EX-99.1 2 er-20240930xearningsreleas.htm EX-99.1 Document
News Release
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Media Contact: Gillian Moore
24-Hour: 800.559.3853
Analyst Contact: Abby Motsinger
Office: 704.382.7624
November 7, 2024
Duke Energy reports third-quarter 2024 financial results
▪Third-quarter 2024 reported EPS of $1.60 and adjusted EPS of $1.62
▪Company restores 5.5 million outages from historic storm season
▪Robust economic development and population migration continue to support long-term growth
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2024 reported EPS of $1.60, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.62. This is compared to reported EPS of $1.59 and adjusted EPS of $1.94 for the third quarter of 2023.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between third-quarter 2024 reported and adjusted EPS includes costs related to the redemption of preferred securities and certain system post-implementation costs as well as results of discontinued operations.
Lower third-quarter 2024 adjusted results were driven by a higher effective tax rate, storm costs, interest expense and depreciation on a growing asset base. These items were partially offset by growth from rate increases and riders.
The company is reaffirming its 2024 adjusted EPS guidance range of $5.85 to $6.10 and trending to the lower half of the range. The company is reaffirming its long-term adjusted EPS growth rate of 5% to 7% through 2028 off the 2024 midpoint of $5.98. Management does not forecast reported GAAP EPS and related long-term growth rates.
“I am proud of the remarkable response from our employees and utility partners to a historic storm season, including three consecutive hurricanes," said Lynn Good, Duke Energy chair and chief executive officer. "Our team’s commitment to our customers was unwavering as they worked around the clock to restore 5.5 million outages as quickly and safely as possible and rebuilt large portions of our system in a matter of days.”
“We’ve continued to build on our track record of constructive regulatory outcomes and are well positioned for a strong finish to the year. Our simplified, fully regulated portfolio of Midwest and Southeast utilities operating in growing jurisdictions will continue to create long-term value for our customers, communities and shareholders.”


Duke Energy News Release    2

Business segment results
In addition to the following summary of third-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release.
The discussion below of third-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized third-quarter 2024 segment income of $1,451 million, compared to reported segment income of $1,447 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include the net impact of charges related to certain system post-implementation costs, which was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2024 segment income of $1,464 million, compared to adjusted segment income of $1,531 million in the third quarter of 2023. This represents a decrease of $0.09 per share. Lower quarterly results were primarily due to higher O&M expenses, including storm costs, depreciation on a growing asset base, interest expense and milder weather, partially offset by growth from rate increases and riders as well as higher sales volumes.
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized third-quarter 2024 segment loss of $25 million, compared to reported segment income of $15 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include the net impact of charges related to certain system post-implementation costs, which was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2024 segment loss of $22 million, compared to adjusted segment income of $15 million in the third quarter of 2023. This represents a decrease of $0.04 per share. Lower quarterly results were primarily due to higher depreciation and interest.
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported basis, Other recognized a third-quarter 2024 segment loss of $222 million, compared to reported segment loss of $59 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include charges related to preferred redemption costs, which was treated as a special item and excluded from adjusted earnings.


Duke Energy News Release    3

On an adjusted basis, Other recognized a third-quarter 2024 segment loss of $206 million, compared to adjusted segment loss of $59 million in the third quarter of 2023. This represents a decrease of $0.19 per share. Lower quarterly results were primarily due to a higher effective tax rate.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the third quarter of 2024 was 11.2% compared to 2.8% in the third quarter of 2023. The increase in the effective tax rate was primarily due tax efficiency efforts in the prior year and a decrease in the amortization of excess deferred taxes.
Duke Energy's consolidated adjusted effective tax rate was 11.6% for the third quarter of 2024 compared to 3.9% in the third quarter of 2023. The increase in the effective tax rate was primarily due tax efficiency efforts in the prior year and a decrease in the amortization of excess deferred taxes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.
Storm restoration costs
Total storm restoration costs, including capital expenditures, for hurricanes Helene, Debby and Milton are estimated to be in the range of $2.4 billion to $2.9 billion and are expected to primarily impact Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida. Total storm restorations costs will be recognized in the third and fourth quarter 2024. These estimates will change as restoration work is completed and additional information is received on actual costs incurred. The majority of the costs will be deferred for future recovery in regulatory assets on the Condensed Consolidated Balance Sheets or relate to capital projects. Recovery mechanisms are in place for each subsidiary registrant and each are considering and executing on all available avenues as quickly as possible to recover storm-related costs, including insurance recovery and the securitization for certain costs, where applicable. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida have entered into term loan facilities intended to meet incremental financing needs for a total of $1.75 billion, with an ability to increase the facilities an additional $0.85 billion.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss third-quarter 2024 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair and chief executive officer, Harry Sideris, president, and Brian Savoy, executive vice president and chief financial officer.
The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 367401. Please call in 10 to 15 minutes prior to the scheduled start time.
A recording of the webcast with transcript will be available on the investors' section of the company’s website on November 8.


Duke Energy News Release    4

Special Items and Non-GAAP Reconciliation
The following table presents a reconciliation of GAAP reported earnings (loss) per share to adjusted earnings per share for third-quarter 2024 and 2023 financial results:
(In millions, except per share amounts)After-Tax Amount
3Q 2024 EPS
3Q 2023 EPS
Earnings Per Share, as reported
$1.60 $1.59 
Adjustments to reported EPS:
Third Quarter 2024
System Post-Implementation Costs$16 $0.02 
Preferred Redemption Costs16 0.02 
Discontinued Operations(a)
(22)(0.03)
Third Quarter 2023
Regulatory Matters
$84 $0.11 
Discontinued Operations(a)
190 0.24 
Total adjustments(b)
$0.02 $0.35 
EPS, adjusted$1.62 $1.94 
(a)    Represents the operating results and net impairment reversal recognized related to the sale of the Commercial Renewables business disposal group.
(b)    Total EPS adjustments may not foot due to rounding.
Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) 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. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.


Duke Energy News Release    5

Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
•System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
•Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock.
•Regulatory matters primarily represents impairment charges related to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order.
Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).
Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as a measure of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss is a non-GAAP financial measure, as it is based upon segment income and other net loss adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.


Duke Energy News Release    6

Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.
More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The ability to implement our business strategy, including our carbon emission reduction goals;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to 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 the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;


Duke Energy News Release    7

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, 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 investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as 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 and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation mix, and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs 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 equity method investment carrying values;


Duke Energy News Release    8

◦Asset or business acquisitions and dispositions may not yield the anticipated benefits; and
◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made, and the Duke Energy Registrants expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2024
(Dollars in millions, except per share amounts)
Special Items
Reported Earnings
System Post-Implementation Costs
Preferred Redemption Costs
Discontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$1,451 $13 A$— $— $13 $1,464 
Gas Utilities and Infrastructure(25)3 
B
— — 3 (22)
Total Reportable Segment Income1,426 16 — — 16 1,442 
Other(222)— 16 
C
— 16 (206)
Discontinued Operations22 — — (22)
D
(22)— 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,226 $16 $16 $(22)$10 $1,236 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS
$1.60 $0.02 $0.02 $(0.03)$0.02 $1.62 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.
A – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
B – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
C – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.
D – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 772 million
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DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2024
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsRegulatory MattersSystem Post-Implementation Costs
Preferred Redemption Costs
Discontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$3,562 $25 A$13 B$— $— $38 $3,600 
Gas Utilities and Infrastructure265 — 3 C— — 3 268 
Total Reportable Segment Income3,827 25 16 — — 41 3,868 
Other(625)— 16 D— 16 (609)
Discontinued Operations9 — — — (9)
E
(9)— 
Net Income Available to Duke Energy Corporation Common Stockholders$3,211 $25 $16 $16 $(9)$48 $3,259 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$4.17 $0.03 $0.02 $0.02 $(0.01)$0.07 $4.24 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding.
A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.
•$33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the South Carolina rate case order.
•$9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the South Carolina rate case order.
B – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system.
D – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock.
E – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 772 million
10

