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Duke Energy
DUK
#228
Rank
$98.07 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$126.11
Share price
0.73%
Change (1 day)
11.33%
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 Q2

Duke Energy - 10-Q quarterly report FY2025 Q2


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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 June 30, 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 July 31, 2025:
RegistrantDescriptionShares
Duke EnergyCommon stock, $0.001 par value777,624,467
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
15
19
23
27
31
35
39
Note 1 – Organization and Basis of Presentation
43
Note 2 – Dispositions
46
Note 3 – Business Segments
48
Note 4 – Regulatory Matters
59
Note 5 – Commitments and Contingencies
64
Note 6 – Debt and Credit Facilities
67
Note 7 – Goodwill
69
Note 8 – Related Party Transactions
70
Note 9 – Derivatives and Hedging
71
Note 10 – Investments in Debt and Equity Securities
77
Note 11 – Fair Value Measurements
81
Note 12 – Variable Interest Entities
86
Note 13 – Revenue
88
Note 14 – Stockholders' Equity
94
Note 15 – Employee Benefit Plans
95
Note 16 – Income Taxes
97
98
115
115
PART II. OTHER INFORMATION
117
117
117
117
119
122

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
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
GU&IGas Utilities and Infrastructure

GLOSSARY OF TERMS
GWhGigawatt-hours
HB951
The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
HSR
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
IRAInflation Reduction Act
IRSInternal Revenue Service
IURCIndiana Utility Regulatory Commission
JDA
Joint Dispatch Agreement
KPSCKentucky Public Service Commission
LLCLimited Liability Company
MTBE
Methyl tertiary butyl ether
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.
Piedmont's Tennessee Business
Piedmont's Tennessee natural gas local distribution company business
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
SPP
Storm Protection Plan
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
U.S. Supreme Court
Supreme Court of the 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 be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; 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 EndedSix Months Ended
June 30,June 30,
(in millions, except per share amounts)2025202420252024
Operating Revenues
Regulated electric$6,968 $6,746 $14,032 $13,478 
Regulated natural gas462 347 1,567 1,213 
Nonregulated electric and other78 79 158 152 
Total operating revenues7,508 7,172 15,757 14,843 
Operating Expenses
Fuel used in electric generation and purchased power1,878 2,228 3,977 4,563 
Cost of natural gas158 78 532 310 
Operation, maintenance and other1,655 1,320 3,154 2,699 
Depreciation and amortization1,583 1,409 3,095 2,796 
Property and other taxes415 393 843 779 
Impairment of assets and other charges3 43 3 44 
Total operating expenses5,692 5,471 11,604 11,191 
Gains on Sales of Other Assets and Other, net14 6 20 18 
Operating Income1,830 1,707 4,173 3,670 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates11 21 22 38 
Other income and expenses, net183 167 315 336 
Total other income and expenses194 188 337 374 
Interest Expense897 824 1,786 1,641 
Income From Continuing Operations Before Income Taxes1,127 1,071 2,724 2,403 
Income Tax Expense From Continuing Operations119 140 312 318 
Income From Continuing Operations1,008 931 2,412 2,085 
Loss From Discontinued Operations, net of tax(1)(10)(1)(13)
Net Income
1,007 921 2,411 2,072 
Less: Net Income Attributable to Noncontrolling Interests
23 21 48 34 
Net Income Attributable to Duke Energy Corporation
984 900 2,363 2,038 
Less: Preferred Dividends13 14 27 53 
Net Income Available to Duke Energy Corporation Common Stockholders
$971 $886 $2,336 $1,985 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$1.25 $1.14 $3.00 $2.59 
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$— $(0.01)$— $(0.02)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.25 $1.13 $3.00 $2.57 
Weighted Average Shares Outstanding
Basic and Diluted
777 772 777 771 
See Notes to Condensed Consolidated Financial Statements
9
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Net Income
$1,007 $921 $2,411 $2,072 
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments— — — 16 
Net unrealized gains (losses) on cash flow hedges6 26 (4)117 
Reclassification into earnings from cash flow hedges(2)(3)12 (1)
Net unrealized gains (losses) on fair value hedges
6 (29)(35)(21)
Unrealized (losses) gains on available-for-sale securities(1)(1)2 (3)
Other Comprehensive Income (Loss), net of tax9 (7)(25)108 
Comprehensive Income
1,016 914 2,386 2,180 
Less: Comprehensive Income Attributable to Noncontrolling Interests
23 21 48 34 
Comprehensive Income Attributable to Duke Energy
993 893 2,338 2,146 
Less: Preferred Dividends13 14 27 53 
Comprehensive Income Available to Duke Energy Corporation Common Stockholders
$980 $879 $2,311 $2,093 
(a)Net of income tax expense of $3 million and income tax benefit of $2 million for the three months ended June 30, 2025, and 2024, respectively and an income tax benefit of $7 million and income tax expense of $32 million for the six months ended June 30, 2025, and 2024, respectively.
See Notes to Condensed Consolidated Financial Statements
10
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$344 $314 
Receivables (net of allowance for doubtful accounts of $199 at 2025 and $124 at 2024)
4,089 2,232 
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)
11 1,889 
Receivable from sales of Commercial Renewables Disposal Groups
— 551 
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs)
4,434 4,509 
Regulatory assets (includes $120 at 2025 and 2024 related to VIEs)
2,269 2,756 
Assets held for sale— 4 
Other (includes $81 at 2025 and $90 at 2024 related to VIEs)
1,001 695 
Total current assets12,148 12,950 
Property, Plant and Equipment
Cost186,261 180,806 
Accumulated depreciation and amortization(59,613)(57,503)
Net property, plant and equipment126,648 123,303 
Other Noncurrent Assets
Goodwill19,303 19,303 
Regulatory assets (includes $1,651 at 2025 and $1,705 at 2024 related to VIEs)
14,172 14,254 
Nuclear decommissioning trust funds12,109 11,434 
Operating lease right-of-use assets, net1,209 1,148 
Investments in equity method unconsolidated affiliates332 353 
Assets held for sale— 89 
Other
3,792 3,509 
Total other noncurrent assets50,917 50,090 
Total Assets$189,713 $186,343 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $247 at 2025 and $214 at 2024 related to VIEs)
$4,373 $5,479 
Notes payable and commercial paper3,473 3,584 
Taxes accrued837 851 
Interest accrued881 855 
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs)
5,046 4,349 
Asset retirement obligations636 650 
Regulatory liabilities1,257 1,425 
Liabilities associated with assets held for sale18 80 
Other 1,887 2,084 
Total current liabilities18,408 19,357 
Long-Term Debt (includes $1,782 at 2025 and $1,842 at 2024 related to VIEs)
78,914 76,340 
Other Noncurrent Liabilities
Deferred income taxes11,990 11,424 
Asset retirement obligations9,316 9,342 
Regulatory liabilities15,047 14,694 
Operating lease liabilities1,020 957 
Accrued pension and other post-retirement benefit costs410 434 
Investment tax credits882 894 
Liabilities associated with assets held for sale— 89 
Other (includes $27 at 2024 related to VIEs)
1,696 1,556 
Total other noncurrent liabilities40,361 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; 778 million and 776 million shares outstanding at 2025 and 2024
1 1 
Additional paid-in capital45,573 45,494 
Retained earnings4,141 3,431 
Accumulated other comprehensive income
203 228 
Total Duke Energy Corporation stockholders' equity50,891 50,127 
Noncontrolling interests1,139 1,129 
Total equity52,030 51,256 
Total Liabilities and Equity$189,713 $186,343 
See Notes to Condensed Consolidated Financial Statements
11
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$2,411 $2,072 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)3,659 3,100 
Equity component of AFUDC(147)(116)
Losses on sales of Commercial Renewables Disposal Groups
4 5 
Gains on sales of other assets(20)(18)
Impairment of assets and other charges3 44 
Deferred income taxes611 264 
Equity in earnings of unconsolidated affiliates(22)(38)
Payments for asset retirement obligations(241)(262)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions266 (37)
Receivables53 (19)
Inventory85 (86)
Other current assets(243)502 
Increase (decrease) in
Accounts payable(987)(215)
Taxes accrued(7)(68)
Other current liabilities(374)(257)
Other assets(82)331 
Other liabilities71 225 
Net cash provided by operating activities5,040 5,427 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(6,428)(6,204)
Contributions to equity method investments— (8)
Purchases of debt and equity securities(3,446)(2,275)
Proceeds from sales and maturities of debt and equity securities3,535 2,319 
Net proceeds from the sales of Commercial Renewables Disposal Groups
559 — 
Other(484)(407)
Net cash used in investing activities(6,264)(6,575)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt4,848 6,372 
Issuance of common stock14 20 
Payments for the redemption of long-term debt(1,815)(2,731)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days— 502 
Payments for the redemption of short-term debt with original maturities greater than 90 days(5)(824)
Notes payable and commercial paper(185)(414)
Contributions from noncontrolling interests— 47 
Dividends paid(1,610)(1,590)
Other(2)(108)
Net cash provided by financing activities1,245 1,274 
Net increase in cash, cash equivalents and restricted cash
21 126 
Cash, cash equivalents and restricted cash at beginning of period421 357 
Cash, cash equivalents and restricted cash at end of period$442 $483 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$1,929 $1,721 
See Notes to Condensed Consolidated Financial Statements
12
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Accumulated Other Comprehensive
 Income (Loss)
NetNet UnrealizedTotal
Gains(Losses) Gains Duke Energy
CommonAdditional(Losses)on Available-Pension and CorporationNon-
PreferredStockCommonPaid-inRetainedonfor-Sale-OPEB Stockholders'controllingTotal
(in millions)StockSharesStockCapitalEarnings
Hedges(a)
SecuritiesAdjustmentsEquityInterestsEquity
Balance at March 31, 2024
$1,962 772 $1 $44,937 $2,542 $199 $(17)$(73)$49,551 $1,087 $50,638 
Net income(c)
— — — — 886 — — — 886 21 907 
Other comprehensive income (loss)— — — — — (6)(1)— (7)— (7)
Common stock issuances, including dividend reinvestment and employee benefits— — — 70 — — — — 70 — 70 
Common stock dividends— — — — (794)— — — (794)— (794)
Sale of Commercial Renewables Disposal Groups(b)
— — — — — — — — — (51)(51)
Contribution from noncontrolling interests, net of transaction costs
— — — — — — — — — 47 47 
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (5)(5)
Other— — — — 1 — — — 1 — 1 
Balance at June 30, 2024$1,962 772 $1 $45,007 $2,635 $193 $(18)$(73)$49,707 $1,099 $50,806 
Balance at March 31, 2025
$973 777 $1 $45,516 $3,986 $289 $(14)$(81)$50,670 $1,124 $51,794 
Net income(c)
— — — — 971 — — — 971 23 994 
Other comprehensive income (loss)— — — — — 10 (1)— 9 — 9 
Common stock issuances, including dividend reinvestment and employee benefits— 1 — 56 — — — — 56 — 56 
Common stock dividends— — — — (815)— — — (815)— (815)
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (8)(8)
Other— — — 1 (1)— — — — — 
Balance at June 30, 2025$973 778 $1 $45,573 $4,141 $299 $(15)$(81)$50,891 $1,139 $52,030 
See Notes to Condensed Consolidated Financial Statements
13
FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 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)
— — — — 1,985 — — — 1,985 34 2,019 
Other comprehensive income (loss)— — — — — 95 (3)16 108 — 108 
Common stock issuances, including dividend reinvestment and employee benefits— 1 — 86 — — — — 86 — 86 
Common stock dividends— — — — (1,586)— — — (1,586)— (1,586)
Sale of Commercial Renewables Disposal Groups(b)
— — — — — — — — — (51)(51)
Contributions from noncontrolling interests, net of transaction costs
— — — — — — — — — 47 47 
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (5)(5)
Other— — — 1 1 — — — 2 (1)1 
Balance at June 30, 2024$1,962 772 $1 $45,007 $2,635 $193 $(18)$(73)$49,707 $1,099 $50,806 
Balance at December 31, 2024$973 776 $1 $45,494 $3,431 $326 $(17)$(81)$50,127 $1,129 $51,256 
Net income(c)
— — — — 2,336 — — — 2,336 48 2,384 
Other comprehensive (loss) income
— — — — — (27)2 — (25)— (25)
Common stock issuances, including dividend reinvestment and employee benefits— 2 — 78 — — — — 78 — 78 
Common stock dividends— — — — (1,629)— — — (1,629)— (1,629)
Sale of Commercial Renewables Disposal Groups(b)
— — — — — — — — — (18)(18)
Distributions to noncontrolling interest in subsidiaries— — — — — — — — — (14)(14)
Other— — — 1 3 — — — 4 (6)(2)
Balance at June 30, 2025$973 778 $1 $45,573 $4,141 $299 $(15)$(81)$50,891 $1,139 $52,030 
(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
14
FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues$2,231 $2,297 $4,755 $4,704 
Operating Expenses
Fuel used in electric generation and purchased power571 749 1,374 1,609 
Operation, maintenance and other500 444 984 895 
Depreciation and amortization482 437 914 834 
Property and other taxes85 89 187 183 
Impairment of assets and other charges(1)33 (1)34 
Total operating expenses1,637 1,752 3,458 3,555 
Gains on Sales of Other Assets and Other, net6 — 6 1 
Operating Income600 545 1,303 1,150 
Other Income and Expenses, net61 62 122 123 
Interest Expense200 168 400 348 
Income Before Income Taxes461 439 1,025 925 
Income Tax Expense36 48 87 104 
Net Income and Comprehensive Income$425 $391 $938 $821 
See Notes to Condensed Consolidated Financial Statements
15
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$7 $6 
Receivables (net of allowance for doubtful accounts of $57 at 2025 and $18 at 2024)
1,241 266 
Receivables of VIEs (net of allowance for doubtful accounts of $51 at 2024)
1 1,054 
Receivables from affiliated companies210 157 
Notes receivable from affiliated companies27 65 
Inventory1,524 1,536 
Regulatory assets (includes $12 at 2025 and 2024 related to VIEs)
656 685 
Other (includes $9 at 2025 and 2024 related to VIEs)
354 52 
Total current assets4,020 3,821 
Property, Plant and Equipment
Cost60,065 58,382 
Accumulated depreciation and amortization(19,637)(19,090)
Net property, plant and equipment40,428 39,292 
Other Noncurrent Assets
Regulatory assets (includes $184 at 2025 and $189 at 2024 related to VIEs)
3,985 4,199 
Nuclear decommissioning trust funds6,880 6,468 
Operating lease right-of-use assets, net88 98 
Other1,198 1,127 
Total other noncurrent assets12,151 11,892 
Total Assets$56,599 $55,005 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$1,347 $1,809 
Accounts payable to affiliated companies492 241 
Taxes accrued275 627 
Interest accrued228 201 
Current maturities of long-term debt (includes $10 at 2025 and $510 at 2024 related to VIEs)
23 521 
Asset retirement obligations259 247 
Regulatory liabilities571 618 
Other 477 541 
Total current liabilities3,672 4,805 
Long-Term Debt (includes $193 at 2025 and $198 at 2024 related to VIEs)
18,022 16,669 
Long-Term Debt Payable to Affiliated Companies300 300 
Other Noncurrent Liabilities
Deferred income taxes4,146 4,052 
Asset retirement obligations3,716 3,743 
Regulatory liabilities6,893 6,592 
Operating lease liabilities78 87 
Accrued pension and other post-retirement benefit costs21 24 
Investment tax credits309 317 
Other (includes $15 at 2024 related to VIEs)
672 576 
Total other noncurrent liabilities15,835 15,391 
Commitments and Contingencies
Equity
Member's equity18,776 17,846 
Accumulated other comprehensive loss(6)(6)
Total equity18,770 17,840 
Total Liabilities and Equity$56,599 $55,005 
See Notes to Condensed Consolidated Financial Statements
16
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$938 $821 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)1,048 966 
Equity component of AFUDC(66)(58)
Gains on sales of other assets(6)(1)
Impairment of assets and other charges(1)34 
Deferred income taxes209 (38)
Payments for asset retirement obligations(95)(80)
(Increase) decrease in
Receivables96 (61)
Receivables from affiliated companies(53)11 
Inventory12 (25)
Other current assets(319)9 
Increase (decrease) in
Accounts payable(281)(28)
Accounts payable to affiliated companies251 3 
Taxes accrued(352)3 
Other current liabilities(16)(145)
Other assets(70)410 
Other liabilities33 (41)
Net cash provided by operating activities1,328 1,780 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(2,145)(1,949)
Purchases of debt and equity securities(1,725)(1,211)
Proceeds from sales and maturities of debt and equity securities1,725 1,211 
Notes receivable from affiliated companies38 — 
Other(152)(178)
Net cash used in investing activities(2,259)(2,127)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt1,343 1,018 
Payments for the redemption of long-term debt(503)(9)
Notes payable to affiliated companies— (660)
Other92 (1)
Net cash provided by financing activities932 348 
Net increase in cash, cash equivalents and restricted cash
1 1 
Cash, cash equivalents and restricted cash at beginning of period16 19 
Cash, cash equivalents and restricted cash at end of period$17 $20 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$698 $597 
See Notes to Condensed Consolidated Financial Statements
17
FINANCIAL STATEMENTS
DUKE ENERGY CAROLINAS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Accumulated Other
Comprehensive
Income (Loss)
Member's
Net Gains (Losses) on
Total
(in millions)EquityCash Flow HedgesEquity
Balance at March 31, 2024$17,343 $(6)$17,337 
Net income391 — 391 
Other(20)— (20)
Balance at June 30, 2024$17,714 $(6)$17,708 
Balance at March 31, 2025$18,359 $(6)$18,353 
Net income425 — 425 
Other(8)— (8)
Balance at June 30, 2025$18,776 $(6)$18,770 
Six Months Ended June 30, 2024 and 2025
Accumulated Other
Comprehensive
Income (Loss)
Member's
Net Gains (Losses) on
Total
(in millions)EquityCash Flow HedgesEquity
Balance at December 31, 2023$16,913 $(6)$16,907 
Net income821 — 821 
Other(20)— (20)
Balance at June 30, 2024$17,714 $(6)$17,708 
Balance at December 31, 2024$17,846 $(6)$17,840 
Net income938 — 938 
Other
(8)— (8)
Balance at June 30, 2025$18,776 $(6)$18,770 

