duk-20240507

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): May 7, 2024


Commission File Number	Exact Name of Registrant as Specified in its Charter, State or other Jurisdiction of Incorporation, Address of Principal Executive Offices, Zip Code, and Registrant's Telephone Number, Including Area Code	IRS Employer Identification No.

1-32853	DUKE ENERGY CORPORATION	20-2777218

(a Delaware corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

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

Trading Symbol(s)

Name of each exchange on which registered

Duke Energy

Common Stock, $0.001 par value

DUK

New York Stock Exchange LLC

Duke Energy

5.625% Junior Subordinated Debentures

DUKB

New York Stock Exchange LLC

due September 15, 2078

Duke Energy

Depositary Shares

DUK PR A

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

DUK 28A

New York Stock Exchange LLC

Duke Energy

3.85% Senior Notes due 2034

DUK 34

New York Stock Exchange LLC

Duke Energy

3.75% Senior Notes due 2031

DUK 31A

New York Stock Exchange LLC

Indicate by check mark whether the registrant 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 May 7, 2024, 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 first quarter ended March 31, 2024. 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 on May 7 , 202 4 (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:	May 7, 2024

Document


News Release

Media Contact: Gillian Moore

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

May 7, 2024

Duke Energy reports first-quarter 2024 financial results

▪First-quarter 2024 reported and adjusted EPS of $1.44

▪Strong start to the year, driven by growth at Electric Utilities and Infrastructure

▪Company continues to advance generation transition with an "all of the above" strategy to serve significant demand growth

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2024 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.44. This is compared to reported EPS of $1.01 and adjusted EPS of $1.20 for the first quarter of 2023. Adjusted EPS excludes the impact of certain items that are included in reported EPS.

Higher first-quarter 2024 adjusted results were driven by improved weather and favorable rate case impacts along with growth from riders and other retail margin. These items were partially offset by higher interest expense.

The company is reaffirming its 2024 adjusted EPS guidance range of $5.85 to $6.10, and long-term adjusted EPS growth rate of 5% to 7% through 2028 off the 2024 midpoint of $5.98. Management does not forecast reported GAAP EPS and related long-term growth rates.

“We had a strong start to the year and I’m proud of the momentum we’ve generated this quarter. We have a clear path forward that will deliver sustainable value and 5% to 7% earnings growth over the next five years,” said Lynn Good, Duke Energy chair and chief executive officer.

“We continue to make progress on our strategy as we move from the planning phase to executing our fleet transition. We’re advancing infrastructure projects across our regions to maintain reliability as we meet our customers' growing energy needs.”

Duke Energy News Release 2

Business segment results

In addition to the following summary of first-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first-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 first-quarter 2024 segment income of $1,021 million, compared to reported and adjusted segment income of $791 million in the first quarter of 2023. This represents an increase of $0.29 per share. Higher quarterly results were primarily due to improved weather, volume growth, favorable rate case impacts along with growth from riders and other retail margin, partially offset by higher depreciation on a growing asset base along with higher interest expense.

Gas Utilities and Infrastructure

On a reported and adjusted basis, Gas Utilities and Infrastructure recognized first-quarter 2024 segment income of $284 million, compared to reported and adjusted segment income of $287 million in the first quarter of 2023. Flat quarterly results were primarily driven by growth from riders and other retail margin, offset by higher interest expense and depreciation on a growing asset base.

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 first-quarter 2024 segment loss of $203 million, compared to reported and adjusted segment loss of $168 million in the first quarter of 2023. This represents a decrease of $0.05 per share. Lower quarterly results were primarily due to higher interest expense.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first quarter of 2024 was 13.4% compared to 13.8% in the first quarter of 2023.

The effective tax rate including noncontrolling interests and preferred dividends and excluding any special items was 13.7% for the first quarter of 2024 compared to 14.2% in the first quarter of 2023.

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.

Duke Energy News Release 3

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss first-quarter 2024 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair and chief executive officer, Harry Sideris, president, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 087973. 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 May 8.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported earnings per share to adjusted earnings per share for first-quarter 2024 and 2023 financial results:


(In millions, except per share amounts)	After-Tax Amount		1Q 2024 EPS		1Q 2023 EPS
Earnings Per Share, as reported			$	1.44	$	1.01
Adjustments to reported EPS:
First Quarter 2024




Discontinued operations(a)	$	3	$	—
First Quarter 2023


Discontinued operations(a)	145				0.19


Total adjustments			$	—	$	0.19
EPS, adjusted			$	1.44	$	1.20

(a) Represents the operating results and impairments recognized related to the sale of the Commercial Renewables business disposal group.

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.

Duke Energy News Release 4

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.

There were no special items included in the periods presented.

Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).

Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as a measure of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss is a non-GAAP financial measure, as it is based upon segment income and other net loss adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss.

Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.

Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy News Release 5

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Forward-Looking Information

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

◦The ability to implement our business strategy, including our carbon emission reduction goals;

◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

◦The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

Duke Energy News Release 6

◦Advancements in technology;

◦Additional competition in electric and natural gas markets and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto;

◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources;

◦Operational interruptions to our natural gas distribution and transmission activities;

◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;

◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;

◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation mix, and general market and economic conditions;

◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;

◦The ability to control operation and maintenance costs;

◦The level of creditworthiness of counterparties to transactions;

◦The ability to obtain adequate insurance at acceptable costs;

◦Employee workforce factors, including the potential inability to attract and retain key personnel;

◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);

◦The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;

◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;

◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;

◦The impacts from potential impairments of goodwill or equity method investment carrying values;

◦Asset or business acquisitions and dispositions may not yield the anticipated benefits; and

◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.

