Duke Duke Duke Duke
Maturity Interest Duke Energy Energy Energy Energy Energy Energy
Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont
Unsecured Debt
April 2023(a)
 April 2026 4.125  % $ 1,725  $ 1,725  $ —  $ —  $ —  $ —  $ —  $ — 
June 2023(b)
 June 2033 5.400  % 350  —  —  —  —  —  —  350 
September 2023(c)
September 2033
 5.750  % 600  600  —  —  —  —  —  — 
September 2023(c)
September 2053
 6.100  % 750  750  —  —  —  —  —  — 
First Mortgage Bonds
January 2023(d)
 January 2033 4.950  % 900  —  900  —  —  —  —  — 
January 2023(d)
 January 2053 5.350  % 900  —  900  —  —  —  —  — 
March 2023(e)
 March 2033 5.250  % 500  —  —  500  —  —  —  — 
March 2023(e)
 March 2053 5.350  % 500  —  —  500  —  —  —  — 
March 2023(f)
 April 2033 5.250  % 375  —  —  —  —  375  —  — 
March 2023(f)
 April 2053 5.650  % 375  —  —  —  —  375  —  — 
March 2023(g)
 April 2053 5.400  % 500  —  —  —  —  —  500  — 
June 2023(h)
 January 2033 4.950  % 350  —  350  —  —  —  —  — 
June 2023(h)
 January 2054 5.400  % 500  —  500  —  —  —  —  — 
September 2023(i)
October 2073
 4.960  % 200  —  —  —  200  —  —  — 
Total issuances $ 8,525  $ 3,075  $ 2,650  $ 1,000  $ 200  $ 750  $ 500  $ 350 
(a)See "Duke Energy (Parent) Convertible Senior Notes" below for additional information.
(b)Proceeds will be used to repay $45 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes.
(c)Proceeds were primarily used to repay $400 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes.
(d)Proceeds were used to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes.
(e)Proceeds will be used to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes.
(f)Proceeds will be used to repay $300 million of maturities due September 2023 and a portion of the $100 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general corporate purposes.
(g)Proceeds were used to repay the $300 million term loan due October 2023. Remaining proceeds will be used to repay a portion of short-term debt and for general company purposes.
(h)Proceeds were used to pay down a portion of short-term debt and for general company purposes.
(i)Proceeds were used to pay down a portion of short-term debt and for general company purposes.
Duke Energy (Parent) Convertible Senior Notes
In April 2023, Duke Energy (Parent) completed the sale of $1.7 billion 4.125% Convertible Senior Notes due April 2026 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. Proceeds were used to repay a portion of outstanding commercial paper and for general corporate purposes.
Prior to the close of business on the business day immediately preceding January 15, 2026, the convertible notes will be convertible at the option of the holders when the following conditions are met:
•during any calendar quarter commencing after the calendar quarter ending on June 30, 2023, (and only during such calendar quarter) if the last reported sale price of Duke Energy common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five consecutive business day period after any 10 consecutive trading day period (the measurement period) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Duke Energy common stock and the conversion rate on each such trading day; or
•upon the occurrence of specified corporate events described in the indenture agreement.
58
FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES
On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.
The conversion rate for the convertible notes is initially 8.4131 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 25% over the last reported sale price of Duke Energy’s common stock on the NYSE on April 3, 2023. The conversion rate and the corresponding conversion price will not be adjusted for any accrued and unpaid interest but will be subject to adjustment in some instances, such as stock splits or share combinations, certain distributions to common stockholders, or tender offers at off-market rates. The changes in the conversion rates are intended to make convertible note holders whole for changes in the fair value of Duke Energy common stock resulting from such events. Duke Energy may not redeem the convertible notes prior to the maturity date.
Duke Energy issued the convertible notes pursuant to an indenture, dated as of April 6, 2023, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions) Maturity Date Interest Rate September 30, 2023
Unsecured Debt
Duke Energy Ohio(a)
 October 2023 5.813  % $ 150 
Duke Energy (Parent) October 2023 3.950  % 400 
Duke Energy (Parent) Term Loan Facility(a)
 March 2024 6.048  % 1,000 
Duke Energy (Parent) April 2024 3.750  % 1,000 
Duke Energy Florida(a)
 April 2024 6.196  % 800 
Other(b)
 684 
Current maturities of long-term debt $ 4,034 
(a)Debt has a floating interest rate. In October 2023, Duke Energy Kentucky's $50 million two-year term loan facility was increased to $75 million and it's maturity was extended to April 2024. The term loan was fully drawn at the time of closing with incremental borrowings under the facility used to pay down short-term debt and for general corporate purposes.
(b)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2023, Duke Energy amended its existing Master Credit Facility of $9 billion to extend the termination date to March 2028. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default.
59
FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
September 30, 2023
Duke Duke Duke Duke Duke Duke
Duke Energy Energy Energy Energy Energy Energy
(in millions) Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont
Facility size(a)
 $ 9,000  $ 2,275  $ 1,575  $ 1,400  $ 1,250  $ 750  $ 950  $ 800 
Reduction to backstop issuances
Commercial paper(b)
 (2,815) (106) (631) (841) (292) (298) (350) (297)
Outstanding letters of credit (39) (27) (4) (1) (7) —  —  — 
Tax-exempt bonds (81) —  —  —  —  —  (81) — 
Available capacity under the Master Credit Facility $ 6,065  $ 2,142  $ 940  $ 558  $ 951  $ 452  $ 519  $ 503 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Other Credit Facilities
Duke Energy (Parent) Term Loan Facility
In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing March 2024. The maturity date of the Credit Agreement may be extended for up to two years by request of Duke Energy (Parent), upon satisfaction of certain conditions contained in the Credit Agreement. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. The balance is classified as Current maturities of long-term debt on Duke Energy's Condensed Consolidated Balance Sheets.
In March 2023, Duke Energy amended its existing Credit Agreement in conjunction with the issuance of the Convertible Senior Notes due April 2026 to clarify that payments due as a result of a conversion of a convertible note would not constitute an event of default.
7. ASSET RETIREMENT OBLIGATIONS
The Duke Energy Registrants record AROs when there is a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Actual costs incurred could be materially different from current estimates that form the basis of the recorded AROs.
The following table presents the AROs recorded on the Condensed Consolidated Balance Sheets.
September 30, 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Decommissioning of nuclear power facilities(a)
 $ 7,459  $ 3,136  $ 4,295  $ 4,069  $ 226  $ —  $ —  $ — 
Closure of ash impoundments 4,474  2,065  1,530  1,509  21  77  801  — 
Other 300  67  105  44  61  61  41  28 
Total ARO $ 12,233  $ 5,268  $ 5,930  $ 5,622  $ 308  $ 138  $ 842  $ 28 
Less: Current portion 620  238  261  260  1  8  114  — 
Total noncurrent ARO $ 11,613  $ 5,030  $ 5,669  $ 5,362  $ 307  $ 130  $ 728  $ 28 
(a)Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy.
ARO Liability Rollforward
The following table presents the change in liability associated with AROs for the Duke Energy Registrants.
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, 2022(a)
 $ 12,728  $ 5,382  $ 6,181  $ 5,823  $ 358  $ 154  $ 951  $ 26 
Accretion expense(b)
 391  189  178  169  9  5  24  2 
Liabilities settled(c)
 (494) (171) (247) (196) (51) (11) (66) — 
Revisions in estimates of cash flows(d)
 (392) (132) (182) (174) (8) (10) (67) — 
Balance at September 30, 2023 $ 12,233  $ 5,268  $ 5,930  $ 5,622  $ 308  $ 138  $ 842  $ 28 
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FINANCIAL STATEMENTS ASSET RETIREMENT OBLIGATIONS
(a)Primarily relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets.
(b)For the nine months ended September 30, 2023, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment.
(c)Primarily relates to ash impoundment closures and nuclear decommissioning.
(d)The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The decreases primarily relate to lower unit costs associated with basin closure, routine maintenance and beneficiation activities, as well as a reduction in monitoring wells needed.
Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets within Other Noncurrent Assets, respectively, on the Condensed Consolidated Balance Sheets.
8. GOODWILL
Duke Energy
Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at September 30, 2023, and December 31, 2022. There are no accumulated impairment charges.
Duke Energy Ohio
Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at September 30, 2023, and December 31, 2022.
Progress Energy
Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.
Piedmont
Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.
Impairment Testing
Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in the third quarter of 2023.
61
FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS
9. RELATED PARTY TRANSACTIONS
The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 2023 2022
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
 $ 198  $ 193  $ 586  $ 590 
Indemnification coverages(b)
 9  7  26  21 
Joint Dispatch Agreement (JDA) revenue(c)
 5  16  26  54 
JDA expense(c)
 58  210  121  477 
Intercompany natural gas purchases(d)
 5  5  14  14 
Progress Energy
Corporate governance and shared service expenses(a)
 $ 172  $ 188  $ 522  $ 568 
Indemnification coverages(b)
 11  10  35  32 
JDA revenue(c)
 58  210  121  477 
JDA expense(c)
 5  16  26  54 
Intercompany natural gas purchases(d)
 19  19  56  57 
Duke Energy Progress
Corporate governance and shared service expenses(a)
 $ 103  $ 111  $ 314  $ 338 
Indemnification coverages(b)
 5  5  15  15 
JDA revenue(c)
 58  210  121  477 
JDA expense(c)
 5  16  26  54 
Intercompany natural gas purchases(d)
 19  19  56  57 
Duke Energy Florida
Corporate governance and shared service expenses(a)
 $ 69  $ 77  $ 208  $ 230 
Indemnification coverages(b)
 6  5  20  17 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
 $ 73  $ 87  $ 222  $ 251 
Indemnification coverages(b)
 1  2  4  4 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
 $ 92  $ 115  $ 275  $ 330 
Indemnification coverages(b)
 2  2  6  6 
Piedmont
Corporate governance and shared service expenses(a)
 $ 32  $ 37  $ 107  $ 109 
Indemnification coverages(b)
 1  1  3  2 
Intercompany natural gas sales(d)
 24  24  70  71 
Natural gas storage and transportation costs(e)
 6  6  18  17 
(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.
(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.
(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.
62
FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS
In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.
As discussed in Note 13, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price.
Intercompany Income Taxes
Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.
Duke Duke Duke Duke Duke
Energy Progress Energy Energy Energy Energy
(in millions) Carolinas Energy Progress Florida Ohio Indiana Piedmont
September 30, 2023
Intercompany income tax receivable $ —  $ —  $ —  $ —  $ —  $ —  $ 24 
Intercompany income tax payable 72  138  114  110  18  20  — 
December 31, 2022
Intercompany income tax receivable $ —  $ 95  $ 36  $ 17  $ —  $ —  $ — 
Intercompany income tax payable 37  —  —  —  17  18  38 
10. DERIVATIVES AND HEDGING
The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information.
All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction.
INTEREST RATE RISK
The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.
Cash Flow Hedges
For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023, and 2022, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.
Undesignated Contracts
Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.
Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.
63
FINANCIAL STATEMENTS DERIVATIVES AND HEDGING
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
September 30, 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Indiana Ohio
Cash flow hedges $ 1,875  $ —  $ —  $ —  $ —  $ —  $ — 
Undesignated contracts 2,477  650  1,500  500  1,000  300  27 
Total notional amount $ 4,352  $ 650  $ 1,500  $ 500  $ 1,000  $ 300  $ 27 
December 31, 2022
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Indiana Ohio
Cash flow hedges $ 500  $ —  $ —  $ —  $ —  $ —  $ — 
Undesignated contracts 2,377  1,250  800  500  300  300  27 
Total notional amount $ 2,877  $ 1,250  $ 800  $ 500  $ 300  $ 300  $ 27 
COMMODITY PRICE RISK
The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.
Undesignated Contracts
Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.
For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.
Volumes
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, 2023
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
Energy Carolinas Energy Progress Ohio Indiana Piedmont
Electricity (GWh) 20,961  —  —  —  2,550  18,411  — 
Natural gas (millions of dekatherms) 841  276  272  272  —  21  272 
December 31, 2022
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
Energy Carolinas Energy Progress Ohio Indiana Piedmont
Electricity (GWh) 14,086  —  —  —  1,820  12,266  — 
Natural gas (millions of dekatherms) 909  307  292  292  —  11  299 
FOREIGN CURRENCY RISK
Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.
64
FINANCIAL STATEMENTS DERIVATIVES AND HEDGING
Fair Value Hedges
Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.
The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at September 30, 2023.
Fair Value Loss(a)
(in millions)
Pay Notional Receive Notional Receive Hedge Three Months Ended September 30, Nine Months Ended September 30,
(in millions) Pay Rate (in millions) Rate Maturity Date 2023 2022 2023 2022
Fair value hedges
$ 645  4.75  % 600  euros 3.10  % June 2028 $ (20) $ (41) $ (10) $ (57)
537  5.31  % 500  euros 3.85  % June 2034 (17) (34) (9) (47)
Total notional amount $ 1,182  1,100  euros $ (37) $ (75) $ (19) $ (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 DERIVATIVE ASSETS AND LIABILITIES 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, 2023
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 $ 57  $ 11  $ 14  $ 9  $ 5  $ 2  $ 28  $ 1 
Noncurrent 86  40  46  46  —  —  —  — 
Total Derivative Assets – Commodity Contracts $ 143  $ 51  $ 60  $ 55  $ 5  $ 2  $ 28  $ 1 
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent 177  —  —  —  —  —  —  — 
Not Designated as Hedging Instruments
Current 104  26  78  —  78  —  —  — 
Noncurrent 101  16  58  24  34  —  27  — 
Total Derivative Assets – Interest Rate Contracts $ 382  $ 42  $ 136  $ 24  $ 112  $ —  $ 27  $ — 
Total Derivative Assets $ 525  $ 93  $ 196  $ 79  $ 117  $ 2  $ 55  $ 1 
65
FINANCIAL STATEMENTS DERIVATIVES AND HEDGING
Derivative Liabilities September 30, 2023
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 $ 275  $ 156  $ 97  $ 97  $ —  $ —  $ 4  $ 18 
Noncurrent 215  48  40  40  —  —  —  127 
Total Derivative Liabilities – Commodity Contracts $ 490  $ 204  $ 137  $ 137  $ —  $ —  $ 4  $ 145 
Interest Rate Contracts
Not Designated as Hedging Instruments
Noncurrent 1  —  —  —  —  1  —  — 
Total Derivative Liabilities – Interest Rate Contracts $ 1  $ —  $ —  $ —  $ —  $ 1  $ —  $ — 
Foreign Currency Contracts
Designated as Hedging Instruments
Current $ 18  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Noncurrent 11  —  —  —  —  —  —  — 
Total Derivative Liabilities – Foreign Currency Contracts $ 29  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total Derivative Liabilities $ 520  $ 204  $ 137  $ 137  $ —  $ 1  $ 4  $ 145 
Derivative Assets December 31, 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 $ 265  $ 132  $ 99  $ 99  $ —  $ 5  $ 29  $ — 
Noncurrent 213  104  108  108  —  —  —  — 
Total Derivative Assets – Commodity Contracts $ 478  $ 236  $ 207  $ 207  $ —  $ 5  $ 29  $ — 
Interest Rate Contracts
Designated as Hedging Instruments
Current $ 101  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Not Designated as Hedging Instruments
Current $ 216  $ 94  $ 41  $ 23  $ 17  $ —  $ 81  $ — 
Total Derivative Assets – Interest Rate Contracts $ 317  $ 94  $ 41  $ 23  $ 17  $ —  $ 81  $ — 
Total Derivative Assets $ 795  $ 330  $ 248  $ 230  $ 17  $ 5  $ 110  $ — 
66
FINANCIAL STATEMENTS DERIVATIVES AND HEDGING
Derivative Liabilities December 31, 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 $ 175  $ 96  $ 36  $ 18  $ 19  $ —  $ 16  $ 27 
Noncurrent 202  31  30  30  —  —  —  141 
Total Derivative Liabilities – Commodity Contracts $ 377  $ 127  $ 66  $ 48  $ 19  $ —  $ 16  $ 168 
Interest Rate Contracts
Not Designated as Hedging Instruments
Noncurrent $ 2  $ —  $ —  $ —  $ —  $ 2  $ —  $ — 