See Notes to Condensed Consolidated Financial Statements
18
FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues$3,569 $3,357 $7,036 $6,585 
Operating Expenses
Fuel used in electric generation and purchased power1,025 1,202 2,131 2,345 
Operation, maintenance and other843 588 1,531 1,216 
Depreciation and amortization609 568 1,240 1,155 
Property and other taxes175 166 347 324 
Impairment of assets and other charges— 9 — 9 
Total operating expenses2,652 2,533 5,249 5,049 
Gains on Sales of Other Assets and Other, net6 6 12 13 
Operating Income923 830 1,799 1,549 
Other Income and Expenses, net75 60 130 122 
Interest Expense283 265 558 525 
Income Before Income Taxes715 625 1,371 1,146 
Income Tax Expense108 104 218 190 
Net Income
$607 $521 $1,153 $956 
Other Comprehensive Loss, net of tax
Unrealized losses on available-for-sale securities
(1)— (1)— 
Comprehensive Income$606 $521 $1,152 $956 
See Notes to Condensed Consolidated Financial Statements
19
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$58 $73 
Receivables (net of allowance for doubtful accounts of $70 at 2025 and $39 at 2024)
1,737 707 
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)
9 835 
Receivables from affiliated companies101 25 
Notes receivable from affiliated companies897 — 
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs)
2,090 2,086 
Regulatory assets (includes $108 at 2025 and 2024 related to VIEs)
1,176 1,647 
Other (includes $65 at 2025 and $75 at 2024 related to VIEs)
229 182 
Total current assets6,297 5,555 
Property, Plant and Equipment
Cost74,996 72,560 
Accumulated depreciation and amortization(24,591)(23,586)
Net property, plant and equipment50,405 48,974 
Other Noncurrent Assets
Goodwill3,655 3,655 
Regulatory assets (includes $1,467 at 2025 and $1,516 at 2024 related to VIEs)
6,758 6,618 
Nuclear decommissioning trust funds5,230 4,967 
Operating lease right-of-use assets, net653 625 
Other1,313 1,242 
Total other noncurrent assets17,609 17,107 
Total Assets$74,311 $71,636 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $241 at 2025 and $208 at 2024 related to VIEs)
$1,560 $2,170 
Accounts payable to affiliated companies648 507 
Notes payable to affiliated companies15 1,077 
Taxes accrued412 312 
Interest accrued266 232 
Current maturities of long-term debt (includes $100 at 2025 and $502 at 2024 related to VIEs)
1,817 1,517 
Asset retirement obligations223 231 
Regulatory liabilities356 522 
Other684 792 
Total current liabilities5,981 7,360 
Long-Term Debt (includes $1,530 at 2025 and $1,582 at 2024 related to VIEs)
24,913 22,829 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes5,424 5,263 
Asset retirement obligations4,318 4,317 
Regulatory liabilities5,458 5,258 
Operating lease liabilities600 557 
Accrued pension and other post-retirement benefit costs246 254 
Investment tax credits383 385 
Other (includes $11 at 2024 related to VIEs)
425 357 
Total other noncurrent liabilities16,854 16,391 
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2025 and 2024
— — 
Additional paid-in capital12,187 11,830 
Retained earnings14,237 13,086 
Accumulated other comprehensive loss(11)(10)
Total equity26,413 24,906 
Total Liabilities and Equity$74,311 $71,636 
See Notes to Condensed Consolidated Financial Statements
20
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,153 $956 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)1,675 1,330 
Equity component of AFUDC(51)(36)
Gains on sales of other assets(12)(13)
Impairment of assets and other charges— 9 
Deferred income taxes122 (61)
Payments for asset retirement obligations(101)(144)
(Increase) decrease in
Receivables(176)(223)
Receivables from affiliated companies(76)85 
Inventory7 (106)
Other current assets51 494 
Increase (decrease) in
Accounts payable(624)(34)
Accounts payable to affiliated companies198 24 
Taxes accrued109 169 
Other current liabilities(128)28 
Other assets(60)(136)
Other liabilities78 79 
Net cash provided by operating activities2,165 2,421 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(2,742)(2,623)
Purchases of debt and equity securities(1,638)(989)
Proceeds from sales and maturities of debt and equity securities1,660 1,039 
Notes receivable from affiliated companies(897)— 
Other(211)(192)
Net cash used in investing activities(3,828)(2,765)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt2,860 844 
Payments for the redemption of long-term debt(459)(407)
Notes payable to affiliated companies(1,062)(67)
Capital contribution from parent300 — 
Other(1)(1)
Net cash provided by financing activities1,638 369 
Net (decrease) increase in cash, cash equivalents and restricted cash
(25)25 
Cash, cash equivalents and restricted cash at beginning of period160 135 
Cash, cash equivalents and restricted cash at end of period$135 $160 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$827 $729 
See Notes to Condensed Consolidated Financial Statements
21
FINANCIAL STATEMENTS
PROGRESS ENERGY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Accumulated Other Comprehensive Income (Loss)
Net Gains
Net Unrealized
Additional
(Losses) on
Gains (Losses) on
Pension and
Paid-inRetainedCash FlowAvailable-for-OPEBTotal
(in millions)CapitalEarningsHedgesSale SecuritiesAdjustmentsEquity
Balance at March 31, 2024$11,830 $11,475 $(1)$(5)$(4)$23,295 
Net income— 521 — — — 521 
Other19 — — — — 19 
Balance at June 30, 2024$11,849 $11,996 $(1)$(5)$(4)$23,835 
Balance at March 31, 2025$12,130 $13,630 $(1)$(5)$(4)$25,750 
Net income— 607 — — — 607 
Other comprehensive income (loss)
— — — (1)— (1)
Equitization of certain intercompany balances with affiliates
57 — — — — 57 
Balance at June 30, 2025$12,187 $14,237 $(1)$(6)$(4)$26,413 
Six Months Ended June 30, 2024 and 2025
Accumulated Other Comprehensive Income (Loss)
Net Gains
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— 956 — — — 956 
Other19 — — — — 19 
Balance at June 30, 2024$11,849 $11,996 $(1)$(5)$(4)$23,835 
Balance at December 31, 2024$11,830 $13,086 $(1)$(5)$(4)$24,906 
Net income— 1,153 — — — 1,153 
Other comprehensive income (loss)
— — — (1)— (1)
Equitization of certain intercompany balances with affiliates
57 (2)— — — 55 
Capital contribution from parent300 — — — — 300 
Balance at June 30, 2025$12,187 $14,237 $(1)$(6)$(4)$26,413 
See Notes to Condensed Consolidated Financial Statements
22
FINANCIAL STATEMENTS


DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues$1,681 $1,636 $3,699 $3,424 
Operating Expenses
Fuel used in electric generation and purchased power574 597 1,299 1,217 
Operation, maintenance and other340 326 738 701 
Depreciation and amortization319 306 676 645 
Property and other taxes45 50 105 101 
Impairment of assets and other charges— 9 — 9 
Total operating expenses1,278 1,288 2,818 2,673 
Gains on Sales of Other Assets and Other, net— — — 1 
Operating Income403 348 881 752 
Other Income and Expenses, net50 37 87 73 
Interest Expense139 123 267 243 
Income Before Income Taxes314 262 701 582 
Income Tax Expense39 39 95 87 
Net Income and Comprehensive Income$275 $223 $606 $495 

See Notes to Condensed Consolidated Financial Statements
23
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$24 $24 
Receivables (net of allowance for doubtful accounts of $42 at 2025 and $10 at 2024)
934 160 
Receivables of VIEs (net of allowance for doubtful accounts of $34 at 2024)
5 835 
Receivables from affiliated companies31 10 
Notes receivable from affiliated companies949 — 
Inventory1,323 1,341 
Regulatory assets (includes $47 at 2025 and 2024 related to VIEs)
614 626 
Other (includes $37 at 2025 and $40 at 2024 related to VIEs)
159 104 
Total current assets4,039 3,100 
Property, Plant and Equipment
Cost43,320 42,060 
Accumulated depreciation and amortization(16,550)(15,930)
Net property, plant and equipment26,770 26,130 
Other Noncurrent Assets
Regulatory assets (includes $752 at 2025 and $775 at 2024 related to VIEs)
4,654 4,555 
Nuclear decommissioning trust funds4,922 4,636 
Operating lease right-of-use assets, net403 348 
Other770 724 
Total other noncurrent assets10,749 10,263 
Total Assets$41,558 $39,493 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$581 $749 
Accounts payable to affiliated companies391 306 
Notes payable to affiliated companies— 611 
Taxes accrued107 394 
Interest accrued156 122 
Current maturities of long-term debt (includes $40 at 2025 and $443 at 2024 related to VIEs)
582 983 
Asset retirement obligations222 230 
Regulatory liabilities272 348 
Other310 427 
Total current liabilities2,621 4,170 
Long-Term Debt (includes $789 at 2025 and $809 at 2024 related to VIEs)
13,483 11,371 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes2,503 2,344 
Asset retirement obligations4,123 4,104 
Regulatory liabilities4,799 4,570 
Operating lease liabilities404 332 
Accrued pension and other post-retirement benefit costs137 141 
Investment tax credits142 144 
Other (includes $11 at 2024 related to VIEs)
262 196 
Total other noncurrent liabilities12,370 11,831 
Commitments and Contingencies
Equity
Member's Equity12,934 11,971 
Total Liabilities and Equity$41,558 $39,493 

See Notes to Condensed Consolidated Financial Statements
24
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$606 $495 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)773 738 
Equity component of AFUDC(41)(27)
Impairment of assets and other charges— 9 
Deferred income taxes132 (33)
Payments for asset retirement obligations(81)(102)
(Increase) decrease in
Receivables43 (99)
Receivables from affiliated companies(21)12 
Inventory18 (76)
Other current assets(89)185 
Increase (decrease) in
Accounts payable(60)(70)
Accounts payable to affiliated companies142 (47)
Taxes accrued(287)(27)
Other current liabilities(41)79 
Other assets(49)(86)
Other liabilities90 34 
Net cash provided by operating activities1,135 985 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,524)(1,373)
Purchases of debt and equity securities(1,527)(922)
Proceeds from sales and maturities of debt and equity securities1,526 921 
Notes receivable from affiliated companies(949)— 
Other(85)(54)
Net cash used in investing activities(2,559)(1,428)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt2,156 667 
Payments for the redemption of long-term debt(423)(41)
Notes payable to affiliated companies(611)(164)
Capital contribution from parent300 — 
Other(1)— 
Net cash provided by financing activities1,421 462 
Net (decrease) increase in cash, cash equivalents and restricted cash
(3)19 
Cash, cash equivalents and restricted cash at beginning of period69 51 
Cash, cash equivalents and restricted cash at end of period$66 $70 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$306 $274 
See Notes to Condensed Consolidated Financial Statements
25
FINANCIAL STATEMENTS
DUKE ENERGY PROGRESS, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended
June 30, 2024 and 2025
(in millions)Member's Equity
Balance at March 31, 2024$11,079 
Net income223 
Balance at June 30, 2024$11,302 
Balance at March 31, 2025$12,601 
Net income275 
Equitization of certain intercompany balances with affiliates
57 
Other1 
Balance at June 30, 2025$12,934 
Six Months Ended
June 30, 2024 and 2025
(in millions)Member's Equity
Balance at December 31, 2023$10,807 
Net income495 
Balance at June 30, 2024$11,302 
Balance at December 31, 2024$11,971 
Net income606 
Capital contribution from parent
300 
Equitization of certain intercompany balances with affiliates
57 
Balance at June 30, 2025$12,934 

See Notes to Condensed Consolidated Financial Statements
26
FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues$1,885 $1,716 $3,329 $3,152 
Operating Expenses
Fuel used in electric generation and purchased power451 605 832 1,128 
Operation, maintenance and other500 256 786 507 
Depreciation and amortization290 262 564 510 
Property and other taxes130 117 242 223 
Total operating expenses1,371 1,240 2,424 2,368 
Gains on Sales of Other Assets and Other, net— — 1 1 
Operating Income514 476 906 785 
Other Income and Expenses, net27 22 45 46 
Interest Expense116 114 234 225 
Income Before Income Taxes425 384 717 606 
Income Tax Expense81 75 139 118 
Net Income
$344 $309 $578 $488 
Other Comprehensive Loss, net of tax
Unrealized losses on available-for-sale securities
(1)— (1)— 
Comprehensive Income$343 $309 $577 $488 
See Notes to Condensed Consolidated Financial Statements
27
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$16 $33 
Receivables (net of allowance for doubtful accounts of $28 at 2025 and $29 at 2024)
801 544 
Receivables of VIEs
4 — 
Receivables from affiliated companies72 21 
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs)
767 745 
Regulatory assets (includes $61 at 2025 and 2024 related to VIEs)
562 1,022 
Other (includes $28 at 2025 and $35 at 2024 related to VIEs)
85 227 
Total current assets2,307 2,592 
Property, Plant and Equipment
Cost31,665 30,490 
Accumulated depreciation and amortization(8,034)(7,650)
Net property, plant and equipment23,631 22,840 
Other Noncurrent Assets
Regulatory assets (includes $715 at 2025 and $741 at 2024 related to VIEs)
2,105 2,064 
Nuclear decommissioning trust funds308 331 
Operating lease right-of-use assets, net250 277 
Other491 465 
Total other noncurrent assets3,154 3,137 
Total Assets$29,092 $28,569 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $241 at 2025 and $208 at 2024 related to VIEs)
$977 $1,418 
Accounts payable to affiliated companies63 67 
Notes payable to affiliated companies67 466 
Taxes accrued339 60 
Interest accrued86 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 liabilities83 174 
Other352 342 
Total current liabilities3,203 3,148 
Long-Term Debt (includes $741 at 2025 and $773 at 2024 related to VIEs)
9,785 9,814 
Other Noncurrent Liabilities
Deferred income taxes3,010 3,024 
Asset retirement obligations196 213 
Regulatory liabilities660 688 
Operating lease liabilities197 225 
Accrued pension and other post-retirement benefit costs88 92 
Investment tax credits241 241 
Other
156 143 
Total other noncurrent liabilities4,548 4,626 
Commitments and Contingencies
Equity
Member's equity11,562 10,986 
Accumulated other comprehensive loss(6)(5)
Total equity11,556 10,981 
Total Liabilities and Equity$29,092 $28,569 
See Notes to Condensed Consolidated Financial Statements
28
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$578 $488 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion902 592 
Equity component of AFUDC(11)(8)
Deferred income taxes(26)(37)
Payments for asset retirement obligations(19)(42)
(Increase) decrease in
Receivables(220)(125)
Receivables from affiliated companies(51)234 
Inventory(12)(30)
Other current assets277 298 
Increase (decrease) in
Accounts payable(563)36 
Accounts payable to affiliated companies(4)(22)
Taxes accrued288 99 
Other current liabilities(86)(49)
Other assets(22)(44)
Other liabilities(3)47 
Net cash provided by operating activities1,028 1,437 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(1,218)(1,251)
Purchases of debt and equity securities(111)(67)
Proceeds from sales and maturities of debt and equity securities134 117 
Other(126)(138)
Net cash used in investing activities(1,321)(1,339)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt704 177 
Payments for the redemption of long-term debt(35)(365)
Notes payable to affiliated companies(399)97 
Other(1)(1)
Net cash provided by (used in) financing activities269 (92)
Net (decrease) increase in cash, cash equivalents and restricted cash
(24)6 
Cash, cash equivalents and restricted cash at beginning of period75 67 
Cash, cash equivalents and restricted cash at end of period$51 $73 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$521 $455 
See Notes to Condensed Consolidated Financial Statements
29
FINANCIAL STATEMENTS
DUKE ENERGY FLORIDA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at March 31, 2024$10,227 $(5)$10,222 
Net income309 — 309 
Other19 — 19 
Balance at June 30, 2024$10,555 $(5)$10,550 
Balance at March 31, 2025$11,218 $(5)$11,213 
Net income344 — 344 
Other comprehensive income (loss)
— (1)(1)
Balance at June 30, 2025$11,562 $(6)$11,556 
Six Months Ended June 30, 2024 and 2025
Accumulated
Other
Comprehensive
Income (Loss)
Net Unrealized
Gains (Losses) on
Member'sAvailable-for-SaleTotal
(in millions)EquitySecuritiesEquity
Balance at December 31, 2023$10,048 $(5)$10,043 
Net income488 — 488 
Other19 — 19 
Balance at June 30, 2024$10,555 $(5)$10,550 
Balance at December 31, 2024$10,986 $(5)$10,981 
Net income578 — 578 
Other comprehensive income (loss)
— (1)(1)
Other(2)— (2)
Balance at June 30, 2025$11,562 $(6)$11,556 
See Notes to Condensed Consolidated Financial Statements
30
FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues
Regulated electric$498 $476 $985 $934 
Regulated natural gas156 132 435 352 
Total operating revenues654 608 1,420 1,286 
Operating Expenses
Fuel used in electric generation and purchased power161 132 310 270 
Cost of natural gas35 21 136 82 
Operation, maintenance and other115 121 239 247 
Depreciation and amortization121 96 233 195 
Property and other taxes101 102 217 204 
Total operating expenses533 472 1,135 998 
Operating Income121 136 285 288 
Other Income and Expenses, net6 4 11 10 
Interest Expense51 47 98 92 
Income Before Income Taxes76 93 198 206 
Income Tax Expense12 16 34 35 
Net Income and Comprehensive Income$64 $77 $164 $171 
See Notes to Condensed Consolidated Financial Statements
31
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents$10 $24 
Receivables (net of allowance for doubtful accounts of $41 at 2025 and $43 at 2024)
442 447 
Receivables from affiliated companies10 11 
Notes receivable from affiliated companies11 28 
Inventory181 183 
Regulatory assets66 88 
Other29 30 
Total current assets749 811 
Property, Plant and Equipment
Cost14,226 13,918 
Accumulated depreciation and amortization(3,692)(3,674)
Net property, plant and equipment10,534 10,244 
Other Noncurrent Assets
Goodwill920 920 
Regulatory assets699 705 
Operating lease right-of-use assets, net6 6 
Other88 82 
Total other noncurrent assets1,713 1,713 
Total Assets$12,996 $12,768 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$271 $313 
Accounts payable to affiliated companies70 52 
Notes payable to affiliated companies129 162 
Taxes accrued250 363 
Interest accrued50 49 
Current maturities of long-term debt140 245 
Asset retirement obligations7 8 
Regulatory liabilities53 34 
Other70 67 
Total current liabilities1,040 1,293 
Long-Term Debt4,199 3,895 
Long-Term Debt Payable to Affiliated Companies25 25 
Other Noncurrent Liabilities
Deferred income taxes1,320 1,314 
Asset retirement obligations132 131 
Regulatory liabilities467 465 
Operating lease liabilities6 6 
Accrued pension and other post-retirement benefit costs92 89 
Other91 91 
Total other noncurrent liabilities2,108 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 earnings1,743 1,579 
Total equity5,624 5,459 
Total Liabilities and Equity$12,996 $12,768 

See Notes to Condensed Consolidated Financial Statements
32
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$164 $171 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization235 197 
Equity component of AFUDC(7)(2)
Deferred income taxes(10)17 
Payments for asset retirement obligations(3)(3)
(Increase) decrease in
Receivables5 31 
Receivables from affiliated companies1 58 
Inventory2 (11)
Other current assets44 82 
Increase (decrease) in
Accounts payable(24)(21)
Accounts payable to affiliated companies18 (16)
Taxes accrued(113)(111)
Other current liabilities22 (6)
Other assets(28)34 
Other liabilities15 (38)
Net cash provided by operating activities321 382 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(471)(417)
Notes receivable from affiliated companies17 (319)
Other(45)(19)
Net cash used in investing activities(499)(755)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt347 648 
Payments for the redemption of long-term debt(150)— 
Notes payable to affiliated companies(32)(284)
Other(1)(4)
Net cash provided by financing activities164 360 
Net decrease in cash and cash equivalents
(14)(13)
Cash and cash equivalents at beginning of period24 24 
Cash and cash equivalents at end of period$10 $11 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$92 $93 

See Notes to Condensed Consolidated Financial Statements
33
FINANCIAL STATEMENTS
DUKE ENERGY OHIO, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at March 31, 2024$762 $3,100 $1,332 $5,194 
Net income— — 77 77 
Other— 19 — 19 
Balance at June 30, 2024$762 $3,119 $1,409 $5,290 
Balance at March 31, 2025$762 $3,119 $1,679 $5,560 
Net income— — 64 64 
Balance at June 30, 2025$762 $3,119 $1,743 $5,624 
Six Months Ended June 30, 2024 and 2025
Additional
CommonPaid-inRetainedTotal
(in millions)StockCapitalEarningsEquity
Balance at December 31, 2023$762 $3,100 $1,238 $5,100 
Net income— — 171 171 
Other— 19 — 19 
Balance at June 30, 2024$762 $3,119 $1,409 $5,290 
Balance at December 31, 2024$762 $3,118 $1,579 $5,459 
Net income— — 164 164 
Other— 1 — 1 
Balance at June 30, 2025$762 $3,119 $1,743 $5,624 
See Notes to Condensed Consolidated Financial Statements
34
FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues$821 $747 $1,679 $1,506 
Operating Expenses
Fuel used in electric generation and purchased power219 223 479 494 
Operation, maintenance and other192 161 387 341 
Depreciation and amortization222 172 414 341 
Property and other taxes17 16 35 30 
Total operating expenses650 572 1,315 1,206 
Operating Income171 175 364 300 
Other Income and Expenses, net21 15 31 28 
Interest Expense57 58 116 115 
Income Before Income Taxes135 132 279 213 
Income Tax Expense
18 22 36 36 
Net Income
$117 $110 $243 $177 
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments— — — (1)
Comprehensive Income$117 $110 $243 $176 