Duke Energy News Release 7

Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2024

(Dollars in millions, except per share amounts)



	Reported Earnings		Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	1,021	$	—		$	—	$	1,021
Gas Utilities and Infrastructure	284		—			—		284

Total Reportable Segment Income	1,305		—			—		1,305
Other	(203)		—			—		(203)

Discontinued Operations	(3)		3		A	3		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	1,099	$	3		$	3	$	1,102
EARNINGS PER SHARE AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.44	$	—		$	—	$	1.44

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.

A – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 771 million

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2023

(Dollars in millions, except per share amounts)



	Reported Earnings		Discontinued Operations			Total Adjustments		Adjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure	$	791	$	—		$	—	$	791
Gas Utilities and Infrastructure	287		—			—		287

Total Reportable Segment Income	1,078		—			—		1,078

Other	(168)		—			—		(168)

Discontinued Operations	(145)		$	145	A	145		—
Net Income Available to Duke Energy Corporation Common Stockholders	$	765	$	145		$	145	$	910
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS	$	1.01	$	0.19		$	0.19	$	1.20

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.

A – Recorded in Loss from Discontinued Operations, net of tax, and Net (Income) Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 770 million

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2024

(Dollars in millions)


	Three Months Ended March 31, 2024
		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes		$	1,332




Noncontrolling Interests		(16)
Preferred Dividends		(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	1,277

Reported Income Tax Expense From Continuing Operations		$	178	13.4	%





Noncontrolling Interest Portion of Income Taxes(a)		(3)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	175	13.7	%


	Three Months Ended March 31, 2023
		Balance		Effective Tax Rate

Reported Income From Continuing Operations Before Income Taxes		$	1,125



Noncontrolling Interests		(25)
Preferred Dividends		(39)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	1,061

Reported Income Tax Expense From Continuing Operations		$	155	13.8	%




Noncontrolling Interest Portion of Income Taxes(a)		(4)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items		$	151	14.2	%

(a) Income tax related to non-pass-through entities for tax purposes.

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2024 YTD vs. Prior Year



(Dollars per share)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other			Discontinued Operations			Consolidated
2023 YTD Reported Earnings Per Share	$	1.03	$	0.37		$	(0.20)		$	(0.19)		$	1.01







Discontinued Operations	—		—			—			0.19			0.19
2023 YTD Adjusted Earnings Per Share	$	1.03	$	0.37		$	(0.20)		$	—		$	1.20
Weather	0.15		—			—			—			0.15
Volume	0.04		—			—			—			0.04
Riders and Other Retail Margin(a)	0.06		0.04			—			—			0.10
Rate case impacts, net(b)	0.07		0.01			—			—			0.08
Wholesale(c)	0.02		—			—			—			0.02
Operations and maintenance, net of recoverables	(0.01)		(0.01)			—			—			(0.02)


Interest Expense(d)	(0.05)		(0.01)			(0.04)			—			(0.10)
AFUDC Equity	0.01		—			—			—			0.01
Depreciation and amortization(d)	(0.05)		(0.01)			—			—			(0.06)

Other	0.05		(0.02)			(0.01)			—			0.02
Total variance	$	0.29	$	—		$	(0.05)		$	—		$	0.24

2024 YTD Reported and Adjusted Earnings Per Share	$	1.32	$	0.37		$	(0.25)		$	—		$	1.44






Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 770 million to 771 million.

(a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.04). Gas Utilities and Infrastructure includes higher revenues from Tennessee ARM (+$0.02), riders and customer growth.

(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, (+$0.07), DEP South Carolina rates, effective April 2023 and DEP North Carolina rates, effective October 2023 (+$0.03) and DEK rates, effective October 2023 (+$0.01), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.04). Gas Utilities and Infrastructure includes impacts from DEO rates, effective November 2023.

(d) Electric Utilities and Infrastructure excludes rate case impacts.


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)

	Three Months Ended
	March 31,
		2024		2023
Operating Revenues
Regulated electric		$	6,732	$	6,324
Regulated natural gas		866		882
Nonregulated electric and other		73		70
Total operating revenues		7,671		7,276
Operating Expenses
Fuel used in electric generation and purchased power		2,335		2,377
Cost of natural gas		232		298
Operation, maintenance and other		1,379		1,310
Depreciation and amortization		1,387		1,227
Property and other taxes		386		389
Impairment of assets and other charges		1		8
Total operating expenses		5,720		5,609
Gains on Sales of Other Assets and Other, net		12		7
Operating Income		1,963		1,674
Other Income and Expenses
Equity in earnings of unconsolidated affiliates		17		20
Other income and expenses, net		169		151
Total other income and expenses		186		171
Interest Expense		817		720
Income From Continuing Operations Before Income Taxes		1,332		1,125
Income Tax Expense From Continuing Operations		178		155
Income From Continuing Operations		1,154		970
Loss From Discontinued Operations, net of tax		(3)		(209)
Net Income		1,151		761
Add: Net (Income) Loss Attributable to Noncontrolling Interests		(13)		43
Net Income Attributable to Duke Energy Corporation		1,138		804
Less: Preferred Dividends		39		39
Net Income Available to Duke Energy Corporation Common Stockholders		$	1,099	$	765

Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted		$	1.44	$	1.20

Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted		$	—	$	(0.19)

Net income available to Duke Energy Corporation common stockholders
Basic and Diluted		$	1.44	$	1.01