Total Derivative Liabilities – Interest Rate Contracts $ 2  $ —  $ —  $ —  $ —  $ 2  $ —  $ — 
Foreign Currency Contracts
Designated as Hedging Instruments
Current $ 18  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Noncurrent 40  —  —  —  —  —  —  — 
Total Derivative Liabilities – Equity Securities Contracts $ 58  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total Derivative Liabilities $ 437  $ 127  $ 66  $ 48  $ 19  $ 2  $ 16  $ 168 
OFFSETTING ASSETS AND LIABILITIES
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 amounts shown are calculated by counterparty. Accounts receivable or accounts payable 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, 2023
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 $ 161  $ 37  $ 92  $ 9  $ 83  $ 2  $ 28  $ 1 
Offset
 (17) (9) (8) (8) —  —  —  — 
Net amounts presented in Current Assets: Other $ 144  $ 28  $ 84  $ 1  $ 83  $ 2  $ 28  $ 1 
Noncurrent
Gross amounts recognized $ 364  $ 56  $ 104  $ 70  $ 34  $ —  $ 27  $ — 
Offset
 (60) (32) (28) (28) —  —  —  — 
Net amounts presented in Other Noncurrent Assets: Other $ 304  $ 24  $ 76  $ 42  $ 34  $ —  $ 27  $ — 
67
FINANCIAL STATEMENTS DERIVATIVES AND HEDGING
Derivative Liabilities September 30, 2023
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 $ 293  $ 156  $ 97  $ 97  $ —  $ —  $ 4  $ 18 
Offset
 (17) (9) (8) (8) —  —  —  — 
Cash collateral posted
 (16) (12) (1) (1) —  —  (4) — 
Net amounts presented in Current Liabilities: Other $ 260  $ 135  $ 88  $ 88  $ —  $ —  $ —  $ 18 
Noncurrent
Gross amounts recognized $ 227  $ 48  $ 40  $ 40  $ —  $ 1  $ —  $ 127 
Offset
 (60) (33) (28) (28) —  —  —  — 
Cash collateral posted
 $ (8) $ (7) $ (1) $ (1) $ —  $ —  $ —  $ — 
Net amounts presented in Other Noncurrent Liabilities: Other $ 159  $ 8  $ 11  $ 11  $ —  $ 1  $ —  $ 127 
Derivative Assets December 31, 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 $ 582  $ 226  $ 140  $ 122  $ 17  $ 5  $ 110  $ — 
Offset
 (33) (15) (18) (18) —  —  —  — 
Cash collateral received
 (31) (18) (12) (12) —  —  —  — 
Net amounts presented in Current Assets: Other $ 518  $ 193  $ 110  $ 92  $ 17  $ 5  $ 110  $ — 
Noncurrent
Gross amounts recognized $ 213  $ 104  $ 108  $ 108  $ —  $ —  $ —  $ — 
Offset
 (59) (29) (30) (30) —  —  —  — 
Cash collateral received
 (38) (11) (27) (27) —  —  —  — 
Net amounts presented in Other Noncurrent Assets: Other $ 116  $ 64  $ 51  $ 51  $ —  $ —  $ —  $ — 
Derivative Liabilities December 31, 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 $ 193  $ 96  $ 36  $ 18  $ 19  $ —  $ 16  $ 27 
Offset
 (33) (15) (18) (18) —  —  —  — 
Cash collateral posted
 (16) —  —  —  —  —  (16) — 
Net amounts presented in Current Liabilities: Other $ 144  $ 81  $ 18  $ —  $ 19  $ —  $ —  $ 27 
Noncurrent
Gross amounts recognized $ 244  $ 31  $ 30  $ 30  $ —  $ 2  $ —  $ 141 
Offset
 (59) (29) (30) (30) —  —  —  — 
Net amounts presented in Other Noncurrent Liabilities: Other $ 185  $ 2  $ —  $ —  $ —  $ 2  $ —  $ 141 
68
FINANCIAL STATEMENTS DERIVATIVES AND HEDGING
OBJECTIVE CREDIT CONTINGENT FEATURES
Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.
September 30, 2023
Duke Duke
Duke Energy Progress Energy
(in millions) Energy Carolinas Energy Progress
Aggregate fair value of derivatives in a net liability position $ 312  $ 175  $ 138  $ 138 
Fair value of collateral already posted 21  19  2  2 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered $ 291  $ 156  $ 136  $ 136 
December 31, 2022
Duke Duke Duke
Duke Energy Progress Energy Energy
(in millions) Energy Carolinas Energy Progress Florida
Aggregate fair value of derivatives in a net liability position $ 141  $ 86  $ 55  $ 48  $ 7 
Fair value of collateral already posted —  —  —  —  — 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered $ 141  $ 86  $ 55  $ 48  $ 7 
The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.
11. INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2023, and December 31, 2022.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
69
FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2023 December 31, 2022
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $ —  $ —  $ 160  $ —  $ —  $ 215 
Equity securities 4,218  44  6,530  3,658  105  5,871 
Corporate debt securities —  80  612  1  85  641 
Municipal bonds —  41  318  —  39  330 
U.S. government bonds —  136  1,470  2  112  1,423 
Other debt securities —  18  169  —  18  156 
Total NDTF Investments $ 4,218  $ 319  $ 9,259  $ 3,661  $ 359  $ 8,636 
Other Investments
Cash and cash equivalents $ —  $ —  $ 36  $ —  $ —  $ 22 
Equity securities 26  9  141  21  16  128 
Corporate debt securities —  10  83  —  12  84 
Municipal bonds —  3  74  —  3  78 
U.S. government bonds —  5  46  —  2  62 
Other debt securities —  5  52  —  3  41 
Total Other Investments $ 26  $ 32  $ 432  $ 21  $ 36  $ 415 
Total Investments $ 4,244  $ 351  $ 9,691  $ 3,682  $ 395  $ 9,051 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows.
Three Months Ended Nine Months Ended
(in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
FV-NI:
 Realized gains $ 61  $ 25  $ 107  $ 170 
 Realized losses 35  61  117  247 
AFS:
 Realized gains 16  7  37  22 
 Realized losses 45  40  104  105 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2023 December 31, 2022
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $ —  $ —  $ 59  $ —  $ —  $ 117 
Equity securities 2,468  25  3,767  2,147  51  3,367 
Corporate debt securities —  60  376  1  62  401 
Municipal bonds —  9  45  —  10  64 
U.S. government bonds —  73  745  1  51  685 
Other debt securities —  18  163  —  18  148 
Total NDTF Investments $ 2,468  $ 185  $ 5,155  $ 2,149  $ 192  $ 4,782 
70
FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows.
Three Months Ended Nine Months Ended
(in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
FV-NI:
 Realized gains $ 43  $ 16  $ 70  $ 109 
 Realized losses 17  39  64  143 
AFS:
 Realized gains 12  7  21  19 
 Realized losses 26  20  54  57 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2023 December 31, 2022
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $ —  $ —  $ 101  $ —  $ —  $ 98 
Equity securities 1,750  19  2,763  1,511  54  2,504 
Corporate debt securities —  20  236  —  23  240 
Municipal bonds —  32  273  —  29  266 
U.S. government bonds —  63  725  1  61  738 
Other debt securities —  —  6  —  —  8 
Total NDTF Investments $ 1,750  $ 134  $ 4,104  $ 1,512  $ 167  $ 3,854 
Other Investments
Cash and cash equivalents $ —  $ —  $ 8  $ —  $ —  $ 11 
Municipal bonds —  —  23  —  —  25 
Total Other Investments $ —  $ —  $ 31  $ —  $ —  $ 36 
Total Investments $ 1,750  $ 134  $ 4,135  $ 1,512  $ 167  $ 3,890 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows.
Three Months Ended Nine Months Ended
(in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
FV-NI:
 Realized gains $ 18  $ 9  $ 37  $ 61 
 Realized losses 18  22  53  104 
AFS:
 Realized gains 4  —  16  3 
 Realized losses 19  9  50  32 
71
FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2023 December 31, 2022
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $ —  $ —  $ 62  $ —  $ —  $ 56 
Equity securities 1,661  19  2,663  1,431  54  2,411 
Corporate debt securities —  19  224  —  22  230 
Municipal bonds —  32  273  —  29  266 
U.S. government bonds —  43  469  1  37  460 
Other debt securities —  —  5  —  —  7 
Total NDTF Investments $ 1,661  $ 113  $ 3,696  $ 1,432  $ 142  $ 3,430 
Other Investments
Cash and cash equivalents $ —  $ —  $ 4  $ —  $ —  $ 9 
Total Other Investments $ —  $ —  $ 4  $ —  $ —  $ 9 
Total Investments $ 1,661  $ 113  $ 3,700  $ 1,432  $ 142  $ 3,439 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were as follows.
Three Months Ended Nine Months Ended
(in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
FV-NI:
 Realized gains $ 15  $ 9  $ 34  $ 60 
 Realized losses 18  21  52  101 
AFS:
 Realized gains 4  —  15  3 
 Realized losses 18  9  47  29 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2023 December 31, 2022
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
NDTF
Cash and cash equivalents $ —  $ —  $ 39  $ —  $ —  $ 42 
Equity securities 89  —  100  80  —  93 
Corporate debt securities —  1  12  —  1  10 
U.S. government bonds —  20  256  —  24  278 
Other debt securities —  —  1  —  —  1 
Total NDTF Investments(a)
 $ 89  $ 21  $ 408  $ 80  $ 25  $ 424 
Other Investments
Cash and cash equivalents $ —  $ —  $ 1  $ —  $ —  $ 1 
Municipal bonds —  —  23  —  —  25 
Total Other Investments $ —  $ —  $ 24  $ —  $ —  $ 26 
Total Investments $ 89  $ 21  $ 432  $ 80  $ 25  $ 450 
(a)During the nine months ended September 30, 2023, and the year ended December 31, 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
72
FINANCIAL STATEMENTS INVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
September 30, 2023 December 31, 2022
Gross Gross Gross Gross
Unrealized Unrealized Estimated Unrealized Unrealized Estimated
Holding Holding Fair Holding Holding Fair
(in millions) Gains Losses Value Gains Losses Value
Investments
Cash and cash equivalents $ —  $ —  $ 3  $ —  $ —  $ 1 
Equity securities 3  9  88  2  16  79 
Corporate debt securities —  —  9  —  1  8 
Municipal bonds —  3  44  —  3  45 
U.S. government bonds —  —  6  —  —  7 
Total Investments $ 3  $ 12  $ 150  $ 2  $ 20  $ 140 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2023, and 2022, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
September 30, 2023
Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Indiana
Due in one year or less $ 137  $ 7  $ 109  $ 21  $ 88  $ 7 
Due after one through five years 671  209  388  235  153  19 
Due after five through 10 years 545  311  197  184  13  10 
Due after 10 years 1,471  802  569  531  38  23 
Total $ 2,824  $ 1,329  $ 1,263  $ 971  $ 292  $ 59 
12. FAIR VALUE MEASUREMENTS
Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient.
Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer.
Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the Company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value.
Valuation methods of the primary fair value measurements disclosed below are as follows.
Investments in equity securities
The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the NYSE and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements.
73
FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
Investments in debt securities
Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3.
Commodity derivatives
Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of certain commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves.
Interest rate derivatives
Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are now classified as held for sale and are excluded from the following disclosures. See Note 2 for further information.
Foreign currency derivatives
Most over-the-counter foreign currency derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward foreign currency rate curves, notional amounts, foreign currency rates and credit quality of the counterparties.
Other fair value considerations
See Note 12 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, for a discussion of the valuation of goodwill and intangible assets. Also, see Note 8 for further information on the annual impairment test as of August 31, 2023.
DUKE ENERGY
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 tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 10. See Note 11 for additional information related to investments by major security type for the Duke Energy Registrants.
September 30, 2023
(in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized
NDTF cash and cash equivalents $ 160  $ 160  $ —  $ —  $ — 
NDTF equity securities 6,530  6,491  —  —  39 
NDTF debt securities 2,569  755  1,814  —  — 
Other equity securities 141  141  —  —  — 
Other debt securities 255  40  215  —  — 
Other cash and cash equivalents 36  36  —  —  — 
Derivative assets 525  2  493  30  — 
Total assets 10,216  7,625  2,522  30  39 
Derivative liabilities (520) (4) (516) —  — 
Net assets $ 9,696  $ 7,621  $ 2,006  $ 30  $ 39 
December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized
NDTF cash and cash equivalents $ 215  $ 215  $ —  $ —  $ — 
NDTF equity securities 5,871  5,829  —  —  42 
NDTF debt securities 2,550  780  1,770  —  — 
Other equity securities 128  128  —  —  — 
Other debt securities 265  55  210  —  — 
Other cash and cash equivalents 22  22  —  —  — 
Derivative assets 795  1  760  34  — 
Total assets 9,846  7,030  2,740  34  42 
Derivative liabilities (437) (16) (421) —  — 
Net assets $ 9,409  $ 7,014  $ 2,319  $ 34  $ 42 
74
FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 2023 2022
Balance at beginning of period $ 41  $ 89  $ 34  $ 24 
Purchases, sales, issuances and settlements:
Purchases 3  —  50  77 
Settlements (18) (21) (76) (13)
Total gains (losses) included on the Condensed Consolidated Balance Sheet 4  (8) 22  (28)
Balance at end of period $ 30  $ 60  $ 30  $ 60 
DUKE ENERGY CAROLINAS
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2023
(in millions) Total Fair Value Level 1 Level 2 Not Categorized
NDTF cash and cash equivalents $ 59  $ 59  $ —  $ — 
NDTF equity securities 3,767  3,728  —  39 
NDTF debt securities 1,329  320  1,009  — 
Derivative assets 93  —  93  — 
Total assets 5,248  4,107  1,102  39 
Derivative liabilities (204) —  (204) — 
Net assets $ 5,044  $ 4,107  $ 898  $ 39 
December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Not Categorized
NDTF cash and cash equivalents $ 117  $ 117  $ —  $ — 
NDTF equity securities 3,367  3,325  —  42 
NDTF debt securities 1,298  323  975  — 
Derivative assets 330  —  330  — 
Total assets 5,112  3,765  1,305  42 
Derivative liabilities (127) —  (127) — 
Net assets $ 4,985  $ 3,765  $ 1,178  $ 42 
PROGRESS ENERGY
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2023 December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
NDTF cash and cash equivalents $ 101  $ 101  $ —  $ 98  $ 98  $ — 
NDTF equity securities 2,763  2,763  —  2,504  2,504  — 
NDTF debt securities 1,240  435  805  1,252  457  795 
Other debt securities 23  —  23  25  —  25 
Other cash and cash equivalents 8  8  —  11  11  — 
Derivative assets 196  —  196  248  —  248 
Total assets 4,331  3,307  1,024  4,138  3,070  1,068 
Derivative liabilities (137) —  (137) (66) —  (66)
Net assets $ 4,194  $ 3,307  $ 887  $ 4,072  $ 3,070  $ 1,002 
75
FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
DUKE ENERGY PROGRESS
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2023 December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
NDTF cash and cash equivalents $ 62  $ 62  $ —  $ 56  $ 56  $ — 
NDTF equity securities 2,663  2,663  —  2,411  2,411  — 
NDTF debt securities 971  226  745  963  225  738 
Other cash and cash equivalents 4  4  —  9  9  — 
Derivative assets 79  —  79  230  —  230 
Total assets 3,779  2,955  824  3,669  2,701  968 
Derivative liabilities (137) —  (137) (48) —  (48)
Net assets $ 3,642  $ 2,955  $ 687  $ 3,621  $ 2,701  $ 920 
DUKE ENERGY FLORIDA
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2023 December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
NDTF cash and cash equivalents $ 39  $ 39  $ —  $ 42  $ 42  $ — 
NDTF equity securities 100  100  —  93  93  — 
NDTF debt securities 269  209  60  289  232  57 
Other debt securities 23  —  23  25  —  25 
Other cash and cash equivalents 1  1  —  1  1  — 
Derivative assets 117  —  117  17  —  17 
Total assets 549  349  200  467  368  99 
Derivative liabilities —  —  —  (19) —  (19)
Net assets $ 549  $ 349  $ 200  $ 448  $ 368  $ 80 
DUKE ENERGY OHIO
The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at September 30, 2023, and December 31, 2022.
DUKE ENERGY INDIANA
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2023 December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3
Other equity securities $ 88  $ 88  $ —  $ —  $ 79  $ 79  $ —  $ — 
Other debt securities 59  —  59  —  60  —  60  — 
Other cash and cash equivalents 3  3  —  —  1  1  —  — 
Derivative assets 55  1  27  27  110  —  81  29 
Total assets 205  92  86  27  250  80  141  29 
Derivative liabilities (4) (4) —  —  (16) (16) —  — 
Net assets $ 201  $ 88  $ 86  $ 27  $ 234  $ 64  $ 141  $ 29 
76
FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 2023 2022
Balance at beginning of period $ 37  $ 84  $ 29  $ 22 
Purchases, sales, issuances and settlements:
Purchases —  —  42  74 
Settlements (14) (20) (70) (10)
Total gains (losses) included on the Condensed Consolidated Balance Sheet 4  (8) 26  (30)
Balance at end of period $ 27  $ 56  $ 27  $ 56 
PIEDMONT
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2023 December 31, 2022
(in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2
Derivative assets $ 1  $ 1  $ —  $ —  $ —  $ — 
Derivative liabilities (145) —  (145) (168) —  (168)
Net (liabilities) assets $ (144) $ 1  $ (145) $ (168) $ —  $ (168)
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
September 30, 2023
Weighted
Fair Value Average
Investment Type (in millions) Valuation Technique Unobservable Input Range Range
Duke Energy Ohio  
FTRs $ 3  RTO auction pricing FTR price – per MWh $ 0.43  - $ 2.07  $ 0.77 
Duke Energy Indiana  
FTRs 27  RTO auction pricing FTR price – per MWh (1.64) - 12.51  1.90 
