8-K
Duke Energy CORP (DUK)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2022
| Commission file number | Registrant, State of Incorporation or Organization,<br>Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number |
|---|---|---|
| 1-32853 | DUKE ENERGY CORPORATION | 20-2777218 |
(a Delaware corporation)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
|---|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: | ||
| --- | --- | --- |
| Registrant | Title of each class | Name of each exchange on which registered |
| Duke Energy | Common Stock, 0.001 par value | New York Stock Exchange LLC |
| Duke Energy | 5.625% Junior Subordinated Debentures | New York Stock Exchange LLC |
| due September 15, 2078 | ||
| Duke Energy | Depositary Shares | New York Stock Exchange LLC |
| each representing a 1/1,000th 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 | New York Stock Exchange LLC |
| Duke Energy | 3.85% Senior Notes due 2034 | New York Stock Exchange LLC |
All values are in US Dollars.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. o
Item 2.02 Results of Operations and Financial Conditions.
On November 4, 2022, Duke Energy Corporation (the "Corporation") will issue and post a news release to its website (duke-energy.com/investors) announcing its financial results for the third quarter ended September 30, 2022. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 News Release to be issued by Duke Energy Corporation onNovember4, 2022 (furnished pursuant to Item 2.02).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| DUKE ENERGY CORPORATION | ||
|---|---|---|
| /s/ CYNTHIA S. LEE | ||
| Cynthia S. Lee | ||
| Vice President, Chief Accounting Officer and Controller | ||
| Dated: | November 4, 2022 |
Document
| News Release |
|---|
Media Contact: Jennifer Garber
24-Hour: 800.559.3853
Analyst Contact: Jack Sullivan
Office: 980.373.3564
November 4, 2022
Duke Energy reports third-quarter 2022 financial results
▪Third-quarter 2022 reported EPS of $1.81 and adjusted EPS of $1.78 driven by strong volumes in Electric Utilities and Infrastructure
▪Completed strategic review of Commercial Renewables business and initiated sale process; segment will be presented as discontinued operations in Q4
▪Updated 2022 adjusted EPS guidance range and introduced 2023 adjusted EPS guidance range, both excluding Commercial Renewables
•2022 guidance range of $5.20 to $5.30, with a midpoint of $5.25
•2023 guidance range of $5.55 to $5.75, with a midpoint of $5.65
▪Extended long-term growth rate of 5% to 7% through 2027 off the $5.65 midpoint of 2023 adjusted EPS guidance
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2022 reported EPS of $1.81, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.78. This is compared to reported EPS of $1.79 and adjusted EPS of $1.88 for the third quarter of 2021.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between the third-quarter 2022 reported and adjusted EPS is due to income recorded from discontinued operations related to the International Disposal Group, which was sold in 2016.
Lower third-quarter 2022 adjusted results were led by fewer commercial renewable projects placed in service, higher depreciation and amortization, lower returns on investments and higher interest expense. These items were partially offset by higher volumes and lower O&M expense.
"We remain on track to deliver strong results from our regulated utilities in 2022, while advancing our clean energy transition and continuing to deliver exceptional value to our customers, stakeholders and investors,” said Lynn Good, Duke Energy chair, president and chief executive officer.
“We’re encouraged by the market response to our Commercial Renewables business and will proceed with a sale targeting a second-quarter 2023 closing. Our regulated utilities are well-positioned to deliver long-term earnings growth of 5% to 7% and we are targeting $5.55 - $5.75 for 2023.”
Duke Energy News Release 2
Business segment results
In addition to the following summary of third-quarter 2022 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 and adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2022 segment income of $1,540 million, compared to reported and adjusted segment income of $1,425 million and $1,489 million, respectively, in the third quarter of 2021. On an adjusted basis, this represents an increase of $0.06 per share. Higher quarterly results were primarily due to higher volumes (+$0.08 per share) and lower O&M expense (+$0.06 per share), partially offset by higher depreciation and amortization on a growing asset base (-$0.04 per share), unfavorable weather (-$0.01 per share) and GIC minority interest impact (-$0.01 per share).
Gas Utilities and Infrastructure
On a reported and adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2022 segment income of $4 million, compared to reported and adjusted loss of $3 million and $5 million, respectively, in the third quarter of 2021. On an adjusted basis, this represents an increase of $0.01 per share. Higher quarterly results were primarily driven by riders and other retail margin.
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized third-quarter 2022 segment loss of $2 million, compared to segment income of $78 million in the third quarter of 2021. On an adjusted basis, this represents a decrease of $0.10 per share. Lower quarterly results were driven by fewer renewable projects placed in service.
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 and adjusted basis, Other recognized a third-quarter 2022 segment net loss of $186 million, compared to reported and adjusted segment net losses of $134 million and $127 million, respectively, in the third quarter of 2021. On an adjusted basis, this represents a decrease of $0.07 per share. Lower quarterly results were primarily due to higher interest expense and lower returns on investments.
Duke Energy News Release 3
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the third quarter of 2022 was 8.4% compared to 6.6% in the third quarter of 2021. The increase in the effective tax rate was primarily due to a decrease in the amortization of excess deferred taxes.
The effective tax rate including noncontrolling interests and preferred dividends and excluding special items for the third quarter of 2022 was 8.3% compared to 7.1% in the third quarter of 2021. The increase was primarily due to 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 effective tax rate including noncontrolling interests and preferred dividends and excluding special items.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled at 9 a.m. ET today to discuss third-quarter 2022 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, 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 833.927.1758 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 714151. 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 by November 4.
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported earnings per share to adjusted earnings per share for third-quarter 2022 and 2021 financial results:
| (In millions, except per share amounts) | After-Tax Amount | 3Q 2022 EPS | 3Q 2021 EPS | |||
|---|---|---|---|---|---|---|
| EPS, as reported | $ | 1.81 | $ | 1.79 | ||
| Adjustments to reported EPS: | ||||||
| Third Quarter 2022 | ||||||
| Mark-to-Market | $ | (4) | — | |||
| Discontinued operations(a) | (23) | (0.03) | ||||
| Third Quarter 2021 | ||||||
| Gas pipeline investments | $ | (2) | — | |||
| Workplace and Workforce Realignment | 7 | — | ||||
| Regulatory Settlements | 64 | 0.09 | ||||
| Total adjustments | $ | (0.03) | $ | 0.09 | ||
| EPS, adjusted | $ | 1.78 | $ | 1.88 |
(a) Represents a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.
Duke Energy News Release 4
Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. The effective tax rate including noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and 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 effective tax rate including noncontrolling interests and preferred dividends and excluding special items 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.
Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
•Mark-to-Market represents the income statement impact of derivative instruments that do not qualify for hedge accounting or regulatory accounting.
•Gas pipeline investments represents additional exit obligations related to ACP.
•Workplace and Workforce Realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.
•Regulatory settlements represents an impairment charge related to the South Carolina Supreme Court decision on coal ash, insurance proceeds and Duke Energy Carolinas and Duke Energy Progress coal ash settlement.
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).
Duke Energy News Release 5
Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income 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 (loss) 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 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
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune’s 2022 “World’s Most Admired Companies” list and Forbes’ “World’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Duke Energy News Release 6
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 impact of the COVID-19 pandemic;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns;
◦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 U.S. 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 attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
Duke Energy News Release 7
◦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, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;
◦The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or equity method investment carrying values;
◦Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;
◦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; and
◦The ability to implement our business strategy, including its carbon emission reduction goals.
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.
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2022
(Dollars in millions, except per share amounts)
| Special Item | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reported Earnings | Mark-to-Market | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||
| SEGMENT INCOME | ||||||||||||
| Electric Utilities and Infrastructure | $ | 1,540 | $ | — | $ | — | $ | — | $ | 1,540 | ||
| Gas Utilities and Infrastructure | 4 | — | — | — | 4 | |||||||
| Commercial Renewables | 2 | (4) | A | — | (4) | (2) | ||||||
| Total Reportable Segment Income | 1,546 | (4) | — | (4) | 1,542 | |||||||
| Other | (186) | — | — | — | (186) | |||||||
| Discontinued Operations | 23 | — | (23) | B | (23) | — | ||||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,383 | $ | (4) | $ | (23) | $ | (27) | $ | 1,356 | ||
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.81 | $ | — | $ | (0.03) | $ | (0.03) | $ | 1.78 |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $2 million tax expense. $6 million recorded within Nonregulated electric and other (Operating revenues) related to derivative contracts that do not qualify for hedge accounting or regulatory treatment on the Condensed Consolidated Statements of Operations.
B – Related to the International Disposal Group and recorded in Income from Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 770 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2022
(Dollars in millions, except per share amounts)
| Special Items | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reported Earnings | Regulatory Matters | Mark-to-Market | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||
| SEGMENT INCOME | |||||||||||||||
| Electric Utilities and Infrastructure | $ | 3,237 | $ | 157 | A | $ | — | $ | — | $ | 157 | $ | 3,394 | ||
| Gas Utilities and Infrastructure | 277 | — | — | — | — | 277 | |||||||||
| Commercial Renewables | 43 | — | 12 | B | — | 12 | 55 | ||||||||
| Total Reportable Segment Income | 3,557 | 157 | 12 | — | 169 | 3,726 | |||||||||
| Other | (486) | — | — | — | (486) | ||||||||||
| Discontinued Operations | 23 | — | — | (23) | C | (23) | — | ||||||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,094 | $ | 157 | $ | 12 | $ | (23) | $ | 146 | $ | 3,240 | |||
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 4.03 | $ | 0.20 | $ | 0.02 | $ | (0.03) | $ | 0.19 | $ | 4.22 |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $80 million tax benefit. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations.
B – Net of $3 million tax benefit. $15 million recorded within Nonregulated electric and other (Operating revenues) related to derivative contracts that do not qualify for hedge accounting or regulatory treatment on the Condensed Consolidated Statements of Operations.
C – Related to the International Disposal Group and recorded in Income from Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 770 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended September 30, 2021
(Dollars in millions, except per share amounts)
| Special Items | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reported Earnings | Gas Pipeline Investments | Workplace and Workforce Realignment | Regulatory Settlements | Total Adjustments | Adjusted Earnings | ||||||||||
| SEGMENT INCOME | |||||||||||||||
| Electric Utilities and Infrastructure | $ | 1,425 | $ | — | $ | — | 64 | C | $ | 64 | $ | 1,489 | |||
| Gas Utilities and Infrastructure | (3) | (2) | A | — | — | (2) | (5) | ||||||||
| Commercial Renewables | 78 | — | — | — | — | 78 | |||||||||
| Total Reportable Segment Income | 1,500 | (2) | — | 64 | 62 | 1,562 | |||||||||
| Other | (134) | — | 7 | B | — | 7 | (127) | ||||||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,366 | $ | (2) | $ | 7 | $ | 64 | $ | 69 | $ | 1,435 | |||
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.79 | $ | — | $ | — | $ | 0.09 | $ | 0.09 | $ | 1.88 |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $1 million tax expense. $3 million recorded within Equity in earnings of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.
B – Net of $2 million tax benefit. $8 million recorded within Impairment of assets and other charges and $1 million within Operations, maintenance and other related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.
C – Net of $18 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.
• $160 million of expense recorded within Impairment of assets and other charges, $77 million of income recorded within Other income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within Regulated electric operating revenues and $3 million of expense within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.
• $42 million of expense recorded within Impairment of assets and other charges, $34 million of income recorded within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues and $5 million of expense within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.
Weighted Average Shares (reported and adjusted) – 769 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Nine Months Ended September 30, 2021
(Dollars in millions, except per share amounts)
| Special Items | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reported Earnings | Gas Pipeline Investments | Workplace and Workforce Realignment | Regulatory Settlements | Total Adjustments | Adjusted Earnings | ||||||||||
| SEGMENT INCOME | |||||||||||||||
| Electric Utilities and Infrastructure | $ | 3,180 | $ | — | $ | — | $ | 64 | C | $ | 64 | $ | 3,244 | ||
| Gas Utilities and Infrastructure | 259 | 15 | A | — | — | 15 | 274 | ||||||||
| Commercial Renewables | 152 | — | — | — | — | 152 | |||||||||
| Total Reportable Segment Income | 3,591 | 15 | — | 64 | 79 | 3,670 | |||||||||
| Other | (521) | — | 142 | B | — | 142 | (379) | ||||||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,070 | $ | 15 | $ | 142 | $ | 64 | $ | 221 | $ | 3,291 | |||
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 4.00 | $ | 0.02 | $ | 0.19 | $ | 0.09 | $ | 0.30 | $ | 4.30 |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.
