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Duke Energy
DUK
#226
Rank
$99.69 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$128.20
Share price
2.52%
Change (1 day)
13.17%
Change (1 year)
๐Ÿ›ข Oil&Gas๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Duke Energy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Duke Energy - 10-Q quarterly report FY2025 Q1


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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 March 31, 2025
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 NumberRegistrant, 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)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853
1-4928
DUKE ENERGY CAROLINAS, LLC
56-0205520
(a North Carolina limited liability company)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853
1-15929
PROGRESS ENERGY, INC.
56-2155481
(a North Carolina corporation)
411 Fayetteville Street
Raleigh, North Carolina 27601
800-488-3853
1-3382
DUKE ENERGY PROGRESS, LLC
56-0165465
(a North Carolina limited liability company)
411 Fayetteville Street
Raleigh, North Carolina 27601
800-488-3853
1-3274
DUKE ENERGY FLORIDA, LLC
59-0247770
(a Florida limited liability company)
299 First Avenue North
St. Petersburg, Florida 33701
800-488-3853
1-1232
DUKE ENERGY OHIO, INC.
31-0240030
(an Ohio corporation)
139 East Fourth Street
Cincinnati, Ohio 45202
800-488-3853
1-3543
DUKE ENERGY INDIANA, LLC
35-0594457
(an Indiana limited liability company)
1000 East Main Street
Plainfield, Indiana 46168
800-488-3853
1-6196
PIEDMONT NATURAL GAS COMPANY, INC.
56-0556998
(a North Carolina corporation)
525 South Tryon Street
Charlotte, North Carolina 28202
800-488-3853




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
Duke Energy    3.75% Senior Notes due 2031    DUK 31A    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 EnergyYes☒No☐Duke Energy FloridaYes☒No☐
Duke Energy CarolinasYes☒No☐Duke Energy OhioYes☒No☐
Progress EnergyYes☒No☐Duke Energy IndianaYes☒No☐
Duke Energy ProgressYes☒No☐PiedmontYes☒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 EnergyLarge Accelerated Filer☒Accelerated filer☐Non-accelerated Filer☐Smaller reporting company☐Emerging growth company☐
Duke Energy CarolinasLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Progress EnergyLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy ProgressLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy FloridaLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy OhioLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
Duke Energy IndianaLarge Accelerated Filer☐Accelerated filer☐Non-accelerated Filer☒Smaller reporting company☐Emerging growth company☐
PiedmontLarge 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 EnergyYes
☐
No☒Duke Energy FloridaYes
☐
No☒
Duke Energy CarolinasYes
☐
No☒Duke Energy OhioYes
☐
No☒
Progress EnergyYes
☐
No☒Duke Energy IndianaYes
☐
No☒
Duke Energy ProgressYes
☐
No☒PiedmontYes
☐
No☒


Number of shares of common stock outstanding at April 30, 2025:
RegistrantDescriptionShares
Duke EnergyCommon stock, $0.001 par value777,257,107
Duke Energy CarolinasAll of the registrant's limited liability company member interests are directly owned by Duke Energy.N/A
Progress EnergyAll of the registrant's common stock is directly owned by Duke Energy.100
Duke Energy ProgressAll of the registrant's limited liability company member interests are indirectly owned by Duke Energy.N/A
Duke Energy FloridaAll of the registrant's limited liability company member interests are indirectly owned by Duke Energy.N/A
Duke Energy OhioAll of the registrant's common stock is indirectly owned by Duke Energy.89,663,086
Duke Energy IndianaAll 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
PiedmontAll 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
9
14
18
22
26
30
34
Piedmont Natural Gas Company, Inc. Financial Statements
38
Note 1 – Organization and Basis of Presentation
42
Note 2 – Dispositions
44
Note 3 – Business Segments
46
Note 4 – Regulatory Matters
54
Note 5 – Commitments and Contingencies
59
Note 6 – Debt and Credit Facilities
62
Note 7 – Goodwill
63
Note 8 – Related Party Transactions
64
Note 9 – Derivatives and Hedging
65
Note 10 – Investments in Debt and Equity Securities
71
Note 11 – Fair Value Measurements
75
Note 12 – Variable Interest Entities
80
Note 13 – Revenue
82
Note 14 – Stockholders' Equity
86
Note 15 – Employee Benefit Plans
87
Note 16 – Income Taxes
87
89
103
103
PART II. OTHER INFORMATION
104
104
104
Item 5.Other Information
104
105
108

GLOSSARY OF TERMS
Glossary of Terms 
The following terms or acronyms used in this Form 10-Q are defined below:
Term or AcronymDefinition
2015 CCR Rule
A 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the
management and disposal of CCR from coal-fired power plants
2024 CCR Rule
The EPA's Legacy CCR Surface Impoundments rule issued in April 2024 under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule
AFUDCAllowance for funds used during construction
BisonBison Insurance Company Limited
BrookfieldBrookfield Renewable Partners L.P.
CC
Combined Cycle
CCR
Coal Combustion Residuals
CPCN
Certificate of Public Convenience and Necessity
the CompanyDuke Energy Corporation and its subsidiaries
Commercial Renewables Disposal GroupsCommercial 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
Coronavirus Disease 2019
CRCCinergy Receivables Company, LLC
Crystal River Unit 3Crystal River Unit 3 Nuclear Plant
CT
Combustion Turbine
DEFRDuke Energy Florida Receivables, LLC
DEPRDuke Energy Progress Receivables, LLC
DERFDuke Energy Receivables Finance Company, LLC
Duke EnergyDuke Energy Corporation (collectively with its subsidiaries)
Duke Energy OhioDuke Energy Ohio, Inc.
Duke Energy ProgressDuke Energy Progress, LLC
Duke Energy CarolinasDuke Energy Carolinas, LLC
Duke Energy FloridaDuke Energy Florida, LLC
Duke Energy IndianaDuke Energy Indiana, LLC
Duke Energy RegistrantsDuke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDITExcess deferred income tax
EPAUnited States Environmental Protection Agency
EPSEarnings (Loss) Per Share
ESP
Electric Security Plan
ETREffective tax rate
EU&IElectric Utilities and Infrastructure
Exchange ActSecurities Exchange Act of 1934
FERCFederal Energy Regulatory Commission
FPSCFlorida Public Service Commission
FTRFinancial transmission rights
GAAPGenerally accepted accounting principles in the U.S.
GAAP Reported EarningsNet Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPSBasic Earnings Per Share Available to Duke Energy Corporation common stockholders
GHG
Greenhouse Gas

GLOSSARY OF TERMS
GU&IGas Utilities and Infrastructure
GWhGigawatt-hours
HB 15
Ohio Substitute House Bill 15
HB 951The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
IRAInflation Reduction Act
IRSInternal Revenue Service
IURCIndiana Utility Regulatory Commission
JDA
Joint Dispatch Agreement
KPSCKentucky Public Service Commission
LGR
Legacy Generation Rider
LLCLimited Liability Company
MWMegawatt
MWhMegawatt-hour
MYRP
Multiyear rate plan
NCI
Noncontrolling Interests
NCUCNorth Carolina Utilities Commission
NMC
National Methanol Company
NPNSNormal purchase/normal sale
NRC
U.S. Nuclear Regulatory Commission
Oconee
Oconee Nuclear Station
OPEBOther Post-Retirement Benefit Obligations
OVEC
Ohio Valley Electric Corporation
the ParentDuke Energy Corporation holding company
PiedmontPiedmont Natural Gas Company, Inc.
Progress EnergyProgress Energy, Inc.
PSCSCPublic Service Commission of South Carolina
PTC
Production Tax Credit
PUCOPublic Utilities Commission of Ohio
Robinson
Robinson Nuclear Plant
RTORegional Transmission Organization
Subsidiary RegistrantsDuke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUCTennessee Public Utility Commission
U.S.United States
VIEVariable 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 meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, 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 timely 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 a global pandemic or military conflict, 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 decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, 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, including artificial intelligence;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters 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 severe storms, 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, including any impact from increased tariffs and interest rates, and the ability to timely 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 portfolio, and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦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;

FORWARD-LOOKING STATEMENTS
◦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 and recover on claims made;
◦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 businesses and the success of efforts to invest in and develop new opportunities;
◦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 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 an 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
March 31,
(in millions, except per share amounts)20252024
Operating Revenues
Regulated electric$7,064 $6,732 
Regulated natural gas1,105 866 
Nonregulated electric and other80 73 
Total operating revenues8,249 7,671 
Operating Expenses
Fuel used in electric generation and purchased power2,099 2,335 
Cost of natural gas374 232 
Operation, maintenance and other1,499 1,380 
Depreciation and amortization1,512 1,387 
Property and other taxes428 386 
Total operating expenses5,912 5,720 
Gains on Sales of Other Assets and Other, net6 12 
Operating Income2,343 1,963 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates11 17 
Other income and expenses, net132 169 
Total other income and expenses143 186 
Interest Expense889 817 
Income From Continuing Operations Before Income Taxes1,597 1,332 
Income Tax Expense From Continuing Operations193 178 
Income From Continuing Operations1,404 1,154 
Loss From Discontinued Operations, net of tax— (3)
Net Income
1,404 1,151 
Less: Net Income Attributable to Noncontrolling Interests
25 13 
Net Income Attributable to Duke Energy Corporation
1,379 1,138 
Less: Preferred Dividends14 39 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,365 $1,099 
Earnings Per Share – Basic and Diluted
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.76 $1.44 
Weighted Average Shares Outstanding
Basic and Diluted
777 771 
See Notes to Condensed Consolidated Financial Statements
9
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Net Income
$1,404 $1,151 
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments— 16 
Net unrealized (losses) gains on cash flow hedges(10)91 
Reclassification into earnings from cash flow hedges14 2 
Net unrealized (losses) gains on fair value hedges
(41)8 
Unrealized gains (losses) on available-for-sale securities3 (2)
Other Comprehensive (Loss) Income, net of tax(34)115 
Comprehensive Income
1,370 1,266 
Less: Comprehensive Income Attributable to Noncontrolling Interests
25 13 
Comprehensive Income Attributable to Duke Energy
1,345 1,253 
Less: Preferred Dividends14 39 
Comprehensive Income Available to Duke Energy Corporation Common Stockholders
$1,331 $1,214 
(a)Net of income tax benefit of $10 million and income tax expense of $34 million for the three months ended March 31, 2025, and 2024, respectively.
See Notes to Condensed Consolidated Financial Statements
10
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$475 $314 
Receivables (net of allowance for doubtful accounts of $204 at 2025 and $124 at 2024)
3,996 2,232 
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)
10 1,889 
Receivable from sales of Commercial Renewables Disposal Groups
558 551 
Inventory (includes $509 at 2025 and $494 at 2024 related to VIEs)
4,418 4,509 
Regulatory assets (includes $120 at 2025 and 2024 related to VIEs)
2,538 2,756 
Assets held for sale— 4 
Other (includes $57 at 2025 and $90 at 2024 related to VIEs)
780 695 
Total current assets12,775 12,950 
Property, Plant and Equipment
Cost183,546 180,806 
Accumulated depreciation and amortization(58,672)(57,503)
Net property, plant and equipment124,874 123,303 
Other Noncurrent Assets
Goodwill19,303 19,303 
Regulatory assets (includes $1,674 at 2025 and $1,705 at 2024 related to VIEs)
14,200 14,254 
Nuclear decommissioning trust funds11,246 11,434 
Operating lease right-of-use assets, net1,219 1,148 
Investments in equity method unconsolidated affiliates357 353 
Assets held for sale— 89 
Other
3,502 3,509 
Total other noncurrent assets49,827 50,090 
Total Assets$187,476 $186,343 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $207 at 2025 and $214 at 2024 related to VIEs)
$4,442 $5,479 
Notes payable and commercial paper2,568 3,584 
Taxes accrued794 851 
Interest accrued821 855 
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs)
4,180 4,349 
Asset retirement obligations643 650 
Regulatory liabilities1,298 1,425 
Liabilities associated with assets held for sale18 80 
Other 1,861 2,084 
Total current liabilities16,625 19,357 
Long-Term Debt (includes $1,783 at 2025 and $1,842 at 2024 related to VIEs)
79,700 76,340 
Other Noncurrent Liabilities
Deferred income taxes11,609 11,424 
Asset retirement obligations9,350 9,342 
Regulatory liabilities14,466 14,694 
Operating lease liabilities1,033 957 
Accrued pension and other post-retirement benefit costs426 434 
Investment tax credits888 894 
Liabilities associated with assets held for sale— 89 
Other (includes $27 at 2024 related to VIEs)
1,585 1,556 
Total other noncurrent liabilities39,357 39,390 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024
973 973 
Common stock, $0.001 par value, 2 billion shares authorized; 777 million and 776 million shares outstanding at 2025 and 2024
1 1 
Additional paid-in capital45,516 45,494 
Retained earnings3,986 3,431 
Accumulated other comprehensive income
194 228 
Total Duke Energy Corporation stockholders' equity50,670 50,127 
Noncontrolling interests1,124 1,129 
Total equity51,794 51,256 
Total Liabilities and Equity$187,476 $186,343 
See Notes to Condensed Consolidated Financial Statements
11
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,404 $1,151 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)1,691 1,534 
Equity component of AFUDC(70)(55)
Losses (Gains) on sales of Commercial Renewables Disposal Groups
4 (10)
Gains on sales of other assets(6)(12)
Deferred income taxes192 149 
Equity in earnings of unconsolidated affiliates(11)(17)
Payments for asset retirement obligations(102)(115)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions85 (33)
Receivables150 226 
Inventory99 11 
Other current assets107 329 
Increase (decrease) in
Accounts payable(866)(553)
Taxes accrued(52)(110)
Other current liabilities(468)(211)
Other assets(64)42 
Other liabilities84 148 
Net cash provided by operating activities2,177 2,474 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(3,148)(3,208)
Contributions to equity method investments— (7)
Purchases of debt and equity securities(1,966)(946)
Proceeds from sales and maturities of debt and equity securities2,051 985 
Other(237)(166)
Net cash used in investing activities(3,300)(3,342)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt4,096 3,481 
Issuance of common stock7 4 
Payments for the redemption of long-term debt(996)(1,392)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days— 294 
Payments for the redemption of short-term debt with original maturities greater than 90 days(5)(535)
Notes payable and commercial paper(1,050)50 
Dividends paid(803)(806)
Other(11)(67)
Net cash provided by financing activities1,238 1,029 
Net increase in cash, cash equivalents and restricted cash
115 161 
Cash, cash equivalents and restricted cash at beginning of period421 357 
Cash, cash equivalents and restricted cash at end of period$536 $518 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$1,900 $1,615 
See Notes to Condensed Consolidated Financial Statements
12
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Accumulated Other Comprehensive
Income (Loss)
NetNet UnrealizedTotal
GainsGains (Losses)Duke Energy
CommonAdditional(Losses)on Available-Pension and CorporationNon-
PreferredStockCommonPaid-inRetainedonfor-Sale-OPEB Stockholders'controllingTotal
(in millions)StockSharesStockCapitalEarnings
Hedges(a)
SecuritiesAdjustmentsEquityInterestsEquity
Balance at December 31, 2023$1,962 771 $1 $44,920 $2,235 $98 $(15)$(89)$49,112 $1,075 $50,187 
Net income(c)
— — — — 1,099 — — — 1,099 13 1,112 
Other comprehensive income (loss)— — — — — 101 (2)16 115 — 115 
Common stock issuances, including dividend reinvestment and employee benefits— 1 — 16 — — — — 16 — 16 
Common stock dividends— — — — (792)— — — (792)— (792)
Other— — — 1 — — — — 1 (1)— 
Balance at March 31, 2024$1,962 772 $1 $44,937 $2,542 $199 $(17)$(73)$49,551 $1,087 $50,638 
Balance at December 31, 2024$973 776 $1 $45,494 $3,431 $326 $(17)$(81)$50,127 $1,129 $51,256 
Net income(c)
— — — — 1,365 — — — 1,365 25 1,390 
Other comprehensive (loss) income
— — — — — (37)3 — (34)— (34)
Common stock issuances, including dividend reinvestment and employee benefits— 1 — 22 — — — — 22 — 22 
Common stock dividends— — — — (814)— — — (814)— (814)
Sale of Commercial Renewables Disposal Groups(b)
— — — — — — — — — (18)(18)
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (6)(6)
Other— — — — 4 — — — 4 (6)(2)
Balance at March 31, 2025$973 777 $1 $45,516 $3,986 $289 $(14)$(81)$50,670 $1,124 $51,794 
(a)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.
(b)See Note 2 for additional information.
(c)Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends.
See Notes to Condensed Consolidated Financial Statements
13
FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues$2,524 $2,407 
Operating Expenses
Fuel used in electric generation and purchased power803 860 
Operation, maintenance and other484 452 
Depreciation and amortization432 397 
Property and other taxes102 94 
Total operating expenses1,821 1,803 
Gains on Sales of Other Assets and Other, net— 1 
Operating Income703 605 
Other Income and Expenses, net61 61 
Interest Expense200 180 
Income Before Income Taxes564 486 
Income Tax Expense51 56 
Net Income and Comprehensive Income$513 $430 
See Notes to Condensed Consolidated Financial Statements
14
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$46 $6 
Receivables (net of allowance for doubtful accounts of $64 at 2025 and $18 at 2024)
1,168 266 
Receivables of VIEs (net of allowance for doubtful accounts of $51 at 2024)
1 1,054 
Receivables from affiliated companies197 157 
Notes receivable from affiliated companies140 65 
Inventory1,488 1,536 
Regulatory assets (includes $12 at 2025 and 2024 related to VIEs)
613 685 
Other (includes $14 at 2025 and $9 at 2024 related to VIEs)
169 52 
Total current assets3,822 3,821 
Property, Plant and Equipment
Cost59,212 58,382 
Accumulated depreciation and amortization(19,382)(19,090)
Net property, plant and equipment39,830 39,292 
Other Noncurrent Assets
Regulatory assets (includes $186 at 2025 and $189 at 2024 related to VIEs)
4,149 4,199 
Nuclear decommissioning trust funds6,377 6,468 
Operating lease right-of-use assets, net93 98 
Other1,141 1,127 
Total other noncurrent assets11,760 11,892 
Total Assets$55,412 $55,005 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$1,378 $1,809 
Accounts payable to affiliated companies484 241 
Taxes accrued165 627 
Interest accrued173 201 
Current maturities of long-term debt (includes $10 at 2025 and $510 at 2024 related to VIEs)
23 521 
Asset retirement obligations253 247 
Regulatory liabilities600 618 
Other 485 541 
Total current liabilities3,561 4,805 
Long-Term Debt (includes $193 at 2025 and $198 at 2024 related to VIEs)
17,911 16,669 
Long-Term Debt Payable to Affiliated Companies300 300 
Other Noncurrent Liabilities
Deferred income taxes4,013 4,052 
Asset retirement obligations3,736 3,743 
Regulatory liabilities6,489 6,592 
Operating lease liabilities83 87 
Accrued pension and other post-retirement benefit costs23 24 
Investment tax credits313 317 
Other (includes $15 at 2024 related to VIEs)
630 576 
Total other noncurrent liabilities15,287 15,391 
Commitments and Contingencies
Equity
Member's equity18,359 17,846 
Accumulated other comprehensive loss(6)(6)
Total equity18,353 17,840 
Total Liabilities and Equity$55,412 $55,005 