Duke Energy
Total Level 3 derivatives $ 30 
December 31, 2022
Weighted
Fair Value Average
Investment Type (in millions) Valuation Technique Unobservable Input Range Range
Duke Energy Ohio      
FTRs $ 5  RTO auction pricing FTR price – per MWh $ 0.89  - $ 6.25  $ 3.35 
Duke Energy Indiana      
FTRs 29  RTO auction pricing FTR price – per MWh 0.09  - 21.79  2.74 
Duke Energy
Total Level 3 derivatives $ 34 
77
FINANCIAL STATEMENTS FAIR VALUE MEASUREMENTS
OTHER FAIR VALUE DISCLOSURES
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. 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.
September 30, 2023 December 31, 2022
(in millions) Book Value Fair Value Book Value Fair Value
Duke Energy(a)
 $ 75,387  $ 65,070  $ 69,751  $ 61,986 
Duke Energy Carolinas 15,995  13,973  14,266  12,943 
Progress Energy 23,281  20,417  22,439  20,467 
Duke Energy Progress 11,718  9,808  11,087  9,689 
Duke Energy Florida 9,920  8,892  9,709  8,991 
Duke Energy Ohio 3,692  3,264  3,245  2,927 
Duke Energy Indiana 4,504  3,874  4,307  3,913 
Piedmont 3,713  3,123  3,363  2,940 
(a)Book value of long-term debt includes $1.1 billion and $1.2 billion at September 30, 2023, and December 31, 2022, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
At both September 30, 2023, and December 31, 2022, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.
13. VARIABLE INTEREST ENTITIES
CONSOLIDATED VIEs
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.
Receivables Financing – DERF/DEPR/DEFR
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.
Receivables Financing – CRC
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.
78
FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES
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.
Receivables Financing – Credit Facilities
The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.
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 
Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance
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.
The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.
(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 
Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding
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.
79
FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES
The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
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 
NON-CONSOLIDATED VIEs
The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.
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 
The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above.
Natural Gas Investments
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.
CRC
See discussion under Consolidated VIEs for additional information related to CRC.
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.
80
FINANCIAL STATEMENTS VARIABLE INTEREST ENTITIES
The following table shows the gross and net receivables sold.
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 
The following table shows sales and cash flows related to receivables sold.
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.
14. 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) 2023 2024 2025 2026 2027 Thereafter Total
Progress Energy $ 15  $ 70  $ 7  $ 7  $ 7  $ 36  $ 142 
Duke Energy Progress 2  8  —  —  —  —  10 
Duke Energy Florida 13  62  7  7  7  36  132 
Duke Energy Indiana 4  16  17  15  7  5  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
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) 2023 2024 2025 2026 2027 Thereafter Total
Piedmont $ 17  $ 62  $ 61  $ 51  $ 49  $ 241  $ 481 
81
FINANCIAL STATEMENTS REVENUE
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, 2023
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 $ 3,602  $ 988  $ 2,043  $ 756  $ 1,287  $ 268  $ 303  $ — 
   General 2,229  779  1,089  467  622  135  224  — 
   Industrial 912  395  298  203  95  28  190  — 
   Wholesale 647  141  422  364  58  12  71  — 
   Other revenues 285  75  175  100  75  24  56  — 
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 7,675  $ 2,378  $ 4,027  $ 1,890  $ 2,137  $ 467  $ 844  $ — 
Gas Utilities and Infrastructure
   Residential $ 152  $ —  $ —  $ —  $ —  $ 73  $ —  $ 80 
   Commercial 88  —  —  —  —  24  —  65 
   Industrial 26  —  —  —  —  4  —  23 
   Power Generation —  —  —  —  —  —  —  23 
   Other revenues 28  —  —  —  —  4  —  8 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 294  $ —  $ —  $ —  $ —  $ 105  $ —  $ 199 
Other
Revenue from contracts with customers $ 8  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total revenue from contracts with customers $ 7,977  $ 2,378  $ 4,027  $ 1,890  $ 2,137  $ 572  $ 844  $ 199 
Other revenue sources(a)
 $ 17  $ 15  $ 28  $ (4) $ 27  $ 5  $ 7  $ 9 
Total revenues $ 7,994  $ 2,393  $ 4,055  $ 1,886  $ 2,164  $ 577  $ 851  $ 208 
82
FINANCIAL STATEMENTS REVENUE
Three Months Ended September 30, 2022
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 $ 3,250  $ 887  $ 1,719  $ 670  $ 1,049  $ 249  $ 396  $ — 
   General 2,077  686  947  419  528  150  291  — 
   Industrial 986  366  298  216  82  62  260  — 
   Wholesale 874  140  588  403  185  32  115  — 
   Other revenues 248  105  317  259  58  15  19  — 
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 7,435  $ 2,184  $ 3,869  $ 1,967  $ 1,902  $ 508  $ 1,081  $ — 
Gas Utilities and Infrastructure
   Residential $ 167  $ —  $ —  $ —  $ —  $ 88  $ —  $ 79 
   Commercial 108  —  —  —  —  26  —  82 
   Industrial 34  —  —  —  —  4  —  30 
   Power Generation —  —  —  —  —  —  —  24 
   Other revenues 103  —  —  —  —  4  —  83 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 412  $ —  $ —  $ —  $ —  $ 122  $ —  $ 298 
Other
Revenue from contracts with customers $ 6  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total revenue from contracts with customers $ 7,853  $ 2,184  $ 3,869  $ 1,967  $ 1,902  $ 630  $ 1,081  $ 298 
Other revenue sources(a)
 $ (11) $ (9) $ 12  $ 2  $ 5  $ (2) $ 14  $ 8 
Total revenues $ 7,842  $ 2,175  $ 3,881  $ 1,969  $ 1,907  $ 628  $ 1,095  $ 306 
(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.
83
FINANCIAL STATEMENTS REVENUE
Nine Months Ended September 30, 2023
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 $ 9,193  $ 2,527  $ 5,019  $ 1,902  $ 3,117  $ 710  $ 937  $ — 
   General 5,936  1,974  2,844  1,194  1,650  411  706  — 
   Industrial 2,630  1,011  844  560  284  155  618  — 
   Wholesale 1,695  402  1,064  942  122  33  195  — 
   Other revenues 618  202  440  238  202  73  103  — 
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 20,072  $ 6,116  $ 10,211  $ 4,836  $ 5,375  $ 1,382  $ 2,559  $ — 
Gas Utilities and Infrastructure
   Residential $ 838  $ —  $ —  $ —  $ —  $ 317  $ —  $ 522 
   Commercial 421  —  —  —  —  113  —  309 
   Industrial 103  —  —  —  —  19  —  84 
   Power Generation —  —  —  —  —  —  —  69 
   Other revenues 93  —  —  —  —  15  —  32 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,455  $ —  $ —  $ —  $ —  $ 464  $ —  $ 1,016 
Other
Revenue from contracts with customers $ 24  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total Revenue from contracts with customers $ 21,551  $ 6,116  $ 10,211  $ 4,836  $ 5,375  $ 1,846  $ 2,559  $ 1,016 
Other revenue sources(a)
 $ 297  $ 39  $ 104  $ 8  $ 81  $ 29  $ 47  $ 103 
Total revenues $ 21,848  $ 6,155  $ 10,315  $ 4,844  $ 5,456  $ 1,875  $ 2,606  $ 1,119 
(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.
84
FINANCIAL STATEMENTS REVENUE
Nine Months Ended September 30, 2022
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 $ 8,642  $ 2,454  $ 4,487  $ 1,824  $ 2,663  $ 656  $ 1,046  $ — 
   General 5,498  1,796  2,562  1,114  1,448  377  760  — 
   Industrial 2,582  938  842  594  248  130  672  — 
   Wholesale 2,129  356  1,388  1,033  355  90  296  — 
   Other revenues 652  308  775  608  167  56  6  — 
Total Electric Utilities and Infrastructure revenue from contracts with customers $ 19,503  $ 5,852  $ 10,054  $ 5,173  $ 4,881  $ 1,309  $ 2,780  $ — 
Gas Utilities and Infrastructure
   Residential $ 936  $ —  $ —  $ —  $ —  $ 331  $ —  $ 605 
   Commercial 504  —  —  —  —  128  —  376 
   Industrial 125  —  —  —  —  17  —  108 
   Power Generation —  —  —  —  —  —  —  71 
   Other revenues 284  —  —  —  —  16  —  220 
Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,849  $ —  $ —  $ —  $ —  $ 492  $ —  $ 1,380 
Other
Revenue from contracts with customers $ 21  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Total Revenue from contracts with customers $ 21,373  $ 5,852  $ 10,054  $ 5,173  $ 4,881  $ 1,801  $ 2,780  $ 1,380 
Other revenue sources(a)
 $ 44  $ (8) $ 33  $ 9  $ 9  $ 10  $ 55  $ 41 
Total revenues $ 21,417  $ 5,844  $ 10,087  $ 5,182  $ 4,890  $ 1,811  $ 2,835  $ 1,421 
(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.
85
FINANCIAL STATEMENTS REVENUE
The following table presents the reserve for credit losses for trade and other receivables.
Three Months Ended September 30, 2022 and 2023
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, 2022 $ 135  $ 52  $ 52  $ 31  $ 21  $ 4  $ 3  $ 15 
Write-Offs (49) (19) (26) (11) (15) —  —  (4)
Credit Loss Expense 37  10  20  5  15  2  1  3 
Other Adjustments 51  19  21  16  5  —  —  — 
Balance at September 30, 2022 $ 174  $ 62  $ 67  $ 41  $ 26  $ 6  $ 4  $ 14 
Balance at June 30, 2023 $ 199  $ 57  $ 73  $ 43  $ 30  $ 8  $ 4  $ 13 
Write-Offs (36) (14) (20) (11) (8) —  —  (5)
Credit Loss Expense 23  5  15  2  13  —  1  2 
Other Adjustments 17  8  9  10  (1) —  —  — 
Balance at September 30, 2023 $ 203  $ 56  $ 77  $ 44  $ 34  $ 8  $ 5  $ 10 
Nine Months Ended September 30, 2022 and 2023
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, 2021 $ 121  $ 42  $ 36  $ 21  $ 16  $ 4  $ 3  $ 15 
Write-Offs (103) (44) (45) (18) (28) —  —  (10)
Credit Loss Expense 81  23  39  11  28  2  1  9 
Other Adjustments 75  41  37  27  10  —  —  — 
Balance at September 30, 2022 $ 174  $ 62  $ 67  $ 41  $ 26  $ 6  $ 4  $ 14 
Balance at December 31, 2022 $ 216  $ 68  $ 81  $ 44  $ 36  $ 6  $ 4  $ 14 
Write-Offs (121) (54) (60) (30) (28) —  —  (11)
Credit Loss Expense 62  18  33  7  26  2  1  7 
Other Adjustments 46  24  23  23  —  —  —  — 
Balance at September 30, 2023 $ 203  $ 56  $ 77  $ 44  $ 34  $ 8  $ 5  $ 10 
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.
September 30, 2023
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)
 $ 977  $ 356  $ 333  $ 206  $ 127  $ 2  $ 27  $ 8 
Current 2,538  795  1,233  658  573  55  54  83 
1-31 days past due 258  71  121  44  77  5  10  5 
31-61 days past due 114  31  57  38  19  2  5  5 
61-91 days past due 53  19  21  7  14  1  2  3 
91+ days past due 234  60  71  24  47  37  24  5 
Deferred Payment Arrangements(c)
 104  31  50  27  23  3  —  — 
Trade and Other Receivables $ 4,278  $ 1,363  $ 1,886  $ 1,004  $ 880  $ 105  $ 122  $ 109 
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FINANCIAL STATEMENTS REVENUE
December 31, 2022
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)
 $ 1,457  $ 486  $ 355  $ 232  $ 123  $ 20  $ 28  $ 160 
Current 2,347  577  1,059  637  417  15  52  265 
1-31 days past due 261  96  60  15  45  5  17  15 
31-61 days past due 123  23  61  49  12  6  2  3 
61-91 days past due 74  25  18  9  9  3  11  2 
91+ days past due 209  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 13 for further information. These receivables for unbilled revenues are $95 million and $156 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of September 30, 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.
15. STOCKHOLDERS' EQUITY
Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements or convertible debt, were exercised or settled. Duke Energy applies the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted EPS, if applicable. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS.
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FINANCIAL STATEMENTS STOCKHOLDERS' EQUITY
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended September 30, Nine Months Ended September 30,
(in millions, except per share amounts) 2023 2022 2023 2022
Net Income available to Duke Energy common stockholders
 $ 1,213  $ 1,383  $ 1,744  $ 3,094 
Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders (190) 23  (1,283) 62 
Accumulated preferred stock dividends adjustment 12  12  12  12 
Less: Impact of participating securities 2  1  4  2 
Income from continuing operations available to Duke Energy common stockholders $ 1,413  $ 1,371  $ 3,035  $ 3,042 
(Loss) Income from discontinued operations, net of tax
 $ (152) $ 3  $ (1,316) $ (30)
Add: (Income) Loss attributable to NCI
 (38) 20  33 92 
(Loss) Income from discontinued operations attributable to Duke Energy common stockholders $ (190) $ 23  $ (1,283) $ 62 
Weighted average common shares outstanding – basic and diluted 771  770  771  770 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
 $ 1.83  $ 1.78  $ 3.94  $ 3.95 
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders
   Basic and diluted(a)
 $ (0.24) $ 0.03  $ (1.67) $ 0.08 
Potentially dilutive items excluded from the calculation(b)
 2  2  2  2 
Dividends declared per common share $ 1.025  $ 1.005  $ 3.035  $ 2.975 
Dividends declared on Series A preferred stock per depositary share(c)
 $ 0.359  $ 0.359  $ 1.078  $ 1.078 
Dividends declared on Series B preferred stock per share(d)
 $ 24.375  $ 24.375  $ 48.750  $ 48.750 
(a)For the periods presented subsequent to issuance in April 2023, the convertible notes were excluded from the calculations of diluted EPS because the effect was antidilutive.
(b)Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met.
(c)5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share.
(d)4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share.
16. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT RETIREMENT PLANS
Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.
The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans.
Nine Months Ended September 30, 2023 and 2022
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Contributions made:
2023 $ 100  $ 26  $ 22  $ 13  $ 9  $ 5  $ 8  $ 3 
2022 $ 58  $ 15  $ 13  $ 8  $ 5  $ 3  $ 5  $ 2 
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FINANCIAL STATEMENTS EMPLOYEE BENEFIT PLANS
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
Three Months Ended September 30, 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Service cost $ 28  $ 9  $ 9  $ 5  $ 3  $ 1  $ 1  $ 1 
Interest cost on projected benefit obligation 86  21  26  12  14  4  6  2 
Expected return on plan assets (147) (40) (50) (24) (26) (6) (10) (5)
Amortization of actuarial loss 2  —  1  —  1  —  1  — 
Amortization of prior service credit (3) —  —  —  —  —  —  (1)
Amortization of settlement charges 5  3  1  1  —  —  —  1 
Net periodic pension costs $ (29) $ (7) $ (13) $ (6) $ (8) $ (1) $ (2) $ (2)
Three Months Ended 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
Service cost $ 39  $ 12  $ 11  $ 6  $ 4  $ 1  $ 3  $ 1 
Interest cost on projected benefit obligation 58  14  19  9  10  3  4  2 
Expected return on plan assets (140) (38) (46) (22) (24) (6) (9) (6)
Amortization of actuarial loss 24  5  6  3  3  2  3  2 
Amortization of prior service credit (5) (1) —  —  —  —  —  (2)
Amortization of settlement charges 14  3  5  4  1  2  1  2 
Net periodic pension costs $ (10) $ (5) $ (5) $ —  $ (6) $ 2  $ 2  $ (1)
Nine Months Ended September 30, 2023
Duke Duke Duke Duke Duke
Duke Energy Progress Energy Energy Energy Energy
(in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
Service cost $ 87  $ 28  $ 25  $ 15  $ 10  $ 2  $ 4  $ 3 
Interest cost on projected benefit obligation 258  63  80  37  43  13  20  7 
Expected return on plan assets (441) (120) (149) (70) (78) (18) (30) (15)
Amortization of actuarial loss 7  1  3  1  2  —  2  — 
Amortization of prior service credit (10) —  —  —  —  —  (1) (5)
Amortization of settlement charges 14  7  3  3  1  —  1  3 
Net periodic pension costs $ (85) $ (21) $ (38) $ (14) $ (22) $ (3) $ (4) $ (7)
Nine Months Ended 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
Service cost $ 120  $ 38  $ 34  $ 20  $ 14  $ 3  $ 7  $ 4 
Interest cost on projected benefit obligation 175  41  55  25  30  9  14  6 
Expected return on plan assets (421) (114) (139) (66) (72) (17) (28) (18)
Amortization of actuarial loss 71  15  19  10  9  4  8  5 
Amortization of prior service credit (14) (3) —  —  —  —  (1) (6)
Amortization of settlement charges 18  6  6  5  1  2  1  2 
Net periodic pension costs $ (51) $ (17) $ (25) $ (6) $ (18) $ 1  $ 1  $ (7)
NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2023, and 2022.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2023, and 2022.
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FINANCIAL STATEMENTS INCOME TAXES
17. INCOME TAXES
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months Ended Nine Months Ended
September 30, September 30,
2023 2022 2023 2022
Duke Energy 2.8  % 10.1  % 9.0  % 8.6  %
Duke Energy Carolinas 4.9  % 5.2  % 8.0  % 6.3  %
Progress Energy 15.7  % 15.8  % 16.2  % 16.2  %
Duke Energy Progress 11.8  % 12.9  % 13.0  % 13.4  %
Duke Energy Florida 20.8  % 18.4  % 20.3  % 19.4  %
Duke Energy Ohio 14.9  % 14.2  % 15.8  % (14.6) %