Weighted average shares outstanding
Basic and Diluted		771		770

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions)	March 31, 2024		December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$	459	$	253

Receivables (net of allowance for doubtful accounts of $102 at 2024 and $55 at 2023)	1,646		1,112
Receivables of VIEs (net of allowance for doubtful accounts of $102 at 2024 and $150 at 2023)	2,253		3,019
Inventory (includes $1,616 at 2024 and $462 at 2023 related to VIEs)	4,281		4,292

Regulatory assets (includes $110 at 2024 and 2023 related to VIEs)	3,082		3,648
Assets held for sale	11		14
Other (includes $44 at 2024 and $90 at 2023 related to VIEs)	359		431
Total current assets	12,091		12,769
Property, Plant and Equipment
Cost	173,926		171,353
Accumulated depreciation and amortization	(57,035)		(56,038)

Net property, plant and equipment	116,891		115,315
Other Noncurrent Assets
Goodwill	19,303		19,303
Regulatory assets (includes $1,616 at 2024 and $1,642 at 2023 related to VIEs)	13,636		13,618
Nuclear decommissioning trust funds	10,775		10,143
Operating lease right-of-use assets, net	1,092		1,092
Investments in equity method unconsolidated affiliates	502		492
Assets held for sale	308		$	197
Other	4,072		3,964
Total other noncurrent assets	49,688		48,809
Total Assets	$	178,670	$	176,893
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $188 at 2024 and 2023 related to VIEs)	$	3,364	$	4,228
Notes payable and commercial paper	4,155		4,288
Taxes accrued	708		816
Interest accrued	798		745
Current maturities of long-term debt (includes $929 at 2024 and $428 at 2023 related to VIEs)	2,274		2,800

Asset retirement obligations	603		596
Regulatory liabilities	1,309		1,369
Liabilities associated with assets held for sale	251		122
Other	2,084		2,319
Total current liabilities	15,546		17,283
Long-Term Debt (includes $2,134 at 2024 and $3,000 at 2023 related to VIEs)	74,979		72,452
Other Noncurrent Liabilities
Deferred income taxes	10,721		10,556
Asset retirement obligations	8,487		8,560
Regulatory liabilities	14,571		14,039
Operating lease liabilities	915		917
Accrued pension and other post-retirement benefit costs	473		485
Investment tax credits	862		864
Liabilities associated with assets held for sale	126		$	157
Other (includes $42 at 2024 and $35 at 2023 related to VIEs)	1,352		1,393
Total other noncurrent liabilities	37,507		36,971
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023	973		973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2024 and 2023	989		989
Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023	1		1
Additional paid-in capital	44,937		44,920
Retained earnings	2,542		2,235
Accumulated other comprehensive income (loss)	109		(6)
Total Duke Energy Corporation stockholders' equity	49,551		49,112
Noncontrolling interests	1,087		1,075
Total equity	50,638		50,187
Total Liabilities and Equity	$	178,670	$	176,893


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)

	Three Months Ended March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,151	$	761
Adjustments to reconcile net income to net cash provided by operating activities	1,323		722
Net cash provided by operating activities	2,474		1,483

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	(3,342)		(3,209)

CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities	1,029		1,747



Net increase in cash, cash equivalents and restricted cash	161		21
Cash, cash equivalents and restricted cash at beginning of period	357		603
Cash, cash equivalents and restricted cash at end of period	$	518	$	624

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,750	$	—	$	—	$	(18)	$	6,732
Regulated natural gas	—		889		—		(23)		866
Nonregulated electric and other	53		13		38		(31)		73
Total operating revenues	6,803		902		38		(72)		7,671
Operating Expenses
Fuel used in electric generation and purchased power	2,355		—		—		(20)		2,335
Cost of natural gas	—		232		—		—		232
Operation, maintenance and other	1,316		129		(18)		(48)		1,379
Depreciation and amortization	1,225		98		71		(7)		1,387
Property and other taxes	337		46		3		—		386
Impairment of assets and other charges	1		—		—		—		1
Total operating expenses	5,234		505		56		(75)		5,720
Gains on Sales of Other Assets and Other, net	6		—		5		1		12
Operating Income (Loss)	1,575		397		(13)		4		1,963
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	1		—		17		(1)		17
Other income and expenses, net	130		17		62		(40)		169
Total Other Income and Expenses	131		17		79		(41)		186
Interest Expense	499		61		294		(37)		817
Income (Loss) from Continuing Operations before Income Taxes	1,207		353		(228)		—		1,332
Income Tax Expense (Benefit) from Continuing Operations	173		69		(64)		—		178
Income (Loss) from Continuing Operations	1,034		284		(164)		—		1,154
Less: Net Income Attributable to Noncontrolling Interest	13		—		—		—		13
Net Income (Loss) Attributable to Duke Energy Corporation	1,021		284		(164)		—		1,141
Less: Preferred Dividends	—		—		39		—		39
Segment Income/Other Net Loss	$	1,021	$	284	$	(203)	$	—	$	1,102
Discontinued Operations									(3)
Net Income Available to Duke Energy Corporation Common Stockholders									$	1,099