A – Net of $4 million tax benefit. $19 million recorded within Equity in earnings of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.
B – Net of $42 million tax benefit. $139 million recorded within Impairment of assets and other charges, $28 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.
C – Net of $18 million tax benefit at Duke Energy Carolinas and $1 million tax benefit at Duke Energy Progress.
• $160 million of expense recorded within Impairment of assets and other charges, $77 million of income recorded within Other income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within Regulated electric operating revenues and $3 million of expense within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.
• $42 million of expense recorded within Impairment of assets and other charges, $34 million of income recorded within Other income and expenses, $7 million of expense within Operations, maintenance and other, $15 million of income within Regulated electric operating revenues and $5 million of expense within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds.
Weighted Average Shares (reported and adjusted) – 769 million
DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
September 2022
(Dollars in millions)
| Three Months Ended <br> <br>September 30, 2022 | Nine Months Ended <br> <br>September 30, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Balance | Effective Tax Rate | Balance | Effective Tax Rate | |||||
| Reported Income From Continuing Operations Before Income Taxes | $ | 1,518 | $ | 3,281 | ||||
| Regulatory Matters | — | 257 | ||||||
| Mark-to-Market | (6) | 15 | ||||||
| Noncontrolling Interests | 6 | 45 | ||||||
| Preferred Dividends | (39) | (92) | ||||||
| Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,479 | $ | 3,506 | ||||
| Reported Income Tax Expense From Continuing Operations | $ | 128 | 8.4 | % | $ | 191 | 5.8 | % |
| Regulatory Matters | — | 80 | ||||||
| Mark-to-Market | (2) | 3 | ||||||
| Noncontrolling Interest Portion of Income Taxes(a) | (3) | (8) | ||||||
| Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 123 | 8.3 | % | $ | 266 | 7.6 | % |
(a) Income tax related to non-pass-through entities for tax purposes.
| Three Months Ended <br> <br>September 30, 2021 | Nine Months Ended <br> <br>September 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Balance | Effective Tax Rate | Balance | Effective Tax Rate | |||||
| Reported Income From Continuing Operations Before Income Taxes | $ | 1,366 | $ | 3,125 | ||||
| Gas Pipeline Investments | (3) | 19 | ||||||
| Workplace and Workforce Realignment | 9 | 184 | ||||||
| Regulatory Settlements | 83 | 83 | ||||||
| Noncontrolling Interests | 129 | 247 | ||||||
| Preferred Dividends | (39) | (92) | ||||||
| Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 1,545 | $ | 3,566 | ||||
| Reported Income Tax Expense From Continuing Operations | $ | 90 | 6.6 | % | $ | 210 | 6.7 | % |
| Gas Pipeline Investments | (1) | 4 | ||||||
| Workplace and Workforce Realignment | 2 | 42 | ||||||
| Regulatory Settlements | 19 | 19 | ||||||
| Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 110 | 7.1 | % | $ | 275 | 7.7 | % |
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2022 QTD vs. Prior Year
| (Dollars per share) | Electric Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial Renewables | Other | Discontinued Operations | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 QTD Reported Earnings Per Share | $ | 1.85 | $ | (0.01) | $ | 0.10 | $ | (0.15) | $ | — | $ | 1.79 |
| Regulatory Settlements | 0.09 | — | — | — | — | 0.09 | ||||||
| 2021 QTD Adjusted Earnings Per Share | $ | 1.94 | $ | (0.01) | $ | 0.10 | $ | (0.15) | $ | — | $ | 1.88 |
| Weather | (0.01) | — | — | — | — | (0.01) | ||||||
| Volume(a) | 0.08 | — | — | — | — | 0.08 | ||||||
| Riders and Other Retail Margin(b) | (0.03) | 0.02 | — | — | — | (0.01) | ||||||
| Rate case impacts, net(c) | (0.01) | — | — | — | — | (0.01) | ||||||
| Wholesale | 0.03 | — | — | — | — | 0.03 | ||||||
| Operations and maintenance, net of recoverables(d) | 0.06 | (0.01) | — | — | — | 0.05 | ||||||
| Duke Energy Renewables(e) | — | — | (0.10) | — | — | (0.10) | ||||||
| Interest Expense(f) | — | — | — | (0.03) | — | (0.03) | ||||||
| AFUDC Equity | 0.01 | — | — | — | — | 0.01 | ||||||
| Depreciation and amortization(f) | (0.04) | — | — | — | — | (0.04) | ||||||
| Other(g) | (0.03) | — | — | (0.04) | — | (0.07) | ||||||
| Total variance | $ | 0.06 | $ | 0.01 | $ | (0.10) | $ | (0.07) | $ | — | $ | (0.10) |
| 2022 QTD Adjusted Earnings Per Share | $ | 2.00 | $ | — | $ | — | $ | (0.22) | $ | — | $ | 1.78 |
| Discontinued Operations | — | — | — | — | 0.03 | 0.03 | ||||||
| 2022 QTD Reported Earnings Per Share | $ | 2.00 | $ | — | $ | — | $ | (0.22) | $ | 0.03 | $ | 1.81 |
| Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million. |
(a) Includes block and seasonal pricing (+$0.07).
(b) Electric Utilities and Infrastructure is primarily due to margin timing and higher purchased power.
(c) Primarily due to higher interest expense and timing of estimated rate benefits throughout the year.
(d) Electric Utilities and Infrastructure is primarily due to lower employee-related expenses.
(e) Primarily due to fewer renewable projects placed in service in the current year.
(f) Electric Utilities and Infrastructure excludes rate case impacts.
(g) Electric Utilities and Infrastructure includes impact of GIC minority interest sale. Other includes lower returns on investments.
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
September 2022 YTD vs. Prior Year
| (Dollars per share) | Electric Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial Renewables | Other | Discontinued Operations | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 YTD Reported Earnings Per Share | $ | 4.13 | $ | 0.34 | $ | 0.20 | $ | (0.67) | $ | — | $ | 4.00 |
| Gas Pipeline Investments | — | 0.02 | — | — | — | 0.02 | ||||||
| Regulatory Settlements | 0.09 | — | — | — | — | 0.09 | ||||||
| Workplace and Workforce Realignment | — | — | — | 0.19 | — | 0.19 | ||||||
| 2021 YTD Adjusted Earnings Per Share | $ | 4.22 | $ | 0.36 | $ | 0.20 | $ | (0.48) | $ | — | $ | 4.30 |
| Weather | 0.07 | — | — | — | — | 0.07 | ||||||
| Volume(a) | 0.35 | — | — | — | — | 0.35 | ||||||
| Riders and Other Retail Margin(b) | (0.07) | 0.05 | — | — | — | (0.02) | ||||||
| Rate case impacts, net(c) | 0.03 | 0.04 | — | — | — | 0.07 | ||||||
| Wholesale | 0.02 | — | — | — | — | 0.02 | ||||||
| Operations and maintenance, net of recoverables(d) | (0.12) | (0.05) | — | — | — | (0.17) | ||||||
| Duke Energy Renewables(e) | — | — | (0.13) | — | — | (0.13) | ||||||
| Interest Expense(f) | (0.02) | (0.01) | — | (0.03) | — | (0.06) | ||||||
| AFUDC Equity | 0.05 | (0.01) | — | — | — | 0.04 | ||||||
| Depreciation and amortization(f) | (0.03) | (0.01) | — | — | — | (0.04) | ||||||
| Other(g) | (0.09) | (0.01) | — | (0.11) | — | (0.21) | ||||||
| Total variance | $ | 0.19 | $ | — | $ | (0.13) | $ | (0.14) | $ | — | $ | (0.08) |
| 2022 YTD Adjusted Earnings Per Share | $ | 4.41 | $ | 0.36 | $ | 0.07 | $ | (0.62) | $ | — | $ | 4.22 |
| Regulatory Matters | (0.20) | — | — | — | — | (0.20) | ||||||
| Mark-to-Market | — | — | (0.02) | — | — | (0.02) | ||||||
| Discontinued Operations | — | — | — | — | 0.03 | 0.03 | ||||||
| 2022 YTD Reported Earnings Per Share | $ | 4.21 | $ | 0.36 | $ | 0.05 | $ | (0.62) | $ | 0.03 | $ | 4.03 |
| Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million. |
(a) Includes block and seasonal pricing (+$0.12).
(b) Electric Utilities and Infrastructure includes higher purchased power, unfavorable fuel and margin timing and lower late payment revenues.
(c) Electric Utilities and Infrastructure includes DEC and DEP North Carolina final rates, which became effective June 2021 (+$0.02) and DEF SBRA and multiyear rate plan (+$0.01); these rate case impacts include interest expense (-$0.04). Gas Utilities and Infrastructure includes the net impact of the PNG NC rate case, effective November 2021.
(d) Electric Utilities and Infrastructure includes higher storm costs (-$0.06), higher plant outage and maintenance work, higher bad debt expense and legal costs, partially offset by lower employee-related expenses.
(e) Primarily due to fewer renewable projects placed in service in the current year, partially offset by Texas Storm Uri impacts in the prior year (+$0.04).
(f) Electric Utilities and Infrastructure excludes rate case impacts.
(g) Electric Utilities and Infrastructure includes impact of GIC minority interest sale. Other includes lower returns on investments, partially offset by higher earnings at NMC.