Duke Energy Indiana 18.5  % 16.8  % 17.8  % 0.5  %
Piedmont 26.3  % 21.4  % 17.2  % 9.1  %
The decrease in the ETR for Duke Energy for the three months ended September 30, 2023, was primarily due to benefits associated with ongoing tax efficiency efforts, partially offset by a decrease in the amortization of excess deferred taxes. During the third quarter of 2023, the Company evaluated the deductibility of certain items spanning periods currently open under federal statute, including items related to interest on company-owned life insurance. As a result of this analysis, the Company recorded a favorable adjustment of approximately $120 million.
The increase in the ETR for Duke Energy Carolinas for the nine months ended September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes.
The decrease in the ETR for Duke Energy Progress for the three months ending September 30, 2023, was primarily due to the amortization of excess deferred taxes in relation to lower pretax income.
The increase in the ETR for Duke Energy Florida for the three months ending September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes, partially offset by an increase in production tax credits.
The increase in the ETR for Duke Energy Ohio for the nine months ended September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year.
The increase in the ETR for Duke Energy Indiana for the three months ended September 30, 2023, was primarily due to the amortization of excess deferred taxes in relation to higher pretax income.
The increase in the ETR for Duke Energy Indiana for the nine months ended September 30, 2023, was primarily due to the coal ash impairment based on the Indiana Supreme Court Opinion and the associated amortization of excess deferred taxes recorded in the prior year.
The increase in the ETR for Piedmont for the three months ended September 30, 2023, was primarily due to the amortization of excess deferred taxes in relation to lower pretax losses.
The increase in the ETR for Piedmont for the nine months ended September 30, 2023, was primarily due to a decrease in the amortization of excess deferred taxes.
18. SUBSEQUENT EVENTS
For information on subsequent events related to dispositions, regulatory matters, commitments and contingencies, and debt and credit facilities, see Notes 2, 4, 5 and 6, respectively.
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MD&A DUKE ENERGY
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following combined Management’s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy and Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. However, none of the registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself.
DUKE ENERGY
Duke Energy is an energy company headquartered in Charlotte, North Carolina. Duke Energy operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of the Subsidiary Registrants, which along with Duke Energy are collectively referred to as the Duke Energy Registrants.
Management’s Discussion and Analysis should be read in conjunction with the Condensed Consolidated Financial Statements and Notes for the nine months ended September 30, 2023, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2022.
Executive Overview
Advancing Our Clean Energy Transformation
During the nine months ended September 30, 2023, we continued to execute on our clean energy transformation, delivering strong, sustainable value for shareholders, customers, communities and employees.
•In November 2022, the Duke Energy Board of Directors approved pursuing the sale of the Commercial Renewables business, excluding the offshore wind contract for Carolina Long Bay. We entered into purchase and sale agreements with affiliates of Brookfield for the sale of the utility-scale solar and wind group in June 2023 and with affiliates of ArcLight for the distributed generation group in July 2023. Both transactions closed in October 2023. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for additional information.
•Renewable energy remains a critical component of our generation mix and we've continued to actively expand the use of these assets across our service territories. In June 2023, we announced an agreement with Ranger Power for up to 199 MW of solar power in Indiana. Pending regulatory approval, energy generated from this facility will be sold to Duke Energy Indiana and serve the equivalent of roughly 35,000 homes. In July 2023, we announced a new utility-scale solar panel installation in Kentucky. Located on the rooftop of a facility owned by Amazon, the site complements our emerging solar portfolio in the state and demonstrates our commitment to furthering the clean energy goals of both the Company and our customers.
•In March 2023, we began operating the largest battery system in North Carolina, an 11-MW project in Onslow County, which will operate in conjunction with an adjacent 13-MW solar facility located on a leased site within Marine Corps Base (MCB) Camp Lejeune. Both projects are connected to a Duke Energy substation and will be used to serve all Duke Energy Progress customers. As part of an ongoing collaboration with the Department of Defense, further work could enable the solar and battery systems to improve the resiliency of MCB Camp Lejeune against outages.
•In March 2023, Duke Energy Florida announced two new solar projects as part of Clean Energy Connection, the Company's community solar program. Once complete, each 74.9-MW solar facility will generate enough carbon-free electricity to power what would be the equivalent to around 23,000 homes. Additionally, in March 2023, Duke Energy Florida announced its first floating solar array pilot. The project will feature more than 1,800 floating solar modules and occupy approximately 2 acres of water surface on an existing cooling pond at the Duke Energy Hines Energy Complex in Bartow. The pilot is part of Duke Energy's Vision Florida program, which is designed to test innovative projects such as microgrids and battery energy storage, among others, to prepare the power grid for a clean energy future. We now operate 1,200 MW of solar in Florida, with plans to continue adding approximately 300 MW a year going forward.
•While transitioning to cleaner energy resources, affordability continues to be a focus for Duke Energy. Our cost reduction initiatives are grounded in our culture of safety and serving our customers with excellence, while maintaining our assets for the future. We’re leveraging digital innovation, data analytics, and process improvements to increase efficiency, making targeted capital investments to reduce maintenance costs, and reshaping our operations to streamline work and lower costs. Coming into 2023, we implemented a $300 million cost mitigation initiative to address cost pressures, primarily related to rising interest rates. These cost reductions are primarily focused on corporate and support areas, and remain on track.
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MD&A DUKE ENERGY
Regulatory Activity. During the nine months ended September 30, 2023, we continued to monitor developments while moving our regulatory strategy forward. See Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters," for additional information.
•HB 951 provides the framework for many of the benefits of modernized regulatory constructs in North Carolina under the direction of the NCUC including PBR and MYRP. Duke Energy Progress filed its first rate case utilizing these benefits, including both PBR and MYRP, in North Carolina in October 2022, and reached partial settlements on key matters in April and May 2023. In August 2023, the NCUC issued a constructive order approving these partial settlements and Duke Energy Progress' PBR Application with certain modifications, marking the first implementation of an MYRP under the performance-based regulations authorized by HB 951 in North Carolina. Duke Energy Progress implemented revised Year 1 rates and residential decoupling on October 1, 2023.
•In January 2023, Duke Energy Carolinas filed a rate case in North Carolina that also incorporated elements of PBR and MYRP as allowed under HB 951. In August 2023, we reached partial settlements on key matters with the Public Staff, subject to the approval of the NCUC. We expect an order from the NCUC on the Duke Energy Carolinas rate case in the fourth quarter of this year.
•In the Midwest, we received a constructive order on our Duke Energy Kentucky electric rate case in October 2023. In August 2023, the PUCO approved recovery and true up of certain historical energy efficiency program costs in Ohio, with new rates effective September 1, 2023.
•In August 2023, we filed new resource plans in North Carolina and South Carolina. Between economic development success, population growth and increased adoption of electric vehicles, energy use by Duke Energy customers in the Carolinas is projected to grow by around 35,000 GWh over the next 15 years – more than the annual electric generation of Delaware, Maine and New Hampshire combined. These plans advance our energy transition while prioritizing reliability and affordability.
•In February 2023, the PSCSC approved a constructive comprehensive settlement with all parties in the Duke Energy Progress South Carolina rate case and Duke Energy Progress implemented new customer rates effective April 1, 2023. We also made progress on our South Carolina storm securitization filings, completing our petition for a financing order with the PSCSC in May 2023. The PSCSC approved a comprehensive settlement in September 2023 and issued its financing order in October 2023.
•In February 2023, the Indiana Court of Appeals issued an opinion finding certain coal ash related expenditures should be disallowed under a statute specific to federally mandated projects and also denied a petition for rehearing on the matter.
•As it relates to our natural gas businesses, in Duke Energy Ohio, we filed a stipulation on key matters in our base rate case with all parties except the OCC in April 2023. We received an order approving the stipulation in November 2023. In September 2023, the TPUC approved a settlement related to our Annual Review Mechanism in Tennessee, with adjusted rates effective October 1, 2023.
Matters Impacting Future Results
The matters discussed herein could materially impact the future operating results, financial condition and cash flows of the Duke Energy Registrants and Business Segments.
Regulatory Matters
Coal Ash Costs
Future spending of coal ash costs, including amounts recorded for depreciation and liability accretion, is expected to be recovered in future rate cases or rider filings. The majority of spend is expected to occur over the next 10 to 15 years.
Duke Energy Indiana has interpreted the Coal Combustion Residuals (CCR) rule to identify the coal ash basin sites impacted and has assessed the amounts of coal ash subject to the rule and a method of compliance. Interpretation of the requirements of the CCR rule is subject to further legal challenges and regulatory approvals, which could result in additional coal ash basin closure requirements, higher costs of compliance and greater AROs. Additionally, Duke Energy Indiana has retired facilities that are not subject to the CCR rule. Duke Energy Indiana may incur costs at these facilities to comply with environmental regulations or to mitigate risks associated with on-site storage of coal ash. In January 2022, Duke Energy Indiana received a letter from the EPA regarding application and interpretation of the CCR rule for some of the ash basins at its Gallagher Station. In response to the letter, Duke Energy Indiana has submitted revised closure plans for those basins to the Indiana Department of Environmental Management (IDEM). Those closure plans are pending review by IDEM. For more information, see Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
Fuel Cost Recovery
As a result of rapidly rising commodity costs during 2022, including natural gas, fuel and purchased power prices in excess of amounts included in fuel-related revenues led to an increase in the under collection of fuel costs from customers in jurisdictions including Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida. These amounts have been deferred in regulatory assets and have impacted the cash flows of the registrants, including increased borrowings to temporarily finance related expenditures until recovery. Natural gas costs have stabilized in 2023 and the Duke Energy Registrants are making progress collecting deferred fuel balances. Regulatory filings have now been made for recovery of all remaining uncollected 2022 fuel costs. Across all jurisdictions, Duke Energy is currently on pace to recover $1.7 billion of deferred fuel costs in 2023, and expects deferred fuel balances to be back in line with historical norms by the end of 2024.
Commercial Renewables
In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables Disposal Groups. The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. Duke Energy entered into purchase and sale agreements with affiliates of Brookfield in June 2023 for the sale of the utility-scale solar and wind group and with affiliates of ArcLight in July 2023 for the distributed generation group. Both transactions closed in October 2023 and proceeds from the sales are expected to be used for debt avoidance. Duke Energy expects to complete the disposition of the remaining assets by early 2024. For more information, see Note 2 to the Condensed Consolidated Financial Statements, "Dispositions." In February 2021, a severe winter storm impacted certain Commercial Renewables assets in Texas.
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MD&A MATTERS IMPACTING FUTURE RESULTS
Extreme weather conditions limited the ability for these solar and wind facilities to generate and sell electricity into the ERCOT market. Originally, Duke Energy (Parent) was named in multiple lawsuits arising out of this winter storm, but the plaintiffs have begun to dismiss Duke Energy (parent) from these lawsuits and have represented to the court that they will dismiss Duke Energy (Parent) from all such cases. The legal actions related to project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. For more information, see Note 5 to the Condensed Consolidated Financial Statements, "Commitments and Contingencies."
Supply Chain
In 2023, Duke Energy has experienced modest improvement in the stability of the markets for key materials purchased and used by the Company. The Company continues to monitor developments, including proposed federal regulations, that could disrupt or impact the Company's supply chain and, as a result, may impact Duke Energy's future financial results or the achievement of its clean energy goals.
Goodwill
The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2023, as described in Note 8 to the Condensed Consolidated Financial Statements, "Goodwill." As of August 31, 2023, all of Duke Energy Registrants' reporting units' estimated fair values materially exceeded the carrying values except for the GU&I reporting unit of Duke Energy Ohio. While no goodwill impairment charges were recorded in the third quarter of 2023, continued rising interest rates, and the related impact on the weighted average cost of capital, without timely or adequate updates to the regulated allowed return on equity or deteriorating economic conditions impacting GU&I's future cash flows or equity valuations of peer companies could impact the estimated fair value of GU&I, and goodwill impairment charges could be recorded in the future. The carrying value of goodwill within GU&I for Duke Energy Ohio was approximately $324 million as of September 30, 2023.
Other
Duke Energy is monitoring general market conditions, including the potential for continued rising interest rates, and evaluating the impact to its results of operations, financial position and cash flows in the future.
Results of Operations
Non-GAAP Measures
Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures presented may not be comparable to similarly titled measures used by other companies because other companies may not calculate the measures in the same manner.
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted EPS. Adjusted earnings and adjusted EPS represent income from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. As discussed below, special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. The most directly comparable GAAP measures for adjusted earnings and adjusted EPS are GAAP Reported Earnings (Loss) and GAAP Reported Earnings (Loss) Per Share, respectively.
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:
•For 2022, Regulatory Matters represents the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash, and for 2023, it primarily represents impairment charges related to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order.
Discontinued operations primarily includes the impairments on the sale of the Commercial Renewables business in the current year and results from Duke Energy's Commercial Renewables Disposal Groups.
Three Months Ended September 30, 2023, as compared to September 30, 2022