See Notes to Condensed Consolidated Financial Statements
15
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$513 $430 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)500 463 
Equity component of AFUDC(32)(28)
Deferred income taxes13 14 
Payments for asset retirement obligations(43)(36)
(Increase) decrease in
Receivables158 14 
Receivables from affiliated companies(40)30 
Inventory48 7 
Other current assets(63)(23)
Increase (decrease) in
Accounts payable(344)(203)
Accounts payable to affiliated companies243 35 
Taxes accrued(461)(133)
Other current liabilities(111)(137)
Other assets(16)192 
Other liabilities24 (20)
Net cash provided by operating activities389 605 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,019)(952)
Purchases of debt and equity securities(1,065)(535)
Proceeds from sales and maturities of debt and equity securities1,065 535 
Notes receivable from affiliated companies(75)— 
Other(49)(51)
Net cash used in investing activities(1,143)(1,003)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt1,239 1,011 
Payments for the redemption of long-term debt(508)(7)
Notes payable to affiliated companies— (612)
Other60 (1)
Net cash provided by financing activities791 391 
Net increase (decrease) in cash, cash equivalents and restricted cash
37 (7)
Cash, cash equivalents and restricted cash at beginning of period16 19 
Cash, cash equivalents and restricted cash at end of period$53 $12 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$782 $550 
See Notes to Condensed Consolidated Financial Statements
16
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Accumulated Other
Comprehensive
Loss
Member'sNet Losses onTotal
(in millions)EquityCash Flow HedgesEquity
Balance at December 31, 2023$16,913 $(6)$16,907 
Net income430 — 430 
Balance at March 31, 2024$17,343 $(6)$17,337 
Balance at December 31, 2024$17,846 $(6)$17,840 
Net income513 — 513 
Balance at March 31, 2025$18,359 $(6)$18,353 

See Notes to Condensed Consolidated Financial Statements
17
FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues$3,467 $3,228 
Operating Expenses
Fuel used in electric generation and purchased power1,106 1,143 
Operation, maintenance and other688 628 
Depreciation and amortization631 587 
Property and other taxes172 158 
Total operating expenses2,597 2,516 
Gains on Sales of Other Assets and Other, net6 7 
Operating Income876 719 
Other Income and Expenses, net55 62 
Interest Expense275 260 
Income Before Income Taxes656 521 
Income Tax Expense110 86 
Net Income and Comprehensive Income
$546 $435 
See Notes to Condensed Consolidated Financial Statements
18
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$87 $73 
Receivables (net of allowance for doubtful accounts of $67 at 2025 and $39 at 2024)
1,455 707 
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)
8 835 
Receivables from affiliated companies97 25 
Notes receivable from affiliated companies1,053 — 
Inventory (includes $509 at 2025 and $494 at 2024 related to VIEs)
2,107 2,086 
Regulatory assets (includes $108 at 2025 and 2024 related to VIEs)
1,537 1,647 
Other (includes $36 at 2025 and $75 at 2024 related to VIEs)
207 182 
Total current assets6,551 5,555 
Property, Plant and Equipment
Cost73,776 72,560 
Accumulated depreciation and amortization(24,105)(23,586)
Net property, plant and equipment49,671 48,974 
Other Noncurrent Assets
Goodwill3,655 3,655 
Regulatory assets (includes $1,488 at 2025 and $1,516 at 2024 related to VIEs)
6,641 6,618 
Nuclear decommissioning trust funds4,869 4,967 
Operating lease right-of-use assets, net678 625 
Other1,280 1,242 
Total other noncurrent assets17,123 17,107 
Total Assets$73,345 $71,636 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $201 at 2025 and $208 at 2024 related to VIEs)
$1,693 $2,170 
Accounts payable to affiliated companies690 507 
Notes payable to affiliated companies— 1,077 
Taxes accrued228 312 
Interest accrued254 232 
Current maturities of long-term debt (includes $100 at 2025 and $502 at 2024 related to VIEs)
1,816 1,517 
Asset retirement obligations227 231 
Regulatory liabilities433 522 
Other719 792 
Total current liabilities6,060 7,360 
Long-Term Debt (includes $1,530 at 2025 and $1,582 at 2024 related to VIEs)
24,917 22,829 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes5,353 5,263 
Asset retirement obligations4,328 4,317 
Regulatory liabilities5,188 5,258 
Operating lease liabilities621 557 
Accrued pension and other post-retirement benefit costs251 254 
Investment tax credits384 385 
Other (includes $11 at 2024 related to VIEs)
343 357 
Total other noncurrent liabilities16,468 16,391 
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2025 and 2024
— — 
Additional paid-in capital12,130 11,830 
Retained earnings13,630 13,086 
Accumulated other comprehensive loss(10)(10)
Total equity25,750 24,906 
Total Liabilities and Equity$73,345 $71,636 
See Notes to Condensed Consolidated Financial Statements
19
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$546 $435 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)744 669 
Equity component of AFUDC(24)(18)
Deferred income taxes68 (5)
Payments for asset retirement obligations(40)(68)
(Increase) decrease in
Receivables120 103 
Receivables from affiliated companies(72)87 
Inventory(12)(86)
Other current assets70 232 
Increase (decrease) in
Accounts payable(411)(79)
Accounts payable to affiliated companies183 84 
Taxes accrued(76)(57)
Other current liabilities(90)(36)
Other assets(118)(134)
Other liabilities11 27 
Net cash provided by operating activities899 1,154 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,409)(1,373)
Purchases of debt and equity securities(820)(381)
Proceeds from sales and maturities of debt and equity securities836 424 
Notes receivable from affiliated companies(1,053)— 
Other(85)(74)
Net cash used in investing activities(2,531)(1,404)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt2,857 498 
Payments for the redemption of long-term debt(474)(73)
Notes payable to affiliated companies(1,077)(223)
Capital contribution from parent300 — 
Other(2)(1)
Net cash provided by financing activities1,604 201 
Net decrease in cash, cash equivalents and restricted cash
(28)(49)
Cash, cash equivalents and restricted cash at beginning of period160 135 
Cash, cash equivalents and restricted cash at end of period$132 $86 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$748 $680 
See Notes to Condensed Consolidated Financial Statements
20
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Accumulated Other Comprehensive Loss
Net
Net Unrealized
Additional
Losses on
Gains (Losses) onPension and
Paid-inRetainedCash FlowAvailable-for-OPEBTotal
CapitalEarningsHedgesSale SecuritiesAdjustmentsEquity
Balance at December 31, 2023$11,830 $11,040 $(1)$(5)$(4)$22,860 
Net income— 435 — — — 435 
Balance at March 31, 2024$11,830 $11,475 $(1)$(5)$(4)$23,295 
Balance at December 31, 2024$11,830 $13,086 $(1)$(5)$(4)$24,906 
Net income— 546 — — — 546 
Capital contribution from parent300 — — — — 300 
Other— (2)— — — (2)
Balance at March 31, 2025$12,130 $13,630 $(1)$(5)$(4)$25,750 
See Notes to Condensed Consolidated Financial Statements
21
FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues$2,018 $1,788 
Operating Expenses
Fuel used in electric generation and purchased power725 620 
Operation, maintenance and other398 375 
Depreciation and amortization357 339 
Property and other taxes60 51 
Total operating expenses1,540 1,385 
Gains on Sales of Other Assets and Other, net— 1 
Operating Income478 404 
Other Income and Expenses, net37 36 
Interest Expense128 120 
Income Before Income Taxes387 320 
Income Tax Expense56 48 
Net Income and Comprehensive Income$331 $272 

See Notes to Condensed Consolidated Financial Statements
22
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$53 $24 
Receivables (net of allowance for doubtful accounts of $42 at 2025 and $10 at 2024)
906 160 
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)
6 835 
Receivables from affiliated companies24 10 
Notes receivable from affiliated companies968 — 
Inventory1,333 1,341 
Regulatory assets (includes $47 at 2025 and 2024 related to VIEs)
616 626 
Other (includes $26 at 2025 and $40 at 2024 related to VIEs)
151 104 
Total current assets4,057 3,100 
Property, Plant and Equipment
Cost42,769 42,060 
Accumulated depreciation and amortization(16,252)(15,930)
Net property, plant and equipment26,517 26,130 
Other Noncurrent Assets
Regulatory assets (includes $759 at 2025 and $775 at 2024 related to VIEs)
4,573 4,555 
Nuclear decommissioning trust funds4,564 4,636 
Operating lease right-of-use assets, net414 348 
Other752 724 
Total other noncurrent assets10,303 10,263 
Total Assets$40,877 $39,493 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$603 $749 
Accounts payable to affiliated companies436 306 
Notes payable to affiliated companies— 611 
Taxes accrued82 394 
Interest accrued96 122 
Current maturities of long-term debt (includes $40 at 2025 and $443 at 2024 related to VIEs)
581 983 
Asset retirement obligations226 230 
Regulatory liabilities313 348 
Other359 427 
Total current liabilities2,696 4,170 
Long-Term Debt (includes $789 at 2025 and $809 at 2024 related to VIEs)
13,489 11,371 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes2,410 2,344 
Asset retirement obligations4,122 4,104 
Regulatory liabilities4,535 4,570 
Operating lease liabilities409 332 
Accrued pension and other post-retirement benefit costs140 141 
Investment tax credits143 144 
Other (includes $11 at 2024 related to VIEs)
182 196 
Total other noncurrent liabilities11,941 11,831 
Commitments and Contingencies
Equity
Member's Equity12,601 11,971 
Total Liabilities and Equity$40,877 $39,493 

See Notes to Condensed Consolidated Financial Statements
23
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$331 $272 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)402 385 
Equity component of AFUDC(19)(13)
Deferred income taxes49 (21)
Payments for asset retirement obligations(32)(46)
(Increase) decrease in
Receivables101 50 
Receivables from affiliated companies(14)13 
Inventory8 (67)
Other current assets(36)97 
Increase (decrease) in
Accounts payable(56)(31)
Accounts payable to affiliated companies130 (38)
Taxes accrued(311)(47)
Other current liabilities(73)(49)
Other assets(42)(105)
Other liabilities23 (11)
Net cash provided by operating activities461 389 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(849)(704)
Purchases of debt and equity securities(767)(351)
Proceeds from sales and maturities of debt and equity securities767 351 
Notes receivable from affiliated companies(968)— 
Other(34)(12)
Net cash used in investing activities(1,851)(716)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt2,155 495 
Payments for the redemption of long-term debt(441)(33)
Notes payable to affiliated companies(611)(137)
Capital contribution from parent300 — 
Other(1)— 
Net cash provided by financing activities1,402 325 
Net increase (decrease) in cash, cash equivalents and restricted cash
12 (2)
Cash, cash equivalents and restricted cash at beginning of period69 51 
Cash, cash equivalents and restricted cash at end of period$81 $49 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$324 $259 

See Notes to Condensed Consolidated Financial Statements
24
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
March 31, 2024 and 2025
(in millions)Member's Equity
Balance at December 31, 2023$10,807 
Net income272 
Balance at March 31, 2024$11,079 
Balance at December 31, 2024$11,971 
Net income331 
Capital contribution from parent
300 
Other(1)
Balance at March 31, 2025$12,601 

See Notes to Condensed Consolidated Financial Statements
25
FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues$1,444 $1,436 
Operating Expenses
Fuel used in electric generation and purchased power381 523 
Operation, maintenance and other286 251 
Depreciation and amortization274 248 
Property and other taxes112 106 
Total operating expenses1,053 1,128 
Gains on Sales of Other Assets and Other, net1 1 
Operating Income392 309 
Other Income and Expenses, net18 24 
Interest Expense118 111 
Income Before Income Taxes292 222 
Income Tax Expense58 43 
Net Income and Comprehensive Income
$234 $179 
See Notes to Condensed Consolidated Financial Statements
26
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$16 $33 
Receivables (net of allowance for doubtful accounts of $25 at 2025 and $29 at 2024)
545 544 
Receivables of VIEs
2 — 
Receivables from affiliated companies75 21 
Notes receivable from affiliated companies86 — 
Inventory (includes $509 at 2025 and $494 at 2024 related to VIEs)
773 745 
Regulatory assets (includes $61 at 2025 and 2024 related to VIEs)
921 1,022 
Other (includes $10 at 2025 and $35 at 2024 related to VIEs)
56 227 
Total current assets2,474 2,592 
Property, Plant and Equipment
Cost30,997 30,490 
Accumulated depreciation and amortization(7,846)(7,650)
Net property, plant and equipment23,151 22,840 
Other Noncurrent Assets
Regulatory assets (includes $729 at 2025 and $741 at 2024 related to VIEs)
2,068 2,064 
Nuclear decommissioning trust funds305 331 
Operating lease right-of-use assets, net263 277 
Other479 465 
Total other noncurrent assets3,115 3,137 
Total Assets$28,740 $28,569 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $201 at 2025 and $208 at 2024 related to VIEs)
$1,087 $1,418 
Accounts payable to affiliated companies88 67 
Notes payable to affiliated companies— 466 
Taxes accrued147 60 
Interest accrued130 86 
Current maturities of long-term debt (includes $60 at 2025 and $59 at 2024 related to VIEs)
1,235 534 
Asset retirement obligations1 1 
Regulatory liabilities120 174 
Other336 342 
Total current liabilities3,144 3,148 
Long-Term Debt (includes $741 at 2025 and $773 at 2024 related to VIEs)
9,783 9,814 
Other Noncurrent Liabilities
Deferred income taxes3,046 3,024 
Asset retirement obligations206 213 
Regulatory liabilities653 688 
Operating lease liabilities212 225 
Accrued pension and other post-retirement benefit costs91 92 
Investment tax credits241 241 
Other
151 143 
Total other noncurrent liabilities4,600 4,626 
Commitments and Contingencies
Equity
Member's equity11,218 10,986 
Accumulated other comprehensive loss(5)(5)
Total equity11,213 10,981 
Total Liabilities and Equity$28,740 $28,569 
See Notes to Condensed Consolidated Financial Statements
27
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$234 $179 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion342 284 
Equity component of AFUDC(5)(5)
Deferred income taxes18 10 
Payments for asset retirement obligations(8)(22)
(Increase) decrease in
Receivables21 53 
Receivables from affiliated companies(54)236 
Inventory(20)(19)
Other current assets254 132 
Increase (decrease) in
Accounts payable(356)(48)
Accounts payable to affiliated companies21 (14)
Taxes accrued94 (51)
Other current liabilities(21)11 
Other assets(77)(16)
Other liabilities(6)34 
Net cash provided by operating activities437 764 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(559)(669)
Purchases of debt and equity securities(53)(30)
Proceeds from sales and maturities of debt and equity securities69 73 
Notes receivable from affiliated companies(86)— 
Other(51)(62)
Net cash used in investing activities(680)(688)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt702 3 
Payments for the redemption of long-term debt(34)(39)
Notes payable to affiliated companies(466)(86)
Other(1)(1)
Net cash provided by (used in) financing activities201 (123)
Net decrease in cash, cash equivalents and restricted cash
(42)(47)
Cash, cash equivalents and restricted cash at beginning of period75 67 
Cash, cash equivalents and restricted cash at end of period$33 $20 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$424 $421 
See Notes to Condensed Consolidated Financial Statements
28
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Accumulated
Other
Comprehensive
Loss
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at December 31, 2023$10,048 $(5)$10,043 
Net income179 — 179 
Balance at March 31, 2024$10,227 $(5)$10,222 
Balance at December 31, 2024$10,986 $(5)$10,981 
Net income234 — 234 
Other(2)— (2)
Balance at March 31, 2025$11,218 $(5)$11,213 
See Notes to Condensed Consolidated Financial Statements
29
FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues
Regulated electric$487 $458 
Regulated natural gas279 220 
Total operating revenues766 678 
Operating Expenses
Fuel used in electric generation and purchased power149 138 
Cost of natural gas101 61 
Operation, maintenance and other124 126 
Depreciation and amortization112 99 
Property and other taxes116 102 
Total operating expenses602 526 
Operating Income164 152 
Other Income and Expenses, net5 6 
Interest Expense47 45 
Income Before Income Taxes122 113 
Income Tax Expense22 19 
Net Income and Comprehensive Income$100 $94 
See Notes to Condensed Consolidated Financial Statements
30
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$12 $24 
Receivables (net of allowance for doubtful accounts of $46 at 2025 and $43 at 2024)
482 447 
Receivables from affiliated companies12 11 
Notes receivable from affiliated companies25 28 
Inventory184 183 
Regulatory assets73 88 
Other19 30 
Total current assets807 811 
Property, Plant and Equipment
Cost14,122 13,918 
Accumulated depreciation and amortization(3,751)(3,674)
Net property, plant and equipment10,371 10,244 
Other Noncurrent Assets
Goodwill920 920 
Regulatory assets692 705 
Operating lease right-of-use assets, net6 6 
Other84 82 
Total other noncurrent assets1,702 1,713 
Total Assets$12,880 $12,768 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$282 $313 
Accounts payable to affiliated companies69 52 
Notes payable to affiliated companies227 162 
Taxes accrued308 363 
Interest accrued54 49 
Current maturities of long-term debt290 245 
Asset retirement obligations7 8 
Regulatory liabilities51 34 
Other73 67 
Total current liabilities1,361 1,293 
Long-Term Debt3,851 3,895 
Long-Term Debt Payable to Affiliated Companies25 25 
Other Noncurrent Liabilities
Deferred income taxes1,311 1,314 
Asset retirement obligations131 131 
Regulatory liabilities460 465 
Operating lease liabilities6 6 
Accrued pension and other post-retirement benefit costs90 89 
Other85 91 
Total other noncurrent liabilities2,083 2,096 
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2025 and 2024
762 762 
Additional paid-in capital3,119 3,118 
Retained earnings1,679 1,579 
Total equity5,560 5,459 
Total Liabilities and Equity$12,880 $12,768 

See Notes to Condensed Consolidated Financial Statements
31
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$100 $94 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization113 100 
Equity component of AFUDC(3)— 
Deferred income taxes(11)2 
Payments for asset retirement obligations(1)(1)
(Increase) decrease in
Receivables(36)12 
Receivables from affiliated companies(1)65 
Inventory(1)(5)
Other current assets35 100 
Increase (decrease) in
Accounts payable(15)(20)
Accounts payable to affiliated companies17 (2)
Taxes accrued(54)(67)
Other current liabilities26 (7)
Other assets2 7 
Other liabilities— (17)
Net cash provided by operating activities171 261 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(224)(217)
Notes receivable from affiliated companies3 (166)
Other(26)(10)
Net cash used in investing activities(247)(393)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt— 424 
Notes payable to affiliated companies65 (307)
Other(1)(4)
Net cash provided by financing activities64 113 
Net decrease in cash and cash equivalents
(12)(19)
Cash and cash equivalents at beginning of period24 24 
Cash and cash equivalents at end of period$12 $5 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$95 $84 

See Notes to Condensed Consolidated Financial Statements
32
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at December 31, 2023$762 $3,100 $1,238 $5,100 
Net income— — 94 94 
Balance at March 31, 2024$762 $3,100 $1,332 $5,194 
Balance at December 31, 2024$762 $3,118 $1,579 $5,459 
Net income— — 100 100 
Other— 1 — 1 
Balance at March 31, 2025$762 $3,119 $1,679 $5,560 
See Notes to Condensed Consolidated Financial Statements
33
FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues$858 $759 
Operating Expenses
Fuel used in electric generation and purchased power260 271 
Operation, maintenance and other195 180 
Depreciation and amortization192 169 
Property and other taxes18 14 
Total operating expenses665 634 
Operating Income193 125 
Other Income and Expenses, net10 13 
Interest Expense59 57 
Income Before Income Taxes144 81 
Income Tax Expense
18 14 
Net Income
$126 $67 
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments— (1)
Comprehensive Income$126 $66 