See Notes to Condensed Consolidated Financial Statements
35
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 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)
463 423 
Receivables from affiliated companies— 1 
Notes receivable from affiliated companies235 — 
Inventory550 586 
Regulatory assets176 113 
Other84 69 
Total current assets1,517 1,205 
Property, Plant and Equipment
Cost20,492 19,970 
Accumulated depreciation and amortization(7,174)(6,848)
Net property, plant and equipment13,318 13,122 
Other Noncurrent Assets
Regulatory assets1,050 1,040 
Operating lease right-of-use assets, net35 37 
Other260 323 
Total other noncurrent assets1,345 1,400 
Total Assets$16,180 $15,727 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$365 $257 
Accounts payable to affiliated companies67 57 
Notes payable to affiliated companies— 10 
Taxes accrued82 168 
Interest accrued63 59 
Current maturities of long-term debt4 4 
Asset retirement obligations148 164 
Regulatory liabilities270 183 
Other210 183 
Total current liabilities1,209 1,085 
Long-Term Debt4,941 4,644 
Long-Term Debt Payable to Affiliated Companies150 150 
Other Noncurrent Liabilities
Deferred income taxes1,503 1,494 
Asset retirement obligations1,105 1,104 
Regulatory liabilities1,254 1,404 
Operating lease liabilities31 33 
Accrued pension and other post-retirement benefit costs82 82 
Investment tax credits185 186 
Other21 19 
Total other noncurrent liabilities4,181 4,322 
Commitments and Contingencies
Equity
Member's equity5,699 5,526 
           Total equity5,699 5,526 
Total Liabilities and Equity$16,180 $15,727 

See Notes to Condensed Consolidated Financial Statements
36
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$243 $177 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion416 343 
Equity component of AFUDC(15)(7)
Deferred income taxes(31)22 
Payments for asset retirement obligations(42)(34)
(Increase) decrease in
Receivables(45)29 
Receivables from affiliated companies1 (5)
Inventory36 (5)
Other current assets(81)38 
Increase (decrease) in
Accounts payable65 (10)
Accounts payable to affiliated companies10 (59)
Taxes accrued(86)20 
Other current liabilities53 (13)
Other assets78 (44)
Other liabilities(17)(4)
Net cash provided by operating activities585 448 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(526)(489)
Purchases of debt and equity securities(49)(22)
Proceeds from sales and maturities of debt and equity securities121 18 
Notes receivable from affiliated companies(235)(160)
Other(116)(4)
Net cash used in investing activities(805)(657)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt297 298 
Notes payable to affiliated companies(10)(256)
Capital contribution from parent
— 235 
Distributions to parent(70)(62)
Other(1)(1)
Net cash provided by financing activities
216 214 
Net (decrease) increase in cash and cash equivalents
(4)5 
Cash and cash equivalents at beginning of period13 8 
Cash and cash equivalents at end of period$9 $13 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$170 $108 
See Notes to Condensed Consolidated Financial Statements
37
FINANCIAL STATEMENTS
DUKE ENERGY INDIANA, LLC
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Accumulated Other
Comprehensive Income (Loss)
Member's Pension andTotal
(in millions)EquityOPEB AdjustmentsEquity
Balance at March 31, 2024$5,078 $— $5,078 
Net income110 — 110 
Contributions from parent
235 — 235 
Distributions to parent(20)— (20)
Other(2)— (2)
Balance at June 30, 2024$5,401 $— $5,401 
Balance at March 31, 2025$5,619 $— $5,619 
Net income117 — 117 
Distributions to parent(37)— (37)
Balance at June 30, 2025$5,699 $— $5,699 
Six Months Ended June 30, 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
177 — 177 
Contributions from parent
235 — 235 
Distributions to parent(20)— (20)
Other(3)(1)(4)
Balance at June 30, 2024$5,401 $— $5,401 
Balance at December 31, 2024$5,526 $— $5,526 
Net income243 — 243 
Distributions to parent(70)— (70)
Balance at June 30, 2025$5,699 $— $5,699 

See Notes to Condensed Consolidated Financial Statements
38
FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Operating Revenues
Regulated natural gas$328 $237 $1,178 $906 
Nonregulated natural gas and other7 7 14 14 
Operating Revenues$335 $244 $1,192 $920 
Operating Expenses
Cost of natural gas124 58 396 228 
Operation, maintenance and other103 85 199 180 
Depreciation and amortization71 64 141 126 
Property and other taxes19 16 37 31 
Total operating expenses317 223 773 565 
Operating Income
18 21 419 355 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates1 2 3 4 
Other income and expenses, net11 15 22 30 
Total other income and expenses12 17 25 34 
Interest Expense48 43 95 88 
(Loss) Income Before Income Taxes
(18)(5)349 301 
Income Tax (Benefit) Expense
(8)(1)68 59 
Net (Loss) Income and Comprehensive (Loss) Income$(10)$(4)$281 $242 
See Notes to Condensed Consolidated Financial Statements
39
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions)June 30, 2025December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents
$2 $2 
Receivables (net of allowance for doubtful accounts of $14 at 2025 and $10 at 2024)
195 368 
Receivables from affiliated companies11 16 
Inventory51 78 
Regulatory assets131 158 
Other78 11 
Total current assets468 633 
Property, Plant and Equipment
Cost13,129 12,780 
Accumulated depreciation and amortization(2,512)(2,432)
Net property, plant and equipment10,617 10,348 
Other Noncurrent Assets
Goodwill49 49 
Regulatory assets446 421 
Operating lease right-of-use assets, net3 4 
Investments in equity method unconsolidated affiliates75 76 
Other273 268 
Total other noncurrent assets846 818 
Total Assets$11,931 $11,799 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$195 $237 
Accounts payable to affiliated companies48 26 
Notes payable to affiliated companies682 739 
Taxes accrued43 84 
Interest accrued45 45 
Current maturities of long-term debt205 205 
Regulatory liabilities7 68 
Other80 76 
Total current liabilities1,305 1,480 
Long-Term Debt3,799 3,798 
Other Noncurrent Liabilities
Deferred income taxes1,048 1,018 
Asset retirement obligations29 29 
Regulatory liabilities959 956 
Operating lease liabilities2 7 
Accrued pension and other post-retirement benefit costs6 7 
Other147 150 
Total other noncurrent liabilities2,191 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 earnings3,000 2,718 
Total Piedmont Natural Gas Company, Inc. stockholder's equity4,635 4,353 
Noncontrolling interests1 1 
Total equity4,636 4,354 
Total Liabilities and Equity$11,931 $11,799 

See Notes to Condensed Consolidated Financial Statements
40
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in millions)20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$281 $242 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization143 127 
Equity component of AFUDC(8)(13)
Deferred income taxes18 21 
Equity in earnings from unconsolidated affiliates(3)(4)
(Increase) decrease in
Receivables169 162 
Receivables from affiliated companies5 (2)
Inventory27 65 
Other current assets(33)(38)
Increase (decrease) in
Accounts payable(55)(44)
Accounts payable to affiliated companies22 4 
Taxes accrued(42)(53)
Other current liabilities(61)(8)
Other assets(7)(10)
Other liabilities(3)8 
Net cash provided by operating activities453 457 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures(380)(571)
Other(15)(29)
Net cash used in investing activities(395)(600)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes payable to affiliated companies(57)146 
Other(1)— 
Net cash (used in) provided by financing activities(58)146 
Net increase in cash and cash equivalents— 3 
Cash and cash equivalents at beginning of period2 — 
Cash and cash equivalents at end of period$2 $3 
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures$127 $159 

See Notes to Condensed Consolidated Financial Statements
41
FINANCIAL STATEMENTS
PIEDMONT NATURAL GAS COMPANY, INC.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended June 30, 2024 and 2025
Total
Piedmont
Natural Gas
CommonRetainedCompany, Inc.NoncontrollingTotal
(in millions)StockEarningsEquityInterestsEquity
Balance at March 31, 2024$1,635 $2,662 $4,297 $1 $4,298 
Net loss
— (4)(4)— (4)
Balance at June 30, 2024$1,635 $2,658 $4,293 $1 $4,294 
Balance at March 31, 2025$1,635 $3,009 $4,644 $1 $4,645 
Net loss
— (10)(10)— (10)
Other— 1 1 — 1 
Balance at June 30, 2025$1,635 $3,000 $4,635 $1 $4,636 
Six Months Ended June 30, 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— 242 242 — 242 
Balance at June 30, 2024$1,635 $2,658 $4,293 $1 $4,294 
Balance at December 31, 2024$1,635 $2,718 $4,353 $1 $4,354 
Net income— 281 281 — 281 
Other— 1 1 — 1 
Balance at June 30, 2025$1,635 $3,000 $4,635 $1 $4,636 

See Notes to Condensed Consolidated Financial Statements
42
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.