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31, 2023
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other		Eliminations/Adjustments		Duke Energy
Operating Revenues
Regulated electric	$	6,340	$	—	$	—	$	(16)	$	6,324
Regulated natural gas	—		905		—		(23)		882
Nonregulated electric and other	58		6		31		(25)		70
Total operating revenues	6,398		911		31		(64)		7,276
Operating Expenses
Fuel used in electric generation and purchased power	2,396		—		—		(19)		2,377
Cost of natural gas	—		298		—		—		298
Operation, maintenance and other	1,269		119		(35)		(43)		1,310
Depreciation and amortization	1,096		85		54		(8)		1,227
Property and other taxes	348		31		10		—		389
Impairment of assets and other charges	7		1		—		—		8
Total operating expenses	5,116		534		29		(70)		5,609
Gains on Sales of Other Assets and Other, net	1		—		6		—		7
Operating Income	1,283		377		8		6		1,674
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	1		6		13		—		20
Other income and expenses, net	129		17		49		(44)		151
Total Other Income and Expenses	130		23		62		(44)		171
Interest Expense	452		50		256		(38)		720
Income (Loss) From Continuing Operations Before Income Taxes	961		350		(186)		—		1,125
Income Tax Expense (Benefit) from Continuing Operations	149		63		(57)		—		155
Income (Loss) from Continuing Operations	812		287		(129)		—		970
Less: Net Income Attributable to Noncontrolling Interest	21		—		—		—		21
Net Income (Loss) Attributable to Duke Energy Corporation	791		287		(129)		—		949
Less: Preferred Dividends	—		—		39		—		39
Segment Income/Other Net Loss	$	791	$	287	$	(168)	$	—	$	910
Discontinued Operations									(145)
Net Income Available to Duke Energy Corporation Common Stockholders									$	765

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	March 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Assets
Cash and cash equivalents	$	45	$	5	$	409	$	—	$	459

Receivables, net	1,270		372		5		(1)		1,646
Receivables of variable interest entities, net	2,253		—		—		—		2,253
Receivables from affiliated companies	240		36		660		(936)		—
Notes receivable from affiliated companies	—		—		1,825		(1,825)		—
Inventory	4,167		81		33		—		4,281
Regulatory assets	2,840		154		88		—		3,082
Assets held for sale	—		—		11		—		11
Other	231		21		193		(86)		359
Total current assets	11,046		669		3,224		(2,848)		12,091
Property, Plant and Equipment
Cost	154,088		16,934		2,987		(83)		173,926
Accumulated depreciation and amortization	(51,889)		(3,419)		(1,725)		(2)		(57,035)

Net property, plant and equipment	102,199		13,515		1,262		(85)		116,891
Other Noncurrent Assets
Goodwill	17,379		1,924		—		—		19,303
Regulatory assets	12,328		804		504		—		13,636
Nuclear decommissioning trust funds	10,775		—		—		—		10,775
Operating lease right-of-use assets, net	735		5		351		1		1,092
Investments in equity method unconsolidated affiliates	98		255		149		—		502
Investment in consolidated subsidiaries	465		5		71,505		(71,975)		—
Assets held for sale	—		—		308		—		308
Other	2,455		332		1,912		(627)		4,072
Total other noncurrent assets	44,235		3,325		74,729		(72,601)		49,688
Total Assets	157,480		17,509		79,215		(75,534)		178,670
Segment reclassifications, intercompany balances and other	(874)		(45)		(74,615)		75,534		—
Segment Assets	$	156,606	$	17,464	$	4,600	$	—	$	178,670

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

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	March 31, 2024
(In millions)	Electric Utilities and Infrastructure		Gas Utilities and Infrastructure		Other(a)		Eliminations/ Adjustments		Duke Energy
Current Liabilities
Accounts payable	$	2,556	$	312	$	496	$	—	$	3,364
Accounts payable to affiliated companies	583		47		283		(913)		—
Notes payable to affiliated companies	1,207		618		—		(1,825)		—
Notes payable and commercial paper	—		—		4,155		—		4,155
Taxes accrued	694		134		(120)		—		708
Interest accrued	494		58		248		(2)		798
Current maturities of long-term debt	1,211		41		1,028		(6)		2,274
Asset retirement obligations	603		—		—		—		603
Regulatory liabilities	1,212		97		—		—		1,309
Liabilities associated with assets held for sale	—		—		251		—		251
Other	1,617		68		506		(107)		2,084
Total current liabilities	10,177		1,375		6,847		(2,853)		15,546
Long-Term Debt	46,206		4,527		24,325		(79)		74,979
Long-Term Debt Payable to Affiliated Companies	618		7		—		(625)		—
Other Noncurrent Liabilities
Deferred income taxes	12,079		1,385		(2,743)		—		10,721
Asset retirement obligations	8,401		86		—		—		8,487
Regulatory liabilities	13,306		1,232		32		1		14,571
Operating lease liabilities	662		11		242		—		915
Accrued pension and other post-retirement benefit costs	228		29		216		—		473
Investment tax credits	861		1		—		—		862
Liabilities associated with assets held for sale	—		—		126		—		126
Other	812		219		512		(191)		1,352
Total other noncurrent liabilities	36,349		2,963		(1,615)		(190)		37,507
Equity
Total Duke Energy Corporation stockholders' equity	63,118		8,628		49,592		(71,787)		49,551
Noncontrolling interests	1,012		9		66		—		1,087
Total equity	64,130		8,637		49,658		(71,787)		50,638
Total Liabilities and Equity	157,480		17,509		79,215		(75,534)		178,670
Segment reclassifications, intercompany balances and other	(874)		(45)		(74,615)		75,534		—
Segment Liabilities and Equity	$	156,606	$	17,464	$	4,600	$	—	$	178,670

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

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended March 31, 2024
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Other		Electric Utilities and Infrastructure