| DUKE ENERGY CORPORATION | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (Unaudited) | ||||||||
| (In millions, except per share amounts) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| September 30, | September 30, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Operating Revenues | ||||||||
| Regulated electric | $ | 7,374 | $ | 6,495 | $ | 19,381 | $ | 16,972 |
| Regulated natural gas | 397 | 263 | 1,824 | 1,314 | ||||
| Nonregulated electric and other | 197 | 193 | 580 | 573 | ||||
| Total operating revenues | 7,968 | 6,951 | 21,785 | 18,859 | ||||
| Operating Expenses | ||||||||
| Fuel used in electric generation and purchased power | 2,629 | 1,844 | 6,418 | 4,702 | ||||
| Cost of natural gas | 189 | 75 | 859 | 430 | ||||
| Operation, maintenance and other | 1,394 | 1,507 | 4,471 | 4,319 | ||||
| Depreciation and amortization | 1,364 | 1,265 | 3,986 | 3,698 | ||||
| Property and other taxes | 378 | 371 | 1,149 | 1,073 | ||||
| Impairment of assets and other charges | (4) | 211 | 202 | 342 | ||||
| Total operating expenses | 5,950 | 5,273 | 17,085 | 14,564 | ||||
| Gains on Sales of Other Assets and Other, net | 6 | 9 | 16 | 11 | ||||
| Operating Income | 2,024 | 1,687 | 4,716 | 4,306 | ||||
| Other Income and Expenses | ||||||||
| Equity in earnings of unconsolidated affiliates | 26 | 22 | 87 | 14 | ||||
| Other income and expenses, net | 89 | 238 | 293 | 493 | ||||
| Total other income and expenses | 115 | 260 | 380 | 507 | ||||
| Interest Expense | 621 | 581 | 1,815 | 1,688 | ||||
| Income From Continuing Operations Before Income Taxes | 1,518 | 1,366 | 3,281 | 3,125 | ||||
| Income Tax Expense From Continuing Operations | 128 | 90 | 191 | 210 | ||||
| Income From Continuing Operations | 1,390 | 1,276 | 3,090 | 2,915 | ||||
| Income From Discontinued Operations, net of tax | 23 | — | 23 | — | ||||
| Net Income | 1,413 | 1,276 | 3,113 | 2,915 | ||||
| Add: Net Loss Attributable to Noncontrolling Interests | 9 | 129 | 73 | 247 | ||||
| Net Income Attributable to Duke Energy Corporation | 1,422 | 1,405 | 3,186 | 3,162 | ||||
| Less: Preferred Dividends | 39 | 39 | 92 | 92 | ||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,383 | $ | 1,366 | $ | 3,094 | $ | 3,070 |
| Earnings Per Share – Basic and Diluted | ||||||||
| Income from continuing operations available to Duke Energy Corporation common stockholders | ||||||||
| Basic and Diluted | $ | 1.78 | $ | 1.79 | $ | 4.00 | $ | 4.00 |
| Income from discontinued operations attributable to Duke Energy Corporation common stockholders | ||||||||
| Basic and Diluted | $ | 0.03 | $ | — | $ | 0.03 | $ | — |
| Net income available to Duke Energy Corporation common stockholders | ||||||||
| Basic and Diluted | $ | 1.81 | $ | 1.79 | $ | 4.03 | $ | 4.00 |
| Weighted average shares outstanding | ||||||||
| Basic and Diluted | 770 | 769 | 770 | 769 |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (In millions) | September 30, 2022 | December 31, 2021 | ||
|---|---|---|---|---|
| ASSETS | ||||
| Current Assets | ||||
| Cash and cash equivalents | $ | 453 | $ | 343 |
| Receivables (net of allowance for doubtful accounts of $38 at 2022 and $46 at 2021) | 1,092 | 1,173 | ||
| Receivables of VIEs (net of allowance for doubtful accounts of $136 at 2022 and $76 at 2021) | 3,120 | 2,437 | ||
| Inventory | 3,487 | 3,199 | ||
| Regulatory assets (includes $105 at 2022 and 2021 related to VIEs) | 3,576 | 2,150 | ||
| Other (includes $243 at 2022 and $256 at 2021 related to VIEs) | 1,244 | 638 | ||
| Total current assets | 12,972 | 9,940 | ||
| Property, Plant and Equipment | ||||
| Cost | 169,053 | 161,819 | ||
| Accumulated depreciation and amortization | (53,241) | (50,555) | ||
| Facilities to be retired, net | 95 | 144 | ||
| Net property, plant and equipment | 115,907 | 111,408 | ||
| Other Noncurrent Assets | ||||
| Goodwill | 19,303 | 19,303 | ||
| Regulatory assets (includes $1,742 at 2022 and $1,823 at 2021 related to VIEs) | 13,835 | 12,487 | ||
| Nuclear decommissioning trust funds | 8,123 | 10,401 | ||
| Operating lease right-of-use assets, net | 1,199 | 1,266 | ||
| Investments in equity method unconsolidated affiliates | 951 | 970 | ||
| Other (includes $164 at 2022 and $92 at 2021 related to VIEs) | 4,050 | 3,812 | ||
| Total other noncurrent assets | 47,461 | 48,239 | ||
| Total Assets | $ | 176,340 | $ | 169,587 |
| LIABILITIES AND EQUITY | ||||
| Current Liabilities | ||||
| Accounts payable | $ | 4,175 | $ | 3,629 |
| Notes payable and commercial paper | 3,606 | 3,304 | ||
| Taxes accrued | 946 | 749 | ||
| Interest accrued | 596 | 533 | ||
| Current maturities of long-term debt (includes $635 at 2022 and $243 at 2021 related to VIEs) | 3,249 | 3,387 | ||
| Asset retirement obligations | 798 | 647 | ||
| Regulatory liabilities | 1,338 | 1,211 | ||
| Other | 2,204 | 2,471 | ||
| Total current liabilities | 16,912 | 15,931 | ||
| Long-Term Debt (includes $4,387 at 2022 and $4,854 at 2021 related to VIEs) | 66,060 | 60,448 | ||
| Other Noncurrent Liabilities | ||||
| Deferred income taxes | 10,244 | 9,379 | ||
| Asset retirement obligations | 12,152 | 12,129 | ||
| Regulatory liabilities | 14,017 | 16,152 | ||
| Operating lease liabilities | 1,004 | 1,074 | ||
| Accrued pension and other post-retirement benefit costs | 995 | 855 | ||
| Investment tax credits | 851 | 833 | ||
| Other (includes $202 at 2022 and $319 at 2021 related to VIEs) | 1,936 | 1,650 | ||
| Total other noncurrent liabilities | 41,199 | 42,072 | ||
| Commitments and Contingencies | ||||
| Equity | ||||
| Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2022 and 2021 | 973 | 973 | ||
| Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2022 and 2021 | 989 | 989 | ||
| Common Stock, $0.001 par value, 2 billion shares authorized; 770 million shares outstanding at 2022 and 769 million shares outstanding at 2021 | 1 | 1 | ||
| Additional paid-in capital | 44,397 | 44,371 | ||
| Retained earnings | 4,063 | 3,265 | ||
| Accumulated other comprehensive loss | (78) | (303) | ||
| Total Duke Energy Corporation stockholders' equity | 50,345 | 49,296 | ||
| Noncontrolling interests | 1,824 | 1,840 | ||
| Total equity | 52,169 | 51,136 | ||
| Total Liabilities and Equity | $ | 176,340 | $ | 169,587 |
| DUKE ENERGY CORPORATION | ||||
| --- | --- | --- | --- | --- |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
| (Unaudited) | ||||
| (In millions) | ||||
| Nine Months Ended September 30, | ||||
| 2022 | 2021 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net Income | $ | 3,113 | $ | 2,915 |
| Adjustments to reconcile net income to net cash provided by operating activities | 2,075 | 4,312 | ||
| Net cash provided by operating activities | 5,188 | 7,227 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Net cash used in investing activities | (8,630) | (8,200) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Net cash provided by financing activities | 3,551 | 1,160 | ||
| Net increase in cash, cash equivalents and restricted cash | 109 | 187 | ||
| Cash, cash equivalents and restricted cash at beginning of period | 520 | 556 | ||
| Cash, cash equivalents and restricted cash at end of period | $ | 629 | $ | 743 |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Electric <br>Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||
| Operating Revenues | ||||||||||||
| Regulated electric | $ | 7,382 | $ | — | $ | — | $ | — | $ | (8) | $ | 7,374 |
| Regulated natural gas | — | 421 | — | — | (24) | 397 | ||||||
| Nonregulated electric and other | 57 | 6 | 130 | 29 | (25) | 197 | ||||||
| Total operating revenues | 7,439 | 427 | 130 | 29 | (57) | 7,968 | ||||||
| Operating Expenses | ||||||||||||
| Fuel used in electric generation and purchased power | 2,653 | — | — | — | (24) | 2,629 | ||||||
| Cost of natural gas | — | 189 | — | — | — | 189 | ||||||
| Operation, maintenance and other | 1,257 | 115 | 87 | (33) | (32) | 1,394 | ||||||
| Depreciation and amortization | 1,170 | 80 | 61 | 59 | (6) | 1,364 | ||||||
| Property and other taxes | 336 | 29 | 11 | 3 | (1) | 378 | ||||||
| Impairment of assets and other charges | 8 | (12) | — | — | — | (4) | ||||||
| Total operating expenses | 5,424 | 401 | 159 | 29 | (63) | 5,950 | ||||||
| Gains on Sales of Other Assets and Other, net | 7 | — | — | — | (1) | 6 | ||||||
| Operating Income (Loss) | 2,022 | 26 | (29) | — | 5 | 2,024 | ||||||
| Other Income and Expenses | ||||||||||||
| Equity in earnings (losses) of unconsolidated affiliates | 2 | 6 | (2) | 20 | — | 26 | ||||||
| Other income and expenses, net | 112 | 19 | 2 | (15) | (29) | 89 | ||||||
| Total Other Income and Expenses | 114 | 25 | — | 5 | (29) | 115 | ||||||
| Interest Expense | 377 | 45 | 18 | 205 | (24) | 621 | ||||||
| Income (Loss) from Continuing Operations before Income Taxes | 1,759 | 6 | (47) | (200) | — | 1,518 | ||||||
| Income Tax Expense (Benefit) from Continuing Operations | 207 | 2 | (29) | (52) | — | 128 | ||||||
| Income (Loss) from Continuing Operations | 1,552 | 4 | (18) | (148) | — | 1,390 | ||||||
| Add: Net (Income) Loss Attributable to Noncontrolling Interest | (12) | — | 20 | 1 | — | 9 | ||||||
| Net Income (Loss) Attributable to Duke Energy Corporation | 1,540 | 4 | 2 | (147) | — | 1,399 | ||||||
| Less: Preferred Dividends | — | — | — | 39 | — | 39 | ||||||
| Segment Income / Other Net Loss | $ | 1,540 | $ | 4 | $ | 2 | $ | (186) | $ | — | $ | 1,360 |
| Income from Discontinued Operations, net of tax | 23 | |||||||||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,383 | ||||||||||
| Segment Income / Other Net Loss | $ | 1,540 | $ | 4 | $ | 2 | $ | (186) | $ | — | $ | 1,360 |
| Special Items | — | — | (4) | — | — | (4) | ||||||
| Adjusted Earnings(a) | $ | 1,540 | $ | 4 | $ | (2) | $ | (186) | $ | — | $ | 1,356 |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Nine Months Ended September 30, 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Electric <br>Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||
| Operating Revenues | ||||||||||||
| Regulated electric | $ | 19,404 | $ | — | $ | — | $ | — | $ | (23) | $ | 19,381 |
| Regulated natural gas | — | 1,894 | — | — | (70) | 1,824 | ||||||
| Nonregulated electric and other | 172 | 18 | 372 | 89 | (71) | 580 | ||||||
| Total operating revenues | 19,576 | 1,912 | 372 | 89 | (164) | 21,785 | ||||||
| Operating Expenses | ||||||||||||