43
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 within 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.
June 30, 2025December 31, 2024
DukeDukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyDukeEnergyProgressEnergyEnergy
EnergyCarolinasEnergyProgressFlorida
Energy
CarolinasEnergyProgressFlorida
Current Assets
Cash and cash equivalents$344 $7 $58 $24 $16 $314 $6 $73 $24 $33 
Other75 9 66 37 28 84 9 76 40 35 
Other Noncurrent Assets
Other23 1 11 5 7 20 1 11 5 7 
Total cash, cash equivalents and restricted cash$442 $17 $135 $66 $51 $418 $16 $160 $69 $75 
INVENTORY
Provisions for inventory write-offs were not material at June 30, 2025, and December 31, 2024. The components of inventory are presented in the tables below.
 June 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Materials and supplies $3,403 $1,139 $1,660 $1,059 $601 $148 $406 $13 
Coal738 339 235 158 76 22 142 — 
Natural gas, oil and other fuel293 46 195 106 90 11 2 38 
Total inventory $4,434 $1,524 $2,090 $1,323 $767 $181 $550 $51 
 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 June 30, 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.
44
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 six months ended June 30, 2025, and 2024.
Three Months Ended June 30, 2024 and 2025
Duke
(in millions)EnergyPiedmont
Confirmed obligations outstanding at March 31, 2024
$76 $74 
Invoices confirmed during the period63 63 
Confirmed invoices paid during the period(111)(109)
Confirmed obligations outstanding at June 30, 2024
$28 $28 
Confirmed obligations outstanding at March 31, 2025
$18 $18 
Invoices confirmed during the period14 12 
Confirmed invoices paid during the period(20)(18)
Confirmed obligations outstanding at June 30, 2025
$12 $12 
Six Months Ended June 30, 2024 and 2025
Duke
(in millions)EnergyPiedmont
Confirmed obligations outstanding at December 31, 2023
$50 $47 
Invoices confirmed during the period120 119 
Confirmed invoices paid during the period(142)(138)
Confirmed obligations outstanding at June 30, 2024
$28 $28 
Confirmed obligations outstanding at December 31, 2024
$13 $12 
Invoices confirmed during the period32 30 
Confirmed invoices paid during the period(33)(30)
Confirmed obligations outstanding at June 30, 2025
$12 $12 
NEW ACCOUNTING STANDARDS
The following new accounting standards have been issued but not yet adopted by the Duke Energy Registrants as of June 30, 2025.
Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued new accounting guidance to enhance income tax disclosures primarily related to existing rate reconciliation and income taxes paid information to include requiring disclosure at a more disaggregated level in the notes to the financial statements. The Duke Energy Registrants plan to adopt this guidance on a prospective basis as of January 1, 2025 in the Company's 2025 Form 10-K, Duke Energy is currently assessing the implementation of this guidance on the financial statement disclosures, but it will have no impact on the results of operations, cash flows or financial condition.
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new accounting guidance that requires enhanced disclosures of certain costs and expenses. This new guidance does not change the expense captions presented on the face of the Condensed Consolidated Statements of Operations but requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. For Duke Energy Registrants, the amendments will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Duke Energy is currently assessing implementation of this guidance on the financial statement disclosures, but it will have no impact on the results of operations, cash flows or financial condition.
45
FINANCIAL STATEMENTSDISPOSITIONS
2. DISPOSITIONS
Minority Interest in Duke Energy Florida
On August 4, 2025, Duke Energy, Progress Energy and Florida Progress LLC (Florida Progress), the holding company of Duke Energy Florida, entered into an Investment Agreement (Investment Agreement) with an affiliate of Brookfield Super-Core Infrastructure Partners (Investor), pursuant to which Florida Progress agreed to issue membership interests to Investor for up to a 19.7% membership interest in Florida Progress following a series of closings, for an aggregate investment of $6 billion, subject to certain adjustments. At the first closing, Florida Progress will issue to Investor 9.2% of the Florida Progress membership interests for $2.8 billion. The first closing will be followed by additional closings with investments occurring no later than on the following timeline: (i) Investor will invest an additional $200 million in Florida Progress no later than December 31, 2026; (ii) Investor will invest an additional $500 million in Florida Progress no later than June 30, 2027; (iii) Investor will invest an additional $1.5 billion in Florida Progress no later than December 31, 2027; and (iv) Investor will invest an additional $1 billion in Florida Progress no later than June 30, 2028. The ownership interest of Florida Progress will transfer proportionally with each closing. The Investor has the option to fund its total $6 billion investment sooner. The transaction is subject to the satisfaction of certain customary conditions described in the Investment Agreement, including receipt of the approval of the FERC and completion of review by the Committee on Foreign Investments in the United States (CFIUS), as well as approval, or a determination that the transaction does not require approval, by the NRC. The Investment Agreement also provides that, upon termination of the Investment Agreement under certain specified circumstances prior to the first closing, the Investor will be required to pay Progress Energy a termination fee of $240 million.
Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing planned issuances of long-term debt and common equity through 2029.
The agreement limits Florida Progress’ ability to declare dividends before the first closing (anticipated to be in early 2026). The Investor will receive certain limited rights commensurate with its 19.7% investment in Florida Progress. Duke Energy and Progress Energy will retain control of Duke Energy Florida, so no gain or loss is expected to be recognized in their Condensed Consolidated Statements of Operations. The investment will be presented as noncontrolling interest within stockholders' equity.
Sale of Piedmont's Tennessee Business
On July 27, 2025, Piedmont entered into an Asset Purchase Agreement (Purchase Agreement) by and between Piedmont and Spire Inc., a Missouri corporation, for the sale of Piedmont’s Tennessee natural gas local distribution company business (Piedmont's Tennessee Business) with expected proceeds of $2.48 billion, subject to closing adjustments, with proceeds due at closing. Piedmont’s Tennessee Business is included within the Gas Utilities and Infrastructure segment of Duke Energy and Piedmont. Piedmont expects to complete the sale in the first quarter of 2026. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. The Purchase Agreement contains certain termination rights and provides that Spire Inc. may be required to pay a termination fee for an amount equal to 6.5% of the purchase price to Piedmont upon termination of the Purchase Agreement under certain circumstances. In the third quarter of 2025, Duke Energy and Piedmont will reclassify the Piedmont disposal unit to assets held for sale. Proceeds from the sale are expected to be used for debt reduction at Piedmont and to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term.
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 of $551 million is included in Receivable from sales of Commercial Renewables Disposal Groups as of December 31, 2024, on Duke Energy's Condensed Consolidated Balance Sheets. On April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material.
Assets Held For Sale and Discontinued Operations
The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented.
46
FINANCIAL STATEMENTSDISPOSITIONS
The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Condensed Consolidated Balance Sheets.
(in millions)June 30, 2025December 31, 2024
Current Assets Held for Sale
Other$— $4 
Total current assets held for sale— 4 
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost— 109 
Accumulated depreciation and amortization— (24)
Net property, plant and equipment— 85 
Operating lease right-of-use assets, net— 4 
Total other noncurrent assets held for sale— 4 
Total Assets Held for Sale$— $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 June 30, 2025, the remaining held for sale liability balance relates to the previously sold Commercial Renewables Disposal Groups' assets and is expected to settle by December 31, 2025.
As of December 31, 2024, the noncontrolling interest balance is $18 million.
The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations.
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)2025202420252024
Operating revenues$— $13 $4 $7 
Operation, maintenance and other— 121 16
Property and other taxes— 1 — 1
Interest expense— — — 2
Loss on disposal
— 15 4 5 
Loss before income taxes— (15)(1)(17)
Income tax expense (benefit)
1 (5)— (4)
Net loss from discontinued operations attributable to Duke Energy Corporation
$(1)$(10)$(1)$(13)
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.
Six Months Ended
June 30,
(in millions)20252024
Cash flows (used in) provided by:
Operating activities$(3)$7 
Investing activities— (13)
47
FINANCIAL STATEMENTSDISPOSITIONS
Other Sale-Related Matters
As part of the 2023 purchase and sale agreement for the distributed generation group, Duke Energy agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that were 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 June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,030 $471 $7,501 $7 $— $7,508 
Intersegment revenues15 22 37 33 (70)— 
Total operating revenues
$7,045 $493 $7,538 $40 $(70)$7,508 
Less:
Fuel used in electric generation and purchased power$1,898 $— $1,898 $— $(20)$1,878 
Cost of natural gas— 158 158 — — 158 
Operation, maintenance and other1,594 129 1,723 (23)(45)1,655 
Depreciation and amortization1,402 112 1,514 77 (8)1,583 
Property and other taxes371 41 412 3 — 415 
Impairment of assets and other charges(1)— (1)5 (1)3 
Interest expense535 65 600 318 (21)897 
Income tax expense (benefit)200 (4)196 (77)— 119 
Other Segment Items
Noncontrolling interests(a)
23 — 23 — — 23 
Preferred dividends— — — 13 — 13 
Add: Equity in earnings of unconsolidated affiliates
— 1 1 9 1 11 
Add: Other(b)
171 13 184 39 (26)197 
Segment income (loss)
$1,194 $6 $1,200 $(228)$— $972 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$971 
Add back: Net income attributable to noncontrolling interest
23 
Add back: Preferred dividends
13 
Net Income
$1,007 
48
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$6,802 $359 $7,161 $11 $— $7,172 
Intersegment revenues18 22 40 29 (69)— 
Total operating revenues
$6,820 $381 $7,201 $40 $(69)$7,172 
Less:
Fuel used in electric generation and purchased power$2,247 $— $2,247 $— $(19)$2,228 
Cost of natural gas— 78 78 — — 78 
Operation, maintenance and other1,262 117 1,379 (8)(51)1,320 
Depreciation and amortization1,246 96 1,342 73 (6)1,409 
Property and other taxes351 38 389 4 — 393 
Impairment of assets and other charges42 — 42 1 — 43 
Interest expense488 61 549 306 (31)824 
Income tax expense (benefit)214 2 216 (77)1 140 
Other Segment Items
Noncontrolling interests(a)
22 — 22 — (1)21 
Preferred dividends— — — 14 — 14 
Add: Equity in earnings of unconsolidated affiliates
1 — 1 19 1 21 
Add: Other(b)
141 17 158 54 (39)173 
Segment income (loss)(c)
$1,090 $6 $1,096 $(200)$— $896 
Discontinued Operations
(10)
Net income available to Duke Energy Corporation Common Stockholders
$886 
Add back: Net Income available to noncontrolling interest
21 
Add back: Preferred dividends
14 
Net Income
$921 
(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.
(c)    EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the 2024 South Carolina rate case order.
49
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Six Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$14,155 $1,587 $15,742 $15 $— $15,757 
Intersegment revenues30 46 76 67 (143)— 
Total operating revenues
$14,185 $1,633 $15,818 $82 $(143)$15,757 
Less:
Fuel used in electric generation and purchased power$4,017 $— $4,017 $— $(40)$3,977 
Cost of natural gas— 532 532 — — 532 
Operation, maintenance and other3,018 254 3,272 (21)(97)3,154 
Depreciation and amortization2,736 219 2,955 154 (14)3,095 
Property and other taxes749 88 837 6 — 843 
Impairment of assets and other charges(1)— (1)5 (1)3 
Interest expense1,065 130 1,195 636 (45)1,786 
Income tax expense (benefit)389 87 476 (164)— 312 
Other Segment Items
Noncontrolling interests(a)
48 — 48 — — 48 
Preferred dividends— — — 27 — 27 
Add: Equity in earnings of unconsolidated affiliates
— 6 6 15 1 22 
Add: Other(b)
306 26 332 58 (55)335 
Segment income (loss)
$2,470 $355 $2,825 $(488)$— $2,337 
Discontinued Operations
(1)
Net income available to Duke Energy Corporation Common Stockholders
$2,336 
Add back: Net income attributable to noncontrolling interest
48 
Add back: Preferred dividends
27 
Net Income
$2,411 
Capital investments expenditures and acquisitions$5,724 $548 $6,272 $156 $— $6,428 
Segment assets
167,420 18,305 185,725 3,988 — 189,713 
50
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Six Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Unaffiliated revenues$13,587 $1,238 $14,825 $18 $— $14,843 
Intersegment revenues36 45 81 60 (141)— 
Total operating revenues
$13,623 $1,283 $14,906 $78 $(141)$14,843 
Less:
Fuel used in electric generation and purchased power$4,602 $— $4,602 $— $(39)$4,563 
Cost of natural gas— 310 310 — — 310 
Operation, maintenance and other2,578 246 2,824 (26)(99)2,699 
Depreciation and amortization2,471 194 2,665 144 (13)2,796 
Property and other taxes688 84 772 7 — 779 
Impairment of assets and other charges43 — 43 1 — 44 
Interest expense987 122 1,109 600 (68)1,641 
Income tax expense (benefit)387 71 458 (141)1 318 
Other Segment Items
Noncontrolling interests(a)
35 — 35 — (1)34 
Preferred dividends— — — 53 — 53 
Add: Equity in earnings of unconsolidated affiliates
2 — 2 36 — 38 
Add: Other(b)
277 34 311 121 (78)354 
Segment income (loss)(c)
$2,111 $290 $2,401 $(403)$— $1,998 
Discontinued Operations
(13)
Net income available to Duke Energy Corporation Common Stockholders
$1,985 
Add back: Net Income available to noncontrolling interest
34 
Add back: Preferred dividends
53 
Net Income
$2,072 
Capital investments expenditures and acquisitions$5,349 $723 $6,072 $140 $— $6,212 
Segment assets
159,770 17,600 177,370 4,205 — 181,575 
(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.
(c)    EU&I includes $42 million recorded within Impairment of assets and other charges, $2 million within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on Duke Energy Carolinas' and Duke Energy Progress' Condensed Consolidated Statement of Operations, related to the 2024 South Carolina rate case order.
51
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 June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,231 $— $2,231 $4,755 $— $4,755 
Less:
Fuel used in electric generation and purchased power$571 $— $571 $1,374 $— $1,374 
Operation, maintenance and other488 12 500 962 22 984 
Depreciation and amortization482 — 482 914 — 914 
Property and other taxes85 — 85 187 — 187 
Impairment of assets and other charges(1)— (1)(1)— (1)
Interest expense200 — 200 400 — 400 
Income tax expense (benefit)39 (3)36 92 (5)87 
Add: Other segment items(a)
68 (1)67 129 (1)128 
Segment income (loss) / Net income$435 $(10)$425 $956 $(18)$938 
Capital expenditures$2,145 $— $2,145 
Segment assets56,335 264 56,599 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$2,297 $— $2,297 $4,704 $— $4,704 
Less:
Fuel used in electric generation and purchased power$749 $— $749 $1,609 $— $1,609 
Operation, maintenance and other434 10 444 874 21 895 
Depreciation and amortization437 — 437 834 — 834 
Property and other taxes89 — 89 183 — 183 
Impairment of assets and other charges33 — 33 34 — 34 
Interest expense168 — 168 348 — 348 
Income tax expense (benefit)51 (3)48 109 (5)104 
Add: Other segment items(a)
63 (1)62 125 (1)124 
Segment income (loss) / Net income$399 $(8)$391 $838 $(17)$821 
Capital expenditures$1,949 $— $1,949 
Segment assets53,160 214 53,374 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
52
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 June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,566 $3 $3,569 $7,028 $8 $7,036 
Less:
Fuel used in electric generation and purchased power$1,025 $— $1,025 $2,131 $— $2,131 
Operation, maintenance and other828 15 843 1,501 30 1,531 
Depreciation and amortization609 — 609 1,240 — 1,240 
Property and other taxes175 — 175 347 — 347 
Interest expense255 28 283 501 57 558 
Income tax expense (benefit)121 (13)108 239 (21)218 
Add: Other segment items(a)
76 5 81 137 5 142 
Segment income (loss) / Net income$629 $(22)$607 $1,206 $(53)$1,153 
Capital expenditures$2,742 $— $2,742 
Segment assets69,489 4,822 74,311 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$3,352 $5 $3,357 $6,576 $9 $6,585 
Less:
Fuel used in electric generation and purchased power$1,202 $— $1,202 $2,345 $— $2,345 
Operation, maintenance and other571 17 588 1,187 29 1,216 
Depreciation and amortization568 — 568 1,155 — 1,155 
Property and other taxes167 (1)166 324 — 324 
Impairment of assets and other charges9 — 9 9 — 9 
Interest expense237 28 265 468 57 525 
Income tax expense (benefit)114 (10)104 209 (19)190 
Add: Other segment items(a)
56 10 66 117 18 135 
Segment income (loss) / Net income$540 $(19)$521 $996 $(40)$956 
Capital expenditures$2,623 $— $2,623 
Segment assets65,620 3,844 69,464 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
53
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 June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,681 $— $1,681 $3,699 $— $3,699 
Less:
Fuel used in electric generation and purchased power$574 $— $574 $1,299 $— $1,299 
Operation, maintenance and other333 7 340 724 14 738 
Depreciation and amortization319 — 319 676 — 676 
Property and other taxes45 — 45 105 — 105 
Interest expense139 — 139 267 — 267 
Income tax expense (benefit)40 (1)39 98 (3)95 
Add: Other segment items(a)
50 — 50 89 (2)87 
Segment income (loss) / Net income$281 $(6)$275 $619 $(13)$606 
Capital expenditures$1,524 $— $1,524 
Segment assets40,486 1,072 41,558 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,636 $— $1,636 $3,424 $— $3,424 
Less:
Fuel used in electric generation and purchased power$597 $— $597 $1,217 $— $1,217 
Operation, maintenance and other320 6 326 689 12 701 
Depreciation and amortization306 — 306 645 — 645 
Property and other taxes50 — 50 101 — 101 
Impairment of assets and other charges9 — 9 9 — 9 
Interest expense123 — 123 243 — 243 
Income tax expense (benefit)39 — 39 89 (2)87 
Add: Other segment items(a)
36 1 37 72 2 74 
Segment income (loss) / Net income$228 $(5)$223 $503 $(8)$495 
Capital expenditures$1,373 $— $1,373 
Segment assets38,562 99 38,661 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
54
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 June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,885 $— $1,885 $3,329 $— $3,329 
Less:
Fuel used in electric generation and purchased power$451 $— $451 $832 $— $832 
Operation, maintenance and other495 5 500 777 9 786 
Depreciation and amortization290 — 290 564 — 564 
Property and other taxes130 — 130 242 — 242 
Interest expense116 — 116 234 — 234 
Income tax expense (benefit)81 — 81 141 (2)139 
Add: Other segment items(a)
26 1 27 48 (2)46 
Segment income (loss) / Net income$348 $(4)$344 $587 $(9)$578 
Capital expenditures$1,218 $— $1,218 
Segment assets29,003 89 29,092 
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$1,716 $— $1,716 $3,152 $— $3,152 
Less:
Fuel used in electric generation and purchased power$605 $— $605 $1,128 $— $1,128 
Operation, maintenance and other251 5 256 498 9 507 
Depreciation and amortization262 — 262 510 — 510 
Property and other taxes117 — 117 223 — 223 
Interest expense114 — 114 225 — 225 
Income tax expense (benefit)75 — 75 120 (2)118 
Add: Other segment items(a)
20 2 22 45 2 47 
Segment income (loss) / Net income$312 $(3)$309 $493 $(5)$488 
Capital expenditures$1,251 $— $1,251 
Segment assets27,058 20 27,078 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
55
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 June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$498 $156 $654 $— $654 
Less:
Fuel used in electric generation and purchased power$161 $— $161 $— $161 
Cost of natural gas— 35 35 — 35 
Operation, maintenance and other87 27 114 1 115 
Depreciation and amortization83 39 122 (1)121 
Property and other taxes80 21 101 — 101 
Interest expense32 18 50 1 51 
Income tax expense (benefit)9 3 12 — 12 
Add: Other segment items(a)
4 2 6 — 6 
Segment income (loss) / Net income
$50 $15 $65 $(1)$64 
Three Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$476 $132 $608 $— $608 
Less:
Fuel used in electric generation and purchased power$132 $— $132 — $132 
Cost of natural gas— 21 21 — 21 
Operation, maintenance and other88 30 118 3 121 
Depreciation and amortization65 31 96 — 96 
Property and other taxes80 22 102 — 102 
Interest expense32 17 49 (2)47 
Income tax expense (benefit)13 4 17 (1)16 
Add: Other segment items(a)
3 2 5 (1)4 
Segment income (loss) / Net income$69 $9 $78 $(1)$77 
(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.
Six Months Ended June 30, 2025
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$985 $435 $1,420 $— $1,420 
Less:
Fuel used in electric generation and purchased power$310 $— $310 $— $310 
Cost of natural gas— 136 136 — 136 
Operation, maintenance and other179 56 235 4 239 
Depreciation and amortization159 75 234 (1)233 
Property and other taxes166 51 217 — 217 
Interest expense63 34 97 1 98 
Income tax expense (benefit)18 17 35 (1)34 
Add: Other segment items(a)
8 4 12 (1)11 
Segment income (loss) / Net income
$98 $70 $168 $(4)$164 
Capital expenditures$303 $168 $471 $— $471 
Segment assets8,378 4,582 12,960 36 12,996 
56
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Six Months Ended June 30, 2024
ElectricGasTotal
Utilities andUtilities andReportable
Eliminations/
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total operating revenues
$934 $352 $1,286 $— $1,286 
Less:
Fuel used in electric generation and purchased power$270 $— $270 — $270 
Cost of natural gas— 82 82 — 82 
Operation, maintenance and other181 62 243 4 247 
Depreciation and amortization131 64 195 — 195 
Property and other taxes151 53 204 — 204 
Interest expense61 32 93 (1)92 
Income tax expense (benefit)23 13 36 (1)35 
Add: Other segment items(a)
7 4 11 (1)10 
Segment income (loss) / Net income
$124 $50 $174 $(3)$171 
Capital expenditures$273 $144 $417 $— $417 
Segment assets8,034 4,389 12,423 178 12,601 
(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.
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 June 30, 2025Six Months Ended June 30, 2025
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$821 $— $821 $1,679 $— $1,679 
Less:
Fuel used in electric generation and purchased power$219 $— $219 $479 $— $479 
Operation, maintenance and other189 3 192 382 5 387 
Depreciation and amortization222 — 222 414 — 414 
Property and other taxes17 — 17 35 — 35 
Interest expense56 1 57 116 — 116 
Income tax expense (benefit)20 (2)18 38 (2)36 
Add: Other segment items(a)
22 (1)21 32 (1)31 
Segment income (loss) / Net income$120 $(3)$117 $247 $(4)$243 
Capital expenditures$526 $— $526 
Segment assets15,940 240 16,180 
57
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
ElectricElectric
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$747 $— $747 $1,506 $— $1,506 
Less:
Fuel used in electric generation and purchased power$223 $— $223 $494 $— $494 
Operation, maintenance and other161 — 161 339 2 341 
Depreciation and amortization172 — 172 341 — 341 
Property and other taxes16 — 16 30 — 30 
Interest expense58 — 58 115 — 115 
Income tax expense (benefit)22 — 22 36 — 36 
Add: Other segment items(a)
16 (1)15 29 (1)28 
Segment income (loss) / Net income$111 $(1)$110 $180 $(3)$177 
Capital expenditures$489 $— $489 
Segment assets15,590 59 15,649 
(a)    Other segment items include Gains on sales of other assets and other, net, and Other income and expenses, net.
Piedmont
Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$335 $— $335 $1,192 $— $1,192 
Less:
Cost of natural gas$124 $— $124 $396 $— $396 
Operation, maintenance and other101 2 103 195 4 199 
Depreciation and amortization71 — 71 141 — 141 
Property and other taxes19 — 19 37 — 37 
Interest expense47 1 48 94 1 95 
Income tax (benefit) expense
(7)(1)(8)69 (1)68 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 1 1 — 3 3 
Add: Other(a)
11 — 11 22 — 22 
Segment (loss) income / Net (loss) income
$(9)$(1)$(10)$282 $(1)$281 
Capital expenditures$380 $— $380 
Segment assets11,844 87 11,931 
58
FINANCIAL STATEMENTSBUSINESS SEGMENTS
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Gas
Gas
Utilities andEliminations/Utilities andEliminations/
(in millions)InfrastructureOtherTotalInfrastructureOtherTotal
Total operating revenues
$244 $— $244 $920 $— $920 
Less:
Cost of natural gas$58 $— $58 $228 $— $228 
Operation, maintenance and other83 2 85 178 2 180 
Depreciation and amortization64 — 64 126 — 126 
Property and other taxes16 — 16 31 — 31 
Interest expense43 — 43 88 — 88 
Income tax (benefit) expense
(1)— (1)58 1 59 
Other Segment Items
Add: Equity in earnings of unconsolidated affiliates— 2 2 — 4 4 
Add: Other(a)
15 — 15 30 — 30 
Segment (loss) income / Net (loss) income
$(4)$— $(4)$241 $1 $242 
Capital expenditures$571 $— $571 
Segment assets11,208 93 11,301 
(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 regulates and approves rates for wholesale electric sales and interstate transmission rates. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective 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 June 30, 2025, the total cumulative operations and maintenance expense incurred for restoration and rebuilding of infrastructure associated with the hurricanes was approximately $812 million ($530 million and $282 million for Duke Energy Carolinas and Duke Energy Progress, respectively). The reduction in cumulative operations and maintenance expense compared to December 31, 2024, of $82 million for Duke Energy Carolinas and an increase of $34 million for Duke Energy Progress, was recorded in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. In addition, through June 30, 2025, there have been cumulative capital investments of $468 million ($378 million and $90 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 $70 million are 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.
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 authorized 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. On June 18, 2025, the NCUC issued its Phase 2 order approving the settlement and issuing the financing orders. Duke Energy Carolinas and Duke Energy Progress expect to securitize the North Carolina-retail allocable share of storm costs by the end of 2025.
59
FINANCIAL STATEMENTSREGULATORY MATTERS
South Carolina 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 primarily related to Hurricane Helene storm recovery activities and inclusive of funding $25 million related to storm reserves. On June 25, 2025, an evidentiary hearing was held. Duke Energy Carolinas reached a comprehensive settlement among all parties in the proceeding which was filed with the PSCSC supporting securitization of approximately $556 million, including the storm reserve funding. On July 10, 2025, the PSCSC approved the settlement and the financing order was issued on August 1, 2025. Duke Energy Carolinas expects to securitize the 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 them against established storm reserve balances.
Application to Combine Utilities
On July 30, 2025, Duke Energy Carolinas and Duke Energy Progress (together, the Companies) filed a notice of intent with the NCUC and PSCSC that notifies the respective state regulatory commissions of the Companies' intent to file applications for approval to combine utilities, by which Duke Energy Progress will merge into Duke Energy Carolinas, resulting in a single electric utility serving the Companies' North Carolina and South Carolina service territories. The Companies plan to file applications no earlier than August 14, 2025, with the NCUC, PSCSC and FERC. The Companies have been engaging with stakeholders and will continue to do so in advance of filing and intend to propose a procedural schedule for consideration at the time of filing. Subject to regulatory approvals, the Company is currently targeting an effective date of January 1, 2027. There is no assurance that Duke Energy Carolinas and Duke Energy Progress will obtain the required regulatory approvals from the NCUC, PSCSC, and the FERC, and the transaction cannot proceed without all three.
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 an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMS) as required by HB951.
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.
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.
2025 South Carolina Rate Case
On July 1, 2025, Duke Energy Carolinas filed a base rate case with the PSCSC requesting an annualized increase in electric base rates of approximately $151 million and an ROE of 10.85% with an equity ratio of 53%. This is an overall average customer rate increase of approximately 7.7%. The request for the rate increase is driven by significant capital investments, including generation plant additions, as well as transmission, distribution and grid improvements. Duke Energy Carolinas has requested new rates to go into effect no later than March 1, 2026. An evidentiary hearing is scheduled to commence on November 13, 2025. An order is expected by the end of 2025.
60
FINANCIAL STATEMENTSREGULATORY MATTERS
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 HB951.
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 began 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 on the second CC CPCN concluded on July 22, 2025. An order is expected by the end of 2025.
Robinson Subsequent License Renewal
In April 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 current license expires in 2030 and the renewal would extend the operating license of the facility to 2050. The NRC is performing the safety and environmental reviews for the application and is scheduled to reach a decision by April 2026.
2025 South Carolina Rate Case
On June 12, 2025, Duke Energy Progress filed a base rate case with the PSCSC requesting an annualized increase in electric base rates of approximately $75 million and an ROE of 10.85% with an equity ratio of 53%. This is an overall average customer rate increase of approximately 12.1%. The request for the rate increase is driven by significant capital investments, primarily including transmission, distribution and grid improvements. Duke Energy Progress has requested new rates to go into effect no later than February 1, 2026. An evidentiary hearing is scheduled to commence on October 27, 2025. An order is expected by the end of 2025.
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.
61
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. On July 17, 2025, the Supreme Court of Florida issued an order affirming the revised FPSC order. The ruling did not change the solar program or have other financial implications. This matter is now fully resolved.
Storm Protection Plan
At least every three years, Duke Energy Florida must file an 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 Office of Public Counsel (OPC) filed a notice of appeal of this order to the Supreme Court of Florida and briefs were filed by the OPC and Duke Energy Florida during 2023. On November 14, 2024, the Supreme Court of Florida 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. On May 16, 2025, Duke Energy Florida and the OPC filed Joint Stipulations to resolve all matters, and the FPSC issued an order on June 19, 2025, approving those stipulations. The stipulations require Duke Energy Florida to defer certain work in two programs from 2026 to 2027 and later. The remainder of Duke Energy Florida's filed SPP was approved without modification. This matter is now fully resolved.