Operating Revenues	$	2,407	$	1,788	$	1,436	$	458	$	759	$	(45)	$	6,803
Operating Expenses
Fuel used in electric generation and purchased power	860		620		523		138		271		(57)		2,355
Operation, maintenance and other	440		369		247		93		178		(11)		1,316
Depreciation and amortization	397		339		248		66		169		6		1,225
Property and other taxes	94		51		106		71		14		1		337
Impairment of assets and other charges	1		—		—		—		—		—		1
Total operating expenses	1,792		1,379		1,124		368		632		(61)		5,234
Gains on Sales of Other Assets and Other, net	1		1		1		—		—		3		6
Operating Income	616		410		313		90		127		19		1,575
Other Income and Expenses, net(b)	61		35		24		4		13		(6)		131
Interest Expense	180		120		111		29		57		2		499
Income Before Income Taxes	497		325		226		65		83		11		1,207
Income Tax Expense	58		50		45		10		14		(4)		173
Net Income	439		275		181		55		69		15		1,034
Less: Net Income Attributable to Noncontrolling Interest(c)	—		—		—		—		—		13		13
Segment Income	$	439	$	275	$	181	$	55	$	69	$	2	$	1,021

(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, $13 million for Duke Energy Progress, $5 million for Duke Energy Florida and $2 million for Duke Energy Indiana.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)


	March 31, 2024
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	5	$	27	$	4	$	3	$	5	$	1	$	45

Receivables, net	245		132		90		364		429		10		1,270
Receivables of variable interest entities, net	998		789		467		—		—		(1)		2,253
Receivables from affiliated companies	173		3		2		59		12		(9)		240

Inventory	1,478		1,294		693		168		534		—		4,167

Regulatory assets	1,347		834		525		35		101		(2)		2,840
Other	61		57		57		2		59		(5)		231
Total current assets	4,307		3,136		1,838		631		1,140		(6)		11,046
Property, Plant and Equipment
Cost	57,477		39,865		28,882		8,690		19,097		77		154,088
Accumulated depreciation and amortization	(20,210)		(15,502)		(7,220)		(2,382)		(6,599)		24		(51,889)

Net property, plant and equipment	37,267		24,363		21,662		6,308		12,498		101		102,199
Other Noncurrent Assets
Goodwill	—		—		—		596		—		16,783		17,379
Regulatory assets	3,850		4,631		1,895		371		900		681		12,328
Nuclear decommissioning trust funds	6,077		4,345		352		—		—		1		10,775
Operating lease right-of-use assets, net	75		304		294		15		48		(1)		735
Investments in equity method unconsolidated affiliates	—		—		1		—		—		97		98
Investment in consolidated subsidiaries	56		10		3		394		1		1		465

Other	1,116		716		456		77		354		(264)		2,455
Total other noncurrent assets	11,174		10,006		3,001		1,453		1,303		17,298		44,235
Total Assets	52,748		37,505		26,501		8,392		14,941		17,393		157,480
Segment reclassifications, intercompany balances and other	(261)		(115)		(30)		(457)		(20)		9		(874)
Reportable Segment Assets	$	52,487	$	37,390	$	26,471	$	7,935	$	14,921	$	17,402	$	156,606

(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.

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)


	March 31, 2024
(In millions)	Duke Energy Carolinas		Duke Energy Progress		Duke Energy Florida		Duke Energy Ohio(a)		Duke Energy Indiana		Eliminations/ Adjustments(b)		Electric Utilities and Infrastructure
Current Liabilities
Accounts payable	$	925	$	557	$	616	$	217	$	234	$	7	$	2,556
Accounts payable to affiliated companies	230		294		121		19		78		(159)		583
Notes payable to affiliated companies	55		754		66		196		136		—		1,207

Taxes accrued	151		131		135		208		76		(7)		694
Interest accrued	161		89		128		42		73		1		494
Current maturities of long-term debt	520		73		586		—		4		28		1,211

Asset retirement obligations	236		228		1		7		131		—		603
Regulatory liabilities	574		300		93		31		213		1		1,212
Other	616		429		333		61		179		(1)		1,617
Total current liabilities	3,468		2,855		2,079		781		1,124		(130)		10,177
Long-Term Debt	16,199		11,955		9,791		3,149		4,646		466		46,206
Long-Term Debt Payable to Affiliated Companies	300		150		—		18		150		—		618
Other Noncurrent Liabilities
Deferred income taxes	4,383		2,562		2,752		840		1,476		66		12,079
Asset retirement obligations	3,779		3,619		252		74		672		5		8,401
Regulatory liabilities	6,302		4,635		709		233		1,450		(23)		13,306
Operating lease liabilities	72		283		247		15		45		—		662
Accrued pension and other post-retirement benefit costs	54		144		97		71		101		(239)		228
Investment tax credits	300		128		242		5		186		—		861

Other	554		95		110		55		13		(15)		812
Total other noncurrent liabilities	15,444		11,466		4,409		1,293		3,943		(206)		36,349



Equity
Total Duke Energy Corporation stockholders equity	17,337		11,079		10,222		3,151		5,078		16,251		63,118
Noncontrolling interests(c)	—		—		—		—		—		1,012		1,012
Total equity	17,337		11,079		10,222		3,151		5,078		17,263		64,130
Total Liabilities and Equity	52,748		37,505		26,501		8,392		14,941		17,393		157,480
Segment reclassifications, intercompany balances and other	(261)		(115)		(30)		(457)		(20)		9		(874)
Reportable Segment Liabilities and Equity	$	52,487	$	37,390	$	26,471	$	7,935	$	14,921	$	17,402	$	156,606

(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.