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2023
(Dollars in millions, except per share amounts)
Special Item
Reported EarningsRegulatory MattersDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$1,447 $84 A$— $84 $1,531 
Gas Utilities and Infrastructure15 — — — 15 
Total Reportable Segment Income1,462 84 — 84 1,546 
Other(59)— — — (59)
Discontinued Operations(190)— 190 
B
190 — 
Net Income Available to Duke Energy Corporation Common Stockholders$1,213 $84 $190 $274 $1,487 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS
$1.59 $0.11 $0.24 $0.35 $1.94 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress.
•$62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated
Statement of Operations primarily related to the North Carolina rate case settlement.
•$33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated
Statement of Operations primarily related to the North Carolina rate case order.
B – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 771 million
11

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2023
(Dollars in millions, except per share amounts)

Special Item
Reported EarningsRegulatory MattersDiscontinued OperationsTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$3,088 $84 A$— $84 $3,172 
Gas Utilities and Infrastructure327 — — — 327 
Total Reportable Segment Income3,415 84 — 84 3,499 
Other(388)— — — (388)
Discontinued Operations(1,283)— 1,283 
B
1,283 — 
Net Income Available to Duke Energy Corporation Common Stockholders$1,744 $84 $1,283 $1,367 $3,111 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$2.27 $0.11 $1.67 $1.78 $4.05 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress.
•$62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated
Statement of Operations primarily related to the North Carolina rate case settlement.
•$33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated
Statement of Operations primarily related to the North Carolina rate case order.
B – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 771 million
12


DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
September 2024
(Dollars in millions)
Three Months Ended 
 
September 30, 2024		Nine Months Ended 
 
September 30, 2024
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes$1,453 $3,856 
Regulatory Matters— 33 
System Post-Implementation Costs21 21 
Preferred Redemption Costs
16 16 
Noncontrolling Interests(37)(79)
Preferred Dividends and Redemption Costs
(55)(108)
Adjusted Pretax Income
$1,398 $3,739 
Reported Income Tax Expense From Continuing Operations$163 11.2 %$481 12.5 %
Regulatory Matters
— 8 
System Post-Implementation Costs5 5 
Noncontrolling Interest Portion of Income Taxes(a)
(6)(14)
Adjusted Tax Expense
$162 11.6 %$480 12.8 %

 Three Months Ended 
 
September 30, 2023		Nine Months Ended 
 
September 30, 2023
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income From Continuing Operations Before Income Taxes$1,515 $3,510 
Regulatory Matters111 111 
Noncontrolling Interests(39)(92)
Preferred Dividends(39)(92)
Adjusted Pretax Income
$1,548 $3,437 
Reported Income Tax Expense From Continuing Operations$42 2.8 %$316 9.0 %
Regulatory Matters27 27 
Noncontrolling Interest Portion of Income Taxes(a)
(8)(17)
Adjusted Tax Expense
$61 3.9 %$326 9.5 %
(a)    Income tax related to non-pass-through entities for tax purposes.
13

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2024 QTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		OtherDiscontinued OperationsConsolidated
2023 QTD Reported Earnings Per Share
$1.88 $0.01 $(0.06)$(0.24)$1.59 
Regulatory Matters0.11 — — — 0.11 
Discontinued Operations— — — 0.24 0.24 
2023 QTD Adjusted Earnings Per Share
$1.99 $0.01 $(0.06)$— $1.94 
Weather(0.03)— — — (0.03)
Volume0.03 — — — 0.03 
Riders and Other Retail Margin(a)
0.05 — — — 0.05 
Rate case impacts, net(b)
0.07 — — — 0.07 
Operations and maintenance, net of recoverables(c)
(0.09)(0.01)— — (0.10)
Interest Expense(d)
(0.04)(0.01)(0.04)— (0.09)
AFUDC Equity0.01 — — — 0.01 
Depreciation and amortization(d)
(0.06)(0.01)— — (0.07)
Other(e)
(0.03)(0.01)(0.15)— (0.19)
Total variance$(0.09)$(0.04)$(0.19)$— $(0.32)
2024 QTD Adjusted Earnings Per Share
$1.90 $(0.03)$(0.25)$— $1.62 
System Post-Implementation Costs(0.02)— — — (0.02)
Preferred Redemption Costs
— — (0.02)— (0.02)
Discontinued Operations— — — 0.03 0.03 
2024 QTD Reported Earnings Per Share
$1.88 $(0.03)$(0.27)$0.03 $1.60 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 772 million. Totals may not foot or cross-foot due to rounding.
(a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.04).
(b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024, (+$0.05), DEF multiyear rate plan revenue increases (+$0.01) and DEK rates, effective October 2023 (+$0.01).
(c)    Electric Utilities and Infrastructure includes $0.08 of storm costs in the current year.
(d)    Electric Utilities and Infrastructure excludes rate case impacts.
(e)    Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16).

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DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2024 YTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure		OtherDiscontinued OperationsConsolidated
2023 YTD Reported Earnings Per Share
$4.01 $0.42 $(0.49)$(1.67)$2.27 
Regulatory Matters0.11 — — — 0.11 
Discontinued Operations— — — 1.67 1.67 
2023 YTD Adjusted Earnings Per Share
$4.12 $0.42 $(0.49)$— $4.05 
Weather0.26 — — — 0.26 
Volume0.20 — — — 0.20 
Riders and Other Retail Margin(a)
0.14 0.04 — — 0.18 
Rate case impacts, net(b)
0.25 0.02 — — 0.27 
Wholesale(c)
0.02 — — — 0.02 
Operations and maintenance, net of recoverables(d)
(0.07)(0.03)— — (0.10)
Interest Expense(e)
(0.12)(0.03)(0.11)— (0.26)
AFUDC Equity0.04 — — — 0.04 
Depreciation and amortization(e)
(0.17)(0.03)— — (0.20)
Other(f)
(0.01)(0.04)(0.17)— (0.22)
Total variance$0.54 $(0.07)$(0.28)$— $0.19 
2024 YTD Adjusted Earnings Per Share
$4.66 $0.35 $(0.77)$— $4.24 
Regulatory Matters(0.03)— — — (0.03)
System Post-Implementation Costs(0.02)— — — (0.02)
Preferred Redemption Costs
— — (0.02)— (0.02)
Discontinued Operations— — — 0.01 0.01 
2024 YTD Reported Earnings Per Share
$4.61 $0.35 $(0.79)$0.01 $4.17 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 772 million. Totals may not foot or cross-foot due to rounding.
(a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.12). Gas Utilities and Infrastructure includes higher revenues from Tennessee ARM (+$0.02), riders and customer growth.
(b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024 (+$0.18), DEP South Carolina rates, effective April 2023 and DEP North Carolina rates, effective October 2023 (+$0.05) and DEK rates, effective October 2023 (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.01). Gas Utilities and Infrastructure includes impacts from DEO rates, effective November 2023.
(c)    Primarily due to higher capacity rates.
(d)    Electric Utilities and Infrastructure includes $0.11 of storm costs in the current year.
(e)    Electric Utilities and Infrastructure excludes rate case impacts.
(f)    Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16).