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 $454 million and $936 million of the operation and maintenance expenses, net of storm reserves, are deferred in Regulatory assets within Current assets as of June 30, 2025, and December 31, 2024, respectively. Approximately $81 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 Ohio Consumers' Counsel (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 Supreme Court of Ohio. The case is fully briefed, and oral argument is scheduled for October 7, 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. On May 14, 2025, PUCO issued its order, approving the stipulation without modification.
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FINANCIAL STATEMENTSREGULATORY MATTERS
On May 15, 2025, the governor of Ohio signed Ohio Substitute House Bill 15 (HB15) into law to be effective on August 14, 2025. HB15 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. HB15 eliminates ESPs and certain distribution-related riders, but allows ESPs approved as of its effective date to remain in place through the end of their authorized term. HB15 also eliminates Duke Energy Ohio's Legacy Generation Rider upon the effective date of HB15 and prevents the PUCO from future reauthorization of similar arrangements. As a result of HB15, 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 as of HB15's effective date may not be recoverable. Regulatory assets related to OVEC were $6 million and $30 million as of June 30, 2025, and December 31, 2024, respectively.
Duke Energy Ohio RTO Adder
On February 24, 2022, the OCC filed a complaint asserting that FERC should reduce the ROE utilized in transmission formulas for Duke Energy Ohio and certain transmission providers by eliminating the 50 basis point adder associated with RTO membership. The OCC contends this is required because Ohio law mandates that transmission owning utilities join an RTO and that the 50 basis point adder is only applicable where RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as it related to Duke Energy Ohio, but granted it for certain other transmission providers. As a result of appeal by certain other transmission providers, the U.S. Court of Appeals for the Sixth Circuit (Sixth Circuit) on January 17, 2025, reversed the prior decision from FERC. In the decision, the Sixth Circuit ruled the 50 basis point adder is available only where RTO membership is voluntary. The decision noted that Ohio law requires Ohio's transmission utilities to be a member of an RTO and therefore it is unlawful for FERC to remove the adder from certain transmission providers but not also remove the adder from Duke Energy Ohio. As a result, the issue was remanded back to FERC to revise their prior decision. As a result of the ruling, Duke Energy Ohio recognized a pre-tax charge during 2025, the results of which were not material. On March 26, 2025, the Sixth Circuit denied requests for rehearing. On April 16, 2025, the Sixth Circuit agreed to stay the mandate pending further appeal to the U.S. Supreme Court. On July 17, 2025, Duke Energy Ohio filed a brief at the U.S. Supreme Court requesting review of the Sixth Circuit's decision.
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 approved the request to align depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and electric vehicle charging programs.
Revised rates were implemented in August 2024 after a rehearing request. 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 the inclusion of decommissioning costs in depreciation rates for East Bend and Woodsdale. The case is fully briefed. Duke Energy Kentucky is awaiting the scheduling of oral arguments and outcome of the appeal.
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 average customer rate increase of approximately 14.7%. The request for the rate increase is driven by capital investments to strengthen the electricity generation and delivery systems. The evidentiary hearing occurred in May 2025. New rates went into effect on July 3, 2025, subject to refund. An order is expected by October 3, 2025.
Duke Energy Kentucky 2025 Natural Gas Base Rate Case
On June 2, 2025, Duke Energy Kentucky filed a base rate case with the KPSC requesting an annualized increase in natural gas base rates of approximately $26 million and an ROE of 10.75% with an equity ratio of 52.649%. This is an overall average customer rate increase of approximately 17%. The request for the rate increase is driven by capital investments to strengthen the natural gas delivery system. An evidentiary hearing is scheduled for October 28, 2025. New rates are anticipated to go into effect around January 2, 2026.
Duke Energy Indiana
Indiana Coal Ash Recovery
In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. In April 2020, Duke Energy Indiana filed testimony in the coal ash subdocket requesting recovery for post-2018 coal ash basin closure costs associated with closure plans that were approved by the Indiana Department of Environmental Management (IDEM) at that time as well as continued deferral approval and carrying costs on the balance of such coal ash basin closure costs. On November 3, 2021, the IURC issued an order allowing recovery of the post-2018 coal ash basin closure costs, 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.
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FINANCIAL STATEMENTSREGULATORY MATTERS
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 on the refunds at a rate of 4.71%, beginning from when the costs were initially recovered from customers. In the 2024 Indiana Rate Case, 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. The IURC's January 29, 2025 order in the 2024 Indiana Rate Case denied recovery of the pre-order costs previously denied by the Indiana Court of Appeals but approved the recovery of certain future coal ash closure costs as part of depreciation costs.
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 notice of appeal of the IURC's order. Briefing was completed in January 2025, and Duke Energy Indiana is awaiting an opinion from the appellate court.
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 for retail customers. The request for rate increase was 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. 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 clarifying the intent of its January 29, 2025 order regarding the rate migration adjustment, resulting in revised rates that were effective on May 19, 2025. On May 14, 2025, the industrial customer filed a motion to dismiss its appeal, and on May 20, 2025, the Indiana Court of Appeals granted the industrial customer's motion to dismiss. This matter is now fully resolved.
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 $3.3 billion, plus actual AFUDC. 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. On June 17, 2025, Duke Energy Indiana entered into a settlement agreement with one of the parties in this proceeding to conduct a study evaluating the feasibility of third-party operation of the Cayuga coal units. On July 11, 2025, Duke Energy Indiana entered into a settlement agreement with an additional party in this proceeding agreeing to the need of the units and addressing accounting and ratemaking components. Neither agreement alters the underlying plans in the pending CPCN application. An evidentiary hearing is scheduled for August 21, 2025. An order is expected in the fourth quarter of 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.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
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.
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)June 30, 2025December 31, 2024
Reserves for Environmental Remediation
Duke Energy$73 $73 
Duke Energy Carolinas32 24 
Progress Energy19 19 
Duke Energy Progress9 9 
Duke Energy Florida10 10 
Duke Energy Ohio14 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. The 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 plaintiffs are seeking unspecified compensatory and punitive damages, injunctive relief to stop further contamination, remediation of contaminated areas and attorneys' fees and costs. On July 28, 2025, the plaintiffs filed an Amended Complaint, which asserts claims for negligence, negligence per se, gross negligence, private nuisance, strict liability for ultra-hazardous activities and trespass. Duke Energy's deadline to respond to the Amended Complaint is September 11, 2025. Duke Energy has informed the plaintiffs and the court that it intends to file a motion to dismiss. A hearing on the motion to dismiss is scheduled for December 15, 2025.
Nuclear Compensation Class Action Litigation
On July 11, 2025, plaintiffs Leo Dorrell and John Dunn filed a putative class action lawsuit in the U.S. District Court for the District of Maryland against all U.S. commercial nuclear power operators, including Duke Energy Corporation (Parent) and Progress Energy. The plaintiffs allege that the nuclear power industry engaged in a conspiracy to suppress compensation by exchanging salary information since 2003, in violation of Section 1 of the Sherman Act. Although not named as defendants, other entities are accused of having participated in the plaintiff's alleged conspiracy, including Duke Energy Carolinas and Duke Energy Progress. The lawsuit seeks unspecified monetary damages, including treble damages, on behalf of current and former employees in the nuclear power industry as well as injunctive relief. Duke Energy is evaluating the claims and intends to vigorously defend this lawsuit. A Consent Motion was filed on August 4, 2025, setting the briefing schedule in the case. The defendants' response to the complaint is due on October 15, 2025.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
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 U.S. Supreme Court. On June 2, 2025, the U.S. Supreme Court invited the Solicitor General to file a brief reflecting the views of the U.S. as it relates to this matter.
Asbestos-related Injuries and Damages Claims
Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.
Duke Energy Carolinas has recognized asbestos-related reserves of $379 million at June 30, 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 $540 million at June 30, 2025, and $539 million at 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 June 30, 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. During 2023 through 2025, Duke Energy Indiana reached confidential settlements with various insurance companies, the results of which were not material to Duke Energy. All settlement payments have been received and the case has been dismissed. In July 2025, Duke Energy Indiana began refunding retail customers their share of coal ash insurance settlement proceeds, after expenses, over one year.
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FINANCIAL STATEMENTSCOMMITMENTS AND CONTINGENCIES
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, non-cancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.
6. DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Six Months Ended June 30, 2025
Duke DukeDukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergy EnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
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 — — — — 
May 2025(c)
May 2055
5.90 %300 — — — — — 300 — 
June 2025(d)
June 2035
5.30 %350 — — — — 350 — — 
Total issuances$3,850 $— $1,100 $2,100 $— $350 $300 $— 
(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.
(c)Proceeds were used to pay down short-term debt and for general company purposes.
(d)Proceeds were used to pay off $150 million of maturities due June 2025, to pay off short-term debt and for general corporate purposes.
In June 2025, Duke Energy Kentucky priced an aggregate principal amount of $150 million senior unsecured debentures ("the debentures") through a private placement offering. The debentures are expected to be issued on August 12, 2025, and will be split across three tranches, $68 million with a coupon of 5.41% maturing September 2030, $43 million with a coupon of 6.01% maturing September 2035 and $40 million with a coupon of 6.11% maturing September 2037. Proceeds will be used to repay $95 million of maturities due October 2025, $45 million of maturities due January 2026, pay down short-term debt and for general corporate purposes.
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FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
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 RateJune 30, 2025
Unsecured Debt
Duke Energy (Parent)September 20250.900 %650 
Piedmont
September 20253.600 %150 
Duke Energy Florida Term Loan Facility(a)
October 20255.071 %800 
Duke Energy Ohio(b)
October 20253.230 %95 
Duke Energy (Parent)December 20255.000 %500 
Duke Energy (Parent) Convertible Senior Notes
April 20264.125 %1,725 
First Mortgage Bonds
Duke Energy Florida(a)(c)
October 2073
4.009 %200 
Duke Energy Florida(a)(c)
April 20744.009 %173 
Duke Energy ProgressAugust 20253.250 %500 
Other(d)
253 
Current maturities of long-term debt$5,046 
(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.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
June 30, 2025
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$10,000 $3,925 $1,000 $1,125 $1,150 $950 $800 $1,050 
Reduction to backstop issuances
Commercial paper(b)
(3,017)(2,385)(300)(150)(1)(26)(150)(5)
Outstanding letters of credit(14)(2)(4)(1)(7)— — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$6,888 $1,538 $696 $974 $1,142 $924 $569 $1,045 
(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.
68
FINANCIAL STATEMENTSDEBT AND CREDIT FACILITIES
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 were available to 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 included an option to 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. In April 2025, Duke Energy Carolinas drew the remaining $100 million on its term loan facility.
As of June 30, 2025, total borrowings under the term loan facilities of $700 million for Duke Energy Carolinas and $250 million for Duke Energy Progress were classified as Long-Term Debt and total borrowings under the term loan facility of $800 million for Duke Energy Florida were classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets.
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 June 30, 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 June 30, 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.
69
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 June 30,Six Months Ended June 30,
(in millions)2025202420252024
Duke Energy Carolinas
Corporate governance and shared service expenses(a)
$157 $189 $335 $403 
Indemnification coverages(b)
14 11 27 22 
JDA revenue(c)
8 6 90 22 
JDA expense(c)
71 53 187 93 
Intercompany natural gas purchases(d)
2 5 4 9 
Progress Energy
Corporate governance and shared service expenses(a)
$141 $171 $291 $359 
Indemnification coverages(b)
16 15 32 29 
JDA revenue(c)
71 53 187 93 
JDA expense(c)
8 6 90 22 
Intercompany natural gas purchases(d)
19 18 38 37 
Duke Energy Progress
Corporate governance and shared service expenses(a)
$81 $100 $167 $214 
Indemnification coverages(b)
6 6 13 12 
JDA revenue(c)
71 53 187 93 
JDA expense(c)
8 6 90 22 
Intercompany natural gas purchases(d)
19 18 38 37 
Duke Energy Florida
Corporate governance and shared service expenses(a)
$60 $71 $124 $145 
Indemnification coverages(b)
10 9 19 17 
Duke Energy Ohio
Corporate governance and shared service expenses(a)
$70 $77 $134 $154 
Indemnification coverages(b)
2 1 3 3 
Duke Energy Indiana
Corporate governance and shared service expenses(a)
$73 $83 $144 $185 
Indemnification coverages(b)
3 3 5 5 
Piedmont
Corporate governance and shared service expenses(a)
$36 $40 $67 $81 
Indemnification coverages(b)
2 1 3 2 
Intercompany natural gas sales(d)
21 23 42 46 
Natural gas storage and transportation costs(e)
5 6 11 12 
(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.
70
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
June 30, 2025
Intercompany income tax receivable$— $— $16 $— $— $— $45 
Intercompany income tax payable$85 $119 $— $153 $15 $27 $— 
December 31, 2024
Intercompany income tax receivable$— $— $— $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 and six months ended June 30, 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.
71
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
June 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$3,225 $— $— $— $— $— $— 
Undesignated contracts4,027 1,875 1,800 600 1,200 325 27 
Total notional amount$7,252 $1,875 $1,800 $600 $1,200 $325 $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.
June 30, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)24,145 — — — 3,000 21,145 — 
Natural gas (millions of dekatherms)778 290 255 255 — 27 206 
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.
72
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2025.
Fair Value Gain (Loss)(a)
(in millions)
Pay NotionalReceive NotionalReceiveHedgeThree Months Ended June 30,Six Months Ended June 30,
(in millions)Pay Rate(in millions)RateMaturity Date2025202420252024
Fair value hedges
$645 4.75 %600 euros3.10 %June 2028$58 $(2)$86 $— 
537 5.31 %500 euros3.85 %June 203449 (2)72 — 
815 5.65 %750 
euros
3.75 %April 203173 (9)108 (9)
Total notional amount$1,997 1,850 euros$180 $(13)$266 $(9)
(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 AssetsJune 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$93 $37 $33 $33 $— $1 $21 $— 
Noncurrent90 45 45 45 — — — — 
Total Derivative Assets – Commodity Contracts$183 $82 $78 $78 $— $1 $21 $— 
Interest Rate Contracts
Designated as Hedging Instruments
Current$84 $— $— $— $— $— $— $— 
Noncurrent26 — — — — — — — 
Not Designated as Hedging Instruments
Current3 — 3 — 3 — — — 
Noncurrent48 28 21 13 7 — — — 
Total Derivative Assets – Interest Rate Contracts$161 $28 $24 $13 $10 $— $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent195 — — — — — — — 
Total Derivative Assets – Foreign Currency Contracts$195 $— $— $— $— $— $— $— 
Total Derivative Assets$539 $110 $102 $91 $10 $1 $21 $— 
73
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesJune 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$70 $35 $10 $10 $— $— $2 $24 
Noncurrent119 16 11 11 — — — 91 
Total Derivative Liabilities – Commodity Contracts$189 $51 $21 $21 $— $— $2 $115 
Interest Rate Contracts
Designated as Hedging Instruments
Current$5 $— $— $— $— $— $— $— 
Noncurrent2 — — — — — — — 
Not Designated as Hedging Instruments
Current12 — 11 — 11 — — — 
Noncurrent23 9 9 4 5 1 5 — 
Total Derivative Liabilities – Interest Rate Contracts$42 $9 $20 $4 $16 $1 $5 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current25 — — — — — — — 
Total Derivative Liabilities – Foreign Currency Contracts$25 $— $— $— $— $— $— $— 
Total Derivative Liabilities$256 $60 $41 $25 $16 $1 $7 $115 
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 
74
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 AssetsJune 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$180 $37 $36 $33 $3 $1 $21 $— 
Offset
(20)(10)(10)(10)— — — — 
Net amounts presented in Current Assets: Other$160 $27 $26 $23 $3 $1 $21 $— 
Noncurrent
Gross amounts recognized$359 $73 $66 $58 $7 $— $— $— 
Offset
(23)(12)(12)(12)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$336 $61 $54 $46 $7 $— $— $— 
75
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
Derivative LiabilitiesJune 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$112 $35 $21 $10 $11 $— $2 $24 
Offset
(20)(10)(10)(10)— — — — 
Cash collateral posted
(1)— — — — — (1)— 
Net amounts presented in Current Liabilities: Other$91 $25 $11 $— $11 $— $1 $24 
Noncurrent
Gross amounts recognized$144 $25 $20 $15 $5 $1 $5 $91 
Offset
(23)(12)(12)(12)— — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$121 $13 $8 $3 $5 $1 $5 $91 
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 
76
FINANCIAL STATEMENTSDERIVATIVES AND HEDGING
OBJECTIVE CREDIT CONTINGENT FEATURES
Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.
June 30, 2025
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$9 $9 $— $— 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$9 $9 $— $— 
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 June 30, 2025, and December 31, 2024.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
77
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.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $145 $— $— $139 
Equity securities6,210 36 8,637 5,753 61 8,233 
Corporate debt securities14 24 822 6 33 673 
Municipal bonds1 20 355 2 14 342 
U.S. government bonds17 51 1,897 3 84 1,806 
Other debt securities2 6 253 1 8 239 
Total NDTF Investments$6,244 $137 $12,109 $5,765 $200 $11,432 
Other Investments
Cash and cash equivalents$— $— $138 $— $— $47 
Equity securities45 — 125 39 4 160 
Corporate debt securities— 3 77 — 5 79 
Municipal bonds— 2 67 — 1 83 
U.S. government bonds— 5 51 — 5 59 
Other debt securities— 3 43 — 4 45 
Total Other Investments$45 $13 $501 $39 $19 $473 
Total Investments$6,289 $150 $12,610 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains $41 $127 $167 $195 
 Realized losses40 27 81 45 
AFS:
 Realized gains10 2 20 12 
 Realized losses17 22 37 36 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $60 $— $— $62 
Equity securities3,638 18 4,983 3,386 33 4,751 
Corporate debt securities6 21 501 2 27 401 
Municipal bonds— 6 38 — 4 36 
U.S. government bonds9 33 1,056 — 50 991 
Other debt securities2 6 241 1 8 223 
Total NDTF Investments$3,655 $84 $6,879 $3,389 $122 $6,464 
78
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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains$22 $72 $104 $125 
 Realized losses 19 15 41 21 
AFS:
 Realized gains8 1 15 5 
 Realized losses9 11 23 17 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $85 $— $— $77 
Equity securities2,572 18 3,654 2,367 28 3,482 
Corporate debt securities8 3 321 4 6 272 
Municipal bonds1 14 317 2 10 306 
U.S. government bonds8 18 841 3 34 815 
Other debt securities— — 12 — — 16 
Total NDTF Investments$2,589 $53 $5,230 $2,376 $78 $4,968 
Other Investments
Cash and cash equivalents$— $— $16 $— $— $23 
Municipal bonds— 1 23 — — 24 
Total Other Investments$— $1 $39 $— $— $47 
Total Investments$2,589 $54 $5,269 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains$19 $55 $63 $70 
 Realized losses21 12 40 24 
AFS:
 Realized gains2 1 5 7 
 Realized losses8 11 14 19 
79
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $67 $— $— $54 
Equity securities2,457 18 3,531 2,256 28 3,362 
Corporate debt securities7 3 302 4 6 256 
Municipal bonds1 14 317 2 10 306 
U.S. government bonds8 13 694 3 26 645 
Other debt securities— — 11 — — 14 
Total NDTF Investments$2,473 $48 $4,922 $2,265 $70 $4,637 
Other Investments
Cash and cash equivalents$— $— $11 $— $— $16 
Total Other Investments$— $— $11 $— $— $16 
Total Investments$2,473 $48 $4,933 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains$17 $55 $61 $70 
 Realized losses21 12 40 24 
AFS:
 Realized gains2 1 5 7 
 Realized losses7 10 13 18 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $18 $— $— $23 
Equity securities115 — 123 111 — 120 
Corporate debt securities1 — 19 — — 16 
U.S. government bonds— 5 147 — 8 170 
Other debt securities— — 1 — — 2 
Total NDTF Investments(a)
$116 $5 $308 $111 $8 $331 
Other Investments
Cash and cash equivalents$— $— $2 $— $— $3 
Municipal bonds— 1 23 — — 24 
Total Other Investments$— $1 $25 $— $— $27 
Total Investments$116 $6 $333 $111 $8 $358 
(a)During the six months ended June 30, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
80
FINANCIAL STATEMENTSINVESTMENTS IN DEBT AND EQUITY SECURITIES
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2025, and 2024, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedEstimated
HoldingHoldingFairHoldingFair
(in millions)GainsLossesValueLossesValue
Investments
Cash and cash equivalents$— $— $2 $— $1 
Equity securities1 — 47 4 89 
Corporate debt securities— — 1 — 6 
Municipal bonds— 1 25 1 43 
U.S. government bonds— — — — 7 
Total Investments$1 $1 $75 $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 and six months ended June 30, 2025, and 2024, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
June 30, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$87 $5 $79 $17 $62 $1 
Due after one through five years896 397 438 375 63 8 
Due after five through 10 years695 360 285 268 17 6 
Due after 10 years1,887 1,074 712 664 48 11 
Total$3,565 $1,836 $1,514 $1,324 $190 $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.
81
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.
June 30, 2025
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$145 $145 $— $— $— 
NDTF equity securities8,637 8,609 3 — 25 
NDTF debt securities3,327 1,051 2,276 — — 
Other equity securities125 125 — — — 
Other debt securities238 51 187 — — 
Other cash and cash equivalents138 138 — — — 
Derivative assets539 8 517 14 — 
Total assets13,149 10,127 2,983 14 25 
Derivative liabilities(256)(2)(254)— — 
Net assets$12,893 $10,125 $2,729 $14 $25 
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 
82
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 June 30,Six Months Ended June 30,
(in millions) 2025202420252024
Balance at beginning of period$3 $6 $9 $15 
Purchases, sales, issuances and settlements:
Purchases14 29 14 29 
Settlements8 (10)2 (23)
Total (losses) gains included on the Condensed Consolidated Balance Sheet
(11)10 (11)14 
Balance at end of period$14 $35 $14 $35 
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.
June 30, 2025
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$60 $60 $— $— 
NDTF equity securities4,983 4,955 3 25 
NDTF debt securities1,836 517 1,319 — 
Derivative assets110 — 110 — 
Total assets6,989 5,532 1,432 25 
Derivative liabilities(60)— (60)— 
Net assets$6,929 $5,532 $1,372 $25 
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.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$85 $85 $— $77 $77 $— 
NDTF equity securities3,654 3,654 — 3,482 3,482 — 
NDTF debt securities1,491 534 957 1,409 502 907 
Other debt securities23 — 23 24 — 24 
Other cash and cash equivalents16 16 — 23 23 — 
Derivative assets102 — 102 127 — 127 
Total assets5,371 4,289 1,082 5,142 4,084 1,058 
Derivative liabilities(41)— (41)(58)— (58)
Net assets$5,330 $4,289 $1,041 $5,084 $4,084 $1,000 
83
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.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$67 $67 $— $54 $54 $— 
NDTF equity securities3,531 3,531 — 3,362 3,362 — 
NDTF debt securities1,324 413 911 1,221 365 856 
Other cash and cash equivalents11 11 — 16 16 — 
Derivative assets91 — 91 109 — 109 
Total assets5,024 4,022 1,002 4,762 3,797 965 
Derivative liabilities(25)— (25)(57)— (57)
Net assets$4,999 $4,022 $977 $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.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$18 $18 $— $23 $23 $— 
NDTF equity securities123 123 — 120 120 — 
NDTF debt securities167 121 46 188 137 51 
Other debt securities23 — 23 24 — 24 
Other cash and cash equivalents2 2 — 3 3 — 
Derivative assets10 — 10 18 — 18 
Total assets343 264 79 376 283 93 
Derivative liabilities(16)— (16)(1)— (1)
Net assets$327 $264 $63 $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 June 30, 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.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$47 $47 $— $— $89 $89 $— $— 
Other debt securities26 — 26 — 56 — 56 — 
Other cash and cash equivalents2 2 — — 1 1 — — 
Derivative assets21 8 — 13 44 — 36 8 
Total assets96 57 26 13 190 90 92 8 
Derivative liabilities(7)(2)(5)— (3)(3)— — 
Net assets$89 $55 $21 $13 $187 $87 $92 $8 
84
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 June 30,Six Months Ended June 30,
(in millions)2025202420252024
Balance at beginning of period$2 $5 $8 $13 
Purchases, sales, issuances and settlements:
Purchases12 27 12 27 
Settlements9 (9)3 (20)
Total (losses) gains included on the Condensed Consolidated Balance Sheet
(10)10 (10)13 
Balance at end of period$13 $33 $13 $33 
PIEDMONT
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
(in millions)Total Fair ValueLevel 2Total Fair ValueLevel 1Level 2
Derivative assets$— $— $1 $1 $— 
Derivative liabilities(115)(115)(94)— (94)
Net (liabilities) assets$(115)$(115)$(93)$1 $(94)
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
June 30, 2025
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$1 RTO auction pricingFTR price – per MWh$— -$0.78 $0.20 
Duke Energy Indiana 
FTRs13 RTO auction pricingFTR price – per MWh(2.09)-17.87 0.95 
Duke Energy
Total Level 3 derivatives$14 
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 
85
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.
June 30, 2025December 31, 2024
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$83,960 $77,104 $80,689 $73,440 
Duke Energy Carolinas18,345 16,916 17,490 15,975 
Progress Energy26,880 24,999 24,496 22,548 
Duke Energy Progress14,215 12,757 12,504 11,009 
Duke Energy Florida11,020 10,449 10,348 9,752 
Duke Energy Ohio4,364 4,095 4,165 3,871 
Duke Energy Indiana5,095 4,655 4,798 4,329 
Piedmont4,004 3,670 4,003 3,584 
(a)Book value of long-term debt includes $1 billion at June 30, 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 June 30, 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 six months ended June 30, 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.
86
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 June 30, 2025— — 
Amounts borrowed at December 31, 2024500 400 
Restricted Receivables at June 30, 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)June 30, 2025December 31, 2024
Regulatory Assets: Current61 61 
Current Assets: Other28 35 
Other Noncurrent Assets: Regulatory assets715 741 
Other Noncurrent Assets: Other
7 — 
Current Liabilities: Other8 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.
87
FINANCIAL STATEMENTSVARIABLE INTEREST ENTITIES
The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
June 30, 2025December 31, 2024
Duke EnergyDuke EnergyDuke EnergyDuke Energy
CarolinasProgressCarolinasProgress
(in millions)DECNCSFDEPNCSFDEPSCSFDECNCSFDEPNCSFDEPSCSF
Regulatory Assets: Current$12 $39 $8 $12 $39 $8 
Current Assets: Other9 29 8 9 27 13 
Other Noncurrent Assets: Regulatory assets184 600 152 189 620 155 
Other Noncurrent Assets: Other1 4 1 1 4 1 
Current Liabilities: Other2 8 3 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)June 30, 2025
December 31, 2024
Inventory
$548 $494 
Accounts Payable
241 208 
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
Six Months EndedSix Months Ended
(in millions)June 30, 2024June 30, 2024
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.
88
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$6 $12 $12 $12 $— $— $42 
Progress Energy17 43 13 13 13 42 141 
Duke Energy Progress3 6 6 6 6 20 47 
Duke Energy Florida14 37 7 7 7 22 94 
Duke Energy Indiana8 17 15 6 — — 46 
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$32 $51 $49 $46 $44 $151 $373 
Other
The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers.
89
FINANCIAL STATEMENTSREVENUE
Disaggregated Revenues
Disaggregated revenues are presented as follows:
Three Months Ended June 30, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,242 $919 $1,753 $663 $1,089 $253 $316 $— 
Commercial
2,053 693 966 426 538 147 245 — 
   Industrial850 355 264 179 82 36 196 — 
   Wholesale523 132 328 294 33 19 44 — 
   Other revenues262 96 221 111 117 18 9 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,930 $2,195 $3,532 $1,673 $1,859 $473 $810 $— 
Gas Utilities and Infrastructure
   Residential$189 $— $— $— $— $100 $— $89 
   Commercial136 — — — — 37 — 99 
   Industrial41 — — — — 9 — 32 
   Power Generation— — — — — — — 23 
   Other revenues70 — — — — 8 — 47 
Total Gas Utilities and Infrastructure revenue from contracts with customers$436 $— $— $— $— $154 $— $290 
Other
Revenue from contracts with customers$7 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,373 $2,195 $3,532 $1,673 $1,859 $627 $810 $290 
Other revenue sources(a)
$135 $36 $37 $8 $26 $27 $11 $45 
Total revenues$7,508 $2,231 $3,569 $1,681 $1,885 $654 $821 $335 