| Fuel used in electric generation and purchased power | 6,481 | — | — | — | (63) | 6,418 | ||||||
| Cost of natural gas | — | 859 | — | — | — | 859 | ||||||
| Operation, maintenance and other | 4,011 | 410 | 251 | (107) | (94) | 4,471 | ||||||
| Depreciation and amortization | 3,411 | 241 | 181 | 174 | (21) | 3,986 | ||||||
| Property and other taxes | 1,004 | 103 | 31 | 11 | — | 1,149 | ||||||
| Impairment of assets and other charges | 214 | (12) | — | — | — | 202 | ||||||
| Total operating expenses | 15,121 | 1,601 | 463 | 78 | (178) | 17,085 | ||||||
| Gains (Losses) on Sales of Other Assets and Other, net | 12 | 4 | (1) | 1 | — | 16 | ||||||
| Operating Income (Loss) | 4,467 | 315 | (92) | 12 | 14 | 4,716 | ||||||
| Other Income and Expenses | ||||||||||||
| Equity in earnings (losses) of unconsolidated affiliates | 6 | 14 | (5) | 72 | — | 87 | ||||||
| Other income and expenses, net | 375 | 47 | 5 | (80) | (54) | 293 | ||||||
| Total Other Income and Expenses | 381 | 61 | — | (8) | (54) | 380 | ||||||
| Interest Expense | 1,144 | 127 | 55 | 529 | (40) | 1,815 | ||||||
| Income (Loss) from Continuing Operations before Income Taxes | 3,704 | 249 | (147) | (525) | — | 3,281 | ||||||
| Income Tax Expense (Benefit) from Continuing Operations | 448 | (28) | (98) | (131) | — | 191 | ||||||
| Income (Loss) from Continuing Operations | 3,256 | 277 | (49) | (394) | — | 3,090 | ||||||
| Add: Net (Income) Loss Attributable to Noncontrolling Interest | (19) | — | 92 | — | — | 73 | ||||||
| Net Income (Loss) Attributable to Duke Energy Corporation | 3,237 | 277 | 43 | (394) | — | 3,163 | ||||||
| Less: Preferred Dividends | — | — | — | 92 | — | 92 | ||||||
| Segment Income / Other Net Loss | $ | 3,237 | $ | 277 | $ | 43 | $ | (486) | $ | — | $ | 3,071 |
| Income from Discontinued Operations, net of tax | 23 | |||||||||||
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,094 | ||||||||||
| Segment Income / Other Net Loss | $ | 3,237 | $ | 277 | $ | 43 | $ | (486) | $ | — | $ | 3,071 |
| Special Items | 157 | — | 12 | — | — | 169 | ||||||
| Adjusted Earnings(a) | $ | 3,394 | $ | 277 | $ | 55 | $ | (486) | $ | — | $ | 3,240 |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, 2021 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Electric <br>Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||
| Operating Revenues | ||||||||||||
| Regulated electric | $ | 6,569 | $ | — | $ | — | $ | — | $ | (74) | $ | 6,495 |
| Regulated natural gas | — | 285 | — | — | (22) | 263 | ||||||
| Nonregulated electric and other | — | 4 | 117 | 28 | 44 | 193 | ||||||
| Total operating revenues | 6,569 | 289 | 117 | 28 | (52) | 6,951 | ||||||
| Operating Expenses | ||||||||||||
| Fuel used in electric generation and purchased power | 1,864 | — | — | — | (20) | 1,844 | ||||||
| Cost of natural gas | — | 75 | — | — | — | 75 | ||||||
| Operation, maintenance and other | 1,363 | 102 | 90 | (20) | (28) | 1,507 | ||||||
| Depreciation and amortization | 1,084 | 74 | 58 | 56 | (7) | 1,265 | ||||||
| Property and other taxes | 330 | 30 | 10 | 2 | (1) | 371 | ||||||
| Impairment of assets and other charges | 202 | — | — | 8 | 1 | 211 | ||||||
| Total operating expenses | 4,843 | 281 | 158 | 46 | (55) | 5,273 | ||||||
| Gains (Losses) on Sales of Other Assets and Other, net | 9 | — | — | (1) | 1 | 9 | ||||||
| Operating Income (Loss) | 1,735 | 8 | (41) | (19) | 4 | 1,687 | ||||||
| Other Income and Expenses | ||||||||||||
| Equity in earnings (losses) of unconsolidated affiliates | 3 | 10 | (4) | 13 | — | 22 | ||||||
| Other income and expenses, net | 217 | 15 | 2 | 12 | (8) | 238 | ||||||
| Total Other Income and Expenses | 220 | 25 | (2) | 25 | (8) | 260 | ||||||
| Interest Expense | 365 | 37 | 20 | 163 | (4) | 581 | ||||||
| Income (Loss) Before Income Taxes | 1,590 | (4) | (63) | (157) | — | 1,366 | ||||||
| Income Tax Expense (Benefit) | 160 | (1) | (6) | (63) | — | 90 | ||||||
| Net Income (Loss) | 1,430 | (3) | (57) | (94) | — | 1,276 | ||||||
| Add: Net (Income) Loss Attributable to Noncontrolling Interest | (5) | — | 135 | (1) | — | 129 | ||||||
| Net Income (Loss) Attributable to Duke Energy Corporation | 1,425 | (3) | 78 | (95) | — | 1,405 | ||||||
| Less: Preferred Dividends | — | — | — | 39 | — | 39 | ||||||
| Segment Income (Loss) / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 1,425 | $ | (3) | $ | 78 | $ | (134) | $ | — | $ | 1,366 |
| Special Items | 64 | (2) | — | 7 | — | 69 | ||||||
| Adjusted Earnings(a) | $ | 1,489 | $ | (5) | $ | 78 | $ | (127) | $ | — | $ | 1,435 |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| Nine Months Ended September 30, 2021 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Electric <br>Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy | ||||||
| Operating Revenues | ||||||||||||
| Regulated electric | $ | 17,185 | $ | — | $ | — | $ | — | $ | (213) | $ | 16,972 |
| Regulated natural gas | — | 1,381 | — | — | (67) | 1,314 | ||||||
| Nonregulated electric and other | — | 10 | 355 | 81 | 127 | 573 | ||||||
| Total operating revenues | 17,185 | 1,391 | 355 | 81 | (153) | 18,859 | ||||||
| Operating Expenses | ||||||||||||
| Fuel used in electric generation and purchased power | 4,760 | — | — | — | (58) | 4,702 | ||||||
| Cost of natural gas | — | 430 | — | — | — | 430 | ||||||
| Operation, maintenance and other | 3,907 | 302 | 240 | (43) | (87) | 4,319 | ||||||
| Depreciation and amortization | 3,154 | 216 | 167 | 182 | (21) | 3,698 | ||||||
| Property and other taxes | 949 | 92 | 28 | 4 | — | 1,073 | ||||||
| Impairment of assets and other charges | 203 | — | — | 139 | — | 342 | ||||||
| Total operating expenses | 12,973 | 1,040 | 435 | 282 | (166) | 14,564 | ||||||
| Gains (Losses) on Sales of Other Assets and Other, net | 11 | — | — | (1) | 1 | 11 | ||||||
| Operating Income (Loss) | 4,223 | 351 | (80) | (202) | 14 | 4,306 | ||||||
| Other Income and Expenses | ||||||||||||
| Equity in earnings (losses) of unconsolidated affiliates | 8 | 2 | (32) | 36 | — | 14 | ||||||
| Other income and expenses, net | 413 | 50 | 8 | 42 | (20) | 493 | ||||||
| Total Other Income and Expenses | 421 | 52 | (24) | 78 | (20) | 507 | ||||||
| Interest Expense | 1,066 | 105 | 53 | 470 | (6) | 1,688 | ||||||
| Income (Loss) Before Income Taxes | 3,578 | 298 | (157) | (594) | — | 3,125 | ||||||
| Income Tax Expense (Benefit) | 393 | 39 | (56) | (166) | — | 210 | ||||||
| Net Income (Loss) | 3,185 | 259 | (101) | (428) | — | 2,915 | ||||||
| Add: Net (Income) Loss Attributable to Noncontrolling Interest | (5) | — | 253 | (1) | — | 247 | ||||||
| Net Income (Loss) Attributable to Duke Energy Corporation | 3,180 | 259 | 152 | (429) | — | 3,162 | ||||||
| Less: Preferred Dividends | — | — | — | 92 | — | 92 | ||||||
| Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders | $ | 3,180 | $ | 259 | $ | 152 | $ | (521) | $ | — | $ | 3,070 |
| Special Items | 64 | 15 | — | 142 | — | 221 | ||||||
| Adjusted Earnings(a) | $ | 3,244 | $ | 274 | $ | 152 | $ | (379) | $ | — | $ | 3,291 |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| September 30, 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Electric Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial<br>Renewables | Other | Eliminations/<br>Adjustments | Duke Energy | ||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | 158 | $ | 8 | $ | 9 | $ | 279 | $ | (1) | $ | 453 |
| Receivables, net | 804 | 123 | 115 | 50 | — | 1,092 | ||||||
| Receivables of variable interest entities, net | 3,121 | — | — | — | (1) | 3,120 | ||||||
| Receivables from affiliated companies | 73 | 177 | 628 | 1,072 | (1,950) | — | ||||||
| Notes receivable from affiliated companies | 96 | — | — | 2,600 | (2,696) | — | ||||||
| Inventory | 3,221 | 145 | 83 | 38 | — | 3,487 | ||||||
| Regulatory assets | 3,284 | 188 | — | 103 | 1 | 3,576 | ||||||
| Other | 880 | 166 | 185 | 34 | (21) | 1,244 | ||||||
| Total current assets | 11,637 | 807 | 1,020 | 4,176 | (4,668) | 12,972 | ||||||
| Property, Plant and Equipment | ||||||||||||
| Cost | 143,835 | 14,853 | 7,815 | 2,643 | (93) | 169,053 | ||||||
| Accumulated depreciation and amortization | (47,087) | (3,035) | (1,630) | (1,490) | 1 | (53,241) | ||||||
| Facilities to be retired, net | 86 | 9 | — | — | — | 95 | ||||||
| Net property, plant and equipment | 96,834 | 11,827 | 6,185 | 1,153 | (92) | 115,907 | ||||||
| Other Noncurrent Assets | ||||||||||||
| Goodwill | 17,379 | 1,924 | — | — | — | 19,303 | ||||||
| Regulatory assets | 12,590 | 790 | — | 455 | — | 13,835 | ||||||
| Nuclear decommissioning trust funds | 8,123 | — | — | — | — | 8,123 | ||||||
| Operating lease right-of-use assets, net | 807 | 13 | 125 | 254 | — | 1,199 | ||||||
| Investments in equity method unconsolidated affiliates | 100 | 230 | 511 | 110 | — | 951 | ||||||
| Investment in consolidated subsidiaries | 591 | 3 | (1) | 69,129 | (69,722) | — | ||||||
| Other | 2,359 | 355 | 294 | 2,719 | (1,677) | 4,050 | ||||||
| Total other noncurrent assets | 41,949 | 3,315 | 929 | 72,667 | (71,399) | 47,461 | ||||||
| Total Assets | 150,420 | 15,949 | 8,134 | 77,996 | (76,159) | 176,340 | ||||||
| Segment reclassifications, intercompany balances and other | (902) | (149) | (627) | (74,477) | 76,155 | — | ||||||
| Segment Assets | $ | 149,518 | $ | 15,800 | $ | 7,507 | $ | 3,519 | $ | (4) | $ | 176,340 |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| September 30, 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Electric Utilities and Infrastructure | Gas <br>Utilities and Infrastructure | Commercial<br>Renewables | Other | Eliminations/<br>Adjustments | Duke Energy | ||||||
| Current Liabilities | ||||||||||||
| Accounts payable | $ | 3,181 | $ | 361 | $ | 75 | $ | 558 | $ | — | $ | 4,175 |
| Accounts payable to affiliated companies | 602 | 25 | 718 | 522 | (1,867) | — | ||||||
| Notes payable to affiliated companies | 2,186 | 486 | 21 | 48 | (2,741) | — | ||||||
| Notes payable and commercial paper | — | — | — | 3,606 | — | 3,606 | ||||||
| Taxes accrued | 901 | 48 | (19) | 15 | 1 | 946 | ||||||
| Interest accrued | 356 | 52 | 2 | 186 | — | 596 | ||||||
| Current maturities of long-term debt | 2,002 | 108 | 285 | 859 | (5) | 3,249 | ||||||
| Asset retirement obligations | 798 | — | — | — | — | 798 | ||||||
| Regulatory liabilities | 1,249 | 89 | — | — | — | 1,338 | ||||||
| Other | 1,494 | 144 | 86 | 542 | (62) | 2,204 | ||||||