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)


	Three Months Ended March 31, 2024
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage(b)		Eliminations/ Adjustments		Gas Utilities and Infrastructure



Operating Revenues	$	220	$	676	$	5	$	1	$	902
Operating Expenses
Cost of natural gas	61		170		—		1		232
Operation, maintenance and other	32		95		2		—		129
Depreciation and amortization	33		62		3		—		98
Property and other taxes	31		15		—		—		46

Total operating expenses	157		342		5		1		505

Operating Income	63		334		—		—		397



Other Income and Expenses, net	2		15		—		—		17
Interest Expense	15		45		1		—		61
Income (Loss) Before Income Taxes	50		304		(1)		—		353
Income Tax Expense	9		59		—		1		69
Segment Income (Loss)	$	41	$	245	$	(1)	$	(1)	$	284

(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)


	March 31, 2024
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Assets
Cash and cash equivalents	$	1	$	—	$	4	$	—	$	5

Receivables, net	72		297		3		—		372

Receivables from affiliated companies	—		81		80		(125)		36

Inventory	16		65		—		—		81

Regulatory assets	23		131		—		—		154
Other	7		8		6		—		21
Total current assets	119		582		93		(125)		669
Property, Plant and Equipment
Cost	4,687		12,157		91		(1)		16,934
Accumulated depreciation and amortization	(1,123)		(2,296)		—		—		(3,419)

Net property, plant and equipment	3,564		9,861		91		(1)		13,515
Other Noncurrent Assets
Goodwill	324		49		—		1,551		1,924
Regulatory assets	323		403		—		78		804
Operating lease right-of-use assets, net	1		5		—		(1)		5
Investments in equity method unconsolidated affiliates	—		—		250		5		255
Investment in consolidated subsidiaries	—		—		—		5		5

Other	21		282		27		2		332
Total other noncurrent assets	669		739		277		1,640		3,325
Total Assets	4,352		11,182		461		1,514		17,509
Segment reclassifications, intercompany balances and other	(2)		(83)		(80)		120		(45)
Reportable Segment Assets	$	4,350	$	11,099	$	381	$	1,634	$	17,464

(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)


	March 31, 2024
(In millions)	Duke Energy Ohio(a)		Piedmont Natural Gas LDC		Midstream Pipelines and Storage		Eliminations/ Adjustments(b)		Gas Utilities and Infrastructure
Current Liabilities
Accounts payable	$	58	$	246	$	9	$	(1)	$	312
Accounts payable to affiliated companies	54		89		29		(125)		47
Notes payable to affiliated companies	110		508		—		—		618

Taxes accrued	31		99		4		—		134
Interest accrued	9		48		—		1		58
Current maturities of long-term debt	—		40		—		1		41


Regulatory liabilities	10		88		—		(1)		97
Other	3		64		—		1		68
Total current liabilities	275		1,182		42		(124)		1,375
Long-Term Debt	765		3,629		69		64		4,527
Long-Term Debt Payable to Affiliated Companies	7		—		—		—		7
Other Noncurrent Liabilities
Deferred income taxes	445		917		22		1		1,385
Asset retirement obligations	60		26		—		—		86
Regulatory liabilities	247		973		—		12		1,232
Operating lease liabilities	1		10		—		—		11
Accrued pension and other post-retirement benefit costs	22		7		—		—		29
Investment tax credits	—		1		—		—		1

Other	46		166		6		1		219
Total other noncurrent liabilities	821		2,100		28		14		2,963
Equity
Total Duke Energy Corporation stockholders' equity	2,484		4,271		313		1,560		8,628
Noncontrolling interests	—		—		9		—		9
Total equity	2,484		4,271		322		1,560		8,637
Total Liabilities and Equity	4,352		11,182		461		1,514		17,509
Segment reclassifications, intercompany balances and other	(2)		(83)		(80)		120		(45)
Reportable Segment Liabilities and Equity	$	4,350	$	11,099	$	381	$	1,634	$	17,464

(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
March 2024

		Three Months Ended March 31,
			2024	2023	% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
	Residential		22,704	21,868	3.8	%	1.2	%
	General Service		18,169	17,765	2.3	%	3.5	%
	Industrial		11,449	11,846	(3.4	%)	(2.5	%)
	Other Energy Sales		136	153	(11.1	%)	n/a
	Unbilled Sales		(1,794)	(2,562)	30.0	%	n/a
	Total Retail Sales		50,664	49,070	3.2	%	1.1	%
	Wholesale and Other		9,946	9,176	8.4	%
	Total Consolidated Electric Sales – Electric Utilities and Infrastructure		60,610	58,246	4.1	%

Average Number of Customers (Electric)
	Residential		7,355,519	7,199,420	2.2	%
	General Service		1,041,737	1,036,096	0.5	%
	Industrial		15,804	16,265	(2.8	%)
	Other Energy Sales		23,839	24,228	(1.6	%)
	Total Retail Customers		8,436,899	8,276,009	1.9	%
	Wholesale and Other		52	46	13.0	%
	Total Average Number of Customers – Electric Utilities and Infrastructure		8,436,951	8,276,055	1.9	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		9,389	6,342	48.0	%
	Nuclear		19,082	17,727	7.6	%
	Hydro		981	808	21.4	%
	Natural Gas and Oil		19,881	20,849	(4.6	%)
	Renewable Energy		668	562	18.9	%
	Total Generation(d)		50,001	46,288	8.0	%
	Purchased Power and Net Interchange(e)		14,128	14,966	(5.6	%)
	Total Sources of Energy		64,129	61,254	4.7	%
	Less: Line Loss and Other		3,519	3,008	17.0	%
	Total GWh Sources		60,610	58,246	4.1	%

Owned Megawatt (MW) Capacity(c)
	Summer		50,385	49,847
	Winter		54,870	53,015
Nuclear Capacity Factor (%)(f)			97	95

(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).