90
FINANCIAL STATEMENTSREVENUE
Three Months Ended June 30, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$3,092 $959 $1,625 $661 $964 $240 $269 $— 
Commercial
2,013 755 933 427 506 144 180 — 
   Industrial869 374 267 183 84 39 190 — 
   Wholesale524 127 337 298 39 10 49 — 
   Other revenues293 99 187 91 96 18 39 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$6,791 $2,314 $3,349 $1,660 $1,689 $451 $727 $— 
Gas Utilities and Infrastructure
   Residential$182 $— $— $— $— $86 $— $96 
   Commercial103 — — — — 31 — 72 
   Industrial32 — — — — 6 — 24 
   Power Generation— — — — — — — 8 
   Other revenues32 — — — — 9 — 23 
Total Gas Utilities and Infrastructure revenue from contracts with customers$349 $— $— $— $— $132 $— $223 
Other
Revenue from contracts with customers$11 $— $— $— $— $— $— $— 
Total revenue from contracts with customers$7,151 $2,314 $3,349 $1,660 $1,689 $583 $727 $223 
Other revenue sources(a)
$21 $(17)$8 $(24)$27 $25 $20 $21 
Total revenues$7,172 $2,297 $3,357 $1,636 $1,716 $608 $747 $244 


91
FINANCIAL STATEMENTSREVENUE
Six Months Ended June 30, 2025
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$6,645 $2,046 $3,366 $1,483 $1,883 $535 $695 $— 
Commercial
3,974 1,394 1,809 841 968 289 478 — 
   Industrial1,673 689 528 372 156 69 383 — 
   Wholesale1,193 281 770 698 72 41 101 — 
   Other revenues498 276 467 274 193 36 8 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$13,983 $4,686 $6,940 $3,668 $3,272 $970 $1,665 $— 
Gas Utilities and Infrastructure
   Residential$895 $— $— $— $— $286 $— $609 
   Commercial458 — — — — 107 — 351 
   Industrial96 — — — — 25 — 71 
   Power Generation— — — — — — — 47 
   Other revenues144 — — — — 14 — 100 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,593 $— $— $— $— $432 $— $1,178 
Other
Revenue from contracts with customers$15 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$15,591 $4,686 $6,940 $3,668 $3,272 $1,402 $1,665 $1,178 
Other revenue sources(a)
$166 $69 $96 $31 $57 $18 $14 $14 
Total operating revenues
$15,757 $4,755 $7,036 $3,699 $3,329 $1,420 $1,679 $1,192 
92
FINANCIAL STATEMENTSREVENUE
Six Months Ended June 30, 2024
DukeDukeDukeDukeDuke
(in millions)DukeEnergyProgressEnergyEnergyEnergyEnergy
By market or type of customerEnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Electric Utilities and Infrastructure
   Residential$6,207 $2,017 $3,142 $1,403 $1,739 $493 $556 $— 
Commercial
3,947 1,472 1,799 849 950 296 381 — 
   Industrial1,691 714 533 360 173 71 373 — 
   Wholesale1,078 265 692 624 68 24 97 — 
   Other revenues546 198 336 169 167 40 73 — 
Total Electric Utilities and Infrastructure revenue from contracts with customers$13,469 $4,666 $6,502 $3,405 $3,097 $924 $1,480 $— 
Gas Utilities and Infrastructure
   Residential$702 $— $— $— $— $233 $— $469 
   Commercial343 — — — — 88 — 255 
   Industrial79 — — — — 17 — 62 
   Power Generation— — — — — — — 16 
   Other revenues72 — — — — 14 — 58 
Total Gas Utilities and Infrastructure revenue from contracts with customers$1,196 $— $— $— $— $352 $— $860 
Other
Revenue from contracts with customers$18 $— $— $— $— $— $— $— 
Total Revenue from contracts with customers$14,683 $4,666 $6,502 $3,405 $3,097 $1,276 $1,480 $860 
Other revenue sources(a)
$160 $38 $83 $19 $55 $10 $26 $60 
Total operating revenues
$14,843 $4,704 $6,585 $3,424 $3,152 $1,286 $1,506 $920 
(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.
93
FINANCIAL STATEMENTSREVENUE
The following table presents the reserve for credit losses for trade and other receivables.
Three Months Ended June 30, 2024 and 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at March 31, 2024$204 $62 $73 $47 $27 $41 $16 $12 
Write-Offs(36)(16)(17)(12)(5)— — (3)
Credit Loss Expense35 10 11 6 5 1 — 2 
Other Adjustments4 9 6 6 (1)— — — 
Balance at June 30, 2024$207 $65 $73 $47 $26 $42 $16 $11 
Balance at March 31, 2025$204 $64 $67 $42 $25 $46 $17 $10 
Write-Offs(46)(12)(14)(10)(4)(8)(4)(8)
Credit Loss Expense32 5 10 3 7 — 6 11 
Other Adjustments9 — 7 7 — 3 (2)1 
Balance at June 30, 2025$199 $57 $70 $42 $28 $41 $17 $14 
Six Months Ended June 30, 2024 and 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Balance at December 31, 2023$205 $56 $74 $44 $31 $9 $5 $11 
Write-Offs(68)(28)(33)(19)(14)— — (4)
Credit Loss Expense45 17 20 10 10 2 2 4 
Other Adjustments25 20 12 12 (1)31 9 — 
Balance at June 30, 2024$207 $65 $73 $47 $26 $42 $16 $11 
Balance at December 31, 2024$209 $69 $73 $44 $29 $43 $15 $10 
Write-Offs(75)(26)(29)(18)(11)(8)(4)(8)
Credit Loss Expense46 10 18 8 10 1 6 11 
Other Adjustments19 4 8 8 — 5 — 1 
Balance at June 30, 2025$199 $57 $70 $42 $28 $41 $17 $14 
Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables.
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.
94
FINANCIAL STATEMENTSSTOCKHOLDERS' EQUITY
The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared.
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2025202420252024
Net Income available to Duke Energy common stockholders
$971 $886 $2,336 $1,985 
Less: Loss from discontinued operations attributable to Duke Energy common stockholders
(1)(10)(1)(13)
Accumulated preferred stock dividends adjustment— (12)— — 
Less: Impact of participating securities1 1 3 2 
Income from continuing operations available to Duke Energy common stockholders$971 $883 $2,334 $1,996 
Loss from discontinued operations, net of tax
$(1)$(10)$(1)$(13)
Add: Loss attributable to NCI
— — — — 
Loss from discontinued operations attributable to Duke Energy common stockholders
$(1)$(10)$(1)$(13)
Weighted average common shares outstanding – basic and diluted
777 772 777 771 
EPS from continuing operations available to Duke Energy common stockholders
Basic and diluted(a)
$1.25 $1.14 $3.00 $2.59 
Loss Per Share from discontinued operations attributable to Duke Energy common stockholders
   Basic and diluted(a)
$— $(0.01)$— $(0.02)
Potentially dilutive items excluded from the calculation(b)
2 2 2 2 
Dividends declared per common share$1.045 $1.025 $2.090 $2.050 
Dividends declared on Series A preferred stock per depositary share(c)
$0.359 $0.359 $0.719 $0.719 
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 February and March 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.
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.
95
FINANCIAL STATEMENTSEMPLOYEE BENEFIT PLANS
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
Three Months Ended June 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$27 $9 $8 $4 $3 $1 $2 $1 
Interest cost on projected benefit obligation82 20 26 12 15 4 6 2 
Expected return on plan assets(149)(38)(55)(25)(30)(6)(10)(5)
Amortization of actuarial loss15 3 4 2 2 — 1 1 
Amortization of prior service credit(3)— — — — — (1)(1)
Amortization of settlement charges7 3 2 2 — — 1 1 
Net periodic pension costs$(21)$(3)$(15)$(5)$(10)$(1)$(1)$(1)
Three Months Ended June 30, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$29 $10 $8 $5 $4 $— $1 $1 
Interest cost on projected benefit obligation83 20 26 12 14 4 7 3 
Expected return on plan assets(154)(40)(54)(25)(29)(7)(11)(5)
Amortization of actuarial loss8 2 3 2 1 1 1 — 
Amortization of prior service credit(4)— — — — — (1)(2)
Amortization of settlement charges4 2 1 1 1 — 1 1 
Net periodic pension costs$(34)$(6)$(16)$(5)$(9)$(2)$(2)$(2)
Six Months Ended June 30, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$54 $18 $15 $9 $6 $1 $3 $2 
Interest cost on projected benefit obligation164 39 52 23 29 8 13 5 
Expected return on plan assets(298)(76)(110)(49)(60)(11)(20)(10)
Amortization of actuarial loss30 7 9 4 4 1 2 2 
Amortization of prior service credit(6)— — — — — (1)(3)
Amortization of settlement charges13 6 4 3 1 — 1 2 
Net periodic pension costs$(43)$(6)$(30)$(10)$(20)$(1)$(2)$(2)
Six Months Ended June 30, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$57 $19 $16 $10 $7 $1 $3 $2 
Interest cost on projected benefit obligation165 40 52 24 28 8 13 5 
Expected return on plan assets(308)(81)(108)(50)(58)(13)(21)(10)
Amortization of actuarial loss16 4 5 3 2 1 2 1 
Amortization of prior service credit(7)— — — — — (1)(4)
Amortization of settlement charges9 4 2 2 1 — 1 2 
Net periodic pension costs$(68)$(14)$(33)$(11)$(20)$(3)$(3)$(4)
NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and six months ended June 30, 2025, and 2024.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and six months ended June 30, 2025, and 2024.
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FINANCIAL STATEMENTSINCOME TAXES
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.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law which, among other things, modified tax legislation affecting clean energy tax credits. While transferability was preserved for tax credits established by the IRA, including the nuclear PTC, which remains available through 2032, the legislation phases out or terminates certain tax credits sooner than previously scheduled. To remain eligible for the PTC or ITC, solar and wind facilities must be placed in service by December 31, 2027, unless construction begins by July 4, 2026. For other types of facilities, the credits continue to be available at full value if construction begins by December 31, 2033, although there are new prohibited foreign entity restrictions. The OBBBA did not change the federal corporate income tax rate and did not require the remeasurement of deferred tax assets or liabilities. While Duke Energy does not expect material current year impacts to the results of operations, financial position or cash flows for the Duke Energy Registrants as a result of the OBBBA being signed into law in the third quarter of 2025, the Company will continue to evaluate the future impact of this tax law change as additional information and guidance becomes available.
EFFECTIVE TAX RATES
The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table.
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Duke Energy10.6 %13.1 %11.5 %13.2 %
Duke Energy Carolinas7.8 %10.9 %8.5 %11.2 %
Progress Energy15.1 %16.6 %15.9 %16.6 %
Duke Energy Progress12.4 %14.9 %13.6 %14.9 %
Duke Energy Florida19.1 %19.5 %19.4 %19.5 %
Duke Energy Ohio15.8 %17.2 %17.2 %17.0 %
Duke Energy Indiana13.3 %16.7 %12.9 %16.9 %
Piedmont44.4 %20.0 %19.5 %19.6 %
The decrease in the ETR for Duke Energy for the three and six months ended June 30, 2025, was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
The decrease in the ETR for Duke Energy Carolinas for the three and six months ended June 30, 2025, was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
The decrease in the ETR for Progress Energy for the three months ended June 30, 2025, was primarily due to lower state tax expense.
The decrease in the ETR for Duke Energy Progress for the three and six months ended June 30, 2025, was primarily due to lower state tax expense.
The decrease in the ETR for Duke Energy Ohio for the three months ending June 30, 2025, was primarily due to an increase in AFUDC equity.
The decrease in the ETR for Duke Energy Indiana for the three and six months ended June 30, 2025, was primarily due to an increase in the amortization of EDIT.
The increase in the ETR for Piedmont for the three months ending June 30, 2025, was primarily due to higher state tax benefits in relation to pretax losses.