GAAP reported EPS was $1.59 for the third quarter of 2023 compared to $1.81 in the third quarter of 2022. In addition to the drivers below, GAAP reported EPS decreased primarily due to impairments on the sale of the Commercial Renewables business.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s third quarter 2023 adjusted EPS was $1.94 compared to $1.78 for the third quarter of 2022. The increase in adjusted EPS was primarily due to ongoing tax efficiency efforts, growth from riders and other margin, rate case impacts and favorable weather, partially offset by higher interest expense and lower volumes.
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MD&A DUKE ENERGY
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
  Three Months Ended September 30,
2023 2022
(in millions, except per share amounts) Earnings EPS  Earnings EPS
GAAP Reported Earnings/GAAP Reported EPS
 $ 1,213  $ 1.59  $ 1,383  $ 1.81 
Adjustments:
Regulatory Matters(a)
 84  0.11  —  — 
Discontinued Operations(b)
 190  0.24  (22) (0.03)
Adjusted Earnings/Adjusted EPS $ 1,487  $ 1.94  $ 1,361  $ 1.78 
(a)Net of $27 million tax benefit. $95 within Impairment of assets and other charges and $16 million within Operations, maintenance and other.
(b)Recorded in (Loss) Income from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests.
Nine Months Ended September 30, 2023, as compared to September 30, 2022
GAAP Reported EPS was $2.27 for the nine months ended September 30, 2023, compared to $4.03 for the nine months ended September 30, 2022. In addition to the drivers below, GAAP reported EPS decreased primarily due to impairments on the sale of the Commercial Renewables business.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $4.05 for the nine months ended September 30, 2023, compared to $4.16 for the nine months ended September 30, 2022. The decrease in adjusted EPS was primarily due to higher interest expense, unfavorable weather and lower volumes, partially offset by growth from riders and other margin, rate case impacts, lower operations and maintenance expense and ongoing tax efficiency efforts.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
  Nine Months Ended September 30,
2023 2022
(in millions, except per share amounts) Earnings EPS Earnings EPS
GAAP Reported Earnings/GAAP Reported EPS $ 1,744  $ 2.27  $ 3,094  $ 4.03 
Adjustments:
Regulatory Matters(a)
 84  0.11  157  0.21 
Discontinued Operations(b)
 1,283  1.67  (60) (0.08)
Adjusted Earnings/Adjusted EPS $ 3,111  $ 4.05  $ 3,191  $ 4.16 
(a)In 2023, net of $27 million tax benefit. $95 within Impairment of assets and other charges and $16 million within Operations, maintenance and other. In 2022, net of $80 million tax benefit. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $20 million within Noncontrolling Interests.
(b)Recorded in (Loss) Income from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests.
SEGMENT RESULTS
The remaining information presented in this discussion of results of operations is on a GAAP basis. Management evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements.
Duke Energy's segment structure includes the following segments: EU&I and GU&I. The remainder of Duke Energy’s operations is presented as Other. See Note 3 to the Condensed Consolidated Financial Statements, “Business Segments,” for additional information on Duke Energy’s segment structure.
94
MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Electric Utilities and Infrastructure
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 Variance 2023 2022 Variance
Operating Revenues $ 7,715  $ 7,439  $ 276  $ 20,363  $ 19,576  $ 787 
Operating Expenses
Fuel used in electric generation and purchased power 2,591  2,653  (62) 7,045  6,481  564 
Operation, maintenance and other 1,398  1,257  141  4,008  4,011  (3)
Depreciation and amortization 1,209  1,170  39  3,493  3,411  82 
Property and other taxes 392  336  56  1,077  1,004  73 
Impairment of assets and other charges 88  8  80  100  214  (114)
Total operating expenses 5,678  5,424  254  15,723  15,121  602 
Gains on Sales of Other Assets and Other, net 2  7  (5) 30  12  18 
Operating Income 2,039  2,022  17  4,670  4,467  203 
Other Income and Expenses, net 131  114  17  388  381  7 
Interest Expense 468  377  91  1,364  1,144  220 
Income Before Income Taxes 1,702  1,759  (57) 3,694  3,704  (10)
Income Tax Expense 224  207  17  531  448  83 
Less: Income Attributable to Noncontrolling Interest 31  12  19  75  19  56 
Segment Income $ 1,447  $ 1,540  $ (93) $ 3,088  $ 3,237  $ (149)
Duke Energy Carolinas GWh sales 24,810  24,554  256  66,367  69,125  (2,758)
Duke Energy Progress GWh sales 19,704  19,608  96  50,503  54,492  (3,989)
Duke Energy Florida GWh sales 13,665  13,555  110  34,055  35,797  (1,742)
Duke Energy Ohio GWh sales 6,356  7,074  (718) 17,694  18,635  (941)
Duke Energy Indiana GWh sales 8,526  8,934  (408) 22,803  24,528  (1,725)
Total Electric Utilities and Infrastructure GWh sales 73,061  73,725  (664) 191,422  202,577  (11,155)
Net proportional MW capacity in operation 49,906  49,520  386 
Three Months Ended September 30, 2023, as compared to September 30, 2022
EU&I’s lower segment income is due to higher interest expense and higher depreciation related to higher plant in service. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $155 million increase in fuel revenues primarily due to higher fuel cost recovery in the current year;
•a $146 million increase in storm revenues at Duke Energy Florida due to hurricanes Ian and Nicole collections;
•a $76 million increase in price due to 2022 Duke Energy Ohio Electric retail rate case and Ohio tax reform deferrals in prior year, higher pricing at Duke Energy Progress from the South Carolina retail rate case and interim rates from the North Carolina retail rate case, and base rate adjustments related to annual increases from the 2021 Settlement Agreement at Duke Energy Florida;
•a $60 million increase in retail sales due to favorable weather compared to prior year; and
•a $42 million increase in rider revenues primarily due to a decrease in the return of EDIT to customers compared to the prior year at Duke Energy Carolinas and increased Storm Protection Plan rider revenue at Duke Energy Florida.
Partially offset by:
•a $141 million decrease in wholesale revenues primarily due to lower capacity volumes at Duke Energy Progress and lower demand at Duke Energy Florida; and
•a $72 million decrease in weather-normal retail sales volumes.
Operating Expenses. The variance was driven primarily by:
•a $141 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida;
•an $80 million increase in impairment of assets and other charges primarily due to rate case impacts at Duke Energy Carolinas and Duke Energy Progress in the current year;
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MD&A SEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
•a $56 million increase in property and other taxes primarily due to franchise taxes and higher property tax valuation adjustments at Duke Energy Florida; and
•a $39 million increase in depreciation and amortization primarily due to higher plant in service.
Partially offset by:
•a $62 million decrease in fuel used in electric generation and purchased power due to lower fuel prices and lower volumes, partially offset by higher amortizations of deferred fuel.
Other Income and Expenses, net. The increase is primarily due to the sale of OPEB liabilities to a third party insurance company.
Interest Expense. The variance was primarily driven by higher interest rates and outstanding debt balances.
Income Tax Expense. The increase in tax expense was primarily due to a decrease in the amortization of excess deferred taxes, partially offset by a decrease in pretax income. The ETRs for the three months ended September 30, 2023, and 2022, were 13.2% and 11.8%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of excess deferred taxes.
Income Attributable to Noncontrolling Interest. The increase is due to the second and final tranche of the GIC minority interest sale.
Nine Months Ended September 30, 2023, as compared to September 30, 2022
EU&I’s lower segment income is due to unfavorable weather, lower weather-normal retail sales volumes and higher interest expense, partially offset by the prior year Indiana Supreme Court ruling on recovery of certain coal ash costs. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $1,052 million increase in fuel revenues primarily due to higher fuel cost recovery in the current year;
•a $260 million increase in storm revenues at Duke Energy Florida due to hurricanes Ian and Nicole collections;
•a $154 million increase in price due to 2022 Duke Energy Ohio Electric retail rate case, higher pricing at Duke Energy Progress from the South Carolina retail rate case and interim rates from the North Carolina retail rate case and base rate adjustments related to annual increases from the 2021 Settlement Agreement at Duke Energy Florida;
•an $84 million increase in rider revenues primarily due to a decrease in the return of EDIT to customers compared to the prior year at Duke Energy Carolinas and increased Storm Protection Plan rider revenue at Duke Energy Florida; and
•a $71 million increase due to the provision for rate refund recognized in the prior year related to the Indiana Supreme Court ruling on recovery of certain coal ash costs.
Partially offset by:
•a $320 million decrease in wholesale revenues primarily due to lower capacity revenues at Duke Energy Progress and lower demand at Duke Energy Florida;
•a $294 million decrease in retail sales due to unfavorable weather compared to prior year; and
•a $214 million decrease in weather-normal retail sales volumes.
Operating Expenses. The variance was driven primarily by:
•a $564 million increase in fuel used in electric generation and purchased power due to changes in the generation mix at Duke Energy Carolinas and higher amortization of deferred fuel;
•an $82 million increase in depreciation and amortization primarily due to higher plant in service, partially offset by the amortization of the Department of Energy settlement regulatory liability at Duke Energy Florida; and
•a $73 million increase in property and other taxes primarily due to higher property tax valuations at Duke Energy Florida and Duke Energy Carolinas, partially offset by favorable property tax true ups at Duke Energy Indiana.
Partially offset by:
•a $114 million decrease in impairment of assets and other charges primarily due to the Indiana Supreme Court ruling on recovery of certain coal ash costs in the prior year, partially offset by rate case impacts at Duke Energy Carolinas and Duke Energy Progress in the current year.
Gains on Sales of Other Assets and Other, net. The increase was primarily due to the sale of the Mint Street parking deck.
Interest Expense. The variance was primarily driven by higher interest rates and outstanding debt balances.
Income Tax Expense. The increase in tax expense was primarily due to a decrease in the amortization of excess deferred taxes. The ETRs for the nine months ended September 30, 2023, and 2022, were 14.4% and 12.1%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of excess deferred taxes.
Income Attributable to Noncontrolling Interest. The increase is due to the second and final tranche of the GIC minority interest sale.
96
MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Gas Utilities and Infrastructure
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 Variance 2023 2022 Variance
Operating Revenues $ 313  $ 427  $ (114) $ 1,583  $ 1,912  $ (329)
Operating Expenses
Cost of natural gas 57  189  (132) 434  859  (425)
Operation, maintenance and other 103  115  (12) 332  410  (78)
Depreciation and amortization 88  80  8  257  241  16 
Property and other taxes 32  29  3  93  103  (10)
Impairment of assets and other charges —  (12) 12  (4) (12) 8 
Total operating expenses 280  401  (121) 1,112  1,601  (489)
(Losses) Gains on Sales of Other Assets and Other, net —  —  —  (1) 4  (5)
Operating Income 33  26  7  470  315  155 
Other Income and Expenses, net
 39  25  14  86  61  25 
Interest Expense 56  45  11  158  127  31 
Income Before Income Taxes 16  6  10  398  249  149 
Income Tax Expense (Benefit) 1  2  (1) 71  (28) 99 
Segment Income $ 15  $ 4  $ 11  $ 327  $ 277  $ 50 
Piedmont LDC throughput (dekatherms) 143,224,608  157,145,659  (13,921,051) 426,926,457  463,863,034  (36,936,577)
Duke Energy Midwest LDC throughput (Mcf) 9,899,743  9,559,214  340,529  55,809,898  63,346,715  (7,536,817)
Three Months Ended September 30, 2023, as compared to September 30, 2022
GU&I’s results were impacted primarily by margin growth, partially offset by higher interest expense. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $132 million decrease in cost of natural gas due to lower rates, decreased off-system sales natural gas costs and lower volumes.
Partially offset by:
•an $11 million increase due to Tennessee ARM revenue true up.
Operating Expenses. The variance was driven primarily by:
•a $132 million decrease in cost of natural gas due to lower rates, decreased off-system sales natural gas costs and lower volumes; and
•a $12 million decrease in operations, maintenance and other primarily due to lower spend on internal and contract labor costs.
Partially offset by:
•a $12 million increase in impairment in assets and other charges due to the reversal in the prior year of the impairment related to the propane caverns in Ohio; and
•an $8 million increase in depreciation and amortization due to additional plant in service and lower CEP deferrals.
Other Income and Expenses, Net. The increase was primarily due to the revision in the Atlantic Coast Pipeline (ACP) ARO closure cost.
Interest Expense. The increase was primarily due to higher interest rates and outstanding debt balances.
Income Tax Expense (Benefit). The decrease in tax expense was primarily due to an increase in the amortization of excess deferred taxes, partially offset by an increase in pretax income. The ETRs for the three months ended September 30, 2023, and 2022, were 6.3% and 33.3%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of excess deferred taxes.
Nine Months Ended September 30, 2023, as compared to September 30, 2022
GU&I’s results were impacted primarily by margin growth partially offset by higher interest expense. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $425 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs.
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MD&A SEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Partially offset by:
•an $18 million increase due to rider revenues related to Ohio CEP;
•an $18 million increase due to secondary marketing sales;
•a $15 million increase due to the MGP Settlement in prior year; and
•a $13 million increase due to North Carolina IMR.
Operating Expenses. The variance was driven primarily by:
•a $425 million decrease in cost of natural gas due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs;
•a $78 million decrease in operations, maintenance and other due to Ohio MGP Settlement in prior year and lower spend on internal and contract labor costs; and
•a $10 million decrease in property and other taxes due to Ohio and Kentucky property tax true ups.
Partially offset by:
•a $16 million increase in depreciation and amortization due to additional plant in service and lower CEP deferrals.
Other Income and Expenses, net. The increase was primarily due to revision in ACP ARO closure cost and higher AFUDC equity income.
Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.
Income Tax Expense (Benefit). The increase in tax expense was primarily due to a decrease in the amortization of excess deferred taxes related to the Ohio MGP Settlement recorded in the prior year and an increase in pretax income. The ETRs for the nine months ended September 30, 2023, and 2022, were 17.8% and (11.2)%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of excess deferred taxes related to the Ohio MGP Settlement recorded in the prior year.
Other
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 Variance 2023 2022 Variance
Operating Revenues $ 33  $ 30  $ 3  $ 98  $ 91  $ 7 
Operating Expenses 4  27  (23) 53  69  (16)
Gains on Sales of Other Assets and Other, net 5  —  5  16  1  15 
Operating Income 34  3  31  61  23  38 
Other Income and Expenses, net 47  6  41  168  (5) 173 
Interest Expense 283  205  78  810  529  281 
Loss Before Income Taxes (202) (196) (6) (581) (511) (70)
Income Tax Benefit (182) (51) (131) (285) (123) (162)
Add: Income Attributable to Noncontrolling Interests
 —  1  (1) —  —  — 
Less: Preferred Dividends 39  39  —  92  92  — 
Net Loss $ (59) $ (183) $ 124  $ (388) $ (480) $ 92 
Three Months Ended September 30, 2023, as compared to September 30, 2022
The lower net loss was driven by an increase in the tax benefit due to a favorable adjustment related to certain allowable tax deductions, lower franchise tax expense and higher returns on investments, partially offset by higher interest expense.
Operating Expenses. The decrease was primarily driven by franchise tax refunds of $38 million in the current year, partially offset by an increase in franchise tax accruals of $6 million.
Other Income and Expenses, net. The variance was primarily due to higher yields on captive insurance investments and higher return on investments that fund certain employee benefit obligations.