15

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Operating Revenues
Regulated electric$7,775 $7,640 $21,253 $20,140 
Regulated natural gas298 284 1,511 1,497 
Nonregulated electric and other81 70 233 211 
Total operating revenues8,154 7,994 22,997 21,848 
Operating Expenses
Fuel used in electric generation and purchased power2,644 2,571 7,207 6,987 
Cost of natural gas70 57 380 434 
Operation, maintenance and other1,409 1,428 4,108 4,113 
Depreciation and amortization1,516 1,353 4,312 3,913 
Property and other taxes383 394 1,162 1,136 
Impairment of assets and other charges(5)88 39 96 
Total operating expenses6,017 5,891 17,208 16,679 
Gains on Sales of Other Assets and Other, net7 8 25 46 
Operating Income2,144 2,111 5,814 5,215 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates15 45 53 85 
Other income and expenses, net166 133 502 431 
Total other income and expenses181 178 555 516 
Interest Expense872 774 2,513 2,221 
Income From Continuing Operations Before Income Taxes1,453 1,515 3,856 3,510 
Income Tax Expense From Continuing Operations163 42 481 316 
Income From Continuing Operations1,290 1,473 3,375 3,194 
Income (Loss) From Discontinued Operations, net of tax
25 (152)12 (1,316)
Net Income
1,315 1,321 3,387 1,878 
Less: Net Income Attributable to Noncontrolling Interests
34 69 68 42 
Net Income Attributable to Duke Energy Corporation
1,281 1,252 3,319 1,836 
Less: Preferred Dividends39 39 92 92 
Less: Preferred Redemption Costs
16 — 16 — 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,226 $1,213 $3,211 $1,744 
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted$1.57 $1.83 $4.16 $3.94 
Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted$0.03 $(0.24)$0.01 $(1.67)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.60 $1.59 $4.17 $2.27 
Weighted average shares outstanding
Basic
772 771 772 771 
Diluted773 771 772 771 


16

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)September 30, 2024December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents$376 $253 
Receivables (net of allowance for doubtful accounts of $127 at 2024 and $55 at 2023)2,161 1,112 
Receivables of VIEs (net of allowance for doubtful accounts of $91 at 2024 and $150 at 2023)1,971 3,019 
Receivable from sales of Commercial Renewables Disposal Groups
545 — 
Inventory (includes $477 at 2024 and $462 at 2023 related to VIEs)4,338 4,292 
Regulatory assets (includes $119 at 2024 and $110 at 2023 related to VIEs)2,300 3,648 
Assets held for sale4 14 
Other (includes $76 at 2024 and $90 at 2023 related to VIEs)447 431 
Total current assets12,142 12,769 
Property, Plant and Equipment
Cost179,542 171,353 
Accumulated depreciation and amortization(58,146)(56,038)
Net property, plant and equipment121,396 115,315 
Other Noncurrent Assets
Goodwill19,303 19,303 
Regulatory assets (includes $1,716 at 2024 and $1,642 at 2023 related to VIEs)13,778 13,618 
Nuclear decommissioning trust funds11,511 10,143 
Operating lease right-of-use assets, net1,146 1,092 
Investments in equity method unconsolidated affiliates477 492 
Assets held for sale81 $197 
Other3,732 3,964 
Total other noncurrent assets50,028 48,809 
Total Assets$183,566 $176,893 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $212 at 2024 and $188 at 2023 related to VIEs)$3,953 $4,228 
Notes payable and commercial paper3,947 4,288 
Taxes accrued1,016 816 
Interest accrued809 745 
Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs)3,597 2,800 
Asset retirement obligations639 596 
Regulatory liabilities1,267 1,369 
Liabilities associated with assets held for sale77 122 
Other 2,122 2,319 
Total current liabilities17,427 17,283 
Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs)76,524 72,452 
Other Noncurrent Liabilities
Deferred income taxes10,859 10,556 
Asset retirement obligations9,511 8,560 
Regulatory liabilities14,926 14,039 
Operating lease liabilities956 917 
Accrued pension and other post-retirement benefit costs432 485 
Investment tax credits866 864 
Liabilities associated with assets held for sale85 $157 
Other (includes $33 at 2024 and $35 at 2023 related to VIEs)1,731 1,393 
Total other noncurrent liabilities39,366 36,971 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023
973 973 
Preferred stock, Series B, $0.001 par value, 1 million shares authorized; 0 and 1 million shares outstanding at 2024 and 2023
— 989 
Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023
1 1 
Additional paid-in capital45,060 44,920 
Retained earnings3,052 2,235 
Accumulated other comprehensive income (loss)
47 (6)
Total Duke Energy Corporation stockholders' equity49,133 49,112 
Noncontrolling interests1,116 1,075 
Total equity50,249 50,187 
Total Liabilities and Equity$183,566 $176,893 
17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Nine Months Ended September 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$3,387 $1,878 
Adjustments to reconcile net income to net cash provided by operating activities
5,564 5,431 
Net cash provided by operating activities8,951 7,309 
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities(9,851)(9,751)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities990 2,413 
Net increase (decrease) in cash, cash equivalents and restricted cash
90 (29)
Cash, cash equivalents and restricted cash at beginning of period357 603 
Cash, cash equivalents and restricted cash at end of period$447 $574 

18

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, 2024
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$7,792 $— $— $(17)$7,775 
Regulated natural gas— 321 — (23)298 
Nonregulated electric and other60 11 42 (32)81 
Total operating revenues7,852 332 42 (72)8,154 
Operating Expenses
Fuel used in electric generation and purchased power2,664 — — (20)2,644 
Cost of natural gas— 70 — — 70 
Operation, maintenance and other1,387 113 (44)(47)1,409 
Depreciation and amortization1,352 100 72 (8)1,516 
Property and other taxes345 36 3 (1)383 
Impairment of assets and other charges(5)— — — (5)
Total operating expenses5,743 319 31 (76)6,017 
Gains on Sales of Other Assets and Other, net
2 — 5 — 7 
Operating Income2,111 13 16 4 2,144 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates2 3 10 — 15 
Other income and expenses, net127 12 62 (35)166 
Total Other Income and Expenses129 15 72 (35)181 
Interest Expense514 67 321 (30)872 
Income (Loss) from Continuing Operations before Income Taxes1,726 (39)(233)(1)1,453 
Income Tax Expense (Benefit) from Continuing Operations244 (14)(66)(1)163 
Income (Loss) from Continuing Operations1,482 (25)(167)— 1,290 
Less: Net Income Attributable to Noncontrolling Interest31 — — — 31 
Net Income (Loss) Attributable to Duke Energy Corporation1,451 (25)(167)— 1,259 
Less: Preferred Dividends— — 39 — 39 
Less: Preferred Redemption Costs
— — 16 — 16 
Segment Income (Loss)/Other Net Loss
$1,451 $(25)$(222)$— $1,204 
Discontinued Operations22 
Net Income Available to Duke Energy Corporation Common Stockholders
$1,226 
Segment Income (Loss)/Other Net Loss
$1,451 $(25)$(222)$— $1,204 
Special Items13 3 16 — 32 
Adjusted Earnings(a)
$1,464 $(22)$(206)$— $1,236 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
19