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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 six months ended June 30, 2025, and with Duke Energy’s Annual Report on Form 10-K for the year ended December 31, 2024.
Executive Overview
Acting on Investment Opportunities. We operate in some of the most attractive jurisdictions in the country and the affordable, reliable power we provide continues to play a key role in bringing business and job growth to our region. Our service territories continue to experience accelerating investment opportunities driven by a deepening economic development pipeline and significant customer growth. To efficiently fund this growth and the related capital required in the coming years, we entered into two strategic transactions in the third quarter of 2025.
In August 2025, we entered into an Investment Agreement to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. Subject to regulatory approvals, the transaction is expected to be completed through a series of closings through mid-2028. In July 2025, we announced the sale of Piedmont’s Tennessee Business to Spire, Inc. for $2.48 billion. Subject to regulatory approvals, we expect to complete the Piedmont transaction in the first quarter of 2026. Proceeds from both transactions will support Duke Energy’s expanded 2025-2029 capital plan of $87 billion and limit the need for additional long-term debt or common equity through 2029.
Both of these transactions, along with our unwavering focus on operational excellence and value creation, demonstrate our continued ability to meet the unprecedented growth anticipated across our service territories in the decades ahead. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further information.
Building a Smarter Energy Future. During the six months ended June 30, 2025, we continued to move our regulatory strategy forward and execute on investments for building a smarter energy future 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. New rates were also effective in January 2025 for Duke Energy Florida's new three-year rate plan. In June 2025, Duke Energy Progress filed a South Carolina base rate case and Duke Energy Kentucky filed a natural gas base rate case. In July 2025, Duke Energy Carolinas filed a South Carolina base rate case. Our regulatory efforts focus on securing critical investments for reliable customer service while ensuring timely cost recovery across our service territories.
•In February 2025, Duke Energy Progress filed an application to construct and operate a second 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. In June 2025, Duke Energy Carolinas announced its intent to submit an application to the PSCSC for approval to build a new CC unit in Anderson County, South Carolina. 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 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 approving the settlement was received in June 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 and reached a comprehensive settlement with key parties in June 2025. In July 2025, the settlement was approved by the PSCSC and a financing order was issued in August 2025. We expect to securitize the related Carolinas' storm costs by the end of 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 building a smarter energy future for our customers.
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•In June 2025, the governor of North Carolina announced Amazon is planning to invest an estimated $10 billion to launch a new high-tech cloud computing and artificial intelligence innovation campus in Richmond County, North Carolina. The site selected for this project was included in Duke Energy's Site Readiness Program in 2019, a program that helps state, regional, and local economic development partners increase the competitiveness of potential industrial land. These new data centers will be located in Duke Energy Progress' service territory and the investment is expected to be among the largest in North Carolina's history, a testament to the impactful and ongoing work of continuing to bring economic development success to the vibrant communities we proudly serve.
Operational Excellence. In June 2025, as summer's first heat wave brought triple-digit temperatures to parts of North Carolina and South Carolina, our customers set a new summertime record for electricity usage, surpassing the previous summertime record set in July 2024. We maintain a focus on operational excellence and prepare for the arrival of extreme weather to deliver on customer commitments by identifying potential risks, effectively maintaining adequate short-term planning reserves, leveraging outage scheduling optimization, and controlling planned and emergent equipment issues.
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."
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. In June 2025, the EPA proposed to repeal EPA Rule 111. For more information, see "Other 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 vision for a smarter energy future.
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.
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MD&AMATTERS IMPACTING FUTURE RESULTS
Minority Interest in Duke Energy Florida
In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an Investment Agreement for Florida Progress to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. The transaction is subject to the satisfaction of certain customary conditions described in the Investment Agreement, including receipt of the approval of the FERC and completion of review by the Committee on Foreign Investments in the United States (CFIUS), as well as approval, or a determination that the transaction does not require approval, by the NRC. The transaction is expected to be completed through a series of closings through June 30, 2028. Termination of the transaction under certain specified circumstances could require the investor to pay a $240 million termination fee to Progress Energy and result in Duke Energy seeking alternative funding sources through 2029, including additional long-term debt and common equity issuances. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, “Dispositions.”
Sale of Piedmont's Tennessee Business
In July 2025, Piedmont entered into an agreement (Purchase Agreement) to sell Piedmont’s Tennessee Business. Completion of the transaction is subject to customary closing conditions, including approval from the TPUC and expiration or termination of the applicable waiting period under the HSR. There is no assurance of the transaction as failure to obtain related approvals or to satisfy conditions in the Purchase Agreement could result in termination of the transaction. The Purchase Agreement contains termination rights and Spire Inc. may be required to pay a termination fee equal to 6.5% of the purchase price under certain circumstances that result in termination of the transaction. Termination of the contract could also result in Duke Energy seeking alternative funding sources for its 2025-2029 capital and investment expenditures plan, including additional long-term debt and common equity issuances. Completion of the transaction could impact the operating revenues and profitability of Piedmont, including potential recognition of a gain on sale. In the third quarter of 2025, Duke Energy and Piedmont will reclassify the Piedmont disposal unit to assets held for sale. For additional information, see Note 2 to the Condensed Consolidated Financial Statements, “Dispositions.”
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 vision for a smarter energy future.
Results of Operations
Non-GAAP Measures
Management’s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures, adjusted earnings and adjusted EPS, discussed below. Non-GAAP financial measures are numerical measures of financial performance, financial position or cash flows that 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.
Special items included in the periods presented below include the following, which management believes do not reflect ongoing costs:
•Regulatory Matters primarily represents impairment charges related to the 2024 Duke Energy Carolinas' South Carolina rate case order.
Discontinued operations primarily represents the operating results of Duke Energy's Commercial Renewables Disposal Groups.
Three Months Ended June 30, 2025, as compared to June 30, 2024
GAAP reported EPS was $1.25 for the three months ended June 30, 2025, compared to $1.13 for the three months ended June 30, 2024. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments related to the 2024 South Carolina rate case in the prior year.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $1.25 for the three months ended June 30, 2025, compared to $1.18 for the three months ended June 30, 2024. The increase in adjusted EPS was primarily due to the implementation of new rates and riders, partially offset by higher operation and maintenance expense and interest expense.
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MD&ADUKE ENERGY
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
 Three Months Ended June 30,
20252024
(in millions, except per share amounts)EarningsEPS EarningsEPS
GAAP Reported Earnings/GAAP Reported EPS
$971 $1.25 $886 $1.13 
Adjustments:
Regulatory Matters(a)
— — 25 0.03 
Discontinued Operations(b)
1 — 10 0.01 
Adjusted Earnings/Adjusted EPS$972 $1.25 $921 $1.18 
Note: Total EPS may not foot due to rounding.
(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations,
maintenance and other, and an $11 million reduction recorded within Interest Expense.
(b)    Recorded in Loss from Discontinued Operations, net of tax.
Six Months Ended June 30, 2025, as compared to June 30, 2024
GAAP Reported EPS was $3.00 for the six months ended June 30, 2025, compared to $2.57 for the six months ended June 30, 2024. In addition to the drivers below, GAAP reported EPS increased primarily due to impairments related to the 2024 South Carolina rate case in the prior year.
As discussed above, management also evaluates financial performance based on adjusted EPS. Duke Energy’s adjusted EPS was $3.00 for the six months ended June 30, 2025, compared to $2.62 for the six months ended June 30, 2024. The increase in adjusted EPS was primarily due to the implementation of new rates and riders, higher sales volumes and favorable weather, partially offset by higher interest expense, operation and maintenance expense and depreciation expense on a growing asset base.
The following table reconciles non-GAAP measures, including adjusted EPS, to their most directly comparable GAAP measures.
 Six Months Ended June 30,
20252024
(in millions, except per share amounts)EarningsEPSEarningsEPS
GAAP Reported Earnings/GAAP Reported EPS$2,336 $3.00 $1,985 $2.57 
Adjustments:
Regulatory Matters(a)
— — 25 0.03 
Discontinued Operations(b)
1 — 13 0.02 
Adjusted Earnings/Adjusted EPS$2,337 $3.00 $2,023 $2.62 
(a)Net of $8 million tax benefit. $42 million recorded within Impairment of assets and other charges, $2 million within Operations,
maintenance and other, and an $11 million reduction recorded within Interest Expense.
(b)    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.
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MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Electric Utilities and Infrastructure
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20252024Variance20252024Variance
Operating Revenues7,045 $6,820 $225 $14,185 $13,623 $562 
Operating Expenses
Fuel used in electric generation and purchased power1,898 2,247 (349)4,017 4,602 (585)
Operation, maintenance and other1,594 1,262 332 3,018 2,578 440 
Depreciation and amortization1,402 1,246 156 2,736 2,471 265 
Property and other taxes371 351 20 749 688 61 
Impairment of assets and other charges(1)42 (43)(1)43 (44)
Total operating expenses5,264 5,148 116 10,519 10,382 137 
Gains on Sales of Other Assets and Other, net8 1 7 9 7 2 
Operating Income1,789 1,673 116 3,675 3,248 427 
Other Income and Expenses, net163 141 22 297 272 25 
Interest Expense535 488 47 1,065 987 78 
Income Before Income Taxes1,417 1,326 91 2,907 2,533 374 
Income Tax Expense200 214 (14)389 387 2 
Less: Income Attributable to Noncontrolling Interest
23 22 1 48 35 13 
Segment Income$1,194 $1,090 $104 $2,470 $2,111 $359 
Duke Energy Carolinas GWh sales22,168 22,484 (316)45,726 44,872 854 
Duke Energy Progress GWh sales17,058 17,214 (156)35,243 33,342 1,901 
Duke Energy Florida GWh sales11,726 11,862 (136)20,794 20,701 93 
Duke Energy Ohio GWh sales5,671 5,910 (239)11,778 11,690 88 
Duke Energy Indiana GWh sales7,538 7,516 22 15,862 14,991 871 
Total Electric Utilities and Infrastructure GWh sales64,161 64,986 (825)129,403 125,596 3,807 
Net proportional MW capacity in operation55,216 54,578 638 
Three Months Ended June 30, 2025, as compared to June 30, 2024
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, storm recovery revenues and higher weather-normal retail sales volumes, partially offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $279 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress;
•a $235 million increase in storm recovery revenues at Duke Energy Florida;
•a $65 million increase in rider revenues primarily due to recovery of the SPP at Duke Energy Florida and the North Carolina Municipal Power Agency (NCEMPA) rider at Duke Energy Progress;
•a $30 million increase in weather-normal retail sales volumes; and
•a $29 million increase in other revenues due to higher transmission revenues.
Partially offset by:
•a $393 million decrease in fuel revenues primarily due to net lower rates in the current year.
Operating Expenses. The variance was driven primarily by:
•a $332 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida, increased costs related to customer products and services programs, litigation and environmental costs and higher employee-related expenses in the current year, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas and increase in TDSIC rider amortizations at Duke Energy Indiana;
•a $156 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and
•a $20 million increase in property and other taxes due to a higher base on which property taxes are levied, partially offset by sales and use tax at Duke Energy Carolinas and Duke Energy Progress.
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MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Partially offset by:
•a $349 million decrease in fuel used in electric generation and purchased power primarily due to higher recovery of fuel expense in the prior year at Duke Energy Carolinas and Duke Energy Progress, and lower fuel cost recovery and lower purchased power driven by the expiration of contracts in the prior year at Duke Energy Florida, partially offset by higher fuel costs and purchased power at Duke Energy Ohio; and
•a $43 million decrease in impairment of assets and other charges primarily related to the impacts of the 2024 South Carolina rate case order at Duke Energy Carolinas in the prior year.
Other Income and Expense. The increase was primarily driven by higher AFUDC equity rate and base compared to the prior year across all jurisdictions.
Interest Expense. The increase was primarily driven by higher outstanding debt balances at Duke Energy Carolinas and Duke Energy Progress.
Income Tax Expense. The decrease in tax expense was primarily due to an increase in the amortization of income tax credits and lower state tax expense, partially offset by higher pretax income. The ETRs for the three months ended June 30, 2025, and 2024, were 14.1% and 16.1%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
Six Months Ended June 30, 2025, as compared to June 30, 2024
EU&I’s results were driven by higher revenues from rate cases across multiple jurisdictions, higher weather-normal retail sales volumes and improved weather, offset by higher operation and maintenance and depreciation expenses. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $497 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress;
•a $264 million increase in storm recovery revenues at Duke Energy Florida;
•a $150 million increase in weather-normal retail sales volumes;
•a $104 million increase in rider revenues primarily due to the SPP at Duke Energy Florida, NCEMPA rider true-up, the recovery of South Carolina storm recovery charges through securitization and recovery of North Carolina residential decoupling revenues at Duke Energy Progress, as well as the Uncollectible Expense Riders and Distribution Capital Investment Rider and higher OVEC rider collections and OVEC sales into PJM Interconnection, LLC at Duke Energy Ohio;
•an $86 million increase in retail sales due to favorable weather compared to prior year; and
•a $65 million increase in other revenues due to higher transmission revenues across all jurisdictions and higher Clean Energy Connection subscription revenues at Duke Energy Florida.
Partially offset by:
•a $649 million decrease in fuel revenues primarily due to net lower rates in the current year, partially offset by higher volumes.
Operating Expenses. The variance was driven primarily by:
•a $440 million increase in operation, maintenance and other primarily driven by higher storm amortization at Duke Energy Florida, increased costs related to customer products and services programs, litigation and environmental costs and higher employee-related expenses in the current year, as well as joint owner reimbursements in the prior year at Duke Energy Carolinas, an increase in TDSIC rider amortizations at Duke Energy Indiana and higher storm costs at Duke Energy Progress;
•a $265 million increase in depreciation and amortization primarily due to higher depreciable base across all jurisdictions and higher depreciation rates driven by rate cases; and
•a $61 million increase in property and other taxes due to a higher base on which property taxes are levied, partially offset by sales and use tax at Duke Energy Carolinas and Duke Energy Progress.
Partially offset by:
•a $585 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 higher fuel costs and purchased power at Duke Energy Progress and Duke Energy Ohio; and
•a $44 million decrease in impairment of assets and other charges primarily related to the impacts of the 2024 South Carolina rate case order in the prior year at Duke Energy Carolinas and Duke Energy Progress.
Other Income and Expense. The increase was primarily driven by higher AFUDC equity rate and base compared to the prior year across all jurisdictions.
Interest Expense. The increase was primarily driven by higher outstanding debt balances at Duke Energy Carolinas and Duke Energy Progress.
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MD&ASEGMENT RESULTS — ELECTRIC UTILITIES AND INFRASTRUCTURE
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income mostly offset by an increase in the amortization of EDIT and income tax credits. The ETRs for the six months ended June 30, 2025, and 2024, were 13.4% and 15.3%, respectively. The decrease in the ETR was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
Gas Utilities and Infrastructure
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20252024Variance20252024Variance
Operating Revenues$493 $381 $112 $1,633 $1,283 $350 
Operating Expenses
Cost of natural gas158 78 80 532 310 222 
Operation, maintenance and other129 117 12 254 246 8 
Depreciation and amortization112 96 16 219 194 25 
Property and other taxes41 38 3 88 84 4 
Total operating expenses440 329 111 1,093 834 259 
Operating Income53 52 1 540 449 91 
Other Income and Expenses, net
14 17 (3)32 34 (2)
Interest Expense65 61 4 130 122 8 
Income Before Income Taxes
2 8 (6)442 361 81 
Income Tax (Benefit) Expense
(4)2 (6)87 71 16 
Segment Income
$6 $6 $— $355 $290 $65 
Piedmont LDC throughput (dekatherms)125,745,045 128,266,775 (2,521,730)307,204,892 291,531,790 15,673,102 
Duke Energy Midwest LDC throughput (Mcf)13,882,749 12,969,694 913,055 54,338,433 46,167,345 8,171,088 
Three Months Ended June 30, 2025, as compared to June 30, 2024
GU&I’s results were impacted primarily by margin growth, partially offset by higher depreciation and amortization. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•an $80 million increase in cost of natural gas revenues primarily due to higher capacity charges, partially offset by lower natural gas costs passed through to customers and higher secondary marketing;
•a $12 million increase due to higher pricing from the 2024 Piedmont North Carolina rate case; and
•a $6 million increase in Midwest rider revenue.
Operating Expenses. The variance was driven primarily by:
•an $80 million increase in the cost of natural gas due primarily to higher capacity charges and lower secondary marketing, partially offset by lower natural gas costs passed through to customers;
•a $16 million increase in depreciation and amortization primarily due to higher depreciable base; and
•a $12 million increase in operations, maintenance and other primarily due to higher customer charges, labor and service company costs.
Income Tax (Benefit) Expense. The decrease in tax expense was primarily due to lower state tax expense. The ETRs for the three months ended June 30, 2025, and 2024, were (200)% and 25%, respectively. The decrease in the ETR was primarily due to lower state tax expense.
Six Months Ended June 30, 2025, as compared to June 30, 2024
GU&I’s results were impacted primarily by higher revenues from the North Carolina rate case, partially offset by higher depreciation and amortization. The following is a detailed discussion of the variance drivers by line item.
Operating Revenues. The variance was driven primarily by:
•a $222 million increase in cost of natural gas revenues primarily due to higher commodity prices, an increase in volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers;
•an $84 million increase due to higher pricing from the 2024 Piedmont North Carolina rate case; and
•a $16 million increase in Midwest rider revenue.
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MD&ASEGMENT RESULTS — GAS UTILITIES AND INFRASTRUCTURE
Operating Expenses. The variance was driven primarily by:
•a $222 million increase in the cost of natural gas primarily due to higher commodity prices, an increase to volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
•a $25 million increase in depreciation and amortization primarily due to higher depreciable base.
Income Tax (Benefit) Expense. The increase in tax expense is primarily due to an increase in pretax income.
Other
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20252024Variance20252024Variance
Operating Revenues$40 $40 $— $82 $78 $4 
Operating Expenses62 70 (8)144 126 18 
Gains on Sales of Other Assets and Other, net6 6 — 11 11 — 
Operating Loss
(16)(24)8 (51)(37)(14)
Other Income and Expenses, net42 67 (25)62 146 (84)
Interest Expense318 306 12 636 600 36 
Loss Before Income Taxes(292)(263)(29)(625)(491)(134)
Income Tax Benefit(77)(77)— (164)(141)(23)
Less: Preferred Dividends13 14 (1)27 53 (26)
Net Loss$(228)$(200)$(28)$(488)$(403)$(85)
Three Months Ended June 30, 2025, as compared to June 30, 2024
Other's results were impacted by higher interest expense and lower equity earnings from the NMC investment.
Operating Expenses. The decrease was driven by contributions to the Duke Energy Foundation in the prior year.
Other Income and Expenses, net. The decrease was primarily due to lower equity earnings from the NMC investment.
Interest Expense. The increase was primarily due to higher outstanding long-term debt balances.
Income Tax Benefit. The tax benefit was flat compared to prior year primarily due to an increase in pretax losses offset by tax impacts related to the NMC investment. The ETRs for the three months ended June 30, 2025, and 2024, were 26.4% and 29.3%, respectively. The decrease in the ETR was primarily due to tax impacts related to the NMC investment.
Six Months Ended June 30, 2025, as compared to June 30, 2024
Other's results were impacted by higher interest expense, lower equity earnings from the NMC investment and lower return on investments that fund certain employee benefit obligations.
Operating Expenses. The increase was driven by higher loss experience related to captive insurance claims.
Other Income and Expenses, net. The decrease was primarily due to lower equity earnings from the NMC investment and lower return on investments that fund certain employee benefit obligations.
Interest Expense. The increase was primarily due to higher outstanding long-term debt balances, partially offset by lower commercial paper borrowings.
Income Tax Benefit. The increase in the tax benefit was primarily due to an increase in pretax losses. The ETRs for the six months ended June 30, 2025, and 2024, were 26.2% and 28.7%, respectively. The decrease in the ETR was primarily due to the tax impacts related to the NMC investment.
Preferred Dividends. The decrease was due to the redemption of the Company’s Series B Preferred Stock in the prior year.
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
Three Months Ended June 30,Six Months Ended June 30,
(in millions)20252024Variance20252024Variance
Loss From Discontinued Operations, net of tax$(1)$(10)$9 $(1)$(13)$12 
Three Months Ended June 30, 2025, as compared to June 30, 2024
The variance was primarily driven by operating results related to the sale of the Commercial Renewables Disposal Groups.
Six Months Ended June 30, 2025, as compared to June 30, 2024
The variance was primarily driven by operating results related to the sale of the Commercial Renewables Disposal Groups.
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MD&ADUKE ENERGY CAROLINAS
DUKE ENERGY CAROLINAS
Results of Operations
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues$4,755 $4,704 $51 
Operating Expenses
Fuel used in electric generation and purchased power1,374 1,609 (235)
Operation, maintenance and other984 895 89 
Depreciation and amortization914 834 80 
Property and other taxes187 183 4 
Impairment of assets and other charges(1)34 (35)
Total operating expenses3,458 3,555 (97)
Gains on Sales of Other Assets and Other, net6 1 5 
Operating Income1,303 1,150 153 
Other Income and Expenses, net122 123 (1)
Interest Expense400 348 52 
Income Before Income Taxes1,025 925 100 
Income Tax Expense87 104 (17)
Net Income$938 $821 $117 
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 sales5.6 %
Commercial sales
(0.1)%
Industrial sales(1.4)%
Wholesale power sales3.8 %
Joint dispatch sales17.7 %
Total sales1.9 %
Average number of customers2.0 %
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $212 million increase due to higher pricing from the South Carolina rate case and Year 2 of the North Carolina MYRP;
•a $50 million increase in weather-normal retail sales volumes; and
•a $29 million increase in retail sales due to improved weather compared to prior year.
Partially offset by:
•a $241 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 $235 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; and
•a $35 million decrease in impairment of assets and other charges primarily related to the 2024 South Carolina rate case order in the prior year.
Partially offset by:
•an $89 million increase in operation, maintenance and other primarily due to increased costs related to customer products and services programs, litigation and environmental costs, employee-related expenses in the current year and higher joint owner reimbursements in the prior year; and
•an $80 million increase in depreciation and amortization primarily due to higher net amortizations and depreciation rates driven by the 2024 South Carolina rate case and Year 2 of the North Carolina MYRP.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
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MD&ADUKE ENERGY CAROLINAS
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
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues$7,036 $6,585 $451 
Operating Expenses
Fuel used in electric generation and purchased power2,131 2,345 (214)
Operation, maintenance and other1,531 1,216 315 
Depreciation and amortization1,240 1,155 85 
Property and other taxes347 324 23 
Impairment of assets and other charges— 9 (9)
Total operating expenses5,249 5,049 200 
Gains on Sales of Other Assets and Other, net12 13 (1)
Operating Income1,799 1,549 250 
Other Income and Expenses, net130 122 8 
Interest Expense558 525 33 
Income Before Income Taxes1,371 1,146 225 
Income Tax Expense218 190 28 
Net Income$1,153 $956 $197 
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $264 million increase in storm recovery revenues at Duke Energy Florida;
•a $169 million increase due to higher pricing from the 2024 Duke Energy Florida rate case and Duke Energy Progress Year 2 of the North Carolina MYRP;
•a $77 million increase in rider revenues primarily due to higher rates for the SPP at Duke Energy Florida and NCEMPA rider, the recovery of South Carolina storm recovery charges through securitization and recovery of North Carolina residential decoupling revenues at Duke Energy Progress;
•a $55 million increase in other revenues due to higher transmission revenues at Duke Energy Florida and Duke Energy Progress, and higher Clean Energy Connection subscription revenues at Duke Energy Florida;
•a $49 million increase in weather-normal retail sales volumes at Duke Energy Progress; and
•a $39 million increase in retail sales due to improved weather compared to the prior year at Duke Energy Florida and Duke Energy Progress.
Partially offset by:
•a $231 million decrease in fuel revenues primarily due to lower fuel and capacity rates billed to retail customers at Duke Energy Florida and lower retail fuel rates at Duke Energy Progress, partially offset by an increase in fuel volumes at Duke Energy Progress.
Operating Expenses. The variance was driven primarily by:
•a $315 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;
•an $85 million increase in depreciation and amortization due to higher depreciable base at Duke Energy Florida and Duke Energy Progress and Year 2 of the North Carolina MYRP at Duke Energy Progress; and
•a $23 million increase in property and other taxes primarily due to higher base upon which property taxes are levied at Duke Energy Florida and Duke Energy Progress.
Partially offset by:
•a $214 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 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.
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MD&APROGRESS ENERGY
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 lower state tax expense.
DUKE ENERGY PROGRESS
Results of Operations
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues$3,699 $3,424 $275 
Operating Expenses
Fuel used in electric generation and purchased power1,299 1,217 82 
Operation, maintenance and other738 701 37 
Depreciation and amortization676 645 31 
Property and other taxes105 101 4 
Impairment of assets and other charges— 9 (9)
Total operating expenses2,818 2,673 145 
Gains on Sales of Other Assets and Other, net— 1 (1)
Operating Income881 752 129 
Other Income and Expenses, net87 73 14 
Interest Expense267 243 24 
Income Before Income Taxes701 582 119 
Income Tax Expense95 87 8 
Net Income
$606 $495 $111 
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 sales8.0 %
Commercial sales
2.5 %
Industrial sales6.2 %
Wholesale power sales7.4 %
Joint dispatch sales9.4 %
Total sales5.7 %
Average number of customers1.7 %
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $60 million increase due to higher pricing from Year 2 of the North Carolina MYRP;
•a $60 million increase in fuel revenues due to higher fuel volumes, partially offset by lower retail fuel rates;
•a $49 million increase in weather-normal retail sales volumes;
•a $37 million increase in rider revenues primarily due to NCEMPA rider, the recovery of South Carolina storm recovery charges through securitization and recovery of North Carolina residential decoupling revenues;
•a $34 million increase in wholesale revenues, net of fuel, due to higher capacity volumes and rates; and
•a $17 million increase in retail sales due to improved weather compared to prior year.
Operating Expenses. The variance was driven primarily by:
•an $82 million increase in fuel used in electric generation and purchased power primarily due to higher volumes, including JDA purchases, and coal and natural gas prices, partially offset by increased recovery of fuel cost in the prior year;
•a $37 million increase in operation, maintenance and other primarily due to higher storm costs in the current year; and
•a $31 million increase in depreciation and amortization primarily due to higher depreciable base and Year 2 of the North Carolina MYRP.
Other Income and expenses, net. The increase was primarily due to higher AFUDC equity rate and base compared to the prior year.
Interest Expense. The increase was primarily due to higher outstanding debt balances.
108
MD&ADUKE ENERGY PROGRESS
Income Tax Expense. The increase in tax expense was primarily due to an increase in pretax income, partially offset by lower state tax expense and an increase in the amortization of EDIT.
DUKE ENERGY FLORIDA
Results of Operations
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues$3,329 $3,152 $177 
Operating Expenses
Fuel used in electric generation and purchased power832 1,128 (296)
Operation, maintenance and other786 507 279 
Depreciation and amortization564 510 54 
Property and other taxes242 223 19 
Total operating expenses2,424 2,368 56 
Gains on Sales of Other Assets and Other, net1 1 — 
Operating Income906 785 121 
Other Income and Expenses, net45 46 (1)
Interest Expense234 225 9 
Income Before Income Taxes717 606 111 
Income Tax Expense139 118 21 
Net Income$578 $488 $90 
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 sales3.3 %
Commercial sales
0.3 %
Industrial sales(2.7)%
Wholesale power sales(14.9)%
Total sales0.4 %
Average number of customers1.5 %
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $264 million increase in storm recovery revenues;
•a $109 million increase due to higher pricing from the 2024 Florida rate case;
•a $43 million increase in other revenues due to higher transmission revenues primarily from higher demand and rates and Clean Energy Connection subscription revenues;
•a $40 million increase in rider revenues primarily due to higher rates for the SPP; and
•a $22 million increase in retail sales due to improved weather compared to prior year.
Partially offset by:
•a $291 million decrease in fuel revenues primarily due to lower fuel and capacity rates; and
•a $15 million decrease in wholesale base revenues primarily due to lower capacity volumes.
Operating Expenses. The variance was driven primarily by:
•a $279 million increase in operation, maintenance, and other primarily due to higher storm amortization;
•a $54 million increase in depreciation and amortization primarily due to higher depreciable base; and
•a $19 million increase in property and other taxes primarily due to higher base upon which property taxes are levied and higher gross receipts tax driven by higher revenues.
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MD&ADUKE ENERGY FLORIDA
Partially offset by:
•a $296 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.
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
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues
Regulated electric$985 $934 $51 
Regulated natural gas435 352 83 
Total operating revenues1,420 1,286 134 
Operating Expenses
Fuel used in electric generation and purchased power310 270 40 
Cost of natural gas136 82 54 
Operation, maintenance and other239 247 (8)
Depreciation and amortization233 195 38 
Property and other taxes217 204 13 
Total operating expenses 1,135 998 137 
Operating Income285 288 (3)
Other Income and Expenses, net11 10 1 
Interest Expense98 92 6 
Income Before Income Taxes198 206 (8)
Income Tax Expense
34 35 (1)
Net Income$164 $171 $(7)
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 sales3.8 %27.2 %
Commercial sales
4.2 %22.3 %
Industrial sales(14.2)%5.6 %
Wholesale electric power sales(3.9)%n/a
Other natural gas salesn/a(0.1)%
Total sales0.8 %17.7 %
Average number of customers0.8 %0.4 %
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $68 million increase in fuel-related revenues primarily due to higher natural gas costs passed through to customers and higher full-service retail sales volumes;
•a $23 million increase in retail revenue riders primarily due to the Uncollectible Expense Riders and Distribution Capital Investment Rider;
•a $20 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.
Operating Expenses. The variance was driven primarily by:
•a $94 million increase in fuel expense primarily driven by higher retail prices for natural gas and purchased power and an increase in purchased power volumes;
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MD&ADUKE ENERGY OHIO
•a $38 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; and
•a $13 million increase in property and other taxes primarily due to a higher base upon which property taxes are levied and higher franchise taxes.
DUKE ENERGY INDIANA
Results of Operations
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues$1,679 $1,506 $173 
Operating Expenses
Fuel used in electric generation and purchased power479 494 (15)
Operation, maintenance and other387 341 46 
Depreciation and amortization414 341 73 
Property and other taxes35 30 5 
Total operating expenses1,315 1,206 109 
Operating Income364 300 64 
Other Income and Expenses, net31 28 3 
Interest Expense116 115 1 
Income Before Income Taxes279 213 66 
Income Tax Expense
36 36 — 
Net Income$243 $177 $66 
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 sales5.8 %
Commercial sales
5.0 %
Industrial sales(6.2)%
Wholesale power sales17.2 %
Total sales5.8 %
Average number of customers1.5 %
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $116 million increase primarily due to higher pricing from the 2024 Indiana rate case, net of certain rider revenues moving to base;
•a $43 million increase in weather-normal retail sales volumes; and
•a $13 million increase in retail sales due to improved weather compared to prior year.
Partially offset by:
•a $10 million decrease in retail fuel revenues primarily due to lower fuel rates.
Operating Expenses. The variance was driven primarily by:
•a $73 million increase in depreciation and amortization primarily due to higher depreciation rates from the 2024 Indiana rate case; and
•a $46 million increase in operation, maintenance and other primarily due to an increase in the TDSIC rider amortization and higher employee-related expenses.
Partially offset by:
•a $15 million decrease in fuel used in electric generation and purchased power primarily due to lower deferred fuel and Midcontinent Independent System Operator, Inc.(MISO) amortization, partially offset by higher natural gas costs.
Income Tax Expense. Income tax expense was flat year over year primarily due to an increase in pretax income offset by an increase in the amortization of EDIT.
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MD&APIEDMONT
PIEDMONT
Results of Operations
Six Months Ended June 30,
(in millions)20252024Variance
Operating Revenues$1,192 $920 $272 
Operating Expenses
Cost of natural gas396 228 168 
Operation, maintenance and other199 180 19 
Depreciation and amortization141 126 15 
Property and other taxes37 31 6 
Total operating expenses773 565 208 
Operating Income419 355 64 
Other Income and Expenses, net25 34 (9)
Interest Expense95 88 7 
Income Before Income Taxes349 301 48 
Income Tax Expense68 59 9 
Net Income$281 $242 $39 
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 deliveries9.3 %
Commercial deliveries14.3 %
Industrial deliveries0.1 %
Power generation deliveries4.7 %
For resale11.6 %
Total throughput deliveries5.4 %
Secondary market volumes61.7 %
Average number of customers1.7 %
Six Months Ended June 30, 2025, as compared to June 30, 2024
Operating Revenues. The variance was driven primarily by:
•a $168 million increase in cost of natural gas revenues driven by higher commodity prices, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers; and
•an $84 million increase due to higher pricing from the 2024 North Carolina rate case.
Operating Expenses. The variance was driven primarily by:
•a $168 million increase in the cost of natural gas due to higher commodity prices, higher volumes and lower secondary marketing, partially offset by lower natural gas costs passed through to customers;
•a $19 million increase in operations, maintenance and other primarily due to higher customer charges, labor and service company costs; and
•a $15 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.
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.
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MD&ALIQUIDITY AND CAPITAL RESOURCES
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 June 30, 2025, Duke Energy had $344 million of cash on hand and $6.9 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 final proceeds received in April 2025 from the sale of certain Commercial Renewables assets to affiliates of Brookfield.
In July, Piedmont entered into an agreement with Spire Inc., to sell Piedmont’s Tennessee Business for $2.48 billion. Piedmont expects to complete the sale in the first quarter of 2026 and proceeds are expected to be used for debt reduction at Piedmont and to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for further details.