See Notes to Condensed Consolidated Financial Statements
34
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$9 $13 
Receivables (net of allowance for doubtful accounts of $17 at 2025 and $15 at 2024)
466 423 
Receivables from affiliated companies1 1 
Inventory541 586 
Regulatory assets142 113 
Other109 69 
Total current assets1,268 1,205 
Property, Plant and Equipment
Cost20,210 19,970 
Accumulated depreciation and amortization(7,008)(6,848)
Net property, plant and equipment13,202 13,122 
Other Noncurrent Assets
Regulatory assets1,031 1,040 
Operating lease right-of-use assets, net35 37 
Other254 323 
Total other noncurrent assets1,320 1,400 
Total Assets$15,790 $15,727 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$286 $257 
Accounts payable to affiliated companies85 57 
Notes payable to affiliated companies20 10 
Taxes accrued105 168 
Interest accrued73 59 
Current maturities of long-term debt4 4 
Asset retirement obligations156 164 
Regulatory liabilities205 183 
Other167 183 
Total current liabilities1,101 1,085 
Long-Term Debt4,644 4,644 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes1,496 1,494 
Asset retirement obligations1,108 1,104 
Regulatory liabilities1,351 1,404 
Operating lease liabilities31 33 
Accrued pension and other post-retirement benefit costs83 82 
Investment tax credits186 186 
Other21 19 
Total other noncurrent liabilities4,276 4,322 
Commitments and Contingencies
Equity
Member's equity5,619 5,526 
           Total equity5,619 5,526 
Total Liabilities and Equity$15,790 $15,727 

See Notes to Condensed Consolidated Financial Statements
35
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$126 $67 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion192 170 
Equity component of AFUDC(7)(2)
Deferred income taxes(16)24 
Payments for asset retirement obligations(18)(12)
(Increase) decrease in
Receivables(45)35 
Receivables from affiliated companies— (6)
Inventory46 48 
Other current assets(37)30 
Increase (decrease) in
Accounts payable9 (39)
Accounts payable to affiliated companies28 (57)
Taxes accrued(63)9 
Other current liabilities8 32 
Other assets79 (13)
Other liabilities(27)(7)
Net cash provided by operating activities275 279 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(234)(275)
Purchases of debt and equity securities(39)(5)
Proceeds from sales and maturities of debt and equity securities112 4 
Notes receivable from affiliated companies— (117)
Other(94)(24)
Net cash used in investing activities(255)(417)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt— 298 
Notes payable to affiliated companies10 (120)
Distributions to parent(33)(42)
Other(1)(1)
Net cash (used in) provided by financing activities
(24)135 
Net decrease in cash and cash equivalents
(4)(3)
Cash and cash equivalents at beginning of period13 8 
Cash and cash equivalents at end of period$9 $5 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$146 $88 
See Notes to Condensed Consolidated Financial Statements
36
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Accumulated Other
Comprehensive Income (Loss)
Member'sPension andTotal
(in millions)EquityOPEB AdjustmentsEquity
Balance at December 31, 2023$5,012 $1 $5,013 
Net income
67 — 67 
Other(1)(1)(2)
Balance at March 31, 2024$5,078 $— $5,078 
Balance at December 31, 2024$5,526 $— $5,526 
Net income126 — 126 
Distributions to parent(33)— (33)
Balance at March 31, 2025$5,619 $— $5,619 

See Notes to Condensed Consolidated Financial Statements
37
FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
Operating Revenues
Regulated natural gas$850 $669 
Nonregulated natural gas and other7 7 
Operating Revenues$857 $676 
Operating Expenses
Cost of natural gas272 170 
Operation, maintenance and other96 95 
Depreciation and amortization70 62 
Property and other taxes18 15 
Total operating expenses456 342 
Operating Income
401 334 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates2 2 
Other income and expenses, net11 15 
Total other income and expenses13 17 
Interest Expense47 45 
Income Before Income Taxes
367 306 
Income Tax Expense
76 60 
Net Income and Comprehensive Income$291 $246 
See Notes to Condensed Consolidated Financial Statements
38
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)March 31, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents
$10 $2 
Receivables (net of allowance for doubtful accounts of $10 at 2025 and 2024)
404 368 
Receivables from affiliated companies12 16 
Inventory61 78 
Regulatory assets109 158 
Other10 11 
Total current assets606 633 
Property, Plant and Equipment
Cost12,956 12,780 
Accumulated depreciation and amortization(2,487)(2,432)
Net property, plant and equipment10,469 10,348 
Other Noncurrent Assets
Goodwill49 49 
Regulatory assets435 421 
Operating lease right-of-use assets, net3 4 
Investments in equity method unconsolidated affiliates76 76 
Other271 268 
Total other noncurrent assets834 818 
Total Assets$11,909 $11,799 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$209 $237 
Accounts payable to affiliated companies49 26 
Notes payable to affiliated companies580 739 
Taxes accrued123 84 
Interest accrued50 45 
Current maturities of long-term debt205 205 
Regulatory liabilities9 68 
Other79 76 
Total current liabilities1,304 1,480 
Long-Term Debt3,799 3,798 
Other Noncurrent Liabilities
Deferred income taxes1,013 1,018 
Asset retirement obligations29 29 
Regulatory liabilities960 956 
Operating lease liabilities2 7 
Accrued pension and other post-retirement benefit costs6 7 
Other151 150 
Total other noncurrent liabilities2,161 2,167 
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2025 and 2024
1,635 1,635 
Retained earnings3,009 2,718 
Total Piedmont Natural Gas Company, Inc. stockholder's equity4,644 4,353 
Noncontrolling interests1 1 
Total equity4,645 4,354 
Total Liabilities and Equity$11,909 $11,799 

See Notes to Condensed Consolidated Financial Statements
39
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$291 $246 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization71 63 
Equity component of AFUDC(4)(6)
Deferred income taxes(13)(15)
Equity in earnings from unconsolidated affiliates(2)(2)
(Increase) decrease in
Receivables(38)13 
Receivables from affiliated companies4 (2)
Inventory17 48 
Other current assets55 20 
Increase (decrease) in
Accounts payable(27)(43)
Accounts payable to affiliated companies23 2 
Taxes accrued39 12 
Other current liabilities(54)(1)
Other assets(7)(2)
Other liabilities(2)9 
Net cash provided by operating activities353 342 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(182)(294)
Other(3)(18)
Net cash used in investing activities(185)(312)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes payable to affiliated companies(159)(30)
Other(1)— 
Net cash used in financing activities(160)(30)
Net increase in cash and cash equivalents8 — 
Cash and cash equivalents at beginning of period2 — 
Cash and cash equivalents at end of period$10 $— 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$114 $195 

See Notes to Condensed Consolidated Financial Statements
40
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024 and 2025
Total
Piedmont
Natural Gas
CommonRetained Company, Inc.NoncontrollingTotal
(in millions)StockEarningsEquityInterestsEquity
Balance at December 31, 2023$1,635 $2,416 $4,051 $1 $4,052 
Net income— 246 246 — 246 
Balance at March 31, 2024$1,635 $2,662 $4,297 $1 $4,298 
Balance at December 31, 2024$1,635 $2,718 $4,353 $1 $4,354 
Net income— 291 291 — 291 
Balance at March 31, 2025$1,635 $3,009 $4,644 $1 $4,645 

See Notes to Condensed Consolidated Financial Statements
41
FINANCIAL STATEMENTSORGANIZATION 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
Registrant1
2
345678910111213141516
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 Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024.
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 12 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. A portion of NCI on Duke Energy's Condensed Consolidated Balance Sheet as of December 31, 2024, relates to discontinued operations. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