(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
March 2024

		Three Months Ended March 31,
			2024		2023		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		8,241		7,708		6.9	%
	General Service		7,232		6,899		4.8	%
	Industrial		4,686		4,710		(0.5	%)
	Other Energy Sales		68		71		(4.2	%)
	Unbilled Sales		(676)		(955)		29.2	%
	Total Retail Sales		19,551		18,433		6.1	%	2.9	%
	Wholesale and Other		2,837		2,486		14.1	%
	Total Consolidated Electric Sales – Duke Energy Carolinas		22,388		20,919		7.0	%

Average Number of Customers
	Residential		2,465,376		2,407,382		2.4	%
	General Service		401,787		399,791		0.5	%
	Industrial		5,968		6,095		(2.1	%)
	Other Energy Sales		11,120		11,226		(0.9	%)
	Total Retail Customers		2,884,251		2,824,494		2.1	%
	Wholesale and Other		25		23		8.7	%
	Total Average Number of Customers – Duke Energy Carolinas		2,884,276		2,824,517		2.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		2,915		1,379		111.4	%
	Nuclear		11,835		10,596		11.7	%
	Hydro		652		480		35.8	%
	Natural Gas and Oil		5,902		6,652		(11.3	%)
	Renewable Energy		73		68		7.4	%
	Total Generation(d)		21,377		19,175		11.5	%
	Purchased Power and Net Interchange(e)		2,207		2,918		(24.4	%)
	Total Sources of Energy		23,584		22,093		6.7	%
	Less: Line Loss and Other		1,196		1,174		1.9	%
	Total GWh Sources		22,388		20,919		7.0	%

Owned MW Capacity(c)
	Summer		19,688		19,492
	Winter		20,736		20,350
Nuclear Capacity Factor (%)(f)			100		95

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		1,475		1,252		17.8	%
	Cooling Degree Days		3		16		(81.3	%)

	Variance from Normal
	Heating Degree Days		(14.8	%)	(27.2	%)
	Cooling Degree Days		(53.2	%)	126.9	%

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(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
March 2024

		Three Months Ended March 31,
			2024		2023		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		5,132		4,846		5.9	%
	General Service		3,632		3,439		5.6	%
	Industrial		2,223		2,351		(5.4	%)
	Other Energy Sales		22		22		—	%
	Unbilled Sales		(521)		(732)		28.8	%
	Total Retail Sales		10,488		9,926		5.7	%	2.2	%
	Wholesale and Other		5,640		5,419		4.1	%
	Total Consolidated Electric Sales – Duke Energy Progress		16,128		15,345		5.1	%

Average Number of Customers
	Residential		1,486,661		1,451,398		2.4	%
	General Service		247,706		247,775		—	%
	Industrial		3,238		3,310		(2.2	%)
	Other Energy Sales		2,453		2,519		(2.6	%)
	Total Retail Customers		1,740,058		1,705,002		2.1	%
	Wholesale and Other		8		8		—	%
	Total Average Number of Customers – Duke Energy Progress		1,740,066		1,705,010		2.1	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		1,802		748		140.9	%
	Nuclear		7,247		7,131		1.6	%
	Hydro		261		254		2.8	%
	Natural Gas and Oil		5,117		5,726		(10.6	%)
	Renewable Energy		59		55		7.3	%
	Total Generation(d)		14,486		13,914		4.1	%
	Purchased Power and Net Interchange(e)		2,137		1,922		11.2	%
	Total Sources of Energy		16,623		15,836		5.0	%
	Less: Line Loss and Other		495		491		0.8	%
	Total GWh Sources		16,128		15,345		5.1	%

Owned MW Capacity(c)
	Summer		12,564		12,464
	Winter		13,770		13,605
Nuclear Capacity Factor (%)(f)			92		96

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		1,273		1,063		19.8	%
	Cooling Degree Days		9		32		(71.9	%)

	Variance from Normal
	Heating Degree Days		(20.3	%)	(33.1	%)
	Cooling Degree Days		(26.5	%)	180.2	%

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(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
March 2024

		Three Months Ended March 31,
			2024		2023		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		4,371		4,493		(2.7	%)
	General Service		3,325		3,407		(2.4	%)
	Industrial		832		820		1.5	%
	Other Energy Sales		8		8		—	%
	Unbilled Sales		(73)		(139)		47.5	%
	Total Retail Sales		8,463		8,589		(1.5	%)	(1.3	%)
	Wholesale and Other		376		401		(6.2	%)
	Total Electric Sales – Duke Energy Florida		8,839		8,990		(1.7	%)

Average Number of Customers
	Residential		1,781,895		1,740,847		2.4	%
	General Service		210,297		208,644		0.8	%
	Industrial		1,716		1,812		(5.3	%)
	Other Energy Sales		3,632		3,704		(1.9	%)
	Total Retail Customers		1,997,540		1,955,007		2.2	%
	Wholesale and Other		14		10		40.0	%
	Total Average Number of Customers – Duke Energy Florida		1,997,554		1,955,017		2.2	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		593		508		16.7	%