| Total current liabilities | 12,769 | 1,313 | 1,168 | 6,336 | (4,674) | 16,912 | ||||||
| Long-Term Debt | 39,133 | 3,979 | 1,252 | 21,785 | (89) | 66,060 | ||||||
| Long-Term Debt Payable to Affiliated Companies | 1,670 | 7 | — | — | (1,677) | — | ||||||
| Other Noncurrent Liabilities | ||||||||||||
| Deferred income taxes | 11,449 | 1,197 | (532) | (1,869) | (1) | 10,244 | ||||||
| Asset retirement obligations | 11,894 | 78 | 180 | — | — | 12,152 | ||||||
| Regulatory liabilities | 12,672 | 1,316 | — | 29 | — | 14,017 | ||||||
| Operating lease liabilities | 701 | 11 | 131 | 161 | — | 1,004 | ||||||
| Accrued pension and other post-retirement benefit costs | 447 | 30 | (21) | 539 | — | 995 | ||||||
| Investment tax credits | 850 | 1 | — | — | — | 851 | ||||||
| Other | 817 | 266 | 413 | 625 | (185) | 1,936 | ||||||
| Total other noncurrent liabilities | 38,830 | 2,899 | 171 | (515) | (186) | 41,199 | ||||||
| Equity | ||||||||||||
| Total Duke Energy Corporation stockholders' equity | 57,583 | 7,749 | 4,126 | 50,420 | (69,533) | 50,345 | ||||||
| Noncontrolling interests | 435 | 2 | 1,417 | (30) | — | 1,824 | ||||||
| Total equity | 58,018 | 7,751 | 5,543 | 50,390 | (69,533) | 52,169 | ||||||
| Total Liabilities and Equity | 150,420 | 15,949 | 8,134 | 77,996 | (76,159) | 176,340 | ||||||
| Segment reclassifications, intercompany balances and other | (902) | (149) | (627) | (74,477) | 76,155 | — | ||||||
| Segment Liabilities and Equity | $ | 149,518 | $ | 15,800 | $ | 7,507 | $ | 3,519 | $ | (4) | $ | 176,340 |
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Three Months Ended September 30, 2022 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br>Energy<br>Carolinas | Duke<br>Energy<br>Progress | Duke<br>Energy<br>Florida | Duke<br><br>Energy<br><br>Ohio(a) | Duke<br>Energy<br>Indiana | Eliminations/<br>Other | Electric Utilities and Infrastructure | |||||||
| Operating Revenues | $ | 2,175 | $ | 1,969 | $ | 1,907 | $ | 507 | $ | 1,095 | $ | (214) | $ | 7,439 |
| Operating Expenses | ||||||||||||||
| Fuel used in electric generation and purchased power | 544 | 749 | 856 | 185 | 556 | (237) | 2,653 | |||||||
| Operation, maintenance and other | 432 | 347 | 225 | 92 | 177 | (16) | 1,257 | |||||||
| Depreciation and amortization | 375 | 313 | 249 | 60 | 167 | 6 | 1,170 | |||||||
| Property and other taxes | 88 | 46 | 123 | 65 | 13 | 1 | 336 | |||||||
| Impairment of assets and other charges | 6 | — | — | 1 | — | 1 | 8 | |||||||
| Total operating expenses | 1,445 | 1,455 | 1,453 | 403 | 913 | (245) | 5,424 | |||||||
| Gains on Sales of Other Assets and Other, net | 4 | 1 | 3 | — | — | (1) | 7 | |||||||
| Operating Income | 734 | 515 | 457 | 104 | 182 | 30 | 2,022 | |||||||
| Other Income and Expenses, net(b) | 59 | 27 | 22 | 3 | 10 | (7) | 114 | |||||||
| Interest Expense | 131 | 85 | 84 | 23 | 48 | 6 | 377 | |||||||
| Income Before Income Taxes | 662 | 457 | 395 | 84 | 144 | 17 | 1,759 | |||||||
| Income Tax Expense | 36 | 59 | 73 | 10 | 25 | 4 | 207 | |||||||
| Less: Income Attributable to Noncontrolling Interest | — | — | — | — | — | 12 | 12 | |||||||
| Segment Income | $ | 626 | $ | 398 | $ | 322 | $ | 74 | $ | 119 | $ | 1 | $ | 1,540 |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $28 million for Duke Energy Carolinas, $14 million for Duke Energy Progress, $3 million for Duke Energy Florida, $1 million for Duke Energy Ohio and $2 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Nine Months Ended September 30, 2022 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br>Energy<br>Carolinas | Duke<br>Energy<br>Progress | Duke<br>Energy<br>Florida | Duke<br><br>Energy<br><br>Ohio(a) | Duke<br>Energy<br>Indiana | Eliminations/<br>Other | Electric Utilities and Infrastructure | |||||||
| Operating Revenues | $ | 5,844 | $ | 5,182 | $ | 4,890 | $ | 1,320 | $ | 2,835 | $ | (495) | $ | 19,576 |
| Operating Expenses | ||||||||||||||
| Fuel used in electric generation and purchased power | 1,423 | 1,916 | 2,011 | 439 | 1,234 | (542) | 6,481 | |||||||
| Operation, maintenance and other | 1,402 | 1,093 | 711 | 264 | 548 | (7) | 4,011 | |||||||
| Depreciation and amortization | 1,138 | 890 | 717 | 173 | 478 | 15 | 3,411 | |||||||
| Property and other taxes | 258 | 136 | 335 | 214 | 60 | 1 | 1,004 | |||||||
| Impairment of assets and other charges | (3) | 4 | — | 1 | 211 | 1 | 214 | |||||||
| Total operating expenses | 4,218 | 4,039 | 3,774 | 1,091 | 2,531 | (532) | 15,121 | |||||||
| Gains on Sales of Other Assets and Other, net | 4 | 2 | 5 | — | — | 1 | 12 | |||||||
| Operating Income | 1,630 | 1,145 | 1,121 | 229 | 304 | 38 | 4,467 | |||||||
| Other Income and Expenses, net(b) | 174 | 86 | 84 | 11 | 28 | (2) | 381 | |||||||
| Interest Expense | 415 | 260 | 258 | 66 | 138 | 7 | 1,144 | |||||||
| Income Before Income Taxes | 1,389 | 971 | 947 | 174 | 194 | 29 | 3,704 | |||||||
| Income Tax Expense | 90 | 131 | 183 | 22 | 3 | 19 | 448 | |||||||
| Less: Income Attributable to Noncontrolling Interest(c) | — | — | — | — | — | 19 | 19 | |||||||
| Segment Income Attributable to Duke Energy Corporation | $ | 1,299 | $ | 840 | $ | 764 | $ | 152 | $ | 191 | $ | (9) | $ | 3,237 |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $75 million for Duke Energy Carolinas, $37 million for Duke Energy Progress, $13 million for Duke Energy Florida, $4 million for Duke Energy Ohio and $12 million for Duke Energy Indiana.
(c) Includes a noncontrolling interest in Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| September 30, 2022 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br>Energy<br>Carolinas | Duke<br>Energy<br>Progress | Duke<br>Energy<br>Florida | Duke<br><br>Energy<br><br>Ohio(a) | Duke<br>Energy<br>Indiana | Eliminations/<br><br>Adjustments(b) | Electric Utilities and Infrastructure | |||||||
| Current Assets | ||||||||||||||
| Cash and cash equivalents | $ | 36 | $ | 58 | $ | 25 | $ | 7 | $ | 32 | $ | — | $ | 158 |
| Receivables, net | 318 | 130 | 159 | 81 | 106 | 10 | 804 | |||||||
| Receivables of variable interest entities, net | 932 | 733 | 611 | — | — | 845 | 3,121 | |||||||
| Receivables from affiliated companies | 297 | 19 | 6 | 207 | 247 | (703) | 73 | |||||||
| Notes receivable from affiliated companies | — | 329 | — | — | — | (233) | 96 | |||||||
| Inventory | 1,112 | 980 | 569 | 108 | 452 | — | 3,221 | |||||||
| Regulatory assets | 995 | 658 | 1,212 | 36 | 384 | (1) | 3,284 | |||||||
| Other | 264 | 189 | 162 | 26 | 246 | (7) | 880 | |||||||
| Total current assets | 3,954 | 3,096 | 2,744 | 465 | 1,467 | (89) | 11,637 | |||||||
| Property, Plant and Equipment | ||||||||||||||
| Cost | 53,878 | 38,503 | 25,243 | 8,060 | 17,916 | 235 | 143,835 | |||||||
| Accumulated depreciation and amortization | (18,504) | (14,224) | (6,244) | (2,195) | (5,920) | — | (47,087) | |||||||
| Facilities to be retired, net | 86 | — | — | — | — | — | 86 | |||||||
| Net property, plant and equipment | 35,460 | 24,279 | 18,999 | 5,865 | 11,996 | 235 | 96,834 | |||||||
| Other Noncurrent Assets | ||||||||||||||
| Goodwill | — | — | — | 596 | — | 16,783 | 17,379 | |||||||
| Regulatory assets | 3,969 | 4,482 | 2,038 | 291 | 1,030 | 780 | 12,590 | |||||||
| Nuclear decommissioning trust funds | 4,481 | 3,204 | 438 | — | — | — | 8,123 | |||||||
| Operating lease right-of-use assets, net | 87 | 384 | 269 | 18 | 49 | — | 807 | |||||||
| Investments in equity method unconsolidated affiliates | — | — | 1 | — | — | 99 | 100 | |||||||
| Investment in consolidated subsidiaries | 56 | 13 | 3 | 297 | 1 | 221 | 591 | |||||||
| Other | 1,179 | 748 | 430 | 71 | 274 | (343) | 2,359 | |||||||
| Total other noncurrent assets | 9,772 | 8,831 | 3,179 | 1,273 | 1,354 | 17,540 | 41,949 | |||||||
| Total Assets | 49,186 | 36,206 | 24,922 | 7,603 | 14,817 | 17,686 | 150,420 | |||||||
| Segment reclassifications, intercompany balances and other | (358) | (458) | (14) | (203) | 281 | (150) | (902) | |||||||
| Reportable Segment Assets | $ | 48,828 | $ | 35,748 | $ | 24,908 | $ | 7,400 | $ | 15,098 | $ | 17,536 | $ | 149,518 |
(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| September 30, 2022 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br>Energy<br>Carolinas | Duke<br>Energy<br>Progress | Duke<br>Energy<br>Florida | Duke<br><br>Energy<br><br>Ohio(a) | Duke<br>Energy<br>Indiana | Eliminations/<br>Adjustments(b) | Electric Utilities and Infrastructure | |||||||
| Current Liabilities | ||||||||||||||
| Accounts payable | $ | 1,184 | $ | 504 | $ | 926 | $ | 255 | $ | 310 | $ | 2 | $ | 3,181 |
| Accounts payable to affiliated companies | 196 | 368 | 119 | 125 | 72 | (278) | 602 | |||||||
| Notes payable to affiliated companies | 584 | — | 983 | 322 | 483 | (186) | 2,186 | |||||||
| Taxes accrued | 265 | 162 | 175 | 211 | 75 | 13 | 901 | |||||||
| Interest accrued | 118 | 73 | 82 | 23 | 59 | 1 | 356 | |||||||
| Current maturities of long-term debt | 1,019 | 368 | 328 | 192 | 3 | 92 | 2,002 | |||||||
| Asset retirement obligations | 279 | 311 | 1 | 23 | 185 | (1) | 798 | |||||||
| Regulatory liabilities | 442 | 336 | 250 | 47 | 175 | (1) | 1,249 | |||||||
| Other | 564 | 354 | 337 | 85 | 178 | (24) | 1,494 | |||||||
| Total current liabilities | 4,651 | 2,476 | 3,201 | 1,283 | 1,540 | (382) | 12,769 | |||||||
| Long-Term Debt | 12,903 | 10,572 | 8,089 | 2,457 | 4,157 | 955 | 39,133 | |||||||
| Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | 1,052 | 1,670 | |||||||
| Other Noncurrent Liabilities | ||||||||||||||
| Deferred income taxes | 4,160 | 2,400 | 2,725 | 794 | 1,323 | 47 | 11,449 | |||||||
| Asset retirement obligations | 5,115 | 5,529 | 363 | 78 | 773 | 36 | 11,894 | |||||||
| Regulatory liabilities | 5,974 | 4,179 | 770 | 301 | 1,468 | (20) | 12,672 | |||||||
| Operating lease liabilities | 73 | 344 | 219 | 18 | 47 | — | 701 | |||||||
| Accrued pension and other post-retirement benefit costs | 39 | 212 | 156 | 64 | 135 | (159) | 447 | |||||||
| Investment tax credits | 301 | 125 | 234 | 3 | 186 | 1 | 850 | |||||||
| Other | 537 | 87 | 122 | 51 | 59 | (39) | 817 | |||||||
| Total other noncurrent liabilities | 16,199 | 12,876 | 4,589 | 1,309 | 3,991 | (134) | 38,830 | |||||||
| Equity | ||||||||||||||
| Total Duke Energy Corporation stockholders equity | 15,133 | 10,132 | 9,043 | 2,536 | 4,979 | 15,760 | 57,583 | |||||||
| Noncontrolling interests(c) | — | — | — | — | — | 435 | 435 | |||||||