42
FINANCIAL STATEMENTSORGANIZATION 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 10 and 12 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.
March 31, 2025December 31, 2024
DukeDukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyDukeEnergyProgressEnergyEnergy
EnergyCarolinasEnergyProgressFlorida
Energy
CarolinasEnergyProgressFlorida
Current Assets
Cash and cash equivalents$475 $46 $87 $53 $16 $314 $6 $73 $24 $33 
Other39 6 34 23 10 84 9 76 40 35 
Other Noncurrent Assets
Other22 1 11 5 7 20 1 11 5 7 
Total cash, cash equivalents and restricted cash$536 $53 $132 $81 $33 $418 $16 $160 $69 $75 
INVENTORY
Provisions for inventory write-offs were not material at March 31, 2025, and December 31, 2024. The components of inventory are presented in the tables below.
 March 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,413 $1,133 $1,677 $1,090 $586 $155 $399 $12 
Coal700 309 233 137 96 18 140 — 
Natural gas, oil and other fuel305 46 197 106 91 11 2 49 
Total inventory $4,418 $1,488 $2,107 $1,333 $773 $184 $541 $61 
 December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,387 $1,150 $1,649 $1,074 $576 $149 $389 $11 
Coal801 341 241 164 77 23 196 — 
Natural gas, oil and other fuel321 45 196 103 92 11 1 67 
Total inventory $4,509 $1,536 $2,086 $1,341 $745 $183 $586 $78 
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 on the Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024.
ACCOUNTS PAYABLE
Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global 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. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. 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.
43
FINANCIAL STATEMENTSORGANIZATION AND BASIS OF PRESENTATION
The following table presents the amounts included within Accounts payable on the Condensed Consolidated Balance Sheets sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025, and 2024.
Three Months Ended March 31, 2024 and 2025
Duke
DukeProgressEnergy
(in millions)EnergyEnergyFloridaPiedmont
Confirmed obligations outstanding at December 31, 2023
$50 $3 $3 $47 
Invoices confirmed during the period57 1 1 56 
Confirmed invoices paid during the period(31)(2)(2)(29)
Confirmed obligations outstanding at March 31, 2024
$76 $2 $2 $74 
Confirmed obligations outstanding at December 31, 2024
$13 $1 $1 $12 
Invoices confirmed during the period18 — — 18 
Confirmed invoices paid during the period(13)(1)(1)(12)
Confirmed obligations outstanding at March 31, 2025
$18 $— $— $18 
NEW ACCOUNTING STANDARDS
No new accounting standards were adopted by the Duke Energy Registrants in 2025.
2. DISPOSITIONS
Sale of Commercial Renewables Segment
In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield 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. The balance of the remaining proceeds to be received of $558 million is included in Receivable from sales of Commercial Renewables Disposal Groups, as of March 31, 2025, and $551 million as of December 31, 2024, on Duke Energy's Condensed Consolidated Balance Sheets. On April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield.
In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material.
Assets Held For Sale and Discontinued Operations
The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented.
44
FINANCIAL STATEMENTSDISPOSITIONS
The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Condensed Consolidated Balance Sheets.
(in millions)March 31, 2025December 31, 2024
Current Assets Held for Sale
Other$— $4 
Total current assets held for sale— 4 
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost— 109 
Accumulated depreciation and amortization— (24)
Net property, plant and equipment— 85 
Operating lease right-of-use assets, net— 4 
Total other noncurrent assets held for sale— 4 
Total Assets Held for Sale$— $93 
Current Liabilities Associated with Assets Held for Sale
Accounts payable$18 $19 
Taxes accrued— 1 
Current maturities of long-term debt— 43 
Unrealized losses on commodity hedges
— 13 
Other— 4 
Total current liabilities associated with assets held for sale18 80 
Noncurrent Liabilities Associated with Assets Held for Sale
Operating lease liabilities— 5 
Asset retirement obligations— 5 
Unrealized losses on commodity hedges
— 66 
Other— 13 
Total other noncurrent liabilities associated with assets held for sale— 89 
Total Liabilities Associated with Assets Held for Sale$18 $169 
As of March 31, 2025, the remaining held for sale liability balance relates to Disposal Group assets previously sold and is expected to settle by December 31, 2025.
As of December 31, 2024, the noncontrolling interest balance is $18 million.
The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations.
Three Months Ended
March 31,
(in millions)20252024
Operating revenues$4 $(6)
Operation, maintenance and other1 4
Interest expense— 2
Loss (Gain) on disposal
4 (10)
Loss before income taxes(1)(2)
Income tax (benefit) expense
(1)1 
Net loss from discontinued operations attributable to Duke Energy Corporation
$— $(3)
Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Condensed Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.
Three Months Ended
March 31,
(in millions)20252024
Cash flows used in:
Operating activities$(3)$(3)
45
FINANCIAL STATEMENTSDISPOSITIONS
Other Sale-Related Matters
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
Duke Energy's segment structure includes the following two segments: EU&I and GU&I.
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.
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 NMC.
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
Three Months Ended March 31, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,125 $1,116 $8,241 $8 $— $8,249 
Intersegment revenues15 24 39 34 (73)— 
Total operating revenues
$7,140 $1,140 $8,280 $42 $(73)$8,249 
Less:
Fuel used in electric generation and purchased power$2,119 $— $2,119 $— $(20)$2,099 
Cost of natural gas— 374 374 — — 374 
Operation, maintenance and other1,424 125 1,549 2 (52)1,499 
Depreciation and amortization1,334 107 1,441 77 (6)1,512 
Property and other taxes378 47 425 3 — 428 
Interest expense530 65 595 318 (24)889 
Income tax expense (benefit)189 91 280 (87)— 193 
Other Segment Items— 
Noncontrolling interests(a)
25 — 25 — — 25 
Preferred dividends— — — 14 — 14 
Add: Equity in earnings of unconsolidated affiliates
— 5 5 6 — 11 
Add: Other(b)
135 13 148 19 (29)138 
Segment income (loss)
$1,276 $349 $1,625 $(260)$— $1,365 
Net income available to Duke Energy Corporation Common Stockholders
$1,365 
Add back: Net income attributable to noncontrolling interest
25 
Add back: Preferred dividends
14 
Net Income
$1,404 
Capital investments expenditures and acquisitions$2,814 $249 $3,063 $85 $— $3,148 
Segment assets
164,794 18,233 183,027 4,449 — 187,476 
46
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended March 31, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$6,785 $879 $7,664 $7 $— $7,671 
Intersegment revenues18 23 41 31 (72)— 
Total operating revenues
$6,803 $902 $7,705 $38 $(72)$7,671 
Less:
Fuel used in electric generation and purchased power$2,355 $— $2,355 $— $(20)$2,335 
Cost of natural gas— 232 232 — — 232 
Operation, maintenance and other1,317 129 1,446 (18)(48)1,380 
Depreciation and amortization1,225 98 1,323 71 (7)1,387 
Property and other taxes337 46 383 3 — 386 
Interest expense499 61 560 294 (37)817 
Income tax expense (benefit)173 69 242 (64)— 178 
Other Segment Items
Noncontrolling interests(a)
13 — 13 — — 13 
Preferred dividends— — — 39 — 39 
Add: Equity in earnings of unconsolidated affiliates
1 — 1 17 (1)17 
Add: Other(b)
136 17 153 67 (39)181 
Segment income (loss)
$1,021 $284 $1,305 $(203)$— $1,102 
Discontinued Operations
(3)
Net income available to Duke Energy Corporation Common Stockholders
$1,099 
Add back: Net Income available to noncontrolling interest
13 
Add back: Preferred dividends
39 
Net Income
$1,151 
Capital investments expenditures and acquisitions$2,746 $382 $3,128 $87 $— $3,215 
Segment assets
156,606 17,464 174,070 4,600 — 178,670 
(a)Net income attributable to NCI related to continuing operations.
(b)    Other for EU&I and GU&I includes Gains on sales of other assets and other, net, and Other income and expenses, net.
47
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Carolinas
Duke Energy Carolinas has one reportable segment, EU&I. The remainder of Duke Energy Carolinas' operations is presented as Other.
Three Months Ended March 31, 2025
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$2,524 $— $2,524 
Less:
Fuel used in electric generation and purchased power$803 $— $803 
Operation, maintenance and other474 10 484 
Depreciation and amortization432 — 432 
Property and other taxes102 — 102 
Interest expense200 — 200 
Income tax expense (benefit)53 (2)51 
Add: Other segment items(a)
61 — 61 
Segment income (loss) / Net income$521 $(8)$513 
Capital expenditures$1,019 $— $1,019 
Segment assets55,035 377 55,412 
Three Months Ended March 31, 2024
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$2,407 $— $2,407 
Less:
Fuel used in electric generation and purchased power$860 $— $860 
Operation, maintenance and other441 11 452 
Depreciation and amortization397 — 397 
Property and other taxes94 — 94 
Interest expense180 — 180 
Income tax expense (benefit)58 (2)56 
Add: Other segment items(a)
62 — 62 
Segment income (loss) / Net income$439 $(9)$430 
Capital expenditures$952 $— $952 
Segment assets52,487 205 52,692 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
48
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Progress Energy
Progress Energy has one reportable segment, EU&I. The remainder of Progress Energy's operations is presented as Other.
Three Months Ended March 31, 2025
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$3,462 $5 $3,467 
Less:
Fuel used in electric generation and purchased power$1,106 $— $1,106 
Operation, maintenance and other673 15 688 
Depreciation and amortization631 — 631 
Property and other taxes172 — 172 
Interest expense246 29 275 
Income tax expense (benefit)118 (8)110 
Add: Other segment items(a)
61 — 61 
Segment income (loss) / Net income$577 $(31)$546 
Capital expenditures$1,409 $— $1,409 
Segment assets68,341 5,004 73,345 
Three Months Ended March 31, 2024
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$3,224 $4 $3,228 
Less:
Fuel used in electric generation and purchased power$1,143 $— $1,143 
Operation, maintenance and other616 12 628 
Depreciation and amortization587 — 587 
Property and other taxes157 1 158 
Interest expense231 29 260 
Income tax expense (benefit)95 (9)86 
Add: Other segment items(a)
61 8 69 
Segment income (loss) / Net income$456 $(21)$435 
Capital expenditures$1,373 $— $1,373 
Segment assets63,861 3,861 67,722 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
49
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Progress
Duke Energy Progress has one reportable segment, EU&I. The remainder of Duke Energy Progress' operations is presented as Other.
Three Months Ended March 31, 2025
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$2,018 $— $2,018 
Less:
Fuel used in electric generation and purchased power$725 $— $725 
Operation, maintenance and other391 7 398 
Depreciation and amortization357 — 357 
Property and other taxes60 — 60 
Interest expense128 — 128 
Income tax expense (benefit)58 (2)56 
Add: Other segment items(a)
39 (2)37 
Segment income (loss) / Net income$338 $(7)$331 
Capital expenditures$849 $— $849 
Segment assets39,788 1,089 40,877 
Three Months Ended March 31, 2024
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$1,788 $— $1,788 
Less:
Fuel used in electric generation and purchased power$620 $— $620 
Operation, maintenance and other369 6 375 
Depreciation and amortization339 — 339 
Property and other taxes51 — 51 
Interest expense120 — 120 
Income tax expense (benefit)50 (2)48 
Add: Other segment items(a)
36 1 37 
Segment income (loss) / Net income$275 $(3)$272 
Capital expenditures$704 $— $704 
Segment assets37,390 104 37,494 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
50
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Florida
Duke Energy Florida has one reportable segment, EU&I. The remainder of Duke Energy Florida's operations is presented as Other.
Three Months Ended March 31, 2025
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$1,444 $— $1,444 
Less:
Fuel used in electric generation and purchased power$381 $— $381 
Operation, maintenance and other282 4 286 
Depreciation and amortization274 — 274 
Property and other taxes112 — 112 
Interest expense118 — 118 
Income tax expense (benefit)60 (2)58 
Add: Other segment items(a)
22 (3)19 
Segment income (loss) / Net income$239 $(5)$234 
Capital expenditures$559 $— $559 
Segment assets28,553 187 28,740 
Three Months Ended March 31, 2024
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$1,436 $— $1,436 
Less:
Fuel used in electric generation and purchased power$523 $— $523 
Operation, maintenance and other247 4 251 
Depreciation and amortization248 — 248 
Property and other taxes106 — 106 
Interest expense111 — 111 
Income tax expense (benefit)45 (2)43 
Add: Other segment items(a)
25 — 25 
Segment income (loss) / Net income$181 $(2)$179 
Capital expenditures$669 $— $669 
Segment assets26,471 27 26,498 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
51
FINANCIAL STATEMENTSBUSINESS SEGMENTS
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 March 31, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$487 $279 $766 $— $766 
Less:
Fuel used in electric generation and purchased power$149 $— $149 $— $149 
Cost of natural gas— 101 101 — 101 
Operation, maintenance and other92 29 121 3 124 
Depreciation and amortization76 36 112 — 112 
Property and other taxes86 30 116 — 116 
Interest expense31 16 47 — 47 
Income tax expense (benefit)9 14 23 (1)22 
Add: Other segment items(a)
4 2 6 (1)5 
Segment income (loss) / Net income
$48 $55 $103 $(3)$100 
Capital expenditures$157 $67 $224 $— $224 
Segment assets8,303 4,524 12,827 53 12,880 
Three Months Ended March 31, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$458 $220 $678 $— $678 
Less:
Fuel used in electric generation and purchased power$138 $— $138 — $138 
Cost of natural gas— 61 61 — 61 
Operation, maintenance and other93 32 125 1 126 
Depreciation and amortization66 33 99 — 99 
Property and other taxes71 31 102 — 102 
Interest expense29 15 44 1 45 
Income tax expense (benefit)10 9 19 — 19 
Add: Other segment items(a)
4 2 6 — 6 
Segment income (loss) / Net income
$55 $41 $96 $(2)$94 
Capital expenditures$137 $80 $217 $— $217 
Segment assets7,935 4,350 12,285 20 12,305 
(a)    Other segment items for EU&I and GU&I include Gains on sales of other assets and other, net, and Other income and expenses, net.
52
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Duke Energy Indiana
Duke Energy Indiana has one reportable segment, EU&I. The remainder of Duke Energy Indiana's operations is presented as Other.
Three Months Ended March 31, 2025
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$858 $— $858 
Less:
Fuel used in electric generation and purchased power$260 $— $260 
Operation, maintenance and other193 2 195 
Depreciation and amortization192 — 192 
Property and other taxes18 — 18 
Interest expense60 (1)59 
Income tax expense (benefit)18 — 18 
Add: Other segment items(a)
10 — 10 
Segment income (loss) / Net income$127 $(1)$126 
Capital expenditures$234 $— $234 
Segment assets15,782 8 15,790 
Three Months Ended March 31, 2024
Electric
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$759 $— $759 
Less:
Fuel used in electric generation and purchased power$271 $— $271 
Operation, maintenance and other178 2 180 
Depreciation and amortization169 — 169 
Property and other taxes14 — 14 
Interest expense57 — 57 
Income tax expense (benefit)14 — 14 
Add: Other segment items(a)
13 — 13 
Segment income (loss) / Net income$69 $(2)$67 
Capital expenditures$275 $— $275 
Segment assets14,921 19 14,940 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
53
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Piedmont
Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.
Three Months Ended March 31, 2025
Gas
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$857 $— $857 
Less:
Cost of natural gas$272 $— $272 
Operation, maintenance and other94 2 96 
Depreciation and amortization70 — 70 
Property and other taxes18 — 18 
Interest expense47 — 47 
Income tax expense (benefit)76 — 76 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 2 2 
Add: Other(a)
11 — 11 
Segment income (loss) / Net income$291 $— $291 
Capital expenditures$182 $— $182 
Segment assets11,818 91 11,909 
Three Months Ended March 31, 2024
Gas
Utilities andEliminations/
(in millions)InfrastructureOtherTotal
Total operating revenues
$676 $— $676 
Less:
Cost of natural gas$170 $— $170 
Operation, maintenance and other95 — 95 
Depreciation and amortization62 — 62 
Property and other taxes15 — 15 
Interest expense45 — 45 
Income tax expense (benefit)59 1 60 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 2 2 
Add: Other(a)
15 — 15 
Segment income (loss) / Net income$245 $1 $246 
Capital expenditures$294 $— $294 
Segment assets11,099 93 11,192 
(a)    Other includes Gains on sales of other assets and other, net, and Other income and expenses, net.
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. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants and Duke Energy Kentucky cannot predict the outcome or ultimate resolution of their respective matters.
54
FINANCIAL STATEMENTSREGULATORY MATTERS
Duke Energy Carolinas and Duke Energy Progress
Hurricanes Debby and Helene
In 2024, hurricanes Debby and Helene significantly impacted the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. As of March 31, 2025, the total cumulative operations and maintenance expense incurred for restoration and rebuilding of infrastructure associated with the hurricanes was approximately $764 million ($554 million and $210 million for Duke Energy Carolinas and Duke Energy Progress, respectively). The reduction in cumulative operations and maintenance expense compared to December 31, 2024, of $58 million for Duke Energy Carolinas and $38 million for Duke Energy Progress, was recorded as a reduction in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. In addition, through March 31, 2025, there have been cumulative capital investments of $556 million ($404 million and $152 million for Duke Energy Carolinas and Duke Energy Progress, respectively) associated with the hurricanes. Amounts are net of expected insurance recoveries and could change going forward as storm restoration and rebuild work is finalized. Additional estimated capital costs of approximately $100 million is expected to be incurred through the first half of 2026 to rebuild the systems from hurricane damage.
North Carolina Storm Cost Securitization
In December 2024, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for review and approval of storm recovery costs (Phase 1) with the NCUC to securitize the North Carolina-retail allocable share of storm costs associated with hurricanes Helene, Debby and Ian, as well as Hurricane Zeta and Winter Storm Izzy, and the establishment of storm reserves for $200 million at Duke Energy Carolinas and $100 million at Duke Energy Progress. On February 3, 2025, Duke Energy Carolinas and Duke Energy Progress filed their joint petition for financing orders (Phase 2). In February 2025, Duke Energy Carolinas and Duke Energy Progress reached a settlement agreement with the North Carolina Public Staff and other intervening parties that resolved all issues between the parties in the Phase 1 proceeding and removed the establishment of storm reserves from the securitization proceeding. Further, the settlement outlined agreement on certain issues in the Phase 2 proceeding. The evidentiary hearing for Phase 1 was held on February 13, 2025.
On April 16, 2025, the NCUC issued its Phase 1 order approving the settlement and determining that approximately $584 million for Duke Energy Carolinas and $461 million for Duke Energy Progress in storm recovery costs are reasonable and prudent and eligible for securitization. The order authorizes the companies to proceed to Phase 2 of the securitization process. On April 15, 2025, Duke Energy Carolinas and Duke Energy Progress filed a settlement with the North Carolina Public Staff resolving all remaining issues in Phase 2. The evidentiary hearing for Phase 2 was held on April 21, 2025, and a Phase 2 order is expected in June 2025. Subject to NCUC approval of Phase 2, Duke Energy Carolinas and Duke Energy Progress expect to securitize the North Carolina-retail allocable share of storm costs by the end of 2025.
South Carolinas Storm Cost Securitization
On March 21, 2025, Duke Energy Carolinas filed a petition for storm securitization with the PSCSC for authorization to finance the estimated South Carolina-retail allocable share of storm costs of $604 million primarily related to Hurricane Helene storm recovery activities and inclusive of funding $25 million related to storm reserves. On April 7, 2025, the PSCSC issued a procedural schedule, scheduling an evidentiary hearing in June 2025 and the issuance of a financing order by August 1, 2025. The petition assumes a November 30, 2025 bond issuance. Subject to PSCSC approval, Duke Energy Carolinas expects to securitize its South Carolina-retail allocable share of storm costs by the end of 2025. Due to the relatively low level of storm costs incurred by Duke Energy Progress in South Carolina, Duke Energy Progress will not seek to pursue securitization of those costs and has offset those costs against established storm reserve balances.
Duke Energy Carolinas
Oconee Subsequent License Renewal
On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for Oconee with the NRC to renew the operating licenses. On March 31, 2025, the NRC issued the subsequent renewed licenses for Oconee, allowing an additional 20 years of operation to 2053 (units 1 and 2) and 2054 (unit 3).
2023 North Carolina Rate Case
In January 2023, Duke Energy Carolinas filed a performance-based regulation (PBR) application with the NCUC to request an increase in base rate retail revenues. The PBR application included a multiyear rate plan (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.
In August 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the North Carolina Public Staff in connection with its PBR application. The partial settlement included, 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 included 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 North Carolina Public Staff resolving additional issues, including the future treatment of nuclear PTCs related to the IRA, through a stand-alone rider that would provide the benefits to customers. This stand-alone rider was effective in rates beginning January 1, 2025.
On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% 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. Duke Energy Carolinas implemented interim rates on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.
55
FINANCIAL STATEMENTSREGULATORY MATTERS
In February 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of electric membership cooperatives (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Progress PBR application. Briefing is complete and oral arguments occurred on February 13, 2025. Duke Energy Carolinas anticipates a decision to be issued no later than the fourth quarter of 2025.
Duke Energy Progress
2022 North Carolina Rate Case
In October 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.
In April 2023, Duke Energy Progress filed with the NCUC a partial settlement with North Carolina Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and North Carolina Public Staff and CIGFUR II 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, including 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 an equity ratio of 53% 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. Duke Energy Progress implemented interim rates on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.
In October 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties are appealing certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. In November 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. In November 2023, Duke Energy Progress, the North Carolina Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Carolinas PBR application. Briefing is complete and oral arguments occurred in February 2025. Duke Energy Progress anticipates a decision to be issued no later than the fourth quarter of 2025.
Person County Combined Cycle CPCN
On February 7, 2025, Duke Energy Progress filed with the NCUC its application to construct and operate a second 1,360-MW hydrogen-capable, advanced-class CC unit in Person County at the Roxboro Plant. NCEMC has also notified Duke Energy Progress of NCEMC's intent to co-own approximately 225 MW of the second CC and Duke Energy Progress and NCEMC plan to begin negotiations on the contractual arrangement in the second quarter of 2025. NCEMC has the right to co-own the facility under its existing supply agreement with Duke Energy Progress. Pending regulatory approvals, construction of the second CC is planned to start in 2026 with the unit targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Progress noted that the recovery of Construction Work in Progress during the construction period for the proposed facility may be pursued in a future rate case. The 2030 North Carolina retail revenue requirement for the proposed facility is estimated to be $113 million, representing an approximate average retail rate increase of 2.6% across all classes. The air permit issued by the NCDEQ in December 2024, also pertains to the second CC. An evidentiary hearing related to the CPCN is scheduled to begin on July 22, 2025. An order is expected by the end of 2025.
Robinson Subsequent License Renewal
On April 8, 2025, Duke Energy Progress filed an SLR application for Robinson with the NRC to renew Robinson’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current license expires in 2030.