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended September 30, 2024
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$21,305 $— $— $(52)$21,253 
Regulated natural gas— 1,579 — (68)1,511 
Nonregulated electric and other170 36 120 (93)233 
Total operating revenues21,475 1,615 120 (213)22,997 
Operating Expenses
Fuel used in electric generation and purchased power7,266 — — (59)7,207 
Cost of natural gas— 380 — — 380 
Operation, maintenance and other3,965 359 (70)(146)4,108 
Depreciation and amortization3,823 294 216 (21)4,312 
Property and other taxes1,033 120 10 (1)1,162 
Impairment of assets and other charges38 — 1 — 39 
Total operating expenses16,125 1,153 157 (227)17,208 
Gains on Sales of Other Assets and Other, net
9 — 16 — 25 
Operating Income (Loss)
5,359 462 (21)14 5,814 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates4 3 46 — 53 
Other income and expenses, net397 46 172 (113)502 
Total Other Income and Expenses401 49 218 (113)555 
Interest Expense1,501 189 921 (98)2,513 
Income (Loss) from Continuing Operations before Income Taxes4,259 322 (724)(1)3,856 
Income Tax Expense (Benefit) from Continuing Operations631 57 (207)— 481 
Income (Loss) from Continuing Operations3,628 265 (517)(1)3,375 
Less: Net Income Attributable to Noncontrolling Interest66 — — (1)65 
Net Income (Loss) Attributable to Duke Energy Corporation3,562 265 (517)— 3,310 
Less: Preferred Dividends— — 92 — 92 
Less: Preferred Redemption Costs
— — 16 — 16 
Segment Income/Other Net Loss$3,562 $265 $(625)$— $3,202 
Discontinued Operations9 
Net Income Available to Duke Energy Corporation Common Stockholders$3,211 
Segment Income/Other Net Loss
$3,562 $265 $(625)$— $3,202 
Special Items38 3 16 — 57 
Adjusted Earnings(a)
$3,600 $268 $(609)$— $3,259 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
20

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, 2023
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$7,658 $— $— $(18)$7,640 
Regulated natural gas— 307 — (23)284 
Nonregulated electric and other57 6 33 (26)70 
Total operating revenues7,715 313 33 (67)7,994 
Operating Expenses
Fuel used in electric generation and purchased power2,591 — — (20)2,571 
Cost of natural gas— 57 — — 57 
Operation, maintenance and other1,398 103 (29)(44)1,428 
Depreciation and amortization1,209 88 63 (7)1,353 
Property and other taxes392 32 (30)— 394 
Impairment of assets and other charges88 — — — 88 
Total operating expenses5,678 280 4 (71)5,891 
Gains on Sales of Other Assets and Other, net
2 — 5 1 8 
Operating Income2,039 33 34 5 2,111 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates2 21 22 — 45 
Other income and expenses, net129 18 25 (39)133 
Total Other Income and Expenses131 39 47 (39)178 
Interest Expense468 56 283 (33)774 
Income (Loss) from Continuing Operations before Income Taxes1,702 16 (202)(1)1,515 
Income Tax Expense (Benefit) from Continuing Operations224 1 (182)(1)42 
Income (Loss) from Continuing Operations1,478 15 (20)— 1,473 
Less: Net Income Attributable to Noncontrolling Interest
31 — — — 31 
Net Income (Loss) Attributable to Duke Energy Corporation1,447 15 (20)— 1,442 
Less: Preferred Dividends— — 39 — 39 
Segment Income/Other Net Loss
$1,447 $15 $(59)$— $1,403 
Discontinued Operations(190)
Net Income Available to Duke Energy Corporation Common Stockholders
$1,213 
Segment Income/Other Net Loss$1,447 $15 $(59)$— $1,403 
Other Adjustments
84 — — — 84 
Adjusted Earnings(a)
$1,531 $15 $(59)$— $1,487 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.

21

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended September 30, 2023
(In millions)Electric
Utilities and Infrastructure		Gas
Utilities and Infrastructure		OtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$20,190 $— $— $(50)$20,140 
Regulated natural gas— 1,565 — (68)1,497 
Nonregulated electric and other173 18 98 (78)211 
Total operating revenues20,363 1,583 98 (196)21,848 
Operating Expenses
Fuel used in electric generation and purchased power7,045 — — (58)6,987 
Cost of natural gas— 434 — — 434 
Operation, maintenance and other4,008 332 (97)(130)4,113 
Depreciation and amortization3,493 257 184 (21)3,913 
Property and other taxes1,077 93 (34)— 1,136 
Impairment of assets and other charges100 (4)— — 96 
Total operating expenses15,723 1,112 53 (209)16,679 
Gains (Losses) on Sales of Other Assets and Other, net
30 (1)16 1 46 
Operating Income4,670 470 61 14 5,215 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates5 33 47 — 85 
Other income and expenses, net383 53 121 (126)431 
Total Other Income and Expenses388 86 168 (126)516 
Interest Expense1,364 158 810 (111)2,221 
Income (Loss) From Continuing Operations Before Income Taxes3,694 398 (581)(1)3,510 
Income Tax Expense (Benefit) from Continuing Operations531 71 (285)(1)316 
Income (Loss) from Continuing Operations3,163 327 (296)— 3,194 
Less: Net Income Attributable to Noncontrolling Interest75 — — — 75 
Net Income (Loss) Attributable to Duke Energy Corporation3,088 327 (296)— 3,119 
Less: Preferred Dividends— — 92 — 92 
Segment Income/Other Net Loss$3,088 $327 $(388)$— $3,027 
Discontinued Operations(1,283)
Net Income Available to Duke Energy Corporation Common Stockholders$1,744 
Segment Income/Other Net Loss$3,088 $327 $(388)$— $3,027 
Special Items84 — — — 84 
Adjusted Earnings(a)
$3,172 $327 $(388)$— $3,111 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings.
22

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

September 30, 2024
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Other(a)
Eliminations/
Adjustments		Duke Energy
Current Assets
Cash and cash equivalents$90 $40 $246 $— $376 
Receivables, net1,960 183 18 — 2,161 
Receivables of variable interest entities, net1,971 — — — 1,971 
Receivables from affiliated companies73 78 708 (859)— 
Receivable from sales of Commercial Renewables Disposal Groups
— — 545 — 545 
Notes receivable from affiliated companies111 9 1,376 (1,496)— 
Inventory4,225 75 38 — 4,338 
Regulatory assets2,018 192 90 — 2,300 
Assets held for sale— — 4 — 4 
Other229 105 141 (28)447 
Total current assets10,677 682 3,166 (2,383)12,142 
Property, Plant and Equipment
Cost159,022 17,512 3,089 (81)179,542 
Accumulated depreciation and amortization(52,745)(3,573)(1,827)(1)(58,146)
Net property, plant and equipment106,277 13,939 1,262 (82)121,396 
Other Noncurrent Assets
Goodwill17,379 1,924 — — 19,303 
Regulatory assets12,478 820 480 — 13,778 
Nuclear decommissioning trust funds11,511 — — — 11,511 
Operating lease right-of-use assets, net778 4 363 1 1,146 
Investments in equity method unconsolidated affiliates98 243 136 — 477 
Investment in consolidated subsidiaries468 6 73,870 (74,344)— 
Assets held for sale— — 81 — 81 
Other2,567 328 1,464 (627)3,732 
Total other noncurrent assets45,279 3,325 76,394 (74,970)50,028 
Total Assets162,233 17,946 80,822 (77,435)183,566 
Segment reclassifications, intercompany balances and other(762)(94)(76,579)77,435 — 
Segment Assets$161,471 $17,852 $4,243 $— $183,566 