| Total equity | 15,133 | 10,132 | 9,043 | 2,536 | 4,979 | 16,195 | 58,018 | |||||||
| Total Liabilities and Equity | 49,186 | 36,206 | 24,922 | 7,603 | 14,817 | 17,686 | 150,420 | |||||||
| Segment reclassifications, intercompany balances and other | (358) | (458) | (14) | (203) | 281 | (150) | (902) | |||||||
| Reportable Segment Liabilities and Equity | $ | 48,828 | $ | 35,748 | $ | 24,908 | $ | 7,400 | $ | 15,098 | $ | 17,536 | $ | 149,518 |
(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.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Three Months Ended September 30, 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br><br>Energy<br>Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/<br>Adjustments | Gas <br>Utilities and Infrastructure | |||||
| Operating Revenues | $ | 121 | $ | 306 | $ | — | $ | — | $ | 427 |
| Operating Expenses | ||||||||||
| Cost of natural gas | 21 | 168 | — | — | 189 | |||||
| Operation, maintenance and other | 29 | 86 | 1 | (1) | 115 | |||||
| Depreciation and amortization | 24 | 56 | — | — | 80 | |||||
| Property and other taxes | 14 | 13 | — | 2 | 29 | |||||
| Impairment of assets and other charges | (12) | 1 | — | (1) | (12) | |||||
| Total operating expenses | 76 | 324 | 1 | — | 401 | |||||
| Operating Income (Loss) | 45 | (18) | (1) | — | 26 | |||||
| Other Income and Expenses | ||||||||||
| Equity in earnings of unconsolidated affiliates | — | — | 6 | — | 6 | |||||
| Other income and expenses, net | 1 | 12 | 6 | — | 19 | |||||
| Total other income and expenses | 1 | 12 | 12 | — | 25 | |||||
| Interest Expense | 8 | 36 | — | 1 | 45 | |||||
| Income (Loss) Before Income Taxes | 38 | (42) | 11 | (1) | 6 | |||||
| Income Tax Expense (Benefit) | 8 | (8) | 2 | — | 2 | |||||
| Segment Income (Loss) | $ | 30 | $ | (34) | $ | 9 | $ | (1) | $ | 4 |
(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.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| Nine Months Ended September 30, 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke Energy<br>Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/<br>Adjustments | Gas Utilities and Infrastructure | |||||
| Operating Revenues | $ | 491 | $ | 1,421 | $ | — | $ | — | $ | 1,912 |
| Operating Expenses | ||||||||||
| Cost of natural gas | 174 | 685 | — | — | 859 | |||||
| Operation, maintenance and other | 140 | 267 | 3 | — | 410 | |||||
| Depreciation and amortization | 74 | 166 | — | 1 | 241 | |||||
| Property and other taxes | 58 | 44 | — | 1 | 103 | |||||
| Impairment of assets and other charges | (12) | 1 | — | (1) | (12) | |||||
| Total operating expenses | 434 | 1,163 | 3 | 1 | 1,601 | |||||
| Gains on Sales of Other Assets and Other, net | — | 4 | — | — | 4 | |||||
| Operating Income (Loss) | 57 | 262 | (3) | (1) | 315 | |||||
| Other Income and Expenses, net | ||||||||||
| Equity in earnings of unconsolidated affiliates | — | — | 14 | — | 14 | |||||
| Other income and expenses, net | 5 | 36 | 6 | — | 47 | |||||
| Other Income and Expenses, net | 5 | 36 | 20 | — | 61 | |||||
| Interest Expense | 25 | 102 | — | — | 127 | |||||
| Income (Loss) Before Income Taxes | 37 | 196 | 17 | (1) | 249 | |||||
| Income Tax (Benefit) Expense | (50) | 18 | 5 | (1) | (28) | |||||
| Segment Income | $ | 87 | $ | 178 | $ | 12 | $ | — | $ | 277 |
(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.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| September 30, 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br><br>Energy<br><br>Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/<br>Adjustments(b) | Gas <br>Utilities and Infrastructure | |||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ | 2 | $ | — | $ | 5 | $ | 1 | $ | 8 |
| Receivables, net | 7 | 116 | — | — | 123 | |||||
| Receivables from affiliated companies | 107 | 82 | 61 | (73) | 177 | |||||
| Inventory | 10 | 135 | — | — | 145 | |||||
| Regulatory assets | 28 | 161 | — | (1) | 188 | |||||
| Other | 73 | 89 | 4 | — | 166 | |||||
| Total current assets | 227 | 583 | 70 | (73) | 807 | |||||
| Property, Plant and Equipment | ||||||||||
| Cost | 4,224 | 10,560 | 70 | (1) | 14,853 | |||||
| Accumulated depreciation and amortization | (1,008) | (2,027) | — | — | (3,035) | |||||
| Facilities to be retired, net | — | 9 | — | — | 9 | |||||
| Net property, plant and equipment | 3,216 | 8,542 | 70 | (1) | 11,827 | |||||
| Other Noncurrent Assets | ||||||||||
| Goodwill | 324 | 49 | — | 1,551 | 1,924 | |||||
| Regulatory assets | 310 | 379 | — | 101 | 790 | |||||
| Operating lease right-of-use assets, net | — | 13 | — | — | 13 | |||||
| Investments in equity method unconsolidated affiliates | — | — | 225 | 5 | 230 | |||||
| Investment in consolidated subsidiaries | — | — | — | 3 | 3 | |||||
| Other | 21 | 299 | 33 | 2 | 355 | |||||
| Total other noncurrent assets | 655 | 740 | 258 | 1,662 | 3,315 | |||||
| Total Assets | 4,098 | 9,865 | 398 | 1,588 | 15,949 | |||||
| Segment reclassifications, intercompany balances and other | (75) | (82) | (61) | 69 | (149) | |||||
| Reportable Segment Assets | $ | 4,023 | $ | 9,783 | $ | 337 | $ | 1,657 | $ | 15,800 |
(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| September 30, 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (In millions) | Duke<br><br>Energy<br><br>Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/<br><br>Adjustments(b) | Gas <br>Utilities and Infrastructure | |||||
| Current Liabilities | ||||||||||
| Accounts payable | $ | 70 | $ | 284 | $ | 7 | $ | — | $ | 361 |
| Accounts payable to affiliated companies | 3 | 61 | 42 | (81) | 25 | |||||
| Notes payable to affiliated companies | 178 | 308 | — | — | 486 | |||||
| Taxes accrued | 10 | 43 | (5) | — | 48 | |||||
| Interest accrued | 9 | 43 | — | — | 52 | |||||
| Current maturities of long-term debt | 108 | — | — | — | 108 | |||||
| Regulatory liabilities | 24 | 65 | — | — | 89 | |||||
| Other | 5 | 82 | 55 | 2 | 144 | |||||
| Total current liabilities | 407 | 886 | 99 | (79) | 1,313 | |||||
| Long-Term Debt | 463 | 3,363 | 66 | 87 | 3,979 | |||||
| Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | |||||
| Other Noncurrent Liabilities | ||||||||||
| Deferred income taxes | 340 | 854 | 2 | 1 | 1,197 | |||||
| Asset retirement obligations | 55 | 23 | — | — | 78 | |||||
| Regulatory liabilities | 271 | 1,032 | — | 13 | 1,316 | |||||
| Operating lease liabilities | — | 11 | — | — | 11 | |||||
| Accrued pension and other post-retirement benefit costs | 22 | 7 | — | 1 | 30 | |||||
| Investment tax credits | 1 | 1 | — | (1) | 1 | |||||
| Other | 43 | 173 | 49 | 1 | 266 | |||||
| Total other noncurrent liabilities | 732 | 2,101 | 51 | 15 | 2,899 | |||||
| Equity | ||||||||||
| Total Duke Energy Corporation stockholders' equity | 2,489 | 3,515 | 179 | 1,566 | 7,749 | |||||
| Noncontrolling interests | — | — | 3 | (1) | 2 | |||||
| Total equity | 2,489 | 3,515 | 182 | 1,565 | 7,751 | |||||
| Total Liabilities and Equity | 4,098 | 9,865 | 398 | 1,588 | 15,949 | |||||
| Segment reclassifications, intercompany balances and other | (75) | (82) | (61) | 69 | (149) | |||||
| Reportable Segment Liabilities and Equity | $ | 4,023 | $ | 9,783 | $ | 337 | $ | 1,657 | $ | 15,800 |
(a) Includes balances of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
| Electric Utilities and Infrastructure | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||||||
| September 2022 | |||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
| 2022 | 2021 | %<br>Inc.(Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | 2022 | 2021 | %<br>Inc. (Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | ||||||
| Gigawatt-hour (GWh) Sales(a) | |||||||||||||
| Residential | 26,362 | 25,604 | 3.0 | % | 0.4 | % | 68,985 | 68,115 | 1.3 | % | 2.3 | % | |
| General Service | 22,507 | 21,991 | 2.3 | % | 0.7 | % | 59,009 | 56,956 | 3.6 | % | 3.1 | % | |
| Industrial | 13,528 | 13,736 | (1.5 | %) | (1.0 | %) | 37,744 | 37,436 | 0.8 | % | 1.5 | % | |
| Other Energy Sales | 148 | 146 | 1.4 | % | n/a | 428 | 419 | 2.1 | % | n/a | |||
| Unbilled Sales | (2,082) | (937) | (122.2 | %) | n/a | 1,180 | (676) | 274.6 | % | n/a | |||
| Total Retail Sales | 60,463 | 60,540 | (0.1 | %) | 0.2 | % | 167,346 | 162,250 | 3.1 | % | 2.3 | % | |
| Wholesale and Other | 13,262 | 12,327 | 7.6 | % | 35,231 | 31,859 | 10.6 | % | |||||
| Total Consolidated Electric Sales – Electric Utilities and Infrastructure | 73,725 | 72,867 | 1.2 | % | 202,577 | 194,109 | 4.4 | % | |||||
| Average Number of Customers (Electric) | |||||||||||||
| Residential | 7,131,924 | 7,013,890 | 1.7 | % | 7,098,468 | 6,981,026 | 1.7 | % | |||||
| General Service | 1,035,725 | 1,025,606 | 1.0 | % | 1,041,327 | 1,021,971 | 1.9 | % | |||||
| Industrial | 16,283 | 16,436 | (0.9 | %) | 16,348 | 16,456 | (0.7 | %) | |||||
| Other Energy Sales | 24,340 | 24,354 | (0.1 | %) | 24,698 | 24,297 | 1.7 | % | |||||
| Total Retail Customers | 8,208,272 | 8,080,286 | 1.6 | % | 8,180,841 | 8,043,750 | 1.7 | % | |||||
| Wholesale and Other | 35 | 35 | — | % | 38 | 37 | 2.7 | % | |||||
| Total Average Number of Customers – Electric Utilities and Infrastructure | 8,208,307 | 8,080,321 | 1.6 | % | 8,180,879 | 8,043,787 | 1.7 | % | |||||
| Sources of Electric Energy (GWh) | |||||||||||||
| Generated – Net Output(c) | |||||||||||||
| Coal | 9,161 | 15,428 | (40.6 | %) | 29,375 | 39,527 | (25.7 | %) | |||||
| Nuclear | 19,442 | 19,147 | 1.5 | % | 55,435 | 56,632 | (2.1 | %) | |||||
| Hydro | 309 | 374 | (17.4 | %) | 1,441 | 2,000 | (28.0 | %) | |||||
| Natural Gas and Oil | 28,513 | 24,321 | 17.2 | % | 71,309 | 60,248 | 18.4 | % | |||||
| Renewable Energy | 706 | 411 | 71.8 | % | 1,840 | 1,181 | 55.8 | % | |||||
| Total Generation(d) | 58,131 | 59,681 | (2.6 | %) | 159,400 | 159,588 | (0.1 | %) | |||||
| Purchased Power and Net Interchange(e) | 19,465 | 16,789 | 15.9 | % | 52,178 | 45,558 | 14.5 | % | |||||
| Total Sources of Energy | 77,596 | 76,470 | 1.5 | % | 211,578 | 205,146 | 3.1 | % | |||||
| Less: Line Loss and Other | 3,871 | 3,604 | 7.4 | % | 9,001 | 11,037 | (18.4 | %) | |||||
| Total GWh Sources | 73,725 | 72,866 | 1.2 | % | 202,577 | 194,109 | 4.4 | % | |||||
| Owned Megawatt (MW) Capacity(c) | |||||||||||||
| Summer | 49,847 | 50,137 | |||||||||||
| Winter | 53,015 | 53,545 | |||||||||||
| Nuclear Capacity Factor (%)(f) | 95 | 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.