Duke Energy Florida
Clean Energy Connection
In July 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program consisting of 10 new solar generating facilities with combined capacity of 749 MW. The FPSC approved the program in January 2021, allowing 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 10 new solar generation facilities were completed and all of the remaining sites were in service by the end of 2024 at a cost of approximately $1.1 billion. These investments are included in base rates offset by the revenue from the subscription fees, with credits included in the fuel cost recovery clause.
56
FINANCIAL STATEMENTSREGULATORY MATTERS
In February 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 in February 2022. On May 27, 2022, the Supreme Court of Florida issued an order remanding the case back to the FPSC so that the FPSC can amend its order to better address some of the arguments raised by LULAC. In September 2022, the FPSC issued a revised order and submitted it 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 in February 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.
Storm Protection Plan
At least every three years, Duke Energy Florida must file a Storm Protection Plan (SPP) with the FPSC. Each plan covers a 10-year period and includes investments in transmission and distribution meant to strengthen infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. In April 2022, Duke Energy Florida filed an SPP for approval with the FPSC for the 2023-2032 time frame. The plan reflected approximately $7 billion of capital investment in transmission and distribution. The evidentiary hearing began in August 2022. In October 2022, the FPSC approved 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. In December 2022, the OPC filed a notice of appeal of this order to the Florida Supreme Court and briefs were filed by the OPC and Duke Energy Florida during 2023. On November 14, 2024, the Florida Supreme Court issued an order upholding the FPSC's approval of Duke Energy Florida's plan.
In January 2025, Duke Energy Florida filed an SPP for approval with the FPSC for the 2026-2035 time frame reflecting approximately $7 billion of capital investment in transmission and distribution. On March 12, 2025, the OPC filed testimony recommending that the pace of the proposed spend be reduced, as well as challenging three subprograms in Duke Energy Florida's SPP. Duke Energy Florida filed rebuttal testimony on April 2, 2025, requesting that the FPSC approve its SPP as filed. The FPSC must approve, with or without modification, or deny the plan no later than July 15, 2025. A hearing has been scheduled to begin May 20, 2025.
Hurricanes Debby, Helene and Milton
In 2024, Hurricane Debby (Category 1 storm), Hurricane Helene (Category 4 storm) and Hurricane Milton (Category 3 storm) made landfall in Florida and caused significant damage. Duke Energy Florida has certain existing storm reserve regulatory liability amounts, which are applied to the recovery of storm costs. The storm reserve amount was approximately $63 million as of July 31, 2024, prior to the damage resulting from hurricanes Debby, Helene and Milton. Duke Energy Florida is permitted to petition the FPSC for recovery of incremental operation and maintenance costs resulting from the storms and to replenish the retail customer storm reserve to approximately $132 million.
In December 2024, Duke Energy Florida filed its petition to recover the estimated costs incurred to respond to all three storms, including replenishment of the storm reserve, seeking recovery of approximately $1.1 billion over 12 months beginning with the first billing cycle in March 2025. Approximately $813 million and $936 million of the operation and maintenance expenses, net of storm reserves, are deferred in Regulatory assets within Current assets as of March 31, 2025, and December 31, 2024, respectively. Approximately $74 million of capital related to these storms will be sought for recovery in future base rate case filings. On February 4, 2025, the FPSC voted to approve Duke Energy Florida's request for recovery of these estimated storm costs as filed, subject to true-up after the actual costs are filed. New rates were effective March 1, 2025.
Duke Energy Ohio
Duke Energy Ohio Natural Gas Base Rate Case
In June 2022, Duke Energy Ohio filed a natural gas base rate case application with the PUCO. The drivers for this case were capital invested since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its Capital Expenditure Program (CEP) rider. In April 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 in May 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed and new rates went into effect November 1, 2023. In December 2023, the OCC filed an application for rehearing and the PUCO granted OCC's application for rehearing for further consideration of issues raised. As a result of a Supreme Court of Ohio decision regarding procedural issues related to applications for rehearing, PUCO denied OCC’s rehearing request. In October 2024, the OCC filed its Notice of Appeal with the Ohio Supreme Court. The case is fully briefed, and oral argument is expected to be scheduled to occur during the third quarter of 2025.
Duke Energy Ohio Electric Security Plan
In April 2024, Duke Energy Ohio filed with the PUCO a request for an Electric Security Plan (ESP). The ESP application proposed a three-year term from June 1, 2025, through May 31, 2028, and included continuation of market-based rates for generation supply through competitive procurement processes and continuation and expansion of existing rider mechanisms. Duke Energy Ohio proposed a new rider mechanism relating to electric distribution infrastructure modernization programs, which may be enabled by and partially funded through federal or state funding opportunities, as well as future battery storage projects and two electric vehicle programs. Additional proposals included new rider mechanisms related to solar for all investments for low-income and disadvantaged communities, low-income senior citizen bill assistance, and energy efficiency (EE) and demand-side management programs.
In November 2024, Duke Energy Ohio filed a stipulation that the majority of the intervenors signed as either signatory or non-opposing parties. The stipulation includes the continuation of market-based customer rates for generation supply through competitive procurement auctions and the continuation of all existing riders. It further establishes new caps for certain riders. Duke Energy Ohio also agreed to withdraw its proposals for an infrastructure modernization rider, battery storage projects and electric vehicle programs. The stipulation includes a residential EE program with provisions for low-income customers. The evidentiary hearing concluded in January 2025 and the case was fully briefed on March 14, 2025.
57
FINANCIAL STATEMENTSREGULATORY MATTERS
On April 30, 2025, Ohio Substitute House Bill 15 (HB 15) was passed and sent to the governor of Ohio. HB 15 will be effective 90 days after approval by the governor or the expiration of a 10-day review period if the governor takes no action. Duke Energy Ohio anticipates HB 15 will become law by August 10, 2025. HB 15 requires electric distribution utilities to file a base rate case every three years, commencing no later than December 31, 2029, and establishes an opportunity to apply for approval of a three-year rate plan with forward-looking test periods to mitigate regulatory lag. HB 15 eliminates ESPs and certain distribution-related riders, but permits ESPs approved as of the effective date of HB 15 to remain in place through the end of their authorized term. HB 15 also eliminates Duke Energy Ohio's Legacy Generation Rider (LGR) upon the effective date of HB 15 and prevents the PUCO from future reauthorization of similar arrangements. As a result of HB 15, any future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC will not be recoverable from retail customers. Additionally, regulatory assets related to OVEC at the time of HB 15 becoming effective may not be recoverable. Regulatory assets related to OVEC were $24 million and $30 million as of March 31, 2025, and December 31, 2024, respectively.
Duke Energy Kentucky 2022 Electric Base Rate Case
In December 2022, Duke Energy Kentucky filed a rate case with the KPSC 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 also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. 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%. New rates went into effect October 13, 2023. Duke Energy Kentucky'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.
In November 2023, Duke Energy Kentucky filed for rehearing requesting certain matters be reconsidered by the KPSC and the KPSC granted in part and denied in part Duke Energy Kentucky's request for rehearing. On July 1, 2024, the KPSC issued its final order on rehearing, ruling in Duke Energy Kentucky's favor on nearly all issues. However, the KPSC ordered Duke Energy Kentucky to refund alleged over collections since the KPSC order on October 12, 2023. On July 10, 2024, the KPSC issued an order correcting the base fuel rate used to calculate new base rates in its July 1, 2024 order and its calculation of Duke Energy Kentucky's Street Lighting Rate. New rates were implemented in August 2024.
On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to including decommissioning costs in depreciation rates for East Bend and Woodsdale. Duke Energy Kentucky and Appellee briefs were filed in 2024.
Duke Energy Kentucky 2024 Electric Base Rate Case
In December 2024, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in electric base rates of approximately $70 million and an ROE of 10.85% with an equity ratio of 52.728%. This is an overall increase of approximately 14.7%. The request for the rate increase is driven by capital investments to strengthen the electricity generation and delivery systems. New rates are anticipated to go into effect around July 2, 2025. An evidentiary hearing is scheduled to begin on May 21, 2025.
Duke Energy Indiana
Indiana Coal Ash Recovery
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 in April 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 of such coal ash basin closure costs. 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.
In 2023, 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 IURC approved Duke Energy Indiana'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 included a request to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs in the 2024 Indiana Rate Case.
In 2023, Duke Energy Indiana filed a 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 Indiana coal ash recovery case from 2020. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. In June 2024, the Citizens Action Coalition of Indiana (CAC) filed a motion to appeal the IURC order granting the coal ash CPCN proceeding and approving the coal ash related compliance projects. Briefing was completed in January 2025, and Duke Energy Indiana is awaiting an opinion from the appellate court.
58
FINANCIAL STATEMENTSREGULATORY MATTERS
TDSIC 2.0
In November 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 July 2022, the OUCC filed a notice of appeal to the Indiana Court of Appeals in Duke Energy Indiana’s TDSIC 2.0 proceeding. 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. On December 19, 2024, the Indiana Supreme Court affirmed the Indiana Court of Appeals decision, concluding there was substantial evidence that the IURC's conclusion was reasonable and the TDSIC 2.0 plan met the statutory requirements. On January 21, 2025, the Duke Industrial Group filed a motion for rehearing. On March 4, 2025, the Indiana Supreme Court denied the Duke Industrial Group's petition for rehearing. There can be no further appeals on TDSIC 2.0 and this matter is now fully resolved.
2024 Indiana Rate Case
In April 2024, Duke Energy Indiana filed an application with the IURC for a rate increase of $492 million, representing an overall average bill increase of approximately 16.2%, which, if approved, would be added to retail customer bills in two steps, approximately 11.7% in 2025 and approximately 4.5% in 2026. Duke Energy Indiana requested an ROE of 10.5% with an equity ratio of 53%. The rate increase is driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system, and advance environmental sustainability.
An order for the rate case was issued by the IURC on January 29, 2025, and revised February 3, 2025, which authorized an ROE of 9.75%, an equity ratio of 53% and an annual revenue increase of $296 million. Based on review of these orders, Duke Energy Indiana identified an inconsistency in the calculation of operating revenues before the effect of trackers. On February 7, 2025, Duke Energy Indiana made a compliance filing in accordance with the IURC's findings in its order and addressed the identified inconsistencies. The compliance filing also clarified the annual revenue increase was approximately $385 million. Additionally, on February 18, 2025, one industrial customer submitted a filing requesting the IURC to clarify its revenue allocation in these proceedings, which was denied by the Commission on April 16, 2025. On February 25, 2025, the IURC approved Duke Energy Indiana’s compliance filing and new rates were implemented February 27, 2025. The industrial customer filed a notice of appeal on February 28, 2025, regarding cost of service allocation. On April 9, 2025, the IURC issued an order correcting its January 29, 2025 order to apply a rate migration adjustment to industrial customers. An industrial customer appealed the IURC order to the Indiana Court of Appeals, but this appeal has been stayed.
Cayuga Combined Cycle CPCN
On February 13, 2025, Duke Energy Indiana filed for a CPCN seeking approval to construct two 1x1 CC natural gas-fired units with a combined winter rating of 1,476 MW. The Cayuga CC Project is proposed to be constructed on the same site as the retiring Cayuga coal-fired steam units with a winter rating of 1,005 MW. The Cayuga CC Project will result in an incremental 471 MW for the Duke Energy Indiana system and will allow Duke Energy Indiana to avoid expected maintenance and environmental compliance costs needed for the coal units to continue operating. The estimated cost of the Cayuga CC project is approximately $3 billion, plus AFUDC and project reserves. Duke Energy Indiana has proposed recovery of certain facility costs during construction, including AFUDC, through construction work in progress ratemaking via a proposed generation cost adjustment tracker mechanism. The estimated average retail rate impact during construction and initial in-service periods from April 2026 through May 2031 is approximately 5.4%. Duke Energy Indiana expects CC 1 to be placed in service in 2029 and CC 2 to be placed in service in 2030. A final air permit was issued by IDEM on March 5, 2025. An evidentiary hearing related to the CPCN is scheduled to begin on June 19, 2025. An order is expected by October 2025.
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 Asset Retirement Obligations 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.
59
FINANCIAL STATEMENTSCOMMITMENTS 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 Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.
(in millions)March 31, 2025December 31, 2024
Reserves for Environmental Remediation
Duke Energy$68 $73 
Duke Energy Carolinas24 24 
Progress Energy19 19 
Duke Energy Progress9 9 
Duke Energy Florida10 10 
Duke Energy Ohio16 21 
Duke Energy Indiana2 2 
Piedmont6 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
For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.
Duke Energy
Mooresville Coal Ash Class Action Litigation
On December 20, 2024, 15 plaintiffs filed a lawsuit in Iredell County, North Carolina, against Duke Energy (Parent), Duke Energy Carolinas and Duke Energy Progress (collectively “Duke Energy”) on behalf of a putative class alleging past and ongoing environmental contamination in the Mooresville area of North Carolina. The lawsuit alleges that Duke Energy disposed of and sold coal ash as structural fill resulting in the contamination of soil, groundwater and Lake Norman. Plaintiffs claim that Duke Energy failed to properly remediate the contamination and continues to pollute, and they assert that the contamination has negatively impacted property values and led to elevated cancer rates and other health issues. The complaint asserts claims for negligence, nuisance, violations of the North Carolina Unfair and Deceptive Trade Practices Act, strict liability for ultra-hazardous activities and trespass. Plaintiffs are seeking unspecified compensatory and punitive damages, injunctive relief to stop further contamination, remediation of contaminated areas and attorneys' fees and costs. Duke Energy filed its Motion to Dismiss on March 7, 2025.
Duke Energy Carolinas
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. In September 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 an 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. In April 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.
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. In October 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.
In November 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. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings. In August 2024, Duke Energy Carolinas filed a petition for rehearing, which was denied on November 26, 2024. On February 21, 2025, Duke Energy Carolinas filed a petition seeking review by the United States Supreme Court.
60
FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
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 $387 million at March 31, 2025, and $396 million at December 31, 2024. 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 2044 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 2044 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 $539 million at March 31, 2025, and December 31, 2024. 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 as of March 31, 2025, and December 31, 2024, for both Duke Energy and Duke Energy Carolinas. 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). In June 2024, Duke Energy Indiana filed an amended complaint adding several additional insurance companies as defendants to the litigation. A trial date has not yet been set.
In 2023, Duke Energy Indiana and Associated Electric and Gas Insurance Services (AEGIS) reached a confidential settlement, the results of which were not material to Duke Energy, and as a result, AEGIS was dismissed from the litigation. Duke Energy Indiana has also reached confidential settlements with all the other various insurance companies, the results of which were not material to Duke Energy. The litigation will be dismissed once all remaining settlements are documented and paid, which is anticipated by the end of the second quarter of 2025. Duke Energy Indiana has proposed to credit retail customers with their proportionate share of coal ash insurance settlement proceeds, net of related expenses, over a two-year period anticipated to begin in the third quarter of 2025.
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.
61
FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
6. DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Three Months Ended March 31, 2025
DukeDuke
MaturityInterestDukeEnergyEnergy
Issuance DateDateRateEnergyCarolinasProgress
First Mortgage Bonds
January 2025(a)
March 2030
4.85 %$400 $400 $— 
January 2025(a)
March 2035
5.25 %700 700 — 
March 2025(b)
March 2027
4.35 %500 — 500 
March 2025(b)
March 2035
5.05 %850 — 850 
March 2025(b)
March 2055
5.55 %750 — 750 
Total issuances$3,200 $1,100 $2,100 
(a)Proceeds were used to pay off the $500 million DERF accounts receivable securitization facility due January 2025, to pay off short-term debt and for general company purposes.
(b)Proceeds were used to pay off the $400 million DEPR accounts receivable securitization facility due April 2025, to pay off short-term debt and for general company purposes.
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 DateInterest RateMarch 31, 2025
Unsecured Debt
Duke Energy (Parent)April 20253.364 %$420 
Duke Energy (Parent)April 20253.950 %250 
Duke Energy OhioJune 20256.900 %150 
Duke Energy (Parent)September 20250.900 %650 
Piedmont
September 20253.600 %150 
Duke Energy Florida Term Loan Facility(a)
October 20255.068 %800 
Duke Energy Ohio(b)
October 20253.230 %95 
Duke Energy (Parent)December 20255.000 %500 
First Mortgage Bonds
Duke Energy Florida(a)(c)
October 2073
4.282 %200 
Duke Energy Florida(a)(c)
April 20744.282 %173 
Duke Energy ProgressAugust 20253.250 %500 
Other(d)
292 
Current maturities of long-term debt$4,180 
(a)Debt has a floating interest rate.
(b)Current maturity relates to Duke Energy Kentucky.
(c)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.
(d)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 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. 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.
62
FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
March 31, 2025
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$10,000 $2,525 $1,300 $1,675 $1,425 $1,075 $950 $1,050 
Reduction to backstop issuances
Commercial paper(b)
(2,103)(1,381)(300)(150)— (52)(152)(68)
Outstanding letters of credit(10)(2)(4)(1)(3)— — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$7,806 $1,142 $996 $1,524 $1,422 $1,023 $717 $982 
(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.
Duke Energy Term Loan Facility
Duke Energy (Parent) had a $1 billion revolving credit facility, which was terminated in March 2022 (Three-Year Revolving Credit Facility). In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Facility (facility) with commitments totaling $1.4 billion maturing March 2024. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility prior to its termination and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. In December 2022, Duke Energy (Parent) repaid $400 million of the facility. In January 2024, Duke Energy (Parent) repaid the remaining $1 billion outstanding on the facility.
Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida Term Loan Facilities
In November 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida entered into term loan facilities intended to meet incremental financing needs resulting from expenditures for the restoration of service and rebuilding of infrastructure related to hurricanes Debby, Helene and Milton as described in Note 4. Duke Energy Carolinas and Duke Energy Progress entered into two-year term loan facilities with commitments totaling $700 million and $250 million, respectively. Duke Energy Florida entered into a 364-day term loan facility with commitments totaling $800 million. Amounts may be drawn for six months from the Duke Energy Carolinas and Duke Energy Progress term loan facilities and for four months from the Duke Energy Florida term loan facility. Borrowings from the term loan facilities can be prepaid at any time and may be used to fund system restoration expenses and for general corporate purposes. Additionally, the Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida term loan facilities may be increased by $300 million, $150 million and $400 million, respectively.
In the fourth quarter of 2024, $455 million and $185 million were drawn under the term loan facilities for Duke Energy Carolinas and Duke Energy Progress, respectively, which were both classified as Long-Term Debt on the Consolidated Balance Sheets as of December 31, 2024. Through December 2024, $100 million was drawn under the term loan facility for Duke Energy Florida, which was classified as Current maturities of long-term debt on the Consolidated Balance Sheets as of December 31, 2024.
In the first quarter of 2025, an additional $145 million, $65 million and $700 million were drawn under the term loan facilities for Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. As of March 31, 2025, total borrowings of $600 million for Duke Energy Carolinas and $250 million for Duke Energy Progress were classified as Long-Term Debt and total borrowings of $800 million for Duke Energy Florida were classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets.
In April 2025, Duke Energy Carolinas drew the remaining $100 million on its term loan facility.
7. 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 March 31, 2025, and December 31, 2024. 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 March 31, 2025, and December 31, 2024.
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.
63
FINANCIAL STATEMENTSRELATED PARTY TRANSACTIONS
8. 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. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.
Three Months Ended March 31,
(in millions)20252024
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
$178 $214 
Indemnification coverages(b)
13 11 
JDA revenue(c)
82 16 
JDA expense(c)
116 40 
Intercompany natural gas purchases(d)
2 4 
Progress Energy
Corporate governance and shared service expenses(a)
$150 $188 
Indemnification coverages(b)
16 14 
JDA revenue(c)
116 40 
JDA expense(c)
82 16 
Intercompany natural gas purchases(d)
19 19 
Duke Energy Progress
Corporate governance and shared service expenses(a)
$86 $114 
Indemnification coverages(b)
7 6 
JDA revenue(c)
116 40 
JDA expense(c)
82 16 
Intercompany natural gas purchases(d)
19 19 
Duke Energy Florida
Corporate governance and shared service expenses(a)
$64 $74 
Indemnification coverages(b)
9 8 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
$64 $77 
Indemnification coverages(b)
1 2 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
$71 $102 
Indemnification coverages(b)
2 2 
Piedmont
Corporate governance and shared service expenses(a)
$31 $41 
Indemnification coverages(b)
1 1 
Intercompany natural gas sales(d)
21 23 
Natural gas storage and transportation costs(e)
5 6 
(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.
64