(a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.
23

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

September 30, 2024
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Other(a)
Eliminations/
Adjustments		Duke Energy
Current Liabilities
Accounts payable$3,194 $242 $517 $— $3,953 
Accounts payable to affiliated companies614 48 176 (838)— 
Notes payable to affiliated companies855 582 59 (1,496)— 
Notes payable and commercial paper— — 3,947 — 3,947 
Taxes accrued1,093 38 (115)— 1,016 
Interest accrued490 60 259 — 809 
Current maturities of long-term debt2,027 208 1,368 (6)3,597 
Asset retirement obligations639 — — — 639 
Regulatory liabilities1,148 119 — — 1,267 
Liabilities associated with assets held for sale— — 77 — 77 
Other1,623 83 465 (49)2,122 
Total current liabilities11,683 1,380 6,753 (2,389)17,427 
Long-Term Debt45,516 4,758 26,326 (76)76,524 
Long-Term Debt Payable to Affiliated Companies618 7 — (625)— 
Other Noncurrent Liabilities
Deferred income taxes11,988 1,511 (2,641)1 10,859 
Asset retirement obligations9,423 88 — — 9,511 
Regulatory liabilities13,684 1,212 30 — 14,926 
Operating lease liabilities691 8 257 — 956 
Accrued pension and other post-retirement benefit costs196 29 207 — 432 
Investment tax credits865 1 — — 866 
Liabilities associated with assets held for sale— — 85 — 85 
Other1,145 216 559 (189)1,731 
Total other noncurrent liabilities37,992 3,065 (1,503)(188)39,366 
Equity
Total Duke Energy Corporation stockholders' equity65,334 8,728 49,227 (74,156)49,133 
Noncontrolling interests1,090 8 19 (1)1,116 
Total equity66,424 8,736 49,246 (74,157)50,249 
Total Liabilities and Equity162,233 17,946 80,822 (77,435)183,566 
Segment reclassifications, intercompany balances and other(762)(94)(76,579)77,435 — 
Segment Liabilities and Equity$161,471 $17,852 $4,243 $— $183,566 

(a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.
24

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended September 30, 2024
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$2,707 $1,914 $1,940 $497 $836 $(42)$7,852 
Operating Expenses
Fuel used in electric generation and purchased power922 679 705 146 267 (55)2,664 
Operation, maintenance and other461 374 272 106 169 5 1,387 
Depreciation and amortization472 354 286 70 166 4 1,352 
Property and other taxes88 43 127 79 7 1 345 
Impairment of assets and other charges(2)(3)— — — — (5)
Total operating expenses1,941 1,447 1,390 401 609 (45)5,743 
Gains on Sales of Other Assets and Other, net— 1 1 — — — 2 
Operating Income766 468 551 96 227 3 2,111 
Other Income and Expenses, net(b)
59 31 20 3 15 1 129 
Interest Expense189 127 114 32 58 (6)514 
Income Before Income Taxes636 372 457 67 184 10 1,726 
Income Tax Expense50 48 94 10 29 13 244 
Less: Net Income Attributable to Noncontrolling Interest(c)
— — — — — 31 31 
Segment Income$586 $324 $363 $57 $155 $(34)$1,451 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $27 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $3 million for Duke Energy Florida and $6 million for Duke Energy Indiana.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.
25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Nine Months Ended September 30, 2024
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana		Eliminations/
Other		Electric Utilities and Infrastructure
Operating Revenues$7,411 $5,338 $5,092 $1,431 $2,342 $(139)$21,475 
Operating Expenses
Fuel used in electric generation and purchased power2,531 1,896 1,833 416 761 (171)7,266 
Operation, maintenance and other1,335 1,063 770 287 508 2 3,965 
Depreciation and amortization1,306 999 796 201 507 14 3,823 
Property and other taxes271 144 350 230 37 1 1,033 
Impairment of assets and other charges32 6 — — — — 38 
Total operating expenses5,475 4,108 3,749 1,134 1,813 (154)16,125 
Gains on Sales of Other Assets and Other, net1 2 2 — — 4 9 
Operating Income1,937 1,232 1,345 297 529 19 5,359 
Other Income and Expenses, net(b)
183 102 64 10 44 (2)401 
Interest Expense537 370 339 93 173 (11)1,501 
Income Before Income Taxes1,583 964 1,070 214 400 28 4,259 
Income Tax Expense159 137 214 33 65 23 631 
Less: Net Income Attributable to Noncontrolling Interest(c)
— — — — — 66 66 
Segment Income
$1,424 $827 $856 $181 $335 $(61)$3,562 
(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b)    Includes an equity component of allowance for funds used during construction of $85 million for Duke Energy Carolinas, $44 million for Duke Energy Progress, $11 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $13 million for Duke Energy Indiana.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.
26

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

September 30, 2024
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents$13 $46 $16 $5 $8 $2 $90 
Receivables, net250 178 760 346 416 10 1,960 
Receivables of variable interest entities, net1,149 822 — — — — 1,971 
Receivables from affiliated companies202 14 2 23 5 (173)73 
Notes receivable from affiliated companies177 — — 23 — (89)111 
Inventory1,482 1,320 686 156 580 1 4,225 
Regulatory assets927 691 261 36 105 (2)2,018 
Other48 62 40 10 77 (8)229 
Total current assets4,248 3,133 1,765 599 1,191 (259)10,677 
Property, Plant and Equipment
Cost58,465 41,720 29,924 8,963 19,896 54 159,022 
Accumulated depreciation and amortization(20,026)(15,947)(7,496)(2,472)(6,836)32 (52,745)
Net property, plant and equipment38,439 25,773 22,428 6,491 13,060 86 106,277 
Other Noncurrent Assets
Goodwill— — — 596 — 16,783 17,379 
Regulatory assets3,867 4,489 2,071 380 1,013 658 12,478 
Nuclear decommissioning trust funds6,505 4,657 349 — — — 11,511 
Operating lease right-of-use assets, net85 353 290 7 42 1 778 
Investments in equity method unconsolidated affiliates— — 1 — — 97 98 
Investment in consolidated subsidiaries54 9 2 402 1 — 468 
Other1,165 719 496 70 383 (266)2,567 
Total other noncurrent assets11,676 10,227 3,209 1,455 1,439 17,273 45,279 
Total Assets54,363 39,133 27,402 8,545 15,690 17,100 162,233 
Segment reclassifications, intercompany balances and other(444)(111)(12)(449)(8)262 (762)
Reportable Segment Assets$53,919 $39,022 $27,390 $8,096 $15,682 $17,362 $161,471 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

27

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

September 30, 2024
(In millions)Duke
Energy
Carolinas		Duke
Energy
Progress		Duke
Energy
Florida
Duke
Energy
Ohio(a)
Duke
Energy
Indiana
Eliminations/
Adjustments(b)
Electric Utilities and Infrastructure
Current Liabilities
Accounts payable$1,302 $502 $882 $245 $261 $2 $3,194 
Accounts payable to affiliated companies230 322 127 19 61 (145)614 
Notes payable to affiliated companies— 610 195 127 11 (88)855 
Taxes accrued386 194 238 211 61 3 1,093 
Interest accrued158 86 127 44 74 1 490 
Current maturities of long-term debt520 983 436 93 4 (9)2,027 
Asset retirement obligations253 225 2 7 152 — 639 
Regulatory liabilities576 295 82 30 165 — 1,148 
Other589 442 331 64 198 (1)1,623 
Total current liabilities4,014 3,659 2,420 840 987 (237)11,683 
Long-Term Debt16,212 11,190 9,812 3,205 4,647 450 45,516 
Long-Term Debt Payable to Affiliated Companies300 150 — 18 150 — 618 
Other Noncurrent Liabilities
Deferred income taxes4,137 2,560 2,767 870 1,571 83 11,988 
Asset retirement obligations3,727 4,293 203 69 1,126 5 9,423 
Regulatory liabilities6,586 4,778 700 233 1,411 (24)13,684 
Operating lease liabilities75 337 234 7 38 — 691 
Accrued pension and other post-retirement benefit costs45 138 92 70 94 (243)196 
Investment tax credits302 130 242 5 186 — 865 
Other653 271 160 59 15 (13)1,145 
Total other noncurrent liabilities15,525 12,507 4,398 1,313 4,441 (192)37,992 
Equity
Total Duke Energy Corporation stockholders equity18,312 11,627 10,772 3,169 5,465 15,989 65,334 
Noncontrolling interests(c)
— — — — — 1,090 1,090 
Total equity18,312 11,627 10,772 3,169 5,465 17,079 66,424 
Total Liabilities and Equity54,363 39,133 27,402 8,545 15,690 17,100 162,233 
Segment reclassifications, intercompany balances and other(444)(111)(12)(449)(8)262 (762)
Reportable Segment Liabilities and Equity$53,919 $39,022 $27,390 $8,096 $15,682 $17,362 $161,471 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.
(c)    Includes a noncontrolling interest in Duke Energy Indiana.