Interest Expense. The variance was primarily due to higher interest rates on long-term debt and commercial paper, and higher outstanding long-term debt balances.
Income Tax Benefit. The increase in the tax benefit was primarily due to benefits associated with ongoing tax efficiency efforts. The ETRs for the three months ended September 30, 2023, and 2022, were 90.1% and 26.0%, respectively. The decrease in the ETR was primarily due to benefits associated with ongoing tax efficiency efforts. During the third quarter of 2023, the Company evaluated the deductibility of certain items spanning periods currently open under federal statute, including items related to interest on company-owned life insurance. As a result of this analysis, the Company recorded a favorable adjustment of approximately $120 million.
Nine Months Ended September 30, 2023, as compared to September 30, 2022
The lower net loss was driven by an increase in the tax benefit and higher return on investments, partially offset by higher interest expense.
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MD&A SEGMENT RESULTS - OTHER
Operating Expenses. The decrease was primarily driven by franchise tax refunds of $63 million in the current year, partially offset by an increase in franchise tax accruals of $19 million and $26 million of increased expense on certain employee benefit obligations in the current year.
Other Income and Expenses, net. The variance was primarily due to higher return on investments that fund certain employee benefit obligations and higher yields on captive insurance investments.
Interest Expense. The variance was primarily due to higher interest rates on long-term debt and commercial paper, and higher outstanding long-term debt balances.
Income Tax Benefit. The increase in the tax benefit was primarily due to benefits associated with ongoing tax efficiency efforts and an increase in pretax losses. The ETRs for the nine months ended September 30, 2023, and 2022, were 49.1% and 24.1%, respectively. The increase in the ETR was primarily due to benefits associated with ongoing tax efficiency efforts. During the third quarter of 2023, the Company evaluated the deductibility of certain items spanning periods currently open under federal statute, including items related to interest on company-owned life insurance. As a result of this analysis, the Company recorded a favorable adjustment of approximately $120 million.
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
Three Months Ended September 30, Nine Months Ended September 30,
(in millions) 2023 2022 Variance 2023 2022 Variance
(Loss) Income From Discontinued Operations, net of tax $ (152) $ 3  $ (155) $ (1,316) $ (30) $ (1,286)
Three Months Ended September 30, 2023, as compared to September 30, 2022
The variance was primarily driven by the impairments on the sale of the Commercial Renewables business recorded in 2023.
Nine Months Ended September 30, 2023, as compared to September 30, 2022
The variance was primarily driven by the impairments on the sale of the Commercial Renewables business recorded in 2023.
DUKE ENERGY CAROLINAS
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues $ 6,155  $ 5,844  $ 311 
Operating Expenses
Fuel used in electric generation and purchased power 1,823  1,423  400 
Operation, maintenance and other 1,285  1,410  (125)
Depreciation and amortization 1,186  1,138  48 
Property and other taxes 276  258  18 
Impairment of assets and other charges 70  (3) 73 
Total operating expenses 4,640  4,226  414 
Gains on Sales of Other Assets and Other, net 26  4  22 
Operating Income 1,541  1,622  (81)
Other Income and Expenses, net 181  172  9 
Interest Expense 504  415  89 
Income Before Income Taxes 1,218  1,379  (161)
Income Tax Expense 97  87  10 
Net Income $ 1,121  $ 1,292  $ (171)
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year 2023
Residential sales (4.5) %
General service sales (0.7) %
Industrial sales (5.1) %
Wholesale power sales 6.3  %
Joint dispatch sales 28.7  %
Total sales (4.0) %
Average number of customers 1.7  %
99
MD&A DUKE ENERGY CAROLINAS
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $429 million increase in fuel revenues due to higher fuel cost recovery; and
•a $73 million increase in rider revenues primarily due to the decrease in the return of EDIT to customers compared to the prior year and increases in energy efficiency primarily due to program performance.
Partially offset by:
•a $153 million decrease in retail sales due to unfavorable weather compared to prior year; and
•a $71 million decrease in weather-normal retail sales volumes.
Operating Expenses. The variance was driven primarily by:
•a $400 million increase in fuel used in electric generation and purchased power primarily due to changes in the generation mix and higher amortization of deferred fuel, partially offset by lower Joint Dispatch Agreement (JDA) purchased volumes and prices;
•a $73 million increase in impairment of assets and other primarily due to rate case impacts and a prior year adjustment of the South Carolina Supreme Court decision on coal ash; and
•a $48 million increase in depreciation and amortization primarily due to a higher depreciable base, partially offset by a decrease in depreciation and amortization primarily due to the prior year South Carolina Supreme Court decision on coal ash and an increase in Grid Improvement Plan deferrals.
Partially offset by:
•a $125 million decrease in operation, maintenance and other expense primarily due to a decrease in spend on outside services and lower storm restoration costs.
Gains on Sales of Other Assets and Other, net. The increase was primarily due to the sale of the Mint Street parking deck.
Interest Expense. The variance was driven by higher interest rates and outstanding debt balances.
Income Tax Expense. The increase in tax expense was primarily due to a decrease in the amortization of excess deferred taxes, partially offset by a decrease in pretax income.
PROGRESS ENERGY
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues $ 10,315  $ 10,087  $ 228 
Operating Expenses
Fuel used in electric generation and purchased power 3,902  3,927  (25)
Operation, maintenance and other 1,963  1,829  134 
Depreciation and amortization 1,609  1,607  2 
Property and other taxes 546  472  74 
Impairment of assets and other charges 29  4  25 
Total operating expenses 8,049  7,839  210 
Gains on Sales of Other Assets and Other, net 20  6  14 
Operating Income 2,286  2,254  32 
Other Income and Expenses, net 146  150  (4)
Interest Expense 706  616  90 
Income Before Income Taxes 1,726  1,788  (62)
Income Tax Expense 280  289  (9)
Net Income $ 1,446  $ 1,499  $ (53)
Less: Net Income Attributable to Noncontrolling Interests —  1  (1)
Net Income Attributable to Parent $ 1,446  $ 1,498  $ (52)
100
MD&A PROGRESS ENERGY
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $260 million increase in storm revenues at Duke Energy Florida due to hurricanes Ian and Nicole collections;
•a $242 million increase in fuel cost recovery at Duke Energy Florida driven by higher fuel rates in the current year, partially offset by a decrease at Duke Energy Progress driven by lower JDA sales volumes at lower prices;
•a $74 million increase due to higher pricing related to rate cases at Duke Energy Progress from interim rates from the North Carolina retail rate case and the South Carolina retail rate case, and base rate adjustments related to annual increases from the 2021 Settlement Agreement at Duke Energy Florida;
•a $35 million increase in rider revenues at Duke Energy Florida primarily due to increased Storm Protection Plan rider revenue; and
•a $20 million increase in franchise taxes revenue primarily due to increased revenues over prior year.
Partially offset by:
•a $265 million decrease in wholesale revenues, net of fuel, due to lower capacity rate and volumes at Duke Energy Progress and lower demand at Duke Energy Florida;
•an $85 million decrease in weather-normal retail sales volumes; and
•a $66 million decrease in retail sales due to unfavorable weather compared to prior year.
Operating Expenses. The variance was driven primarily by:
•a $134 million increase in operation, maintenance and other primarily due to storm amortization at Duke Energy Florida, partially offset by a decrease at Duke Energy Progress due to lower storm costs;
•a $74 million increase in property and other taxes primarily due to franchise taxes driven by higher revenues and property taxes due to higher property tax valuation adjustments at Duke Energy Florida; and
•a $25 million increase in impairment of asset and other charges primarily due to rate case impacts at Duke Energy Progress.
Partially offset by:
•a $25 million decrease in fuel used in electric generation and purchased power primarily due to lower volumes and price at Duke Energy Progress, partially offset by higher amortization of deferred fuel balances at Duke Energy Florida.
Gains on Sales of Other Assets and Other, net. The increase was primarily due to sales of cell tower leases.
Interest Expense. The variance was driven primarily by higher outstanding debt balances and interest rates at Duke Energy Florida and Duke Energy Progress.
Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income.
DUKE ENERGY PROGRESS
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues $ 4,844  $ 5,182  $ (338)
Operating Expenses
Fuel used in electric generation and purchased power 1,685  1,916  (231)
Operation, maintenance and other 1,051  1,101  (50)
Depreciation and amortization 935  890  45 
Property and other taxes 143  136  7 
Impairment of assets and other charges 31  4  27 
Total operating expenses 3,845  4,047  (202)
Gains on Sales of Other Assets and Other, net 2  2  — 
Operating Income 1,001  1,137  (136)
Other Income and Expenses, net 92  83  9 
Interest Expense 315  260  55 
Income Before Income Taxes 778  960  (182)
Income Tax Expense 101  129  (28)
Net Income
 $ 677  $ 831  $ (154)
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MD&A DUKE ENERGY PROGRESS
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period 2023
Residential sales (5.2) %
General service sales (2.7) %
Industrial sales (13.6) %
Wholesale power sales (4.5) %
Joint dispatch sales (14.0) %
Total sales (7.3) %
Average number of customers 1.7  %
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $182 million decrease in fuel revenues due to lower JDA sales volumes at lower prices in the current year, partially offset by higher fuel cost recovery;
•a $110 million decrease in retail sales due to unfavorable weather compared to prior year;
•a $69 million decrease in weather-normal retail sales volumes; and
•a $33 million decrease in wholesale revenues, net of fuel, due to lower capacity rates and volumes.
Partially offset by:
•a $60 million increase due to higher pricing from interim rates from the North Carolina retail rate case and the South Carolina retail rate case.
Operating Expenses. The variance was driven primarily by:
•a $231 million decrease in fuel used in electric generation and purchased power primarily due to lower volumes and prices, partially offset by the recovery of fuel expenses; and
•a $50 million decrease in operation, maintenance and other expense primarily due to lower storm costs.
Partially offset by:
•a $45 million increase in depreciation and amortization due to higher depreciable base; and
•a $27 million increase in impairment of assets and other charges primarily due to rate case impacts.
Interest Expense. The variance was driven primarily by higher interest rates and outstanding debt balances.
Income Tax Expense. The decrease in tax expense was primarily due to a decrease in pretax income, partially offset by a decrease in the amortization of excess deferred taxes.
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MD&A DUKE ENERGY FLORIDA
DUKE ENERGY FLORIDA
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues $ 5,456  $ 4,890  $ 566 
Operating Expenses
Fuel used in electric generation and purchased power 2,218  2,011  207 
Operation, maintenance and other 898  716  182 
Depreciation and amortization 674  717  (43)
Property and other taxes 403  335  68 
Impairment of assets and other charges (1) —  (1)
Total operating expenses 4,192  3,779  413 
Gains on Sales of Other Assets and Other, net 1  5  (4)
Operating Income 1,265  1,116  149 
Other Income and Expenses, net 56  74  (18)
Interest Expense 305  258  47 
Income Before Income Taxes 1,016  932  84 
Income Tax Expense 206  181  25 
Net Income $ 810  $ 751  $ 59 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Wholesale power sales include both billed and unbilled sales. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior period 2023
Residential sales 1.5  %
General service sales 1.1  %
Industrial sales (5.6) %
Wholesale and other (46.7) %
Total sales (4.9) %
Average number of customers 1.7  %
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $424 million increase in fuel and capacity revenues primarily due to an increase in fuel and capacity rates billed to retail customers;
•a $260 million increase in storm revenues due to hurricanes Ian and Nicole collections;
•a $44 million increase in retail sales due to favorable weather in the current year;
•a $35 million increase in rider revenues primarily due to increased rate of Storm Protection Plan rider; and
•a $20 million increase in franchise taxes revenue primarily due to increased revenues over prior year.
Partially offset by:
•a $232 million decrease in wholesale power revenues, net of fuel, primarily due to decreased demand.
Operating Expenses. The variance was driven primarily by:
•a $207 million increase in fuel used in electric generation and purchased power primarily due to higher amortization of deferred fuel and capacity expense;
•a $182 million increase in operation, maintenance and other primarily due to storm amortization; and
•a $68 million increase in property and other taxes primarily due to franchise taxes driven by higher revenues and property taxes due to higher property tax valuation adjustments.
Partially offset by:
•a $43 million decrease in depreciation and amortization primarily due to the amortization of Department of Energy settlement regulatory liability, partially offset by higher depreciable base.
Other Income and Expenses, net. The decrease is primarily due to the wholesale portion of the Department of Energy settlement for nuclear fuel storage in prior year.
103
MD&A DUKE ENERGY FLORIDA
Interest Expense. The increase was primarily due to higher interest rates and outstanding debt balances.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred taxes, partially offset by an increase in production tax credits.
DUKE ENERGY OHIO
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues
Regulated electric $ 1,411  $ 1,320  $ 91 
Regulated natural gas 464  491  (27)
Total operating revenues 1,875  1,811  64 
Operating Expenses
Fuel used in electric generation and purchased power 485  439  46 
Cost of natural gas 118  174  (56)
Operation, maintenance and other 358  408  (50)
Depreciation and amortization 266  247  19 
Property and other taxes 258  272  (14)
Impairment of assets and other charges —  (11) 11 
Total operating expenses 1,485  1,529  (44)
Operating Income 390  282  108 
Other Income and Expenses, net 33  16  17 
Interest Expense 125  92  33 
Income Before Income Taxes 298  206  92 
Income Tax Expense (Benefit) 47  (30) 77 
Net Income $ 251  $ 236  $ 15 
The following table shows the percent changes in GWh sales of electricity, dekatherms of natural gas delivered and average number of electric and natural gas customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Electric Natural Gas
Increase (Decrease) over prior year 2023 2023
Residential sales (5.6) % (13.4) %
General service sales 1.8  % (24.2) %
Industrial sales 8.7  % 2.7  %
Wholesale electric power sales (33.8) % n/a
Other natural gas sales n/a (0.4) %
Total sales (5.0) % (11.9) %
Average number of customers 0.9  % 0.5  %
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $93 million increase in price due to the 2022 Duke Energy Ohio Electric retail rate case and Ohio tax reform deferrals in prior year;
•a $58 million increase in fuel-related revenues primarily due to higher retail sales volumes and higher fuel cost recovery in the current year; and
•a $15 million increase due to the MGP Settlement in the prior year.
Partially offset by:
•a $54 million decrease in revenues related to lower Ohio Valley Electric Corporation (OVEC) rider collections and OVEC sales into PJM Interconnection, LLC (PJM);
•a $33 million decrease due to unfavorable weather compared to prior year; and
•a $6 million decrease in retail revenue riders primarily due to the decrease in Distribution Capital Investment Rider (DCI), partially offset by increases in the Ohio CEP rider and Energy Efficiency Rider.
104
MD&A DUKE ENERGY OHIO
Operating Expenses. The variance was driven primarily by:
•a $50 million decrease in operation, maintenance and other expense primarily due to the MGP Settlement in the prior year;
•a $14 million decrease in property and other taxes primarily due to property tax true ups in Ohio and Kentucky and higher deferrals, partially offset by higher franchise taxes; and