| Duke Energy Carolinas | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||||||||||
| Supplemental Electric Utilities and Infrastructure Information | |||||||||||||||||
| September 2022 | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | %<br>Inc.(Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | 2022 | 2021 | %<br>Inc. (Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | ||||||||||
| GWh Sales(a) | |||||||||||||||||
| Residential | 8,743 | 8,537 | 2.4 | % | 23,108 | 22,960 | 0.6 | % | |||||||||
| General Service | 8,609 | 8,384 | 2.7 | % | 22,650 | 21,496 | 5.4 | % | |||||||||
| Industrial | 5,605 | 5,966 | (6.1 | %) | 15,869 | 15,458 | 2.7 | % | |||||||||
| Other Energy Sales | 74 | 82 | (9.8 | %) | 226 | 228 | (0.9 | %) | |||||||||
| Unbilled Sales | (962) | (352) | (173.3 | %) | 282 | (85) | 431.8 | % | |||||||||
| Total Retail Sales | 22,069 | 22,617 | (2.4 | %) | (2.2 | %) | 62,135 | 60,057 | 3.5 | % | 2.3 | % | |||||
| Wholesale and Other | 2,485 | 2,416 | 2.9 | % | 6,990 | 7,300 | (4.2 | %) | |||||||||
| Total Consolidated Electric Sales – Duke Energy Carolinas | 24,554 | 25,033 | (1.9 | %) | 69,125 | 67,357 | 2.6 | % | |||||||||
| Average Number of Customers | |||||||||||||||||
| Residential | 2,382,278 | 2,340,894 | 1.8 | % | 2,371,783 | 2,326,349 | 2.0 | % | |||||||||
| General Service | 399,125 | 397,453 | 0.4 | % | 400,440 | 396,504 | 1.0 | % | |||||||||
| Industrial | 6,045 | 6,052 | (0.1 | %) | 6,053 | 6,062 | (0.1 | %) | |||||||||
| Other Energy Sales | 11,233 | 11,276 | (0.4 | %) | 11,242 | 11,295 | (0.5 | %) | |||||||||
| Total Retail Customers | 2,798,681 | 2,755,675 | 1.6 | % | 2,789,518 | 2,740,210 | 1.8 | % | |||||||||
| Wholesale and Other | 16 | 18 | (11.1 | %) | 17 | 18 | (5.6 | %) | |||||||||
| Total Average Number of Customers – Duke Energy Carolinas | 2,798,697 | 2,755,693 | 1.6 | % | 2,789,535 | 2,740,228 | 1.8 | % | |||||||||
| Sources of Electric Energy (GWh) | |||||||||||||||||
| Generated – Net Output(c) | |||||||||||||||||
| Coal | 1,469 | 4,661 | (68.5 | %) | 6,066 | 12,779 | (52.5 | %) | |||||||||
| Nuclear | 11,697 | 11,191 | 4.5 | % | 32,943 | 34,534 | (4.6 | %) | |||||||||
| Hydro | 119 | 169 | (29.6 | %) | 756 | 1,181 | (36.0 | %) | |||||||||
| Natural Gas and Oil | 9,146 | 6,547 | 39.7 | % | 21,451 | 14,966 | 43.3 | % | |||||||||
| Renewable Energy | 143 | 90 | 58.9 | % | 389 | 245 | 58.8 | % | |||||||||
| Total Generation(d) | 22,574 | 22,658 | (0.4 | %) | 61,605 | 63,705 | (3.3 | %) | |||||||||
| Purchased Power and Net Interchange(e) | 3,514 | 3,156 | 11.3 | % | 10,437 | 7,166 | 45.6 | % | |||||||||
| Total Sources of Energy | 26,088 | 25,814 | 1.1 | % | 72,042 | 70,871 | 1.7 | % | |||||||||
| Less: Line Loss and Other | 1,534 | 781 | 96.4 | % | 2,917 | 3,514 | (17.0 | %) | |||||||||
| Total GWh Sources | 24,554 | 25,033 | (1.9 | %) | 69,125 | 67,357 | 2.6 | % | |||||||||
| Owned MW Capacity(c) | |||||||||||||||||
| Summer | 19,492 | 20,001 | |||||||||||||||
| Winter | 20,350 | 20,877 | |||||||||||||||
| Nuclear Capacity Factor (%)(f) | 95 | 97 | |||||||||||||||
| Heating and Cooling Degree Days | |||||||||||||||||
| Actual | |||||||||||||||||
| Heating Degree Days | 28 | 9 | 211.1 | % | 1,823 | 1,917 | (4.9 | %) | |||||||||
| Cooling Degree Days | 1,007 | 1,023 | (1.6 | %) | 1,607 | 1,494 | 7.6 | % | |||||||||
| Variance from Normal | |||||||||||||||||
| Heating Degree Days | 94.7 | % | (35.7 | %) | (6.2 | %) | (1.2 | %) | |||||||||
| Cooling Degree Days | (0.2 | %) | 1.4 | % | 5.8 | % | (1.7 | %) |
(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.
(f) Statistics reflect 100% of jointly owned stations.
| Duke Energy Progress | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||||||||||
| Supplemental Electric Utilities and Infrastructure Information | |||||||||||||||||
| September 2022 | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | %<br>Inc.(Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | 2022 | 2021 | %<br>Inc. (Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | ||||||||||
| GWh Sales(a) | |||||||||||||||||
| Residential | 5,411 | 5,324 | 1.6 | % | 14,608 | 14,601 | — | % | |||||||||
| General Service | 4,202 | 4,434 | (5.2 | %) | 11,670 | 11,323 | 3.1 | % | |||||||||
| Industrial | 2,844 | 2,871 | (0.9 | %) | 8,571 | 7,794 | 10.0 | % | |||||||||
| Other Energy Sales | 22 | 19 | 15.8 | % | 68 | 58 | 17.2 | % | |||||||||
| Unbilled Sales | (211) | (408) | 48.3 | % | (507) | (198) | (156.1 | %) | |||||||||
| Total Retail Sales | 12,268 | 12,240 | 0.2 | % | (0.7 | %) | 34,410 | 33,578 | 2.5 | % | 1.7 | % | |||||
| Wholesale and Other | 7,340 | 6,979 | 5.2 | % | 20,082 | 17,977 | 11.7 | % | |||||||||
| Total Consolidated Electric Sales – Duke Energy Progress | 19,608 | 19,219 | 2.0 | % | 54,492 | 51,555 | 5.7 | % | |||||||||
| Average Number of Customers | |||||||||||||||||
| Residential | 1,436,839 | 1,411,684 | 1.8 | % | 1,430,877 | 1,405,164 | 1.8 | % | |||||||||
| General Service | 248,949 | 244,070 | 2.0 | % | 248,526 | 242,542 | 2.5 | % | |||||||||
| Industrial | 3,314 | 3,341 | (0.8 | %) | 3,325 | 3,343 | (0.5 | %) | |||||||||
| Other Energy Sales | 2,548 | 2,598 | (1.9 | %) | 2,561 | 2,598 | (1.4 | %) | |||||||||
| Total Retail Customers | 1,691,650 | 1,661,693 | 1.8 | % | 1,685,289 | 1,653,647 | 1.9 | % | |||||||||
| Wholesale and Other | 7 | 7 | — | % | 8 | 8 | — | % | |||||||||
| Total Average Number of Customers – Duke Energy Progress | 1,691,657 | 1,661,700 | 1.8 | % | 1,685,297 | 1,653,655 | 1.9 | % | |||||||||
| Sources of Electric Energy (GWh) | |||||||||||||||||
| Generated – Net Output(c) | |||||||||||||||||
| Coal | 1,630 | 2,613 | (37.6 | %) | 5,374 | 5,483 | (2.0 | %) | |||||||||
| Nuclear | 7,745 | 7,956 | (2.7 | %) | 22,492 | 22,098 | 1.8 | % | |||||||||
| Hydro | 93 | 118 | (21.2 | %) | 489 | 587 | (16.7 | %) | |||||||||
| Natural Gas and Oil | 7,125 | 6,269 | 13.7 | % | 18,314 | 17,177 | 6.6 | % | |||||||||
| Renewable Energy | 68 | 71 | (4.2 | %) | 202 | 198 | 2.0 | % | |||||||||
| Total Generation(d) | 16,661 | 17,027 | (2.1 | %) | 46,871 | 45,543 | 2.9 | % | |||||||||
| Purchased Power and Net Interchange(e) | 3,652 | 2,765 | 32.1 | % | 8,720 | 7,508 | 16.1 | % | |||||||||
| Total Sources of Energy | 20,313 | 19,792 | 2.6 | % | 55,591 | 53,051 | 4.8 | % | |||||||||
| Less: Line Loss and Other | 705 | 573 | 23.0 | % | 1,099 | 1,496 | (26.5 | %) | |||||||||
| Total GWh Sources | 19,608 | 19,219 | 2.0 | % | 54,492 | 51,555 | 5.7 | % | |||||||||
| Owned MW Capacity(c) | |||||||||||||||||
| Summer | 12,464 | 12,468 | |||||||||||||||
| Winter | 13,605 | 13,609 | |||||||||||||||
| Nuclear Capacity Factor (%)(f) | 96 | 94 | |||||||||||||||
| Heating and Cooling Degree Days | |||||||||||||||||
| Actual | |||||||||||||||||
| Heating Degree Days | 11 | 2 | 450.0 | % | 1,615 | 1,749 | (7.7 | %) | |||||||||
| Cooling Degree Days | 1,158 | 1,120 | 3.4 | % | 1,863 | 1,679 | 11.0 | % | |||||||||
| Variance from Normal | |||||||||||||||||
| Heating Degree Days | 23.3 | % | (83.5 | %) | (8.8 | %) | (1.2 | %) | |||||||||
| Cooling Degree Days | 7.3 | % | 4.0 | % | 13.3 | % | 2.2 | % |
(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.
| Duke Energy Florida | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||||||||||
| Supplemental Electric Utilities and Infrastructure Information | |||||||||||||||||
| September 2022 | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | %<br>Inc.(Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | 2022 | 2021 | %<br>Inc. (Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | ||||||||||
| GWh Sales(a) | |||||||||||||||||
| Residential | 6,951 | 6,525 | 6.5 | % | 16,845 | 16,215 | 3.9 | % | |||||||||
| General Service | 4,572 | 4,275 | 6.9 | % | 11,809 | 11,231 | 5.1 | % | |||||||||
| Industrial | 944 | 883 | 6.9 | % | 2,711 | 2,547 | 6.4 | % | |||||||||
| Other Energy Sales | 8 | 6 | 33.3 | % | 25 | 17 | 47.1 | % | |||||||||
| Unbilled Sales | (878) | (152) | — | % | 320 | (28) | 1,242.9 | % | |||||||||
| Total Retail Sales | 11,597 | 11,537 | 0.5 | % | 2.3 | % | 31,710 | 29,982 | 5.8 | % | 5.1 | % | |||||
| Wholesale and Other | 1,958 | 1,445 | 35.5 | % | 4,087 | 2,749 | 48.7 | % | |||||||||
| Total Electric Sales – Duke Energy Florida | 13,555 | 12,982 | 4.4 | % | 35,797 | 32,731 | 9.4 | % | |||||||||
| Average Number of Customers | |||||||||||||||||
| Residential | 1,721,642 | 1,693,295 | 1.7 | % | 1,716,269 | 1,685,526 | 1.8 | % | |||||||||
| General Service | 207,691 | 205,720 | 1.0 | % | 207,385 | 204,877 | 1.2 | % | |||||||||
| Industrial | 1,854 | 1,942 | (4.5 | %) | 1,878 | 1,948 | (3.6 | %) | |||||||||
| Other Energy Sales | 3,726 | 3,776 | (1.3 | %) | 3,746 | 3,781 | (0.9 | %) | |||||||||
| Total Retail Customers | 1,934,913 | 1,904,733 | 1.6 | % | 1,929,278 | 1,896,132 | 1.7 | % | |||||||||
| Wholesale and Other | 7 | 6 | 16.7 | % | 9 | 6 | 50.0 | % | |||||||||
| Total Average Number of Customers – Duke Energy Florida | 1,934,920 | 1,904,739 | 1.6 | % | 1,929,287 | 1,896,138 | 1.7 | % | |||||||||
| Sources of Electric Energy (GWh) | |||||||||||||||||
| Generated – Net Output(c) | |||||||||||||||||
| Coal | 1,130 | 1,658 | (31.8 | %) | 3,313 | 4,573 | (27.6 | %) | |||||||||
| Natural Gas and Oil | 11,193 | 10,467 | 6.9 | % | 28,336 | 25,846 | 9.6 | % | |||||||||
| Renewable Energy | 486 | 241 | 101.7 | % | 1,228 | 720 | 70.6 | % | |||||||||
| Total Generation(d) | 12,809 | 12,366 | 3.6 | % | 32,877 | 31,139 | 5.6 | % | |||||||||
| Purchased Power and Net Interchange(e) | 1,788 | 1,450 | 23.3 | % | 4,002 | 3,514 | 13.9 | % | |||||||||
| Total Sources of Energy | 14,597 | 13,816 | 5.7 | % | 36,879 | 34,653 | 6.4 | % | |||||||||
| Less: Line Loss and Other | 1,042 | 834 | 24.9 | % | 1,082 | 1,922 | (43.7 | %) | |||||||||
| Total GWh Sources | 13,555 | 12,982 | 4.4 | % | 35,797 | 32,731 | 9.4 | % | |||||||||
| Owned MW Capacity(c) | |||||||||||||||||
| Summer | 10,469 | 10,246 | |||||||||||||||
| Winter | 11,115 | 11,114 | |||||||||||||||
| Heating and Cooling Degree Days | |||||||||||||||||
| Actual | |||||||||||||||||
| Heating Degree Days | — | — | — | % | 301 | 310 | (2.9 | %) | |||||||||
| Cooling Degree Days | 1,502 | 1,544 | (2.7 | %) | 2,983 | 2,904 | 2.7 | % | |||||||||
| Variance from Normal | |||||||||||||||||
| Heating Degree Days | — | % | — | % | (19.4 | %) | (18.2 | %) | |||||||||
| Cooling Degree Days | 0.8 | % | 3.9 | % | 8.7 | % | 6.5 | % |
(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.