In August 2025, Duke Energy, Progress Energy and Florida Progress entered into an Investment Agreement for Florida Progress to receive $6 billion in exchange for a 19.7% indirect investment in Duke Energy Florida. The transaction is expected to be completed through a series of closings through June 30, 2028. Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing planned issuances of long-term debt and common equity through 2029. See Note 2 to the Condensed Consolidated Financial Statements, "Dispositions," for information on the timing and use of proceeds related to the transaction.
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.
Six Months Ended
June 30,
(in millions)20252024
Cash flows provided by (used in):
Operating activities$5,040 $5,427 
Investing activities(6,264)(6,575)
Financing activities1,245 1,274 
Net increase in cash, cash equivalents and restricted cash
21 126 
Cash, cash equivalents and restricted cash at beginning of period421 357 
Cash, cash equivalents and restricted cash at end of period$442 $483 
OPERATING CASH FLOWS
The following table summarizes key components of Duke Energy’s operating cash flows.
Six Months Ended
June 30,
(in millions)20252024Variance
Net income$2,411 $2,072 $339 
Non-cash adjustments to net income4,088 3,241 847 
Payments for asset retirement obligations(241)(262)21 
Working capital(1,207)(180)(1,027)
Other assets and Other liabilities(11)556 (567)
Net cash provided by operating activities$5,040 $5,427 $(387)
113
MD&ALIQUIDITY AND CAPITAL RESOURCES
The variance is primarily driven by:
•a $1,594 million decrease in net working capital and other assets and liabilities amounts, primarily due to lower recovery of fuel costs and the timing of accruals and payments, including payments related to restoration activities from the 2024 storm season.
Partially offset by:
•a $1,186 million increase in net income, after adjustment for non-cash items, primarily due to the implementation of new rates and riders, higher sales volumes and favorable weather, partially offset by higher interest expense and operation and maintenance expense.
INVESTING CASH FLOWS
The following table summarizes key components of Duke Energy’s investing cash flows.
Six Months Ended
June 30,
(in millions)20252024Variance
Capital, investment and acquisition expenditures$(6,428)$(6,212)$(216)
Proceeds from the sales of Commercial Renewables Disposal Groups and other assets
559 — 559 
Other investing items(395)(363)(32)
Net cash used in investing activities$(6,264)$(6,575)$311 
The variance is primarily due to proceeds received from the sales of Commercial Renewables Disposal Groups, partially offset by higher capital expenditures within the EU&I segment in the current year.
FINANCING CASH FLOWS
The following table summarizes key components of Duke Energy’s financing cash flows.
Six Months Ended
June 30,
(in millions)20252024Variance
Issuances of long-term debt, net$3,033 $3,641 $(608)
Issuances of common stock14 20 (6)
Notes payable, commercial paper and other short-term borrowings(190)(736)546 
Dividends paid(1,610)(1,590)(20)
Contributions from noncontrolling interests— 47 (47)
Other financing items(2)(108)106 
Net cash provided by financing activities$1,245 $1,274 $(29)
The variance is primarily due to:
•a $608 million decrease 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 $546 million increase 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.
114
MD&AOTHER MATTERS
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 the 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 intended to issue a proposed reconsideration rule in spring 2025 and issue a final rule by December 2025. On April 25, 2025, the Court granted the EPA’s motion and ordered that the litigation continue to remain in abeyance pending further order of the Court. On June 17, 2025, the EPA published a proposed rule to repeal EPA Rule 111 based on a finding that fossil fuel-fired power plants “do not contribute significantly to dangerous air pollution” under the meaning of section 111 of the Clean Air Act. The EPA also published an alternative proposal to repeal a “narrower set of requirements” leaving in place only GHG emission standards for new and reconstructed stationary combustion turbine electric generating units. Comments on the proposed rule must be received by the EPA no later than August 7, 2025.
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. On June 13, 2025, the EPA requested, and the court granted, a 60-day extension of the abeyance to give the agency time to “decide the full scope of reconsideration.”
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.
South Carolina Energy Security Act
Act 41, also referred to as the South Carolina Energy Security Act, was signed into law on May 12, 2025. The law promotes evaluating new generation resources, including hydro pumped storage, hydrogen-capable natural gas, and advanced nuclear, while streamlining siting, permitting, and construction of certain new resources located in South Carolina. Act 41 establishes a new process for evaluating new potential generation projects over 75 MW located in North Carolina that are planned to serve South Carolina retail customers. This legislation also establishes an electric rate stabilization mechanism for electric utilities to elect into a framework that provides for annual adjustments to base rates, including for Construction Work in Progress and other cost categories. Electric utilities electing the mechanism must file a general rate case at least every five years.
North Carolina Power Bill Reduction Act
In 2021, the state of North Carolina passed HB951, which among other things, directed the NCUC to develop and approve a carbon reduction plan that would target a 70% reduction in CO2 emissions from Duke Energy Progress' and Duke Energy Carolinas' electric generation in the state by 2030 and carbon neutrality by 2050, considering all resource options and the latest technology, while balancing affordability and reliability for customers. On July 29, 2025, North Carolina Senate Bill 266, or the Power Bill Reduction Act (SB266), was passed into law which retained HB951's 2050 carbon neutrality goal but eliminated the state's interim 2030 carbon reduction target and implemented other actions designed to reduce electricity costs for customers including enhanced cost recovery mechanisms for baseload generation by establishing an annual Construction Work In Progress recovery for baseload generation and a construction project monitoring process. SB266 also provides more timely recovery of fuel costs, allows for the recovery of CTs in MYRP proceedings and authorizes the prudent continued use of securitization for certain costs and investments serving North Carolina retail electric customers, including increasing the eligible securitization amounts for sub-critical coal assets up to 100% of their respective net book value upon retirement.
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 June 30, 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.
115
ITEM 4.CONTROLS AND PROCEDURES
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 June 30, 2025, and have concluded no change has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.
116
OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
The litigation matter of NTE Carolinas II, LLC Litigation included in Part 1, Item 1 of this Quarterly Report on Form 10-Q, within Note 5, "Commitments and Contingencies" of the Condensed Consolidated Financial Statements, is incorporated herein by reference.
In addition, 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.
For open litigation, unless otherwise noted, Duke Energy cannot predict the outcome or ultimate resolution of these matters.
MTBE Litigation
In December 2017, the state of Maryland filed suit in Baltimore City Circuit Court against Duke Energy Merchants and other defendants alleging contamination of state waters by MTBE leaking from gasoline storage tanks and is seeking an unspecified amount of monetary damages. MTBE is a gasoline additive intended to increase the oxygen levels in gasoline and make it burn cleaner. The case was removed from Baltimore City Circuit Court to federal District Court. Initial motions to dismiss filed by the defendants were denied by the court in September 2019, and the matter is now in discovery. In December 2020, the plaintiff and defendants selected 50 focus sites, none of which have any ties to Duke Energy Merchants. Discovery will be specific to those sites. Settlement negotiations are ongoing with the plaintiff.
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. Duke Energy filed a motion to dismiss the litigation based on lack of subject matter jurisdiction on March 17, 2025, and filed a motion to dismiss based on failure to state a claim on which relief can be granted on May 9, 2025. Both motions were fully briefed as of July 14, 2025, and oral argument is scheduled for September 25, 2025.
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. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024.
Failure to complete strategic transactions could adversely affect the Duke Energy Registrants’ financial condition, credit profile and ability to execute their business strategy.
There can be no assurance that strategic transactions, including merger and acquisition activities and the disposition of assets or businesses, will be completed as expected or at all. These transactions are subject to various closing conditions, including regulatory approvals, and delays or failures may occur due to factors beyond our control. If the proposed transactions are not consummated, we could face a range of negative outcomes, including:
•Inability to achieve anticipated proceeds could require Duke Energy to seek alternative funding sources to execute its capital plan and impede our ability to reduce debt or accomplish strategic initiatives;
•Adverse impacts to our credit metrics and potential pressure on our credit ratings;
•Negative reactions from financial markets and stakeholders, including reputational effects;
•Opportunity costs, lost strategic optionality, and foregone operational or financial benefits;
•Costs incurred in connection with these transactions, including advisory fees and management diversion, for which we may receive little or no benefit.
Additionally, even if completed, strategic transactions may not deliver the anticipated strategic, operational or financial results. Integration or separation challenges, unfavorable regulatory outcomes or unforeseen liabilities could further impact our business, results of operations or financial condition.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 5. OTHER INFORMATION
117
OTHER INFORMATION
Director and Officer Trading Arrangements
During the three months ended June 30, 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.
118
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
*31.1.1X
*31.1.2X
*31.1.3X
*31.1.4X
*31.1.5X
*31.1.6X
*31.1.7X
*31.1.8X
*31.2.1X
*31.2.2X
*31.2.3X
*31.2.4X
*31.2.5X
*31.2.6X
*31.2.7X
119
EXHIBITS
*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
*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
120
EXHIBITS
*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.
121
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:August 5, 2025/s/ BRIAN D. SAVOY
Brian D. Savoy
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:August 5, 2025/s/ CYNTHIA S. LEE
Cynthia S. Lee
Senior Vice President, Chief Accounting Officer
and Controller
(Principal Accounting Officer)
122

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