•a $10 million decrease in fuel expense primarily driven by lower retail prices for natural gas and purchased power, partially offset by an increase in purchased power volumes.
Partially offset by:
•a $19 million increase in depreciation and amortization primarily driven by an increase in distribution plant in service and depreciation rates resulting from the 2022 Duke Energy Ohio Electric retail rate case implemented in 2023; and
•an $11 million increase in impairment of assets and other charges primarily due to the reversal in the prior year of the impairment related to the propane caverns in Ohio.
Other Income and Expenses. The increase was primarily due intercompany interest income.
Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.
Income Tax Expense (Benefit). The increase in tax expense was primarily due to a decrease in the amortization of excess deferred taxes related to the MGP Settlement recorded in the prior year and an increase in pretax income.
DUKE ENERGY INDIANA
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues $ 2,606  $ 2,835  $ (229)
Operating Expenses
Fuel used in electric generation and purchased power 980  1,234  (254)
Operation, maintenance and other 524  551  (27)
Depreciation and amortization 500  478  22 
Property and other taxes 42  60  (18)
Impairment of assets and other charges —  211  (211)
Total operating expenses 2,046  2,534  (488)
Operating Income 560  301  259 
Other Income and Expenses, net 58  27  31 
Interest Expense 157  138  19 
Income Before Income Taxes 461  190  271 
Income Tax Expense
 82  1  81 
Net Income $ 379  $ 189  $ 190 
The following table shows the percent changes in GWh sales and average number of customers. The percentages for retail customer classes represent billed sales only. Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities, public and private utilities and power marketers. Amounts are not weather-normalized.
Increase (Decrease) over prior year 2023
Residential sales (7.3) %
General service sales (1.3) %
Industrial sales 7.1  %
Wholesale power sales (7.9) %
Total sales (7.0) %
Average number of customers 1.1  %
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $111 million decrease in retail fuel revenues primarily due to lower fuel cost recovery driven by lower retail sales volumes and fuel prices;
•a $55 million decrease in wholesale revenues, including fuel revenues, driven by lower fuel and purchased power prices;
•a $51 million decrease in weather-normal retail sales volumes primarily due to lower customer demand;
105
MD&A DUKE ENERGY INDIANA
•a $46 million decrease in retail sales due to unfavorable weather; and
•a $26 million decrease primarily due to the Utility Receipts Tax repeal.
Partially offset by:
•a $71 million increase primarily due to the net provision for rate refund related to the Indiana Supreme Court ruling on recovery of certain coal ash costs.
Operating Expenses. The variance was driven primarily by:
•a $254 million decrease in fuel used in electric generation and purchased power primarily due to lower purchased power expense, natural gas and coal costs, partially offset by higher deferred fuel amortization;
•a $211 million decrease in impairment of assets and other charges primarily due to the Indiana Supreme Court ruling on recovery of certain coal ash costs in the prior year;
•a $27 million decrease in operation, maintenance and other primarily due to lower employee-related expenses and storm contingency costs; and
•an $18 million decrease in property and other taxes primarily due to franchise taxes and property tax true ups for prior periods.
Partially offset by:
•a $22 million increase in depreciation and amortization primarily due to higher depreciable base.
Other Income and Expenses, net. The variance is primarily due to coal ash insurance proceeds and intercompany interest income.
Interest Expense. The variance is primarily due to higher outstanding debt balances and interest rates.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred income taxes related to the coal ash impairment recorded in the prior year.
PIEDMONT
Results of Operations
Nine Months Ended September 30,
(in millions) 2023 2022 Variance
Operating Revenues $ 1,119  $ 1,421  $ (302)
Operating Expenses
Cost of natural gas 316  685  (369)
Operation, maintenance and other 248  270  (22)
Depreciation and amortization 175  166  9 
Property and other taxes 46  44  2 
Impairment of assets and other charges (4) 1  (5)
Total operating expenses 781  1,166  (385)
Gains on Sales of Other Assets and Other, net —  4  (4)
Operating Income 338  259  79 
Other Income and Expenses, net 49  41  8 
Interest Expense 120  102  18 
Income Before Income Taxes 267  198  69 
Income Tax Expense 46  18  28 
Net Income $ 221  $ 180  $ 41 
The following table shows the percent changes in dekatherms delivered and average number of customers. The percentages for all throughput deliveries represent billed and unbilled sales. Amounts are not weather-normalized.
Increase (Decrease) over prior year 2023
Residential deliveries (16.3) %
Commercial deliveries (10.4) %
Industrial deliveries (2.9) %
Power generation deliveries (7.7) %
For resale (18.1) %
Total throughput deliveries (8.0) %
Secondary market volumes (27.0) %
Average number of customers 1.5  %
106
MD&A PIEDMONT
The margin decoupling mechanism adjusts for variations in residential and commercial use per customer, including those due to weather and conservation. The weather normalization adjustment mechanisms mostly offset the impact of weather on bills rendered, but do not ensure full recovery of approved margin during periods when winter weather is significantly warmer or colder than normal.
Nine Months Ended September 30, 2023, as compared to September 30, 2022
Operating Revenues. The variance was driven primarily by:
•a $369 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs.
Partially offset by:
•an $18 million increase due to secondary marketing sales;
•a $13 million increase due to North Carolina IMR;
•an $11 million increase due to customer growth; and
•an $11 million increase due to Tennessee ARM revenue true up.
Operating Expenses. The variance was driven primarily by:
•a $369 million decrease due to lower natural gas costs passed through to customers, lower volumes, and decreased off-system sales natural gas costs; and
•a $22 million decrease in operations, maintenance and other primarily due to lower spend on internal and contract labor costs.
Partially offset by:
•a $9 million increase in depreciation and amortization due to additional plant in service.
Other Income and Expenses, net. The increase was primarily due to higher AFUDC equity income.
Interest Expense. The increase was primarily due to higher outstanding debt balances and interest rates.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income and a decrease in the amortization of excess deferred taxes.
LIQUIDITY AND CAPITAL RESOURCES
Sources and Uses of Cash
Duke Energy relies primarily upon cash flows from operations, debt and equity issuances and its existing cash and cash equivalents to fund its liquidity and capital requirements. Duke Energy’s capital requirements arise primarily from capital and investment expenditures, repaying long-term debt and paying dividends to shareholders. Additionally, due to its existing tax attributes and projected tax credits to be generated relating to the IRA, Duke Energy does not expect to be a significant federal cash taxpayer until around 2030. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2022, included a summary and detailed discussion of projected primary sources and uses of cash for 2023 to 2025.
As of September 30, 2023, Duke Energy had $324 million of cash on hand and $6.1 billion available under its $9 billion Master Credit Facility. Duke Energy expects to have sufficient liquidity in the form of cash on hand, cash from operations and available credit capacity to support its funding needs. Refer to Note 6 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities," for information regarding Duke Energy's debt issuances and maturities, and available credit facilities including the Master Credit Facility. Additionally, see Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for the timing of proceeds from the sale of certain Commercial Renewables assets to affiliates of Brookfield and ArcLight.
In April 2023, Moody’s Investors Service, Inc. (Moody's) maintained the credit ratings and affirmed the ratings outlook for all of the Duke Energy Registrants, including Duke Energy Ohio. Operations in Kentucky are conducted through Duke Energy Ohio's wholly owned subsidiary, Duke Energy Kentucky. Moody's lowered Duke Energy Kentucky's ratings outlook from stable to negative while maintaining Duke Energy Kentucky's credit rating of Baa1 for senior unsecured debt.
107
MD&A LIQUIDITY AND CAPITAL RESOURCES
Cash Flow Information
The following table summarizes Duke Energy’s cash flows.
Nine Months Ended
September 30,
(in millions) 2023 2022
Cash flows provided by (used in):
Operating activities $ 7,309  $ 5,188 
Investing activities (9,751) (8,630)
Financing activities 2,413  3,551 
Net (decrease) increase in cash, cash equivalents and restricted cash (29) 109 
Cash, cash equivalents and restricted cash at beginning of period 603  520 
Cash, cash equivalents and restricted cash at end of period $ 574  $ 629 
OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.
Nine Months Ended
September 30,
(in millions) 2023 2022 Variance
Net income $ 1,878  $ 3,113  $ (1,235)
Non-cash adjustments to net income 5,887  4,474  1,413 
Contributions to qualified pension plans (100) (58) (42)
Payments for asset retirement obligations (423) (418) (5)
Working capital (792) (2,043) 1,251 
Other assets and Other liabilities 859  120  739 
Net cash provided by operating activities $ 7,309  $ 5,188  $ 2,121 
The variance is primarily due to the recovery of deferred fuel costs and the timing of accruals and payments in other working capital accounts.
INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.
Nine Months Ended
September 30,
(in millions) 2023 2022 Variance
Capital, investment and acquisition expenditures $ (9,340) $ (8,185) $ (1,155)
Other investing items (411) (445) 34 
Net cash used in investing activities $ (9,751) $ (8,630) $ (1,121)
The variance is primarily due to higher overall investments in the EU&I segment.
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.
Nine Months Ended
September 30,
(in millions) 2023 2022 Variance
Issuances of long-term debt, net $ 5,607  $ 5,663  $ (56)
Notes payable, commercial paper and other short-term borrowings (939) 269  (1,208)
Dividends paid (2,438) (2,389) (49)
Contributions from noncontrolling interests 278  132  146 
Other financing items (95) (124) 29 
Net cash provided by financing activities $ 2,413  $ 3,551  $ (1,138)
108
MD&A LIQUIDITY AND CAPITAL RESOURCES
The variance was primarily due to:
•a $1,208 million decrease in net borrowings from notes payable and commercial paper.
Partially offset by:
•a $146 million increase in contributions from noncontrolling interests.
OTHER MATTERS
Environmental Regulations
The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time and result in new obligations of the Duke Energy Registrants. Refer to Note 4, "Regulatory Matters," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, for more information regarding potential plant retirements and Note 4, "Regulatory Matters," to the Condensed Consolidated Financial Statements, for further information regarding regulatory filings related to the Duke Energy Registrants.
On May 18, 2023, the EPA published in the Federal Register a proposed rule under the Resource Conservation and Recovery Act, which would establish regulatory requirements for inactive surface impoundments at inactive generating facilities (Legacy CCR Surface Impoundments) and establish groundwater monitoring, corrective action, closure and post-closure care requirements for all CCR management units at facilities otherwise subject to the CCR rule. Duke Energy is reviewing the proposed rule and analyzing the potential impacts it could have on the Company, which could be material.
On May 23, 2023, the EPA published in the Federal Register proposed new source performance standards under Clean Air Act (CAA) section 111(b) that would establish standards of performance for emissions of carbon dioxide for newly constructed, modified, and reconstructed fossil fuel-fired electric utility steam generating units and fossil fuel-fired stationary combustion turbines. On that same day, in a separate rulemaking under CAA section 111(d), the EPA published proposed emission guidelines for states to use in developing plans to limit carbon dioxide emissions from existing fossil fuel-fired electric generating units and certain large existing stationary combustion turbines. Duke Energy is reviewing the proposed rules and analyzing the potential impacts they could have on the Company, which could be material.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For an in-depth discussion of the Duke Energy Registrants' market risks, see “Quantitative and Qualitative Disclosures about Market Risk” in Item 7 of Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified by the SEC rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Duke Energy Registrants in the reports they file or submit under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated the effectiveness of their disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2023, and, based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures are effective in providing reasonable assurance of compliance.
Changes in Internal Control over Financial Reporting
Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Duke Energy Registrants have evaluated changes in internal control over financial reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that occurred during the fiscal quarter ended September 30, 2023, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.
109
OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The Duke Energy Registrants are, from time to time, parties to various lawsuits and regulatory proceedings in the ordinary course of their business. For information regarding legal proceedings, including regulatory and environmental matters, see Note 4, "Regulatory Matters," and Note 5, "Commitments and Contingencies," to the Condensed Consolidated Financial Statements. For additional information, see Item 3, "Legal Proceedings," in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, careful consideration should be given to the factors discussed in Part I, “Item 1A. Risk Factors” in the Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2022, which could materially affect the Duke Energy Registrants’ financial condition or future results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 5. OTHER INFORMATION
On August 25, 2023, Alex Glenn, Senior Vice President and Chief Executive Officer, Duke Energy Florida and Midwest, adopted a Rule 10b5-1 trading arrangement for the sale of up to 1,000 shares of the Company’s common stock between January 31, 2024, and March 28, 2024, or such earlier date if such plan is terminated sooner pursuant to the terms specified therein. Mr. Glenn's Rule 10b5-1 trading arrangement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1 under the Exchange Act and the Company's policies regarding insider transactions.
110
EXHIBITS
ITEM 6. EXHIBITS
Exhibits filed herein are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated. Items constituting management contracts or compensatory plans or arrangements are designated by a double asterisk (**). The Company agrees to furnish upon request to the commission a copy of any omitted schedules or exhibits upon request on all items designated by a triple asterisk (***).
Duke Duke Duke Duke Duke
Exhibit Duke Energy Progress Energy Energy Energy Energy
Number Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont
4.1
X
4.2
X
*31.1.1 X
*31.1.2 X
*31.1.3 X
*31.1.4 X
*31.1.5 X
*31.1.6 X
*31.1.7 X
*31.1.8 X
*31.2.1 X
*31.2.2 X
*31.2.3 X
*31.2.4 X
*31.2.5 X
*31.2.6 X
111
EXHIBITS
*31.2.7 X
*31.2.8 X
*32.1.1 X
*32.1.2 X
*32.1.3 X
*32.1.4 X
*32.1.5 X
*32.1.6 X
*32.1.7 X
*32.1.8 X
*32.2.1 X
*32.2.2 X
*32.2.3 X
*32.2.4 X
*32.2.5 X
*32.2.6 X
*32.2.7 X
*32.2.8 X
*101.INS XBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). X X X X X X X X
112
EXHIBITS
*101.SCH XBRL Taxonomy Extension Schema Document. X X X X X X X X
*101.CAL XBRL Taxonomy Calculation Linkbase Document. X X X X X X X X
*101.LAB XBRL Taxonomy Label Linkbase Document. X X X X X X X X
*101.PRE XBRL Taxonomy Presentation Linkbase Document. X X X X X X X X
*101.DEF XBRL Taxonomy Definition Linkbase Document. X X X X X X X X
*104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). X X X X X X X X
The total amount of securities of the registrant or its subsidiaries authorized under any instrument with respect to long-term debt not filed as an exhibit does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis. The registrant agrees, upon request of the SEC, to furnish copies of any or all of such instruments to it.
113
SIGNATURES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