FINANCIAL STATEMENTSRELATED 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 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 12, certain trade receivables were previously 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 were largely cash but included a subordinated note from CRC for a portion of the purchase price. In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related CRC credit facility.
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.
DukeDukeDukeDukeDuke
EnergyProgressEnergyEnergyEnergyEnergy
(in millions)CarolinasEnergyProgressFloridaOhioIndianaPiedmont
March 31, 2025
Intercompany income tax payable$53 $55 $14 $40 $35 $31 $87 
December 31, 2024
Intercompany income tax receivable$— $— $— $154 $— $— $— 
Intercompany income tax payable419 169 315 — 43 110 43 
9. 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.
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 on the Condensed Consolidated Statements of Cash Flows.
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 months ended March 31, 2025, and 2024, 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.
65
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
March 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$2,975 $— $— $— $— $— $— 
Undesignated contracts3,527 1,425 1,625 500 1,125 450 27 
Total notional amount$6,502 $1,425 $1,625 $500 $1,125 $450 $27 
December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$2,825 $— $— $— $— $— $— 
Undesignated contracts3,202 1,150 1,775 1,125 650 250 27 
Total notional amount$6,027 $1,150 $1,775 $1,125 $650 $250 $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
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.
March 31, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)4,679 — — — 518 4,161 — 
Natural gas (millions of dekatherms)780 288 250 250 — 26 216 
December 31, 2024
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)12,229 — — — 1,287 10,942 — 
Natural gas (millions of dekatherms)779 276 246 246 — 32 225 
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.
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.
66
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at March 31, 2025.
Fair Value Gain (Loss)(a)
(in millions)
Pay NotionalReceive NotionalReceiveHedgeThree Months Ended March 31,
(in millions)Pay Rate(in millions)RateMaturity Date20252024
Fair value hedges
$645 4.75 %600 euros3.10 %June 2028$28 $2 
537 5.31 %500 euros3.85 %June 203423 2 
815 5.65 %750 
euros
3.75 %April 203135 — 
Total notional amount$1,997 1,850 euros$86 $4 
(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 have not been netted against the fair values shown.
Derivative AssetsMarch 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$210 $102 $86 $86 $— $1 $21 $— 
Noncurrent84 41 43 43 — — — — 
Total Derivative Assets – Commodity Contracts$294 $143 $129 $129 $— $1 $21 $— 
Interest Rate Contracts
Designated as Hedging Instruments
Current$74 $— $— $— $— $— $— $— 
Noncurrent27 — — — — — — — 
Not Designated as Hedging Instruments
Current36 — 4 — 4 — 32 — 
Noncurrent30 16 14 10 4 — — — 
Total Derivative Assets – Interest Rate Contracts$167 $16 $18 $10 $8 $— $32 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent11 — — — — — — — 
Total Derivative Assets – Foreign Currency Contracts$11 $— $— $— $— $— $— $— 
Total Derivative Assets$472 $159 $147 $139 $8 $1 $53 $— 
67
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesMarch 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$55 $32 $1 $1 $— $— $— $22 
Noncurrent130 25 19 19 — — — 86 
Total Derivative Liabilities – Commodity Contracts$185 $57 $20 $20 $— $— $— $108 
Interest Rate Contracts
Designated as Hedging Instruments
Current$7 $— $— $— $— $— $— $— 
Not Designated as Hedging Instruments
Current9 — 9 — 9 — — — 
Noncurrent18 7 8 5 4 1 3 — 
Total Derivative Liabilities – Interest Rate Contracts$34 $7 $17 $5 $13 $1 $3 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current33 — — — — — — — 
Noncurrent20 — — — — — — — 
Total Derivative Liabilities – Foreign Currency Contracts$53 $— $— $— $— $— $— $— 
Total Derivative Liabilities$272 $64 $37 $25 $13 $1 $3 $108 
Derivative AssetsDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$49 $20 $17 $17 $— $1 $8 $1 
Noncurrent60 29 32 32 — — — — 
Total Derivative Assets – Commodity Contracts$109 $49 $49 $49 $— $1 $8 $1 
Interest Rate Contracts
Designated as Hedging Instruments
Current108 — — — — — — — 
Noncurrent52 — — — — — — — 
Not Designated as Hedging Instruments
Current110 19 55 44 11 — 36 — 
Noncurrent50 26 23 16 7 — — — 
Total Derivative Assets – Interest Rate Contracts$320 $45 $78 $60 $18 $— $36 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent5 — — — — — — — 
Total Derivative Assets – Foreign Currency Contracts
$5 $— $— $— $— $— $— $— 
Total Derivative Assets$434 $94 $127 $109 $18 $1 $44 $1 
68
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$108 $57 $32 $32 $— $— $3 $16 
Noncurrent134 31 24 24 — — — 78 
Total Derivative Liabilities – Commodity Contracts$242 $88 $56 $56 $— $— $3 $94 
Interest Rate Contracts
Not Designated as Hedging Instruments
Current2 — 2 1 1 — — — 
Noncurrent1 — — — — 1 — — 
Total Derivative Liabilities – Interest Rate Contracts$3 $— $2 $1 $1 $1 $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current35 — — — — — — — 
Noncurrent39 — — — — — — — 
Total Derivative Liabilities – Foreign Currency Contracts
$74 $— $— $— $— $— $— $— 
Total Derivative Liabilities$319 $88 $58 $57 $1 $1 $3 $94 
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 AssetsMarch 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$320 $102 $90 $86 $4 $1 $53 $— 
Offset
(1)(1)(1)(1)— — — — 
Cash collateral received
$(3)$(3)$— $— $— $— $— $— 
Net amounts presented in Current Assets: Other$316 $98 $89 $85 $4 $1 $53 $— 
Noncurrent
Gross amounts recognized$152 $57 $57 $53 $4 $— $— $— 
Offset
(36)(18)(18)(18)— — — — 
Cash collateral received
(2)(2)— — — — — — 
Net amounts presented in Other Noncurrent Assets: Other$114 $37 $39 $35 $4 $— $— $— 
69
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesMarch 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$104 $32 $10 $1 $9 $— $— $22 
Offset
(1)(1)(1)(1)— — — — 
Net amounts presented in Current Liabilities: Other$103 $31 $9 $— $9 $— $— $22 
Noncurrent
Gross amounts recognized$168 $32 $27 $24 $4 $1 $3 $86 
Offset
(36)(18)(18)(18)— — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$132 $14 $9 $6 $4 $1 $3 $86 
Derivative AssetsDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$267 $39 $72 $61 $11 $1 $44 $1 
Offset
(29)(15)(14)(14)— — — — 
Net amounts presented in Current Assets: Other$238 $24 $58 $47 $11 $1 $44 $1 
Noncurrent
Gross amounts recognized$167 $55 $55 $48 $7 $— $— $— 
Offset
(37)(19)(17)(17)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$130 $36 $38 $31 $7 $— $— $— 
Derivative LiabilitiesDecember 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$145 $57 $34 $33 $1 $— $3 $16 
Offset
(29)(15)(14)(14)— — — — 
Cash collateral posted
(3)(2)— — — — (1)— 
Net amounts presented in Current Liabilities: Other$113 $40 $20 $19 $1 $— $2 $16 
Noncurrent
Gross amounts recognized$174 $31 $24 $24 $— $1 $— $78 
Offset
(37)(19)(17)(17)— — — — 
Cash collateral posted
(4)(4)— — — — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$133 $8 $7 $7 $— $1 $— $78 
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.
March 31, 2025
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$31 $20 $11 $11 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$31 $20 $11 $11 
70
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
December 31, 2024
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$101 $52 $49 $49 
Fair value of collateral already posted6 6 — — 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$95 $46 $49 $49 
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.
10. INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the nuclear decommissioning trust funds (NDTF) at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at 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 March 31, 2025, and December 31, 2024.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
71
FINANCIAL STATEMENTSINVESTMENTS 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.
March 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $128 $— $— $139 
Equity securities5,430 85 7,828 5,753 61 8,233 
Corporate debt securities8 29 793 6 33 673 
Municipal bonds1 18 341 2 14 342 
U.S. government bonds15 55 1,904 3 84 1,806 
Other debt securities2 7 250 1 8 239 
Total NDTF Investments$5,456 $194 $11,244 $5,765 $200 $11,432 
Other Investments
Cash and cash equivalents$— $— $195 $— $— $47 
Equity securities36 3 113 39 4 160 
Corporate debt securities— 4 77 — 5 79 
Municipal bonds— 1 63 — 1 83 
U.S. government bonds— 4 57 — 5 59 
Other debt securities— 3 43 — 4 45 
Total Other Investments$36 $15 $548 $39 $19 $473 
Total Investments$5,492 $209 $11,792 $5,804 $219 $11,905 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.
Three Months Ended
(in millions)March 31, 2025March 31, 2024
FV-NI:
 Realized gains $126 $68 
 Realized losses41 18 
AFS:
 Realized gains10 10 
 Realized losses20 14 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $53 $— $— $62 
Equity securities3,185 40 4,512 3,386 33 4,751 
Corporate debt securities3 24 494 2 27 401 
Municipal bonds— 6 34 — 4 36 
U.S. government bonds8 32 1,049 — 50 991 
Other debt securities2 7 234 1 8 223 
Total NDTF Investments$3,198 $109 $6,376 $3,389 $122 $6,464 
72
FINANCIAL STATEMENTSINVESTMENTS 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 months ended March 31, 2025, and 2024, were as follows.
Three Months Ended
(in millions)March 31, 2025March 31, 2024
FV-NI:
 Realized gains$82 $53 
 Realized losses 22 6 
AFS:
 Realized gains7 4 
 Realized losses14 6 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $75 $— $— $77 
Equity securities2,245 45 3,316 2,367 28 3,482 
Corporate debt securities5 5 299 4 6 272 
Municipal bonds1 12 307 2 10 306 
U.S. government bonds7 23 855 3 34 815 
Other debt securities— — 16 — — 16 
Total NDTF Investments$2,258 $85 $4,868 $2,376 $78 $4,968 
Other Investments
Cash and cash equivalents$— $— $21 $— $— $23 
Municipal bonds— — 24 — — 24 
Total Other Investments$— $— $45 $— $— $47 
Total Investments$2,258 $85 $4,913 $2,376 $78 $5,015 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.
Three Months Ended
(in millions)March 31, 2025March 31, 2024
FV-NI:
 Realized gains$44 $15 
 Realized losses19 12 
AFS:
 Realized gains3 6 
 Realized losses6 8 
73
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $62 $— $— $54 
Equity securities2,139 45 3,201 2,256 28 3,362 
Corporate debt securities5 5 283 4 6 256 
Municipal bonds1 12 307 2 10 306 
U.S. government bonds7 17 696 3 26 645 
Other debt securities— — 14 — — 14 
Total NDTF Investments$2,152 $79 $4,563 $2,265 $70 $4,637 
Other Investments
Cash and cash equivalents$— $— $14 $— $— $16 
Total Other Investments$— $— $14 $— $— $16 
Total Investments$2,152 $79 $4,577 $2,265 $70 $4,653 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.
Three Months Ended
(in millions)March 31, 2025March 31, 2024
FV-NI:
 Realized gains$44 $15 
 Realized losses19 12 
AFS:
 Realized gains3 6 
 Realized losses6 8 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $13 $— $— $23 
Equity securities106 — 115 111 — 120 
Corporate debt securities— — 16 — — 16 
U.S. government bonds— 6 159 — 8 170 
Other debt securities— — 2 — — 2 
Total NDTF Investments(a)
$106 $6 $305 $111 $8 $331 
Other Investments
Cash and cash equivalents$— $— $3 $— $— $3 
Municipal bonds— — 24 — — 24 
Total Other Investments$— $— $27 $— $— $27 
Total Investments$106 $6 $332 $111 $8 $358 
(a)During the three months ended March 31, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
74
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
March 31, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Cash and cash equivalents$— $— $2 $— $— $1 
Equity securities— 3 43 — 4 89 
Corporate debt securities— — 1 — — 6 
Municipal bonds— 1 23 — 1 43 
U.S. government bonds— — 2 — — 7 
Total Investments$— $4 $71 $— $5 $146 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
March 31, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$83 $5 $75 $19 $56 $1 
Due after one through five years921 441 414 334 80 8 
Due after five through 10 years610 286 273 258 15 7 
Due after 10 years1,914 1,079 739 689 50 10 
Total$3,528 $1,811 $1,501 $1,300 $201 $26 
11. 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 New York Stock Exchange 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.
75
FINANCIAL STATEMENTSFAIR 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.
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, 2024, for a discussion of the valuation of goodwill and intangible assets.
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 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.
March 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$128 $128 $— $— $— 
NDTF equity securities7,828 7,800 2 — 26 
NDTF debt securities3,288 1,056 2,232 — — 
Other equity securities113 113 — — — 
Other debt securities240 55 185 — — 
Other cash and cash equivalents195 195 — — — 
Derivative assets472 19 450 3 — 
Total assets12,264 9,366 2,869 3 26 
Derivative liabilities(272)— (272)— — 
Net assets$11,992 $9,366 $2,597 $3 $26 
December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$139 $139 $— $— $— 
NDTF equity securities8,233 8,203 2 — 28 
NDTF debt securities3,060 1,022 2,038 — — 
Other equity securities160 160 — — — 
Other debt securities266 52 214 — — 
Other cash and cash equivalents47 47 — — — 
Derivative assets434 2 423 9 — 
Total assets12,339 9,625 2,677 9 28 
Derivative liabilities(319)(3)(316)— — 
Net assets$12,020 $9,622 $2,361 $9 $28 
76
FINANCIAL STATEMENTSFAIR 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 March 31,
(in millions) 20252024
Balance at beginning of period$9 $15 
Purchases, sales, issuances and settlements:
Settlements(6)(13)
Total gains included on the Condensed Consolidated Balance Sheet
— 4 
Balance at end of period$3 $6 
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.
March 31, 2025
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$53 $53 $— $— 
NDTF equity securities4,512 4,484 2 26 
NDTF debt securities1,811 525 1,286 — 
Derivative assets159 — 159 — 
Total assets6,535 5,062 1,447 26 
Derivative liabilities(64)— (64)— 
Net assets$6,471 $5,062 $1,383 $26 
December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$62 $62 $— $— 
NDTF equity securities4,751 4,721 2 28 
NDTF debt securities1,651 520 1,131 — 
Derivative assets94 — 94 — 
Total assets6,558 5,303 1,227 28 
Derivative liabilities(88)— (88)— 
Net assets$6,470 $5,303 $1,139 $28 
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.
March 31, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$75 $75 $— $77 $77 $— 
NDTF equity securities3,316 3,316 — 3,482 3,482 — 
NDTF debt securities1,477 531 946 1,409 502 907 
Other debt securities24 — 24 24 — 24 
Other cash and cash equivalents21 21 — 23 23 — 
Derivative assets147 — 147 127 — 127 
Total assets5,060 3,943 1,117 5,142 4,084 1,058 
Derivative liabilities(37)— (37)(58)— (58)
Net assets$5,023 $3,943 $1,080 $5,084 $4,084 $1,000 
77
FINANCIAL STATEMENTSFAIR 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.
March 31, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$62 $62 $— $54 $54 $— 
NDTF equity securities3,201 3,201 — 3,362 3,362 — 
NDTF debt securities1,300 399 901 1,221 365 856 
Other cash and cash equivalents14 14 — 16 16 — 
Derivative assets139 — 139 109 — 109 
Total assets4,716 3,676 1,040 4,762 3,797 965 
Derivative liabilities(25)— (25)(57)— (57)
Net assets$4,691 $3,676 $1,015 $4,705 $3,797 $908 
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.
March 31, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$13 $13 $— $23 $23 $— 
NDTF equity securities115 115 — 120 120 — 
NDTF debt securities177 132 45 188 137 51 
Other debt securities24 — 24 24 — 24 
Other cash and cash equivalents3 3 — 3 3 — 
Derivative assets8 — 8 18 — 18 
Total assets340 263 77 376 283 93 
Derivative liabilities(13)— (13)(1)— (1)
Net assets$327 $263 $64 $375 $283 $92 
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 March 31, 2025, and December 31, 2024.
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.
March 31, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$43 $43 $— $— $89 $89 $— $— 
Other debt securities26 — 26 — 56 — 56 — 
Other cash and cash equivalents2 2 — — 1 1 — — 
Derivative assets53 19 32 2 44 — 36 8 
Total assets124 64 58 2 190 90 92 8 
Derivative liabilities(3)— (3)— (3)(3)— — 
Net assets$121 $64 $55 $2 $187 $87 $92 $8 
78
FINANCIAL STATEMENTSFAIR 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 March 31,
(in millions)20252024
Balance at beginning of period$8 $13 
Purchases, sales, issuances and settlements:
Settlements(6)(11)
Total gains included on the Condensed Consolidated Balance Sheet
— 3 
Balance at end of period$2 $5 
PIEDMONT
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2025December 31, 2024
(in millions)Total Fair ValueLevel 2Total Fair ValueLevel 1Level 2
Derivative assets$— $— $1 $1 $— 
Derivative liabilities(108)(108)(94)— (94)
Net (liabilities) assets$(108)$(108)$(93)$1 $(94)
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
March 31, 2025
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$1 RTO auction pricingFTR price – per MWh$0.36 -$1.42 $0.70 
Duke Energy Indiana 
FTRs2 RTO auction pricingFTR price – per MWh(0.48)-7.53 0.63 
Duke Energy
Total Level 3 derivatives$3 
December 31, 2024
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio   
FTRs$1 RTO auction pricingFTR price – per MWh$— –$1.13 $0.48 
Duke Energy Indiana   
FTRs8 RTO auction pricingFTR price – per MWh(0.63)–9.24 0.94 
Duke Energy
Total Level 3 derivatives$9 
79
FINANCIAL STATEMENTSFAIR 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. 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.
March 31, 2025December 31, 2024
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$83,880 $76,709 $80,689 $73,440 
Duke Energy Carolinas18,234 16,740 17,490 15,975 
Progress Energy26,883 24,925 24,496 22,548 
Duke Energy Progress14,220 12,716 12,504 11,009 
Duke Energy Florida11,018 10,423 10,348 9,752 
Duke Energy Ohio4,166 3,871 4,165 3,871 
Duke Energy Indiana4,798 4,329 4,798 4,329 
Piedmont4,004 3,642 4,003 3,584 
(a)Book value of long-term debt includes $1.0 billion at March 31, 2025, and December 31, 2024, 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 March 31, 2025, and December 31, 2024, 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.
12. 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 three months ended March 31, 2025, and the year ended December 31, 2024, or is expected to be provided in the future that was not previously contractually required.
Receivables Financing – DERF/DEPR/DEFR
DERF, DEPR and DEFR were bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR were wholly owned LLCs with separate legal existence from their parent companies, and their assets were not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR bought certain accounts receivable arising from the sale of electricity and related services from their parent companies.
DERF, DEPR and DEFR borrowed amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities was limited to the amount of qualified receivables purchased, which generally excluded 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 were cash collections from the receivables. Amounts borrowed under the DERF and DEPR credit facilities were reflected on the Condensed Consolidated Balance Sheets as Current maturities of long-term debt as of December 31, 2024.
The most significant activity that impacted the economic performance of DERF, DEPR and DEFR were the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida were considered the primary beneficiaries and consolidated DERF, DEPR and DEFR, respectively, as they made those decisions.
In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings totaling $325 million and terminated the related DEFR credit facility. Additionally, Duke Energy Florida's related restricted receivables outstanding at DEFR at the time of termination totaled $459 million and were transferred back to Duke Energy Florida to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility. Additionally, Duke Energy Carolinas' related restricted receivables outstanding at DERF at the time of termination totaled $1,081 million and were transferred back to Duke Energy Carolinas to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility. Additionally, Duke Energy Progress' related restricted receivables outstanding at DEPR at the time of termination totaled $943 million and were transferred back to Duke Energy Progress to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
Receivables Financing – CRC
In March 2024, Duke Energy repaid all outstanding CRC borrowings totaling $350 million and terminated the related CRC credit facility. Additionally, Duke Energy's related restricted receivables outstanding at CRC at the time of termination totaled $682 million, consisting of $316 million and $366 million of restricted receivables that were transferred back to Duke Energy Indiana and Duke Energy Ohio, respectively, to be collected and reported as Receivables on the Condensed Consolidated Balance Sheets.
80
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
Receivables Financing – Credit Facilities
The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.
Duke EnergyDuke Energy
CarolinasProgress
(in millions)DERFDEPR
Expiration date
(a)
(b)
Credit facility amount
(a)
(b)
Amounts borrowed at March 31, 2025— — 
Amounts borrowed at December 31, 2024500 400 
Restricted Receivables at March 31, 2025— — 
Restricted Receivables at December 31, 20241,054 835 
(a)    In January 2025, Duke Energy Carolinas repaid all outstanding DERF borrowings totaling $500 million and terminated the related DERF credit facility.
(b)    In March 2025, Duke Energy Progress repaid all outstanding DEPR borrowings totaling $400 million and terminated the related DEPR credit facility.
Nuclear Asset-Recovery Bonds
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)March 31, 2025December 31, 2024
Regulatory Assets: Current61 61 
Current Assets: Other10 35 
Other Noncurrent Assets: Regulatory assets729 741 
Other Noncurrent Assets: Other
7 — 
Current Liabilities: Other2 8 
Current maturities of long-term debt60 59 
Long-Term Debt741 773 
Storm Recovery Bonds
Duke Energy Carolinas NC Storm Funding, LLC (DECNCSF), Duke Energy Progress NC Storm Funding, LLC (DEPNCSF) and Duke Energy Progress SC Storm Funding, LLC (DEPSCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress. DECNCSF and DEPNCSF were formed in 2021 while DEPSCSF was formed in 2024, all 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 incurred in North Carolina and South Carolina.
In 2021, DECNCSF and DEPNCSF issued senior secured bonds, 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. In April 2024, DEPSCSF issued $177 million of senior secured bonds and used the proceeds to acquire storm recovery property from Duke Energy Progress. The storm recovery property was created by state legislation and a PSCSC financing order for the purpose of financing storm costs incurred from 2014 through 2022.
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’ North Carolina and South Carolina 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. These entities are considered VIEs primarily because their 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. Duke Energy Carolinas consolidates DECNCSF and Duke Energy Progress consolidates DEPNCSF and DEPSCSF.
81
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
March 31, 2025December 31, 2024
Duke EnergyDuke EnergyDuke EnergyDuke Energy
CarolinasProgressCarolinasProgress
(in millions)DECNCSFDEPNCSFDEPSCSFDECNCSFDEPNCSFDEPSCSF
Regulatory Assets: Current$12 $39 $8 $12 $39 $8 
Current Assets: Other6 17 6 9 27 13 
Other Noncurrent Assets: Regulatory assets186 608 151 189 620 155 
Other Noncurrent Assets: Other1 4 1 1 4 1 
Current Liabilities: Other1 — — 2 10 7 
Current Maturities of Long-Term Debt
10 35 5 10 34 9 
Long-Term Debt193 629 160 198 646 163 
Procurement Company – Duke Energy Florida
Duke Energy Florida Purchasing Company, LLC (DEF ProCo) is a wholly owned special purpose subsidiary of Duke Energy Florida. DEF ProCo was formed in 2023 as the primary procurement agent for equipment, materials and supplies for Duke Energy Florida. DEF ProCo interacts with third-party suppliers on Duke Energy Florida’s behalf with credit and risk support provided by Duke Energy Florida. DEF ProCo is a qualified reseller under Florida tax law and conveys acquired assets to Duke Energy Florida through leases on each acquired asset.
This entity is considered a VIE primarily because the equity capitalization is insufficient to support their operations. Duke Energy Florida has the power to direct the significant activities of this VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates the procurement company.
The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.
(in millions)March 31, 2025
December 31, 2024
Inventory
$509 $494 
Accounts Payable
201 208 
NON-CONSOLIDATED VIEs
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.
Non-consolidated VIEs are immaterial on the Condensed Consolidated Balance Sheets and the Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values.
CRC
The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.
Duke Energy Ohio
Duke Energy Indiana
Three Months EndedThree Months Ended
March 31,March 31,
(in millions)20242024
Sales
Receivables sold$474 $473 
Loss recognized on sale7 6 
Cash flows
Cash proceeds from receivables sold$478 $523 
Return received on retained interests4 4 
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.
13. REVENUE
Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I.
82
FINANCIAL STATEMENTSREVENUE
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)20252026202720282029ThereafterTotal
Duke Energy Carolinas$9 $12 $12 $12 $— $— $45 
Progress Energy21 43 13 13 13 42 145 
Duke Energy Progress4 6 6 6 6 20 48 
Duke Energy Florida17 37 7 7 7 22 97 
Duke Energy Indiana13 17 15 5 — — 50 