| Duke Energy Ohio | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||||||||||
| Supplemental Electric Utilities and Infrastructure Information | |||||||||||||||||
| September 2022 | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | %<br>Inc.(Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | 2022 | 2021 | %<br>Inc. (Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | ||||||||||
| GWh Sales(a) | |||||||||||||||||
| Residential | 2,709 | 2,677 | 1.2 | % | 7,134 | 7,093 | 0.6 | % | |||||||||
| General Service | 2,820 | 2,558 | 10.2 | % | 6,688 | 6,841 | (2.2 | %) | |||||||||
| Industrial | 1,586 | 1,496 | 6.0 | % | 3,841 | 4,197 | (8.5 | %) | |||||||||
| Other Energy Sales | 26 | 27 | (3.7 | %) | 65 | 79 | (17.7 | %) | |||||||||
| Unbilled Sales | (130) | (33) | (293.9 | %) | 514 | (148) | 447.3 | % | |||||||||
| Total Retail Sales | 7,011 | 6,725 | 4.3 | % | 5.1 | % | 18,242 | 18,062 | 1.0 | % | 0.8 | % | |||||
| Wholesale and Other | 63 | 119 | (47.1 | %) | 393 | 524 | (25.0 | %) | |||||||||
| Total Electric Sales – Duke Energy Ohio | 7,074 | 6,844 | 3.4 | % | 18,635 | 18,586 | 0.3 | % | |||||||||
| Average Number of Customers | |||||||||||||||||
| Residential | 817,960 | 806,073 | 1.5 | % | 809,018 | 804,439 | 0.6 | % | |||||||||
| General Service | 74,622 | 74,018 | 0.8 | % | 79,894 | 73,864 | 8.2 | % | |||||||||
| Industrial | 2,411 | 2,434 | (0.9 | %) | 2,430 | 2,435 | (0.2 | %) | |||||||||
| Other Energy Sales | 2,851 | 2,719 | 4.9 | % | 3,154 | 2,648 | 19.1 | % | |||||||||
| Total Retail Customers | 897,844 | 885,244 | 1.4 | % | 894,496 | 883,386 | 1.3 | % | |||||||||
| Wholesale and Other | 1 | 1 | — | % | 1 | 1 | — | % | |||||||||
| Total Average Number of Customers – Duke Energy Ohio | 897,845 | 885,245 | 1.4 | % | 894,497 | 883,387 | 1.3 | % | |||||||||
| Sources of Electric Energy (GWh) | |||||||||||||||||
| Generated – Net Output(c) | |||||||||||||||||
| Coal | 572 | 692 | (17.3 | %) | 2,262 | 2,530 | (10.6 | %) | |||||||||
| Natural Gas and Oil | 27 | 22 | 22.7 | % | 51 | 50 | 2.0 | % | |||||||||
| Total Generation(d) | 599 | 714 | (16.1 | %) | 2,313 | 2,580 | (10.3 | %) | |||||||||
| Purchased Power and Net Interchange(e) | 6,425 | 6,734 | (4.6 | %) | 18,123 | 17,917 | 1.1 | % | |||||||||
| Total Sources of Energy | 7,024 | 7,448 | (5.7 | %) | 20,436 | 20,497 | (0.3 | %) | |||||||||
| Less: Line Loss and Other | (50) | 604 | (108.3 | %) | 1,801 | 1,911 | (5.8 | %) | |||||||||
| Total GWh Sources | 7,074 | 6,844 | 3.4 | % | 18,635 | 18,586 | 0.3 | % | |||||||||
| Owned MW Capacity(c) | |||||||||||||||||
| Summer | 1,076 | 1,076 | |||||||||||||||
| Winter | 1,164 | 1,164 | |||||||||||||||
| Heating and Cooling Degree Days | |||||||||||||||||
| Actual | |||||||||||||||||
| Heating Degree Days | 57 | 28 | 103.6 | % | 3,016 | 3,042 | (0.9 | %) | |||||||||
| Cooling Degree Days | 822 | 855 | (3.9 | %) | 1,233 | 1,215 | 1.5 | % | |||||||||
| Variance from Normal | |||||||||||||||||
| Heating Degree Days | 8.1 | % | (47.2 | %) | (1.4 | %) | (0.4 | %) | |||||||||
| Cooling Degree Days | 6.7 | % | 11.8 | % | 11.3 | % | 10.3 | % |
(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.
| Duke Energy Indiana | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||||||||||
| Supplemental Electric Utilities and Infrastructure Information | |||||||||||||||||
| September 2022 | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2022 | 2021 | %<br>Inc.(Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | 2022 | 2021 | %<br>Inc. (Dec.) | % Inc. (Dec.)<br><br>Weather<br><br>Normal(b) | ||||||||||
| GWh Sales(a) | |||||||||||||||||
| Residential | 2,548 | 2,542 | 0.2 | % | 7,290 | 7,246 | 0.6 | % | |||||||||
| General Service | 2,303 | 2,339 | (1.5 | %) | 6,192 | 6,065 | 2.1 | % | |||||||||
| Industrial | 2,549 | 2,520 | 1.2 | % | 6,752 | 7,440 | (9.2 | %) | |||||||||
| Other Energy Sales | 18 | 12 | 50.0 | % | 44 | 37 | 18.9 | % | |||||||||
| Unbilled Sales | 100 | 7 | 1,328.6 | % | 571 | (217) | 363.1 | % | |||||||||
| Total Retail Sales | 7,518 | 7,420 | 1.3 | % | 1.5 | % | 20,849 | 20,571 | 1.4 | % | 0.8 | % | |||||
| Wholesale and Other | 1,416 | 1,368 | 3.5 | % | 3,679 | 3,309 | 11.2 | % | |||||||||
| Total Electric Sales – Duke Energy Indiana | 8,934 | 8,788 | 1.7 | % | 24,528 | 23,880 | 2.7 | % | |||||||||
| Average Number of Customers | |||||||||||||||||
| Residential | 773,205 | 761,944 | 1.5 | % | 770,521 | 759,548 | 1.4 | % | |||||||||
| General Service | 105,338 | 104,345 | 1.0 | % | 105,082 | 104,184 | 0.9 | % | |||||||||
| Industrial | 2,659 | 2,667 | (0.3 | %) | 2,662 | 2,668 | (0.2 | %) | |||||||||
| Other Energy Sales | 3,982 | 3,985 | (0.1 | %) | 3,995 | 3,975 | 0.5 | % | |||||||||
| Total Retail Customers | 885,184 | 872,941 | 1.4 | % | 882,260 | 870,375 | 1.4 | % | |||||||||
| Wholesale and Other | 4 | 3 | 33.3 | % | 3 | 4 | (25.0 | %) | |||||||||
| Total Average Number of Customers – Duke Energy Indiana | 885,188 | 872,944 | 1.4 | % | 882,263 | 870,379 | 1.4 | % | |||||||||
| Sources of Electric Energy (GWh) | |||||||||||||||||
| Generated – Net Output(c) | |||||||||||||||||
| Coal | 4,360 | 5,804 | (24.9 | %) | 12,360 | 14,162 | (12.7 | %) | |||||||||
| Hydro | 97 | 87 | 11.5 | % | 196 | 232 | (15.5 | %) | |||||||||
| Natural Gas and Oil | 1,022 | 1,016 | 0.6 | % | 3,157 | 2,209 | 42.9 | % | |||||||||
| Renewable Energy | 9 | 9 | — | % | 21 | 18 | 16.7 | % | |||||||||
| Total Generation(d) | 5,488 | 6,916 | (20.6 | %) | 15,734 | 16,621 | (5.3 | %) | |||||||||
| Purchased Power and Net Interchange(e) | 4,086 | 2,684 | 52.2 | % | 10,896 | 9,453 | 15.3 | % | |||||||||
| Total Sources of Energy | 9,574 | 9,600 | (0.3 | %) | 26,630 | 26,074 | 2.1 | % | |||||||||
| Less: Line Loss and Other | 640 | 812 | (21.2 | %) | 2,102 | 2,194 | (4.2 | %) | |||||||||
| Total GWh Sources | 8,934 | 8,788 | 1.7 | % | 24,528 | 23,880 | 2.7 | % | |||||||||
| Owned MW Capacity(c) | |||||||||||||||||
| Summer | 6,346 | 6,346 | |||||||||||||||
| Winter | 6,781 | 6,781 | |||||||||||||||
| Heating and Cooling Degree Days | |||||||||||||||||
| Actual | |||||||||||||||||
| Heating Degree Days | 68 | 30 | 126.7 | % | 3,365 | 3,291 | 2.2 | % | |||||||||
| Cooling Degree Days | 843 | 841 | 0.2 | % | 1,260 | 1,196 | 5.4 | % | |||||||||
| Variance from Normal | |||||||||||||||||
| Heating Degree Days | 12.0 | % | (50.5 | %) | 2.0 | % | (0.3 | %) | |||||||||
| Cooling Degree Days | 11.3 | % | 10.9 | % | 15.0 | % | 9.1 | % |
(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.
| Gas Utilities and Infrastructure | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||
| September 2022 | |||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
| 2022 | 2021 | %<br>Inc. (Dec.) | 2022 | 2021 | %<br>Inc. (Dec.) | ||||
| Total Sales | |||||||||
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) | 157,145,659 | 134,549,588 | 16.8 | % | 463,863,034 | 390,210,785 | 18.9 | % | |
| Duke Energy Midwest LDC throughput (Mcf) | 9,559,214 | 10,268,918 | (6.9 | %) | 63,346,715 | 62,220,828 | 1.8 | % | |
| Average Number of Customers – Piedmont Natural Gas | |||||||||
| Residential | 1,035,224 | 1,021,965 | 1.3 | % | 1,038,168 | 1,022,914 | 1.5 | % | |
| Commercial | 105,492 | 104,788 | 0.7 | % | 106,249 | 105,482 | 0.7 | % | |
| Industrial | 946 | 954 | (0.8 | %) | 954 | 960 | (0.6 | %) | |
| Power Generation | 19 | 19 | — | % | 19 | 19 | — | % | |
| Total Average Number of Gas Customers – Piedmont Natural Gas | 1,141,681 | 1,127,726 | 1.2 | % | 1,145,390 | 1,129,375 | 1.4 | % | |
| Average Number of Customers – Duke Energy Midwest | |||||||||
| Residential | 513,974 | 512,679 | 0.3 | % | 511,553 | 511,533 | — | % | |
| General Service | 33,608 | 34,786 | (3.4 | %) | 37,677 | 34,648 | 8.7 | % | |
| Industrial | 1,532 | 1,630 | (6.0 | %) | 1,544 | 1,631 | (5.3 | %) | |
| Other | 116 | 129 | (10.1 | %) | 120 | 130 | (7.7 | %) | |
| Total Average Number of Gas Customers – Duke Energy Midwest | 549,230 | 549,224 | — | % | 550,894 | 547,942 | 0.5 | % |
(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.
| Commercial Renewables | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Quarterly Highlights | |||||||||
| September 2022 | |||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
| 2022 | 2021 | % Inc. (Dec.) | 2022 | 2021 | % Inc. (Dec.) | ||||
| Renewable Plant Production, GWh | 2,742 | 2,567 | 6.8 | % | 9,160 | 7,942 | 15.3 | % | |
| Net Proportional MW Capacity in Operation(a) | n/a | n/a | 4,759 | 4,630 | 2.8 | % |
(a) Includes 100% tax equity project capacity.
38