28

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Three Months Ended September 30, 2024
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$108 $219 $4 $1 $332 
Operating Expenses
Cost of natural gas18 52 — — 70 
Operation, maintenance and other25 86 2 — 113 
Depreciation and amortization32 65 2 1 100 
Property and other taxes20 16 — — 36 
Total operating expenses95 219 4 1 319 
Losses on Sales of Other Assets and Other, net
— — (1)1 — 
Operating Income (Loss)
13 — (1)1 13 
Other Income and Expenses
Equity in earnings of unconsolidated affiliates— — 3 — 3 
Other income and expenses, net(1)12 — 1 12 
Total other income and expenses(1)12 3 1 15 
Interest Expense18 47 1 1 67 
Income (Loss) Before Income Taxes
(6)(35)1 1 (39)
Income Tax Expense (Benefit)
(2)(10)(3)1 (14)
Segment Income (Loss)
$(4)$(25)$4 $— $(25)
(a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
29

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

Nine Months Ended September 30, 2024
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDC
Midstream Pipelines and Storage(b)
Eliminations/
Adjustments		Gas
Utilities and Infrastructure
Operating Revenues$460 $1,139 $15 $1 $1,615 
Operating Expenses
Cost of natural gas100 280 — — 380 
Operation, maintenance and other87 264 8 — 359 
Depreciation and amortization96 191 6 1 294 
Property and other taxes73 47 — — 120 
Total operating expenses356 782 14 1 1,153 
Operating Income
104 357 1 — 462 
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates— — 3 — 3 
Other income and expenses, net3 42 — 1 46 
Other Income and Expenses, net3 42 3 1 49 
Interest Expense50 135 3 1 189 
Income Before Income Taxes
57 264 1 — 322 
Income Tax Expense (Benefit)
11 48 (2)— 57 
Segment Income
$46 $216 $3 $— $265 
(a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
30

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

September 30, 2024
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Assets
Cash and cash equivalents$3 $4 $33 $— $40 
Receivables, net55 126 3 (1)183 
Receivables from affiliated companies— 79 77 (78)78 
Notes receivable from affiliated companies12 — — (3)9 
Inventory16 58 — 1 75 
Regulatory assets38 154 — — 192 
Other21 80 6 (2)105 
Total current assets145 501 119 (83)682 
Property, Plant and Equipment
Cost4,821 12,618 73 — 17,512 
Accumulated depreciation and amortization(1,168)(2,397)(8)— (3,573)
Net property, plant and equipment3,653 10,221 65 — 13,939 
Other Noncurrent Assets
Goodwill324 49 — 1,551 1,924 
Regulatory assets322 427 — 71 820 
Operating lease right-of-use assets, net1 4 — (1)4 
Investments in equity method unconsolidated affiliates— — 238 5 243 
Investment in consolidated subsidiaries— — — 6 6 
Other23 284 18 3 328 
Total other noncurrent assets670 764 256 1,635 3,325 
Total Assets4,468 11,486 440 1,552 17,946 
Segment reclassifications, intercompany balances and other(12)(80)(77)75 (94)
Reportable Segment Assets$4,456 $11,406 $363 $1,627 $17,852 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.
31

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

September 30, 2024
(In millions)
Duke
Energy
Ohio(a)
Piedmont Natural Gas LDCMidstream Pipelines and Storage
Eliminations/
Adjustments(b)
Gas
Utilities and Infrastructure
Current Liabilities
Accounts payable$33 $196 $13 $— $242 
Accounts payable to affiliated companies4 99 24 (79)48 
Notes payable to affiliated companies72 513 — (3)582 
Taxes accrued26 50 (38)— 38 
Interest accrued11 50 — (1)60 
Current maturities of long-term debt58 150 — — 208 
Regulatory liabilities28 91 — — 119 
Other3 74 5 1 83 
Total current liabilities235 1,223 4 (82)1,380 
Long-Term Debt784 3,853 63 58 4,758 
Long-Term Debt Payable to Affiliated Companies7 — — — 7 
Other Noncurrent Liabilities
Deferred income taxes455 995 60 1 1,511 
Asset retirement obligations61 27 — — 88 
Regulatory liabilities242 958 — 12 1,212 
Operating lease liabilities— 8 — — 8 
Accrued pension and other post-retirement benefit costs23 6 — — 29 
Investment tax credits— 1 — — 1 
Other38 175 — 3 216 
Total other noncurrent liabilities819 2,170 60 16 3,065 
Equity
Total Duke Energy Corporation stockholders' equity2,623 4,240 305 1,560 8,728 
Noncontrolling interests— — 8 — 8 
Total equity2,623 4,240 313 1,560 8,736 
Total Liabilities and Equity4,468 11,486 440 1,552 17,946 
Segment reclassifications, intercompany balances and other(12)(80)(77)75 (94)
Reportable Segment Liabilities and Equity$4,456 $11,406 $363 $1,627 $17,852 
(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

32

Electric Utilities and Infrastructure
Quarterly Highlights
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20242023%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
Gigawatt-hour (GWh) Sales(a)
Residential26,756 26,154 2.3 %0.7 %69,024 66,505 3.8 %1.5 %
General Service22,952 22,564 1.7 %2.6 %60,544 58,707 3.1 %3.0 %
Industrial12,573 12,672 (0.8 %)(0.7 %)35,847 36,435 (1.6 %)(1.6 %)
Other Energy Sales130 141 (7.8 %)n/a395 431 (8.4 %)n/a
Unbilled Sales(1,960)(1,421)(37.9 %)n/a(1,020)(2,519)59.5 %n/a
Total Retail Sales
60,451 60,110 0.6 %1.1 %164,790 159,559 3.3 %1.3 %
Wholesale and Other12,281 12,951 (5.2 %)33,528 31,864 5.2 %
Total Consolidated Electric Sales – Electric Utilities and Infrastructure
72,732 73,061 (0.5 %)198,318 191,423 3.6 %
Average Number of Customers (Electric)
Residential7,430,021 7,267,668 2.2 %7,392,374 7,232,568 2.2 %
General Service1,045,408 1,038,192 0.7 %1,043,696 1,036,602 0.7 %
Industrial15,604 16,064 (2.9 %)15,705 16,167 (2.9 %)
Other Energy Sales23,607 24,070 (1.9 %)23,722 24,158 (1.8 %)
Total Retail Customers
8,514,640 8,345,994 2.0 %8,475,497 8,309,495 2.0 %
Wholesale and Other52 49 6.1 %51 48 6.3 %
Total Average Number of Customers – Electric Utilities and Infrastructure
8,514,692 8,346,043 2.0 %8,475,548 8,309,543 2.0 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal11,410 12,723 (10.3 %)30,784 25,375 21.3 %
Nuclear19,150 19,304 (0.8 %)56,182 56,170 — %
Hydro276 274 0.7 %1,704 1,656 2.9 %
Natural Gas and Oil28,704 26,596 7.9 %71,506 68,443 4.5 %
Renewable Energy942 831 13.4 %2,648 2,204 20.1 %
Total Generation(d)
60,482 59,728 1.3 %162,824 153,848 5.8 %
Purchased Power and Net Interchange(e)
16,480 17,376 (5.2 %)45,963 47,780 (3.8 %)
Total Sources of Energy76,962 77,104 (0.2 %)208,787 201,628 3.6 %
Less: Line Loss and Other4,230 4,043 4.6 %10,469 10,206 2.6 %
Total GWh Sources72,732 73,061 (0.5 %)198,318 191,422 3.6 %
Owned Megawatt (MW) Capacity(c)
Summer50,241 50,236 
Winter54,782 53,105 
Nuclear Capacity Factor (%)(f)
96 96 
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