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)20252026202720282029ThereafterTotal
Piedmont$48 $51 $49 $46 $44 $151 $389 
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:
83
FINANCIAL STATEMENTSREVENUE
Three Months Ended March 31, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,403 $1,127 $1,614 $820 $794 $282 $379 $— 
Commercial
1,921 701 845 415 430 142 233 — 
   Industrial823 334 267 193 74 33 187 — 
   Wholesale670 149 443 404 39 22 57 — 
   Other revenues236 180 239 163 76 18 (1)— 
Total Electric Utilities and Infrastructure revenue from contracts with customers$7,053 $2,491 $3,408 $1,995 $1,413 $497 $855 $— 
Gas Utilities and Infrastructure
   Residential$706 $— $— $— $— $186 $— $520 
   Commercial322 — — — — 70 — 252 
   Industrial55 — — — — 16 — 39 
   Power Generation— — — — — — — 24 
   Other revenues74 — — — — 6 — 53 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,157 $— $— $— $— $278 $— $888 
Other
Revenue from contracts with customers$8 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$8,218 $2,491 $3,408 $1,995 $1,413 $775 $855 $888 
Other revenue sources(a)
$31 $33 $59 $23 $31 $(9)$3 $(31)
Total operating revenues
$8,249 $2,524 $3,467 $2,018 $1,444 $766 $858 $857 
84
FINANCIAL STATEMENTSREVENUE
Three Months Ended March 31, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,115 $1,058 $1,517 $742 $775 $253 $287 $— 
Commercial
1,934 717 866 422 444 152 201 — 
   Industrial822 340 266 177 89 32 183 — 
   Wholesale554 138 355 326 29 14 48 — 
   Other revenues253 99 149 78 71 22 34 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,678 $2,352 $3,153 $1,745 $1,408 $473 $753 $— 
Gas Utilities and Infrastructure
   Residential$520 $— $— $— $— $147 $— $373 
   Commercial240 — — — — 57 — 183 
   Industrial47 — — — — 11 — 38 
   Power Generation— — — — — — — 8 
   Other revenues40 — — — — 5 — 35 
Total Gas Utilities and Infrastructure revenue from contracts with customers$847 $— $— $— $— $220 $— $637 
Other
Revenue from contracts with customers$7 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$7,532 $2,352 $3,153 $1,745 $1,408 $693 $753 $637 
Other revenue sources(a)
$139 $55 $75 $43 $28 $(15)$6 $39 
Total operating revenues
$7,671 $2,407 $3,228 $1,788 $1,436 $678 $759 $676 
(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.
The following table presents the reserve for credit losses for trade and other receivables.
Three Months Ended March 31, 2024 and 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2023$205 $56 $74 $44 $31 $9 $5 $11 
Write-Offs(32)(12)(16)(7)(9)— — (1)
Credit Loss Expense10 7 9 4 5 1 2 2 
Other Adjustments21 11 6 6 — 31 9 — 
Balance at March 31, 2024$204 $62 $73 $47 $27 $41 $16 $12 
Balance at December 31, 2024$209 $69 $73 $44 $29 $43 $15 $10 
Write-Offs(29)(14)(15)(8)(7)— — — 
Credit Loss Expense14 5 8 5 3 1 — — 
Other Adjustments10 4 1 1 — 2 2 — 
Balance at March 31, 2025$204 $64 $67 $42 $25 $46 $17 $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.
85
FINANCIAL STATEMENTSSTOCKHOLDERS' EQUITY
14. 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.
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 March 31,
(in millions, except per share amounts)20252024
Net Income available to Duke Energy common stockholders
$1,365 $1,099 
Less: Loss from discontinued operations attributable to Duke Energy common stockholders
— (3)
Accumulated preferred stock dividends adjustment— 12 
Less: Impact of participating securities1 2 
Income from continuing operations available to Duke Energy common stockholders$1,364 $1,112 
Loss from discontinued operations, net of tax
$— $(3)
Add: Loss attributable to NCI
— — 
Loss from discontinued operations attributable to Duke Energy common stockholders
$— $(3)
Weighted average common shares outstanding – basic and diluted
777 771 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
$1.76 $1.44 
Potentially dilutive items excluded from the calculation(b)
2 2 
Dividends declared per common share$1.045 $1.025 
Dividends declared on Series A preferred stock per depositary share(c)
$0.359 $0.359 
Dividends declared on Series B preferred stock per share(d)
$— $24.375 
(a)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 were payable semiannually in arrears on the 16th day of March and September. The preferred stock was redeemed on September 16, 2024.
Common Stock
In November 2022, Duke Energy filed a prospectus supplement and executed an Equity Distribution Agreement (EDA) under which it may sell up to $1.5 billion of its common stock through an at-the-market (ATM) offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2025.
The following table shows ATM equity issuances pursuant to forward contracts executed during the three months ended March 31, 2025.
Tranche
Shares Priced
Initial Forward Price
1
1,710,979$116.02 
2
1,262,618$117.94 
3
1,264,410$117.79 
Total
4,238,007
The equity forwards require Duke Energy to either physically settle the transactions by issuing shares in exchange for net proceeds at the then-applicable forward sale price specified by the agreements or net settle in whole or in part through the delivery or receipt of cash or shares. The settlement alternatives are at Duke Energy's election. No amounts have or will be recorded in Duke Energy's Condensed Consolidated Financial Statements with respect to the ATM offering until settlement of the equity forwards occurs, which is expected by December 31, 2025. The initial forward sale prices will be subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the relevant forward sale agreements. Until settlement of the equity forwards, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method.
86
FINANCIAL STATEMENTSEMPLOYEE BENEFIT PLANS
15. 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.
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
Three Months Ended March 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$27 $9 $7 $5 $3 $— $1 $1 
Interest cost on projected benefit obligation82 19 26 11 14 4 7 3 
Expected return on plan assets(149)(38)(55)(24)(30)(5)(10)(5)
Amortization of actuarial loss15 4 5 2 2 1 1 1 
Amortization of prior service credit(3)— — — — — — (2)
Amortization of settlement charges6 3 2 1 1 — — 1 
Net periodic pension costs$(22)$(3)$(15)$(5)$(10)$— $(1)$(1)
Three Months Ended March 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$28 $9 $8 $5 $3 $1 $2 $1 
Interest cost on projected benefit obligation82 20 26 12 14 4 6 2 
Expected return on plan assets(154)(41)(54)(25)(29)(6)(10)(5)
Amortization of actuarial loss8 2 2 1 1 — 1 1 
Amortization of prior service credit(3)— — — — — — (2)
Amortization of settlement charges5 2 1 1 — — — 1 
Net periodic pension costs$(34)$(8)$(17)$(6)$(11)$(1)$(1)$(2)
NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three months ended March 31, 2025, and 2024.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three months ended March 31, 2025, and 2024.
16. INCOME TAXES
The IRA established transferability markets for tax credits including nuclear PTCs, solar PTCs and ITCs. In April 2025, agreements were executed for the sale of approximately $643 million in net tax credits under the IRA. The sale primarily includes estimated nuclear PTCs of $478 million at Duke Energy Carolinas and $69 million at Duke Energy Progress, as well as estimated solar PTCs of $58 million at Duke Energy Florida to be earned through the end of 2025. Proceeds for the sale of the nuclear PTCs are expected to be received in November 2025.
87
FINANCIAL STATEMENTSINCOME 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
March 31,
20252024
Duke Energy12.1 %13.4 %
Duke Energy Carolinas9.0 %11.5 %
Progress Energy16.8 %16.5 %
Duke Energy Progress14.5 %15.0 %
Duke Energy Florida19.9 %19.4 %
Duke Energy Ohio18.0 %16.8 %
Duke Energy Indiana12.5 %17.3 %
Piedmont20.7 %19.6 %
The decrease in the ETR for Duke Energy for the three months ended March 31, 2025, was primarily due to an increase in the amortization of income tax credits.
The decrease in the ETR for Duke Energy Carolinas for the three months ended March 31, 2025, was primarily due to an increase in the amortization of income tax credits.
The increase in the ETR for Duke Energy Ohio for the three months ending March 31, 2025, was primarily due to a decrease in the amortization of EDIT.
The decrease in the ETR for Duke Energy Indiana for the three months ended March 31, 2025, was primarily due to an increase in the amortization of EDIT.
The increase in the ETR for Piedmont for the three months ending March 31, 2025, was primarily due to a decrease in the amortization of EDIT.
88
MD&ADUKE 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, an energy company headquartered in Charlotte, North Carolina, 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. Duke Energy’s consolidated financial information 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 three months ended March 31, 2025, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.
Executive Overview
Advancing Regulatory Initiatives and Energy Modernization. During the three months ended March 31, 2025, we continued to move our regulatory strategy forward and execute on investments for energy modernization while maintaining our focus on safety and operational excellence, our customers, growth of our business as well as the engagement and empowerment of our employees. These priorities enable us to provide strong, sustainable value for our employees, customers, communities and shareholders.
•In January 2025, Piedmont and Duke Energy Indiana received constructive orders on their general rate cases from the NCUC and IURC, respectively. New rates were effective in November 2024 for Piedmont and late February 2025 for Duke Energy Indiana. Additionally, new rates were effective in January 2025 for Duke Energy Florida's new three-year rate plan.
•In February 2025, Duke Energy Progress filed an application to construct and operate a second hydrogen-capable advanced-class CC unit in Person County at the Roxboro Plant in North Carolina and Duke Energy Indiana filed for a CPCN for the Cayuga CC Project. In March 2025, a final air permit was issued for the Cayuga CC Project. These advanced natural gas plants, along with our planned CTs at the existing Duke Energy Carolinas' Marshall Steam Station, will provide critical generation as we continue to modernize our energy infrastructure in the coming years.
•We reached key milestones to recover costs related to critical storm restoration activities from the 2024 historic storm season while also seeking to minimize customer bill impacts resulting from hurricanes Debby, Helene and Milton. In February 2025, the FPSC voted to approve Duke Energy Florida's storm cost recovery of approximately $1.1 billion over 12 months beginning in March 2025. In March 2025, Duke Energy Carolinas filed a petition for storm securitization with the PSCSC for authorization to finance the estimated South Carolina-retail allocable share of storm costs. In April 2025, Duke Energy Carolinas and Duke Energy Progress received a constructive order from the NCUC on Phase I proceedings in North Carolina related to storm securitization and reached a settlement with the North Carolina Public Staff to resolve all remaining issues in Phase 2 in advance of the evidentiary hearing. A Phase 2 order is expected in June 2025.
•Our nuclear sites continue to benefit our customers and communities by reliably generating large amounts of electricity with low operating costs, providing thousands of well-paying jobs and producing economic and tax benefits for our local communities. In March 2025, the NRC issued the subsequent renewed licenses for Oconee, allowing an additional 20 years of operation of the units through 2053 and 2054. Oconee is the first of Duke Energy's nuclear facilities to reach this significant milestone and receive approval to operate for 80 years. In April 2025, we submitted a subsequent license renewal application to the NRC for Robinson, which would extend the plant's operations an additional 20 years through 2050. We've also continued to sell nuclear PTCs in 2025 as allowed under the IRA, working to further lower the cost of the energy modernization for our customers.
See Notes 4 and 16 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Income Taxes," for additional information.
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
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities and previously unregulated coal ash sources at regulated facilities. Duke Energy is participating in legal challenges to the 2024 CCR Rule.
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. For more information, see "Other Matters" and Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
89
MD&AMATTERS IMPACTING FUTURE RESULTS
Storm Cost Recovery
From August through October 2024, a series of major storm events occurred that resulted in significant damage to utility infrastructure within our service territories and primarily impacted Duke Energy Carolinas', Duke Energy Progress' and Duke Energy Florida's electric utility operations. Hurricanes Debby, Helene and Milton caused widespread outages and included unprecedented damage to certain assets, including the hardest-hit areas on the western coast of Florida and certain regions in western North Carolina and upstate South Carolina. Appropriate storm cost recovery mechanisms are in place to track and recover incremental costs from such events. Funding restoration activities and, in some cases, the complete rebuild of critical infrastructure, for a series of sequential events of this magnitude has resulted in incremental financing needs until cost recovery occurs and may impact the near-term results of operations, financial position, or cash flows of the impacted registrants. Regulatory filings have been made or are in process for recovery of storm costs across all jurisdictions and full recovery is expected by early 2026. For more information related to storm cost estimates, regulatory asset deferrals, and financing activities, see "Liquidity and Capital Resources" and Notes 4 and 6 to the Condensed Consolidated Financial Statements, "Regulatory Matters" and "Debt and Credit Facilities."
EPA Regulations of GHG Emissions
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants. Duke Energy is analyzing the potential impacts the rules could have on the Company, which could be material and may influence the timing, nature and magnitude of future generation investments in our service territories. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations. Duke Energy is participating in legal challenges to the final rules. For more information, see "Other Matters."
Ohio Substitute House Bill 15
On April 30, 2025, Ohio Substitute House Bill 15 (HB 15) was passed and sent to the governor of Ohio. Duke Energy Ohio anticipates HB 15 will become law by August 10, 2025. HB 15 eliminates Duke Energy Ohio's Legacy Generation Rider (LGR) upon the effective date of HB 15 and prevents the PUCO from future reauthorization of similar arrangements. As a result of HB 15, any future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC will not be recoverable from retail customers. Regulatory assets related to OVEC at the time of HB 15 becoming effective also may not be recoverable. Therefore, future losses related to Duke Energy Ohio's Inter-Company Power Agreement with OVEC would no longer be deferred or recovered from customers and will negatively impact Duke Energy Ohio’s results of operations, financial position and cash flows. For more information, see Note 4 to the Condensed Consolidated Financial Statements, "Regulatory Matters."
Supply Chain
The Company continues to monitor the ongoing stability of markets for key materials and supplies. Public policy outcomes, including potential impacts from new or escalating tariffs or other actions from federal executive orders, federal legislation or other rulemakings, could disrupt or impact Duke Energy's supply chain, future financial results, capital plan execution or the ability to execute on the Company's plan to modernize energy infrastructure.
Goodwill
The Duke Energy Registrants performed their annual goodwill impairment tests as of August 31, 2024. As of this date, all of the 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 have been recorded in the accompanying Condensed Consolidated Statements of Operations, the potential for 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.
Other
Duke Energy continues to monitor general market conditions, including the potential for interest rate pressures on the Company's cost of capital, which may impact Duke Energy's capital plan execution, future financial results or the ability to execute on the Company's plan to modernize energy infrastructure.
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 exclude (or include) 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 basic per share amounts, adjusted for the dollar and per share impact of special items. 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 Basic Earnings (Loss) Per Share, respectively.
There were no special items included in the periods presented.
Discontinued operations primarily represents the operating results of Duke Energy's Commercial Renewables Disposal Groups.
90
MD&ADUKE ENERGY
Three Months Ended March 31, 2025, as compared to March 31, 2024
GAAP reported EPS and adjusted EPS were $1.76 for the three months ended March 31, 2025, compared to $1.44 for the three months ended March 31, 2024. GAAP reported EPS and adjusted EPS increased primarily due to higher retail sales volumes and implementation of new rates and riders as well as improved weather, partially offset by higher interest expense and operation and maintenance expense.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
 Three Months Ended March 31,
20252024
(in millions, except per share amounts)EarningsEPS EarningsEPS
GAAP Reported Earnings/GAAP Reported Earnings Per Share
$1,365 $1.76 $1,099 $1.44 
Adjustments:
Discontinued Operations(a)
— — 3 — 
Adjusted Earnings/Adjusted EPS$1,365 $1.76 $1,102 $1.44 
(a)Recorded in Loss from Discontinued Operations, net of tax.
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.
Electric Utilities and Infrastructure
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$7,140 $6,803 $337 
Operating Expenses
Fuel used in electric generation and purchased power2,119 2,355 (236)
Operation, maintenance and other1,424 1,317 107 
Depreciation and amortization1,334 1,225 109 
Property and other taxes378 337 41 
Total operating expenses5,255 5,234 21 
Gains on Sales of Other Assets and Other, net1 6 (5)
Operating Income1,886 1,575 311 
Other Income and Expenses, net134 131 3 
Interest Expense530 499 31 
Income Before Income Taxes1,490 1,207 283 
Income Tax Expense189 173 16 
Less: Income Attributable to Noncontrolling Interest
25 13 12 
Segment Income$1,276 $1,021 $255 
Duke Energy Carolinas GWh sales23,558 22,388 1,170 
Duke Energy Progress GWh sales18,185 16,128 2,057 
Duke Energy Florida GWh sales9,068 8,839 229 
Duke Energy Ohio GWh sales6,107 5,780 327 
Duke Energy Indiana GWh sales8,324 7,475 849 
Total Electric Utilities and Infrastructure GWh sales65,242 60,610 4,632 
Net proportional MW capacity in operation55,139 54,504 635 
Three Months Ended March 31, 2025, as compared to March 31, 2024
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions and higher weather-normal retail sales volumes, offset by higher depreciation and operation, maintenance and other expense. The following is a detailed discussion of the variance drivers by line item.
91
MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Operating Revenues. The variance was driven primarily by:
•a $218 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Progress, Duke Energy Indiana, and Duke Energy Florida;
•a $120 million increase in weather-normal retail sales volumes;
•a $75 million increase in retail sales due to favorable weather compared to prior year, including the impacts of decoupling;
•a $42 million increase in wholesale revenues, net of fuel, due to higher sales volumes at Duke Energy Progress;
•a $39 million increase in rider revenues primarily due to Environmental Compliance rider coal ash recovery and Midcontinent Independent System Operator, Inc. (MISO) at Duke Energy Indiana and Storm Protection Plan at Duke Energy Florida;
•a $29 million increase in storm recovery revenues at Duke Energy Florida;
•an $18 million increase in higher transmission revenues due to higher demand and higher Clean Energy Connection subscription revenues at Duke Energy Florida; and
•an $11 million increase in revenues related to higher OVEC rider collections and OVEC sales into PJM Interconnection, LLC at Duke Energy Ohio.
Partially offset by:
•a $256 million decrease in fuel revenues primarily due to net lower fuel cost recovery and lower rates in the current year.
Operating Expenses. The variance was driven primarily by:
•a $109 million increase in depreciation and amortization primarily due to higher depreciable base and the implementation of the North Carolina MYRP increase at Duke Energy Progress, higher depreciable base at Duke Energy Florida, higher net amortizations and higher depreciation rates driven by the South Carolina rate case and the North Carolina MYRP increase at Duke Energy Carolinas and higher depreciation rates from the rate case at Duke Energy Indiana;
•a $107 million increase in operation, maintenance and other primarily driven by higher storm costs at Duke Energy Progress, higher storm amortization at Duke Energy Florida and higher employee-related expenses in the current year, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas; and
•a $41 million increase in property and other taxes due to a higher base on which property taxes are levied at Duke Energy Ohio, Duke Energy Progress and Duke Energy Carolinas.
Partially offset by:
•a $236 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power driven by the expiration of contracts in the prior year at Duke Energy Florida, and higher recovery of fuel expense in the prior year at Duke Energy Carolinas, partially offset by Duke Energy Progress and Duke Energy Ohio.
Interest Expense. The increase was primarily driven by higher outstanding debt balances at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida and interest rates at Duke Energy Florida.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT and income tax credits. The ETRs for the three months ended March 31, 2025, and 2024, were 12.7% and 14.3%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of income tax credits.
92
MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Gas Utilities and Infrastructure
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$1,140 $902 $238 
Operating Expenses
Cost of natural gas374 232 142 
Operation, maintenance and other125 129 (4)
Depreciation and amortization107 98 9 
Property and other taxes47 46 1 
Total operating expenses653 505 148 
Operating Income487 397 90 
Other Income and Expenses, net
18 17 1 
Interest Expense65 61 4 
Income Before Income Taxes
440 353 87 
Income Tax Expense
91 69 22 
Segment Income
$349 $284 $65 
Piedmont LDC throughput (dekatherms)181,459,847 163,265,015 18,194,832 
Duke Energy Midwest LDC throughput (Mcf)40,455,684 33,197,651 7,258,033 
Three Months Ended March 31, 2025, as compared to March 31, 2024
GU&I’s results were impacted primarily by margin growth. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $142 million increase in the cost of natural gas due primarily to higher rates, an increase to volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
•a $72 million increase due to North Carolina base rate increases.
Operating Expenses. The variance was driven primarily by:
•a $142 million increase in the cost of natural gas due primarily to higher rates, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
• a $9 million increase in depreciation and amortization primarily due to higher depreciable base.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income. The ETRs for the three months ended March 31, 2025, and 2024, were 20.7% and 19.5%, respectively. The increase in the ETR was primarily due to a decrease in the amortization of EDIT.
Other
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$42 $38 $4 
Operating Expenses82 56 26 
Gains on Sales of Other Assets and Other, net5 5 — 
Operating Loss
(35)(13)(22)
Other Income and Expenses, net20 79 (59)
Interest Expense318 294 24 
Loss Before Income Taxes(333)(228)(105)
Income Tax Benefit(87)(64)(23)
Less: Preferred Dividends14 39 (25)
Net Loss$(260)$(203)$(57)
Three Months Ended March 31, 2025, as compared to March 31, 2024
Other's results were impacted by higher interest expense driven by higher outstanding long-term debt balances and lower returns on investments.
Operating Expenses. The increase was driven by higher loss experience related to captive insurance claims.
93
MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Other Income and Expenses, net. The variance was primarily due to lower return on investments that fund certain employee benefit obligations, lower equity earnings from the NMC investment and lower yields on captive insurance investments.
Interest Expense. The increase was primarily due to higher outstanding long-term debt balances.
Preferred Dividends. The decrease was due to the redemption of the Company’s Series B Preferred Stock in the prior year.
Income Tax Benefit. The increase in the tax benefit was primarily due to higher pretax losses. The ETRs for the three months ended March 31, 2025, and 2024, were 26.1% and 28.1%, respectively. The decrease in the ETR was primarily due to unfavorable tax impacts related to lower investment returns.
DUKE ENERGY CAROLINAS
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$2,524 $2,407 $117 
Operating Expenses
Fuel used in electric generation and purchased power803 860 (57)
Operation, maintenance and other484 452 32 
Depreciation and amortization432 397 35 
Property and other taxes102 94 8 
Total operating expenses1,821 1,803 18 
Gains on Sales of Other Assets and Other, net— 1 (1)
Operating Income703 605 98 
Other Income and Expenses, net61 61 — 