	Natural Gas and Oil		7,735		7,641		1.2	%
	Renewable Energy		530		434		22.1	%
	Total Generation(d)		8,858		8,583		3.2	%
	Purchased Power and Net Interchange(e)		253		714		(64.6	%)
	Total Sources of Energy		9,111		9,297		(2.0	%)
	Less: Line Loss and Other		272		307		(11.4	%)
	Total GWh Sources		8,839		8,990		(1.7	%)

Owned MW Capacity(c)
	Summer		10,749		10,469
	Winter		12,408		11,115

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		294		178		65.2	%
	Cooling Degree Days		229		397		(42.3	%)

	Variance from Normal
	Heating Degree Days		(20.8	%)	(52.3	%)
	Cooling Degree Days		11.0	%	101.2	%

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(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
March 2024

		Three Months Ended March 31,
			2024		2023		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		2,382		2,327		2.4	%
	General Service		2,072		2,111		(1.8	%)
	Industrial		1,258		1,384		(9.1	%)
	Other Energy Sales		23		35		(34.3	%)
	Unbilled Sales		(85)		(250)		66.0	%
	Total Retail Sales		5,650		5,607		0.8	%	(0.8	%)
	Wholesale and Other		130		35		271.4	%
	Total Electric Sales – Duke Energy Ohio		5,780		5,642		2.4	%

Average Number of Customers
	Residential		830,082		822,107		1.0	%
	General Service		75,773		74,570		1.6	%
	Industrial		2,248		2,395		(6.1	%)
	Other Energy Sales		2,800		2,836		(1.3	%)
	Total Retail Customers		910,903		901,908		1.0	%
	Wholesale and Other		1		1		—	%
	Total Average Number of Customers – Duke Energy Ohio		910,904		901,909		1.0	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		765		456		67.8	%


	Natural Gas and Oil		38		11		245.5	%

	Total Generation(d)		803		467		71.9	%
	Purchased Power and Net Interchange(e)		5,697		5,755		(1.0	%)
	Total Sources of Energy		6,500		6,222		4.5	%
	Less: Line Loss and Other		720		580		24.1	%
	Total GWh Sources		5,780		5,642		2.4	%

Owned MW Capacity(c)
	Summer		1,080		1,076
	Winter		1,173		1,164

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		2,228		2,097		6.2	%
	Cooling Degree Days		—		—		—	%

	Variance from Normal
	Heating Degree Days		(14.0	%)	(18.2	%)
	Cooling Degree Days		—	%	—	%

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(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
March 2024

		Three Months Ended March 31,
			2024		2023		% Inc. (Dec.)		% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
	Residential		2,578		2,494		3.4	%
	General Service		1,908		1,909		(0.1	%)
	Industrial		2,450		2,581		(5.1	%)
	Other Energy Sales		15		17		(11.8	%)
	Unbilled Sales		(439)		(486)		9.7	%
	Total Retail Sales		6,512		6,515		—	%	(1.0	%)
	Wholesale and Other		963		835		15.3	%
	Total Electric Sales – Duke Energy Indiana		7,475		7,350		1.7	%

Average Number of Customers
	Residential		791,505		777,686		1.8	%
	General Service		106,174		105,316		0.8	%
	Industrial		2,634		2,653		(0.7	%)
	Other Energy Sales		3,834		3,943		(2.8	%)
	Total Retail Customers		904,147		889,598		1.6	%
	Wholesale and Other		4		4		—	%
	Total Average Number of Customers – Duke Energy Indiana		904,151		889,602		1.6	%

Sources of Electric Energy (GWh)
	Generated – Net Output(c)
	Coal		3,314		3,251		1.9	%

	Hydro		68		74		(8.1	%)
	Natural Gas and Oil		1,089		819		33.0	%
	Renewable Energy		6		5		20.0	%
	Total Generation(d)		4,477		4,149		7.9	%
	Purchased Power and Net Interchange(e)		3,834		3,657		4.8	%
	Total Sources of Energy		8,311		7,806		6.5	%
	Less: Line Loss and Other		836		456		83.3	%
	Total GWh Sources		7,475		7,350		1.7	%

Owned MW Capacity(c)
	Summer		6,304		6,346
	Winter		6,783		6,781

Heating and Cooling Degree Days
	Actual
	Heating Degree Days		2,361		2,299		2.7	%
	Cooling Degree Days		—		—		—	%

	Variance from Normal
	Heating Degree Days		(15.0	%)	(16.5	%)
	Cooling Degree Days		—	%	—	%

(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(d) Generation by source is reported net of auxiliary power.

(e) Purchased power includes renewable energy purchases.


Gas Utilities and Infrastructure
Quarterly Highlights
March 2024

		Three Months Ended March 31,
			2024	2023	% Inc. (Dec.)
Total Sales
	Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)		163,265,015	161,463,793	1.1	%
	Duke Energy Midwest LDC throughput (Mcf)		33,197,651	31,814,967	4.3	%

Average Number of Customers – Piedmont Natural Gas
	Residential		1,072,397	1,055,702	1.6	%
	Commercial		108,553	107,487	1.0	%
	Industrial		944	954	(1.0	%)
	Power Generation		19	19	—	%
	Total Average Number of Gas Customers – Piedmont Natural Gas		1,181,913	1,164,162	1.5	%

Average Number of Customers – Duke Energy Midwest
	Residential		524,333	519,502	0.9	%
	General Service		35,369	35,356	—	%
	Industrial		2,249	1,715	31.1	%
	Other		117	115	1.7	%
	Total Average Number of Gas Customers – Duke Energy Midwest		562,068	556,688	1.0	%

(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.