33

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20242023%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential8,8438,544 3.5 %23,34022,0585.8 %
General Service8,7258,600 1.5 %23,38922,4894.0 %
Industrial5,3645,357 0.1 %15,03515,061(0.2 %)
Other Energy Sales6569 (5.8 %)201209(3.8 %)
Unbilled Sales(1,046)(376)(178.2 %)(571)(877)34.9 %
Total Retail Sales
21,95122,194 (1.1 %)0.1 %61,39458,9404.2 %1.8 %
Wholesale and Other2,8972,616 10.7 %8,3267,42712.1 %
Total Consolidated Electric Sales – Duke Energy Carolinas
24,848 24,810 0.2 %69,72066,3675.1 %
Average Number of Customers
Residential2,496,2862,434,7282.5 %2,480,8072,420,8972.5 %
General Service402,809400,2860.6 %402,306399,9320.6 %
Industrial5,9416,044(1.7 %)5,9566,071(1.9 %)
Other Energy Sales11,00911,200(1.7 %)11,06411,218(1.4 %)
Total Retail Customers
2,916,0452,852,2582.2 %2,900,1332,838,1182.2 %
Wholesale and Other26254.0 %2526(3.8 %)
Total Average Number of Customers – Duke Energy Carolinas
2,916,0712,852,2832.2 %2,900,1582,838,1442.2 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,940 3,589 (18.1 %)8,5516,52231.1 %
Nuclear11,157 11,361 (1.8 %)33,88633,2921.8 %
Hydro112 79 41.8 %97384215.6 %
Natural Gas and Oil8,719 7,618 14.5 %20,77920,0393.7 %
Renewable Energy94 102 (7.8 %)266266— %
Total Generation(d)
23,022 22,749 1.2 %64,45560,9615.7 %
Purchased Power and Net Interchange(e)
3,535 3,384 4.5 %9,0158,6414.3 %
Total Sources of Energy26,557 26,133 1.6 %73,47069,6025.6 %
Less: Line Loss and Other1,709 1,323 29.2 %3,7503,23515.9 %
Total GWh Sources24,848 24,810 0.2 %69,72066,3675.1 %
Owned MW Capacity(c)
Summer19,42919,617
Winter20,47620,442
Nuclear Capacity Factor (%)(f)
9695
Heating and Cooling Degree Days
Actual
Heating Degree Days— 1 (100.0 %)1,5991,4599.6 %
Cooling Degree Days1,029 1,048 (1.8 %)1,6561,39518.7 %
Variance from Normal
Heating Degree Days(100.0 %)(95.7 %)(18.1 %)(20.0 %)
Cooling Degree Days1.6 %4.1 %8.3 %(13.2 %)
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

34

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20242023%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential5,415 5,389 0.5 %14,45913,8524.4 %
General Service4,511 4,456 1.2 %11,76211,3543.6 %
Industrial2,605 2,559 1.8 %7,1467,407(3.5 %)
Other Energy Sales21 21 — %6464— %
Unbilled Sales(613)(293)(109.2 %)(430)(784)45.2 %
Total Retail Sales
11,939 12,132 (1.6 %)(0.3 %)33,00131,8933.5 %1.1 %
Wholesale and Other7,168 7,572 (5.3 %)19,43818,6104.4 %
Total Consolidated Electric Sales – Duke Energy Progress
19,107 19,704 (3.0 %)52,43950,5033.8 %
Average Number of Customers
Residential1,504,5841,469,0462.4 %1,495,6041,460,4802.4 %
General Service248,517247,7290.3 %248,167247,3560.3 %
Industrial3,1873,285(3.0 %)3,2133,299(2.6 %)
Other Energy Sales2,4362,484(1.9 %)2,4432,499(2.2 %)
Total Retail Customers
1,758,724 1,722,544 2.1 %1,749,4271,713,6342.1 %
Wholesale and Other8 9 (11.1 %)88— %
Total Average Number of Customers – Duke Energy Progress
1,758,732 1,722,553 2.1 %1,749,4351,713,6422.1 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal2,095 2,933 (28.6 %)6,0134,39037.0 %
Nuclear7,993 7,943 0.6 %22,29622,878(2.5 %)
Hydro94 90 4.4 %523523— %
Natural Gas and Oil6,919 6,679 3.6 %17,69217,0683.7 %
Renewable Energy60 74 (18.9 %)175203(13.8 %)
Total Generation(d)
17,161 17,719 (3.1 %)46,69945,0623.6 %
Purchased Power and Net Interchange(e)
2,769 2,827 (2.1 %)7,6147,3813.2 %
Total Sources of Energy19,930 20,546 (3.0 %)54,31352,4433.6 %
Less: Line Loss and Other823 842 (2.3 %)1,8741,940(3.4 %)
Total GWh Sources19,107 19,704 (3.0 %)52,43950,5033.8 %
Owned MW Capacity(c)
Summer12,57012,540
Winter13,77513,618
Nuclear Capacity Factor (%)(f)
9497
Heating and Cooling Degree Days
Actual
Heating Degree Days— 3 (100.0 %)1,3691,19714.4 %
Cooling Degree Days1,151 1,201 (4.2 %)1,8891,70011.1 %
Variance from Normal
Heating Degree Days(100.0 %)(80.6 %)(23.1 %)(25.9 %)
Cooling Degree Days5.8 %3.7 %13.6 %(8.8 %)
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.
(f)    Statistics reflect 100% of jointly owned stations.