Interest Expense200 180 20 
Income Before Income Taxes564 486 78 
Income Tax Expense51 56 (5)
Net Income$513 $430 $83 
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 year2025
Residential sales10.9 %
Commercial sales
2.2 %
Industrial sales(2.8)%
Wholesale power sales6.3 %
Joint dispatch sales45.1 %
Total sales5.2 %
Average number of customers2.0 %
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•a $114 million increase due to higher pricing from the North Carolina MYRP increase and the South Carolina rate case;
•a $34 million increase in weather-normal retail sales volumes; and
•a $30 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling.
Partially offset by:
•a $57 million decrease in fuel revenues due to lower fuel rates, partially offset by higher volumes, including JDA sales.
Operating Expenses. The variance was driven primarily by:
•a $35 million increase in depreciation and amortization primarily due to higher net amortizations and depreciation rates driven by the South Carolina rate case and North Carolina MYRP increase;
•a $32 million increase in operation, maintenance and other primarily due to higher employee-related expenses in the current year and joint owner reimbursements in the prior year; and
•an $8 million increase in property taxes and other taxes primarily due to a higher base upon which property taxes are levied.
94
MD&ADUKE ENERGY CAROLINAS
Partially offset by:
•a $57 million decrease in fuel used in electric generation and purchased power primarily due to the increased recovery of fuel cost in the prior year, partially offset by higher purchased power costs, including JDA, natural gas prices and volumes.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of income tax credits and EDIT, partially offset by an increase in pretax income.
PROGRESS ENERGY
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$3,467 $3,228 $239 
Operating Expenses
Fuel used in electric generation and purchased power1,106 1,143 (37)
Operation, maintenance and other688 628 60 
Depreciation and amortization631 587 44 
Property and other taxes172 158 14 
Total operating expenses2,597 2,516 81 
Gains on Sales of Other Assets and Other, net6 7 (1)
Operating Income876 719 157 
Other Income and Expenses, net55 62 (7)
Interest Expense275 260 15 
Income Before Income Taxes656 521 135 
Income Tax Expense110 86 24 
Net Income$546 $435 $111 
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•an $86 million increase due to higher pricing from the Duke Energy Florida and Duke Energy Progress North Carolina MYRP increases;
•a $41 million increase in weather-normal retail sales volumes at Duke Energy Progress and Duke Energy Florida;
•a $34 million increase in wholesale revenues, net of fuel, due to higher sales volumes at Duke Energy Progress;
•a $31 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling, at Duke Energy Florida and Duke Energy Progress;
•a $29 million increase in storm recovery revenues at Duke Energy Florida;
•a $21 million increase in rider revenues primarily due to higher rates for the Storm Protection Plan at Duke Energy Florida; and
•an $18 million increase in higher transmission revenues due to higher demand and rates and higher Clean Energy Connection subscription revenues at Duke Energy Florida.
Partially offset by:
•a $42 million decrease in fuel and capacity revenues primarily due to lower fuel and capacity rates billed to retail customers at Duke Energy Florida, partially offset by an increase in fuel volumes at Duke Energy Progress.
Operating Expenses. The variance was driven primarily by:
•a $60 million increase in operation, maintenance and other primarily due to higher storm amortization at Duke Energy Florida and higher storm costs in the current year at Duke Energy Progress;
•a $44 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Florida and Duke Energy Progress and the implementation of the North Carolina MYRP increase at Duke Energy Progress; and
•a $14 million increase in property and other taxes primarily due to higher base upon which property taxes are levied at Duke Energy Progress and Duke Energy Florida.
95
MD&APROGRESS ENERGY
Partially offset by:
•a $37 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power costs driven by expiration of contracts in the prior year at Duke Energy Florida and increased recovery of fuel cost in the prior year at Duke Energy Progress, partially offset by higher volumes at Duke Energy Progress and higher fuel costs driven by higher natural gas prices at Duke Energy Florida.
Interest Expense. The increase was primarily due to higher outstanding debt balances at Duke Energy Progress and Duke Energy Florida and higher interest rates at Duke Energy Florida.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of income tax credits and EDIT.
DUKE ENERGY PROGRESS
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$2,018 $1,788 $230 
Operating Expenses
Fuel used in electric generation and purchased power725 620 105 
Operation, maintenance and other398 375 23 
Depreciation and amortization357 339 18 
Property and other taxes60 51 9 
Total operating expenses1,540 1,385 155 
Gains on Sales of Other Assets and Other, net— 1 (1)
Operating Income478 404 74 
Other Income and Expenses, net37 36 1 
Interest Expense128 120 8 
Income Before Income Taxes387 320 67 
Income Tax Expense56 48 8 
Net Income
$331 $272 $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. 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 period2025
Residential sales14.6 %
Commercial sales
3.0 %
Industrial sales10.5 %
Wholesale power sales13.1 %
Joint dispatch sales48.4 %
Total sales12.8 %
Average number of customers1.9 %
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•a $94 million increase in fuel revenues due to higher fuel volumes, partially offset by lower retail fuel rates;
•a $34 million increase in wholesale revenues, net of fuel, due to higher sales volumes;
•a $32 million increase due to higher pricing from the North Carolina MYRP increase;
•a $27 million increase in weather-normal retail sales volumes; and
•a $15 million increase in retail sales due to improved weather compared to prior year, including the impacts of decoupling.
96
MD&ADUKE ENERGY PROGRESS
Operating Expenses. The variance was driven primarily by:
•a $105 million increase in fuel used in electric generation and purchased power primarily due to higher volumes, including JDA purchases, and natural gas prices, partially offset by increased recovery of fuel cost in the prior year;
•a $23 million increase in operation, maintenance and other primarily due to higher storm costs in the current year;
•an $18 million increase in depreciation and amortization primarily due to higher depreciable base and the implementation of the North Carolina MYRP increase; and
•a $9 million increase in property taxes primarily due to due to a higher base upon which property taxes are levied.
Interest Expense. The increase was driven primarily by higher outstanding debt balances.
DUKE ENERGY FLORIDA
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$1,444 $1,436 $8 
Operating Expenses
Fuel used in electric generation and purchased power381 523 (142)
Operation, maintenance and other286 251 35 
Depreciation and amortization274 248 26 
Property and other taxes112 106 6 
Total operating expenses1,053 1,128 (75)
Gains on Sales of Other Assets and Other, net1 1 — 
Operating Income392 309 83 
Other Income and Expenses, net18 24 (6)
Interest Expense118 111 7 
Income Before Income Taxes292 222 70 
Income Tax Expense58 43 15 
Net Income$234 $179 $55 
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 period2025
Residential sales5.7 %
Commercial sales
2.3 %
Industrial sales(5.9)%
Wholesale power sales1.9 %
Total sales2.6 %
Average number of customers1.6 %
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•a $54 million increase due to higher pricing from the Florida rate case;
•a $29 million increase in storm recovery revenues;
•a $21 million increase in rider revenues primarily due to higher rates for the Storm Protection Plan;
•an $18 million increase in transmission revenues due to higher demand and rates and higher Clean Energy Connection subscription revenues;
•a $16 million increase in retail sales due to improved weather compared to prior year; and
•a $14 million increase in weather-normal retail sales volumes.
Partially offset by:
•a $136 million decrease in fuel and capacity revenues primarily due to lower fuel and capacity rates.
97
MD&ADUKE ENERGY FLORIDA
Operating Expenses. The variance was driven primarily by:
•a $142 million decrease in fuel used in electric generation and purchased power primarily due to lower fuel cost recovery and lower purchased power costs driven by the expiration of contracts in the prior year, partially offset by higher fuel costs driven by higher natural gas prices.
Partially offset by:
•a $35 million increase in operation, maintenance, and other primarily due to higher storm amortization; and
•a $26 million increase in depreciation and amortization primarily due to higher depreciable base.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of income tax credits.
DUKE ENERGY OHIO
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues
Regulated electric$487 $458 $29 
Regulated natural gas279 220 59 
Total operating revenues766 678 88 
Operating Expenses
Fuel used in electric generation and purchased power149 138 11 
Cost of natural gas101 61 40 
Operation, maintenance and other124 126 (2)
Depreciation and amortization112 99 13 
Property and other taxes116 102 14 
Total operating expenses 602 526 76 
Operating Income164 152 12 
Other Income and Expenses, net5 6 (1)
Interest Expense47 45 2 
Income Before Income Taxes122 113 9 
Income Tax Expense
22 19 3 
Net Income$100 $94 $6 
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.
ElectricNatural Gas
Increase (Decrease) over prior year20252025
Residential sales12.2 %29.6 %
Commercial sales
12.4 %21.5 %
Industrial sales(12.9)%22.7 %
Wholesale electric power sales(13.8)%n/a
Other natural gas salesn/a0.2 %
Total sales5.7 %21.9 %
Average number of customers0.9 %0.4 %
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•a $45 million increase in fuel-related revenues primarily due to higher natural gas costs and higher full-service retail sales volumes;
•a $20 million increase in retail revenue riders primarily due to the Uncollectible Expense Riders, Distribution Capital Investment Rider and the Pipeline Modernization Mechanism;
•an $11 million increase in revenues related to higher OVEC rider collections and OVEC sales into PJM Interconnection, LLC; and
•an $11 million increase due to improved weather compared to prior year.
98
MD&ADUKE ENERGY OHIO
Operating Expenses. The variance was driven primarily by:
•a $51 million increase in fuel expense primarily driven by higher retail prices for natural gas and purchased power and an increase in purchased power volumes;
•a $14 million increase in property and other taxes primarily due to a higher base upon which property taxes are levied and higher franchise taxes; and
•a $13 million increase in depreciation and amortization primarily driven by an increase in distribution plant in service and higher amortization related to the increased collections of the uncollectible rider.
DUKE ENERGY INDIANA
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$858 $759 $99 
Operating Expenses
Fuel used in electric generation and purchased power260 271 (11)
Operation, maintenance and other195 180 15 
Depreciation and amortization192 169 23 
Property and other taxes18 14 4 
Total operating expenses665 634 31 
Operating Income193 125 68 
Other Income and Expenses, net10 13 (3)
Interest Expense59 57 2 
Income Before Income Taxes144 81 63 
Income Tax Expense
18 14 4 
Net Income$126 $67 $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. 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 year2025
Residential sales13.1 %
Commercial sales
7.0 %
Industrial sales(15.3)%
Wholesale power sales42.5 %
Total sales11.4 %
Average number of customers1.6 %
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•a $40 million increase in weather-normal retail sales volumes;
•an $18 million increase primarily due to higher pricing from the Indiana rate case, net of certain rider revenues moving to base;
•a $12 million increase in retail sales due to improved weather compared to prior year;
•an $8 million increase in wholesale revenues, including fuel, primarily due to an increase in sales in the current year; and
•an $8 million increase in rider revenues primarily due to Environmental Compliance rider coal ash recovery and MISO rider adjustments, partially offset by the completion of refunds related to the Supreme Court coal ash amortization in the prior year.
Operating Expenses. The variance was driven primarily by:
•a $23 million increase in depreciation and amortization primarily due to higher depreciation rates from the Indiana rate case; and
•a $15 million increase in operation, maintenance and other primarily due to an increase in rider amortizations.
99
MD&ADUKE ENERGY INDIANA
Partially offset by:
•an $11 million decrease in fuel used in electric generation and purchased power primarily due to lower deferred fuel and MISO amortization, partially offset by higher coal and natural gas costs and higher purchased power expense.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by an increase in the amortization of EDIT.
PIEDMONT
Results of Operations
Three Months Ended March 31,
(in millions)20252024Variance
Operating Revenues$857 $676 $181 
Operating Expenses
Cost of natural gas272 170 102 
Operation, maintenance and other96 95 1 
Depreciation and amortization70 62 8 
Property and other taxes18 15 3 
Total operating expenses456 342 114 
Operating Income401 334 67 
Other Income and Expenses, net13 17 (4)
Interest Expense47 45 2 
Income Before Income Taxes367 306 61 
Income Tax Expense76 60 16 
Net Income$291 $246 $45 
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 year2025
Residential deliveries17.1 %
Commercial deliveries18.7 %
Industrial deliveries0.2 %
Power generation deliveries10.9 %
For resale14.1 %
Total throughput deliveries11.1 %
Secondary market volumes31.7 %
Average number of customers1.8 %
Three Months Ended March 31, 2025, as compared to March 31, 2024
Operating Revenues. The variance was driven primarily by:
•a $102 million increase in the cost of natural gas due to higher rates, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
•a $72 million increase due to North Carolina base rate increases.
Operating Expenses. The variance was driven primarily by:
•a $102 million increase in the cost of natural gas due to higher rates, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
•an $8 million increase in depreciation and amortization due to higher depreciable base.
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income.
100
MD&ALIQUIDITY AND CAPITAL RESOURCES
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. In 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida began monetizing tax credits in the transferability markets established by the IRA and are working with the state utility commissions on the appropriate regulatory process to pass the net realizable value back to customers over time. See Note 16 to the Condensed Consolidated Financial Statements, “Income Taxes,” for further information. Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024, included a summary and detailed discussion of projected primary sources and uses of cash for 2025 to 2027.
In 2025, Duke Energy executed several equity forward sales agreements as part of the ATM program. Settlement of the forward sales agreements is expected to occur by December 31, 2025. See Note 14 to the Condensed Consolidated Financial Statements, “Stockholders’ Equity” for further details.
In March 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. As of March 31, 2025, Duke Energy had $475 million of cash on hand and $7.8 billion available under its 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.
See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for the timing and use of proceeds from the sale of certain Commercial Renewables assets to affiliates of Brookfield.
Debt
As discussed in Note 12 to the Condensed Consolidated Financial Statements, "Variable Interest Entities," Duke Energy Carolinas terminated and repaid DERF in January 2025 and Duke Energy Progress terminated and repaid DEPR in March 2025. As a result of these repayments, DERF and DEPR have ceased operations.
From August through October 2024, a series of major storm events occurred that resulted in significant damage to utility infrastructure within our service territories and primarily impacted Duke Energy Carolinas', Duke Energy Progress' and Duke Energy Florida's electric utility operations. As discussed in Note 4, to the Condensed Consolidated Financial Statements, "Regulatory Matters," hurricanes Debby, Helene and Milton caused widespread outages and included unprecedented damage to certain assets, including the hardest-hit areas on the western coast of Florida and certain regions in western North Carolina and upstate South Carolina. Funding restoration activities and, in some cases, the complete rebuild of critical infrastructure, for a series of sequential events of this magnitude have resulted in incremental financing needs until cost recovery occurs. See "Matters Impacting Future Results" for further details and Note 6 to the Condensed Consolidated Financial Statements, "Debt and Credit Facilities," for information regarding term loans executed in response to these major storm events.
Cash Flow Information
The following table summarizes Duke Energy’s cash flows.
Three Months Ended
March 31,
(in millions)20252024
Cash flows provided by (used in):
Operating activities$2,177 $2,474 
Investing activities(3,300)(3,342)
Financing activities1,238 1,029 
Net increase in cash, cash equivalents and restricted cash
115 161 
Cash, cash equivalents and restricted cash at beginning of period421 357 
Cash, cash equivalents and restricted cash at end of period$536 $518 
OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.
Three Months Ended
March 31,
(in millions)20252024Variance
Net income$1,404 $1,151 $253 
Non-cash adjustments to net income1,800 1,589 211 
Payments for asset retirement obligations(102)(115)13 
Working capital(945)(341)(604)
Other assets and Other liabilities20 190 (170)
Net cash provided by operating activities$2,177 $2,474 $(297)
101
MD&ALIQUIDITY AND CAPITAL RESOURCES
The variance is primarily driven by:
•a $774 million decrease in net working capital and other assets and liabilities amounts, primarily due to the timing of accruals and payments, including payments related to restoration activities from the 2024 storm season.
Partially offset by:
•a $464 million increase in net income, after adjustment for non-cash items, primarily due to higher retail sales volumes and implementation of new rates and riders as well as improved weather, partially offset by higher interest expense and operation and maintenance expense.
INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.
Three Months Ended
March 31,
(in millions)20252024Variance
Capital, investment and acquisition expenditures$(3,148)$(3,215)$67 
Other investing items(152)(127)(25)
Net cash used in investing activities$(3,300)$(3,342)$42 
The variance is primarily due to lower capital expenditures at Piedmont within the GU&I segment in the current year.
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.
Three Months Ended
March 31,
(in millions)20252024Variance
Issuances of long-term debt, net$3,100 $2,089 $1,011 
Issuances of common stock7 4 3 
Notes payable, commercial paper and other short-term borrowings(1,055)(191)(864)
Dividends paid(803)(806)3 
Other financing items(11)(67)56 
Net cash provided by financing activities$1,238 $1,029 $209 
The variance is primarily due to:
•a $1,011 million increase in proceeds from net issuances of long-term debt, primarily due to timing of issuances and redemptions of long-term debt;
Partially offset by:
•a $864 million decrease in net borrowings from notes payable and commercial paper.
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, 2024, 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.
GHG Standards and Guidelines
In April 2024, the EPA issued final rules under section 111 of the Clean Air Act (EPA Rule 111) regulating GHG emissions from existing coal-fired and new natural gas-fired power plants, referred to as electric generating units. Duke Energy is participating in legal challenges to EPA Rule 111 as a member of Electric Generators for a Sensible Transition, a coalition of similarly affected utilities, and as a member of a utility trade group. The litigation is currently pending in the U.S. Court of Appeals for the District of Columbia Circuit (the Court). On February 5, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 60-day abeyance to allow time for new EPA leadership to review the issues and EPA Rule 111 to determine how they wish to proceed. On February 19, 2025, the Court granted EPA’s request. On April 21, 2025, the EPA filed a motion with the Court requesting a continuing abeyance while it conducts a new notice-and-comment rulemaking to reconsider the challenged EPA Rule 111. As part of this request, the EPA indicated it intends to issue a proposed reconsideration rule in spring 2025 and issue a final rule by December 2025. On April 25, 2025, the Court granted EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court.
102
MD&AOTHER MATTERS
Coal Combustion Residuals
In April 2024, the EPA issued the 2024 CCR Rule, which significantly expands the scope of the 2015 CCR Rule by establishing regulatory requirements for inactive surface impoundments at retired generating facilities (Legacy CCR Surface Impoundments).Duke Energy, as part of a group of similarly affected electric utilities, filed a petition to challenge the 2024 CCR Rule in the U.S. Court of Appeals for the District of Columbia Circuit (the Court) on August 6, 2024. On February 13, 2025, the EPA requested the Court to withhold issuing an opinion and place the case in a 120-day abeyance to allow time for new EPA leadership to review the issues and the 2024 CCR Rule to determine how they wish to proceed. On that same day, the Court granted EPA’s motion to hold the case in abeyance pending further order of the Court.
Cost recovery for future expenditures is anticipated and will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of reasonable and prudently incurred costs associated with Duke Energy’s regulated operations.
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, 2024.
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 March 31, 2025, 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 March 31, 2025, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.
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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, 2024.
The Town of Carrboro Litigation
On December 4, 2024, the town of Carrboro, North Carolina, filed a lawsuit against Duke Energy in the North Carolina Superior Court, Orange County, alleging that Duke Energy and its predecessor companies knew since the late 1960s that fossil-fuel emissions could cause global climate changes and engaged in a campaign to conceal the dangers of fossil fuel emissions from the public, regulators, legislators, and others, resulting in a delayed transition away from fossil fuel emissions and worsening climate change. The lawsuit also alleges that Duke Energy misled the public regarding Duke Energy’s support for, and actions toward, transitioning its fossil fuel portfolio to renewable energy. The damages alleged range from road and stormwater-system impacts to increased electricity costs and recurring invasions and interferences from extreme weather events. The lawsuit asserts state law claims for public nuisance, private nuisance, trespass, negligence, and gross negligence, and is seeking an unspecified amount of monetary damages. The case has been transferred to the North Carolina Business Court. On March 17, 2025, Duke Energy filed a motion to dismiss the litigation based on lack of subject matter jurisdiction. In addition, Duke Energy's motion to dismiss based on failure to state a claim on which relief can be granted is due by May 9, 2025. Duke Energy cannot predict the outcome of this matter.
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 Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, 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
Director and Officer Trading Arrangements
During the three months ended March 31, 2025, no director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
104
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 (***).
DukeDukeDukeDukeDuke
ExhibitDukeEnergyProgressEnergyEnergyEnergyEnergy
NumberEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
4.1
X
4.2
X
10.1
X
X
X
X
X
X
X
*10.2**
X
*10.3**
X
*10.4**
X
*31.1.1X
*31.1.2X
*31.1.3X
*31.1.4X
*31.1.5X
*31.1.6X
*31.1.7X
*31.1.8X
105
EXHIBITS
*31.2.1X
*31.2.2X
*31.2.3X
*31.2.4X
*31.2.5X
*31.2.6X
*31.2.7X
*31.2.8X
*32.1.1X
*32.1.2X
*32.1.3X
*32.1.4X
*32.1.5X
*32.1.6X
*32.1.7X
*32.1.8X
*32.2.1X
*32.2.2X
*32.2.3X
*32.2.4X
106
EXHIBITS
*32.2.5X
*32.2.6X
*32.2.7X
*32.2.8X
*101.INSXBRL Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).XXXXXXXX
*101.SCHXBRL Taxonomy Extension Schema Document.XXXXXXXX
*101.CALXBRL Taxonomy Calculation Linkbase Document.XXXXXXXX
*101.LABXBRL Taxonomy Label Linkbase Document.XXXXXXXX
*101.PREXBRL Taxonomy Presentation Linkbase Document.XXXXXXXX
*101.DEFXBRL Taxonomy Definition Linkbase Document.XXXXXXXX
*104Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).XXXXXXXX
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.
107
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:May 6, 2025/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:May 6, 2025/s/ CYNTHIA S. LEE
Cynthia S. Lee
Senior Vice President, Chief Accounting Officer
and Controller
(Principal Accounting Officer)
108

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