DUKE ENERGY CORPORATION
DUKE ENERGY CAROLINAS, LLC
PROGRESS ENERGY, INC.
DUKE ENERGY PROGRESS, LLC
DUKE ENERGY FLORIDA, LLC
DUKE ENERGY OHIO, INC.
DUKE ENERGY INDIANA, LLC
PIEDMONT NATURAL GAS COMPANY, INC.
Date: November 2, 2023 /s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: November 2, 2023 /s/ CYNTHIA S. LEE
Cynthia S. Lee
Vice President, Chief Accounting Officer
and Controller
(Principal Accounting Officer)
114
EX-31.1 1 2 duk-20230930x10qxexx3111.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.1
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chair, President and
Chief Executive Officer
 

EX-31.1 2 3 duk-20230930x10qxexx3112.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.2
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer


EX-31.1 3 4 duk-20230930x10qxexx3113.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.3
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer


EX-31.1 4 5 duk-20230930x10qxexx3114.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.4
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer


EX-31.1 5 6 duk-20230930x10qxexx3115.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.5
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer


EX-31.1 6 7 duk-20230930x10qxexx3116.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.6
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer


EX-31.1 7 8 duk-20230930x10qxexx3117.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.7
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer


EX-31.1 8 9 duk-20230930x10qxexx3118.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER Document

EXHIBIT 31.1.8
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Lynn J. Good, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
 

EX-31.2 1 10 duk-20230930x10qxexx3121.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.1
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Corporation;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 2 11 duk-20230930x10qxexx3122.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.2
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Carolinas, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 3 12 duk-20230930x10qxexx3123.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.3
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Progress Energy, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 4 13 duk-20230930x10qxexx3124.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.4
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Progress, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 5 14 duk-20230930x10qxexx3125.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.5
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Florida, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 6 15 duk-20230930x10qxexx3126.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.6
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Ohio, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 7 16 duk-20230930x10qxexx3127.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.7
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Duke Energy Indiana, LLC;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-31.2 8 17 duk-20230930x10qxexx3128.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER Document

EXHIBIT 31.2.8
CERTIFICATION OF THE CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Brian D. Savoy, certify that:
1)    I have reviewed this quarterly report on Form 10-Q of Piedmont Natural Gas Company, Inc.;
2)    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4)    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Acts Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5)    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 2, 2023
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer


EX-32.1 1 18 duk-20230930x10qxexx3211.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chair, President and Chief Executive Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.
/s/ LYNN J. GOOD
Lynn J. Good
Chair, President and
Chief Executive Officer
November 2, 2023

EX-32.1 2 19 duk-20230930x10qxexx3212.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023

EX-32.1 3 20 duk-20230930x10qxexx3213.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.3
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023

EX-32.1 4 21 duk-20230930x10qxexx3214.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.4
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023

EX-32.1 5 22 duk-20230930x10qxexx3215.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.5
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023

EX-32.1 6 23 duk-20230930x10qxexx3216.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.6
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023

EX-32.1 7 24 duk-20230930x10qxexx3217.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.7
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023


EX-32.1 8 25 duk-20230930x10qxexx3218.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1.8
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lynn J. Good, Chief Executive Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.
/s/ LYNN J. GOOD
Lynn J. Good
Chief Executive Officer
November 2, 2023

EX-32.2 1 26 duk-20230930x10qxexx3221.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Corporation (“Duke Energy”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 2 27 duk-20230930x10qxexx3222.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Carolinas, LLC (“Duke Energy Carolinas”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Carolinas, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Carolinas.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 3 28 duk-20230930x10qxexx3223.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.3
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Progress Energy, Inc. (“Progress Energy”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Progress Energy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Progress Energy.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 4 29 duk-20230930x10qxexx3224.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.4
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Progress, LLC (“Duke Energy Progress”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Progress, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Progress.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 5 30 duk-20230930x10qxexx3225.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.5
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Florida, LLC (“Duke Energy Florida”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Florida, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Florida.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 6 31 duk-20230930x10qxexx3226.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.6
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Ohio, Inc. (“Duke Energy Ohio”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Ohio, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Ohio.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 7 32 duk-20230930x10qxexx3227.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.7
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Duke Energy Indiana, LLC (“Duke Energy Indiana”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Duke Energy Indiana, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Duke Energy Indiana.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023

EX-32.2 8 33 duk-20230930x10qxexx3228.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2.8
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Piedmont Natural Gas Company, Inc. (“Piedmont”) on Form 10-Q for the period ending September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian D. Savoy, Executive Vice President and Chief Financial Officer of Piedmont, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Piedmont.
/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer
November 2, 2023