35

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20242023%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential7,1847,238(0.7 %)17,09417,096— %
General Service4,6774,6400.8 %12,02111,9420.7 %
Industrial853870(2.0 %)2,5332,560(1.1 %)
Other Energy Sales77— %2223(4.3 %)
Unbilled Sales(138)(203)— %40925759.1 %
Total Retail Sales
12,58312,5520.2 %1.6 %32,07931,8780.6 %0.6 %
Wholesale and Other8401,113(24.5 %)2,0452,177(6.1 %)
Total Electric Sales – Duke Energy Florida
13,42313,665(1.8 %)34,12434,0550.2 %
Average Number of Customers
Residential1,797,8781,756,9332.3 %1,789,6141,748,3622.4 %
General Service211,547209,3551.0 %210,988209,0110.9 %
Industrial1,6521,755(5.9 %)1,6831,784(5.7 %)
Other Energy Sales3,5983,666(1.9 %)3,6153,685(1.9 %)
Total Retail Customers
2,014,6751,971,7092.2 %2,005,9001,962,8422.2 %
Wholesale and Other131030.0 %13944.4 %
Total Average Number of Customers – Duke Energy Florida
2,014,6881,971,7192.2 %2,005,9131,962,8512.2 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal1,3611,473(7.6 %)2,9832,984— %
Natural Gas and Oil11,34810,9423.7 %28,74027,8253.3 %
Renewable Energy78064620.7 %2,1841,71227.6 %
Total Generation(d)
13,48913,0613.3 %33,90732,5214.3 %
Purchased Power and Net Interchange(e)
4541,308(65.3 %)1,3522,894(53.3 %)
Total Sources of Energy13,94314,369(3.0 %)35,25935,415(0.4 %)
Less: Line Loss and Other520704(26.1 %)1,1351,360(16.5 %)
Total GWh Sources13,42313,665(1.8 %)34,12434,0550.2 %
Owned MW Capacity(c)
Summer10,85810,697
Winter12,57511,132
Heating and Cooling Degree Days
Actual
Heating Degree Days— — — %29417865.2 %
Cooling Degree Days1,656 1,673 (1.0 %)3,0923,204(3.5 %)
Variance from Normal
Heating Degree Days— %— %(22.4 %)(41.0 %)
Cooling Degree Days11.2 %11.4 %12.2 %7.4 %
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

36

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20242023%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,7452,5627.1 %7,0646,7384.8 %
General Service2,6702,5554.5 %7,1286,8094.7 %
Industrial1,3351,490(10.4 %)3,9264,174(5.9 %)
Other Energy Sales2428(14.3 %)6586(24.4 %)
Unbilled Sales(105)(384)72.7 %(81)(373)78.3 %
Total Retail Sales
6,6696,2516.7 %3.3 %18,10217,4343.8 %0.4 %
Wholesale and Other13510528.6 %39226050.8 %
Total Electric Sales – Duke Energy Ohio
6,8046,3567.0 %18,49417,6944.5 %
Average Number of Customers
Residential833,621823,8181.2 %831,841822,7651.1 %
General Service76,15075,0581.5 %75,96474,7891.6 %
Industrial2,1962,333(5.9 %)2,2212,364(6.0 %)
Other Energy Sales2,7862,828(1.5 %)2,7922,837(1.6 %)
Total Retail Customers
914,753904,0371.2 %912,818902,7551.1 %
Wholesale and Other11— %11— %
Total Average Number of Customers – Duke Energy Ohio
914,754904,0381.2 %912,819902,7561.1 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal649751(13.6 %)1,8961,7438.8 %
Natural Gas and Oil12049144.9 %265131102.3 %
Total Generation(d)
769800(3.9 %)2,1611,87415.3 %
Purchased Power and Net Interchange(e)
6,5905,82613.1 %18,07517,4713.5 %
Total Sources of Energy7,3596,62611.1 %20,23619,3454.6 %
Less: Line Loss and Other555270105.6 %1,7421,6515.5 %
Total GWh Sources6,8046,3567.0 %18,49417,6944.5 %
Owned MW Capacity(c)
Summer1,0801,076
Winter1,1731,164
Heating and Cooling Degree Days
Actual
Heating Degree Days134225.0 %2,5262,534(0.3 %)
Cooling Degree Days89474619.8 %1,347 990 36.1 %
Variance from Normal
Heating Degree Days(73.2 %)(93.5 %)(18.1 %)(16.0 %)
Cooling Degree Days14.4 %(9.3 %)19.9 %(19.7 %)
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

37

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023
%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
20242023%
Inc. (Dec.)
% Inc. (Dec.)
Weather
Normal(b)
GWh Sales(a)
Residential2,5692,4206.2 %7,0676,7604.5 %
General Service2,3692,3132.4 %6,2446,1132.1 %
Industrial2,4162,3960.8 %7,2077,233(0.4 %)
Other Energy Sales1316(18.8 %)4349(12.2 %)
Unbilled Sales(58)(165)64.8 %(347)(742)53.2 %
Total Retail Sales
7,3096,9804.7 %3.4 %20,21419,4134.1 %2.3 %
Wholesale and Other1,2411,546(19.7 %)3,3273,390(1.9 %)
Total Electric Sales – Duke Energy Indiana
8,5508,5260.3 %23,54122,8033.2 %
Average Number of Customers
Residential797,652783,1431.9 %794,508780,0641.9 %
General Service106,385105,7640.6 %106,271105,5140.7 %
Industrial2,6282,647(0.7 %)2,6322,649(0.6 %)
Other Energy Sales3,7783,892(2.9 %)3,8083,919(2.8 %)
Total Retail Customers
910,443895,4461.7 %907,219892,1461.7 %
Wholesale and Other44— %44— %
Total Average Number of Customers – Duke Energy Indiana
910,447895,4501.7 %907,223892,1501.7 %
Sources of Electric Energy (GWh)
Generated – Net Output(c)
Coal4,3653,9779.8 %11,3419,73616.5 %
Hydro70105(33.3 %)208291(28.5 %)
Natural Gas and Oil1,5981,30822.2 %4,0303,38019.2 %
Renewable Energy89(11.1 %)2323— %
Total Generation(d)
6,0415,39911.9 %15,60213,43016.2 %
Purchased Power and Net Interchange(e)
3,1324,031(22.3 %)9,90711,393(13.0 %)
Total Sources of Energy9,1739,430(2.7 %)25,50924,8232.8 %
Less: Line Loss and Other623904(31.1 %)1,9682,020(2.6 %)
Total GWh Sources8,5508,5260.3 %23,54122,8033.2 %
Owned MW Capacity(c)
Summer6,3046,306
Winter6,7836,749
Heating and Cooling Degree Days
Actual
Heating Degree Days189100.0 %2,6952,779(3.0 %)
Cooling Degree Days8017428.0 %1,2381,03919.2 %
Variance from Normal
Heating Degree Days(68.8 %)(86.8 %)(19.1 %)(17.4 %)
Cooling Degree Days5.1 %(11.9 %)12.6 %(17.5 %)
(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d)    Generation by source is reported net of auxiliary power.
(e)    Purchased power includes renewable energy purchases.

38

Gas Utilities and Infrastructure
Quarterly Highlights
September 2024
Three Months Ended September 30,Nine Months Ended September 30,
20242023%
Inc. (Dec.)		20242023%
Inc. (Dec.)
Total Sales
Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)
162,163,516 143,224,608 13.2 %453,695,306 426,926,457 6.3 %
Duke Energy Midwest LDC throughput (Mcf)(a)
9,607,415 9,745,709 (1.4 %)55,774,760 55,298,840 0.9 %
Average Number of Customers – Piedmont Natural Gas
Residential1,070,213 1,051,853 1.7 %1,071,704 1,054,372 1.6 %
Commercial107,481 106,689 0.7 %108,047 107,111 0.9 %
Industrial939 953 (1.5 %)942 954 (1.3 %)
Power Generation19 19 — %19 19 — %
Total Average Number of Gas Customers – Piedmont Natural Gas
1,178,652 1,159,514 1.7 %1,180,712 1,162,456 1.6 %
Average Number of Customers – Duke Energy Midwest
Residential520,087 516,099 0.8 %522,087 517,656 0.9 %
General Service33,221 33,193 0.1 %34,234 34,222 — %
Industrial2,189 1,784 22.7 %2,210 1,744 26.7 %
Other 118 116 1.7 %117 116 0.9 %
Total Average Number of Gas Customers – Duke Energy Midwest
555,615 551,192 0.8 %558,648 553,738 0.9 %
(a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.

39