Media Contact: Catherine Butler
24-Hour: 800.559.3853
Analysts: Mike Callahan
Office: 704.382.0459
May 10, 2018
Duke Energy reports first quarter 2018 financial results
| |
| ▪ | First quarter 2018 GAAP EPS of $0.88; adjusted EPS of $1.28 |
| |
| ▪ | Growth at the utilities and return to normal weather drive quarterly results |
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| ▪ | Company reaffirms 2018 adjusted EPS guidance range of $4.55 to $4.85 |
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first quarter 2018 reported diluted earnings per share (EPS), prepared in accordance with Generally Accepted Accounting Principles (GAAP) of $0.88, compared to $1.02 for the first quarter of 2017. Duke Energy's first quarter 2018 adjusted diluted EPS was $1.28, compared to $1.04 for the first quarter of 2017.
Adjusted diluted EPS excludes the impact of certain items that are included in GAAP reported diluted EPS. The difference between first quarter 2018 GAAP reported diluted EPS and adjusted diluted EPS was primarily due to a loss on sale of the retired Beckjord plant in Ohio, the recognition of a valuation allowance related to the Tax Cuts and Jobs Act of 2017 (the Tax Act), charges related to the Duke Energy Progress North Carolina rate case order, and an impairment of Duke Energy's investment in the Constitution pipeline.
Adjusted diluted EPS for first quarter 2018 was higher than the prior year due primarily to a return to normal weather this year compared to the significantly warmer winter weather in the prior year, as well as growth from investments in the electric and gas utilities.
"2018 is off to a strong start – we delivered solid financial results for the first quarter and took steps to further strengthen our credit quality, enabling us to make smart investments for our customers,” said Duke Energy chairman, president and CEO Lynn Good. “We reached constructive outcomes in several regulatory cases and started construction of the Atlantic Coast Pipeline, which will support economic growth in the Southeast.
“Our comprehensive, long-term strategy is delivering value for customers and shareholders as we invest in a modern, cleaner energy future."
Business segment results
In addition to the following summary of first quarter 2018 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided in the tables 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.
Duke Energy News Release 2
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized first quarter 2018 segment income of $750 million, compared to $635 million in the first quarter of 2017. In addition to the drivers outlined below, first quarter 2018 results were impacted by $66 million in after-tax charges related to the Duke Energy Progress North Carolina rate case order. This amount was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Electric Utilities and Infrastructure recognized first quarter 2018 adjusted segment income of $816 million, compared to $635 million in the first quarter of 2017, an increase of $0.26 per share.
Higher quarterly results at Electric Utilities and Infrastructure were primarily due to:
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| • | Return to normal weather this year compared to the significantly warmer winter weather in the prior year (+$0.16 per share) |
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| • | Higher retail revenues from increased volumes and pricing and riders due to increased investments (+$0.06 per share) |
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| • | Lower income tax expense, including impacts of the Tax Act (+$0.06 per share); a portion of the benefit is due to timing and is expected to reverse in future quarters |
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| • | Lower operation and maintenance expense (+$0.04 per share) due to the timing of spend and lower storm restoration costs |
These favorable drivers were partially offset by higher depreciation and amortization expense (-$0.08 per share).
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized first quarter 2018 segment income of $116 million, compared to $133 million in the first quarter of 2017. In addition to the drivers outlined below, first quarter 2018 results were impacted by a $42 million after-tax impairment charge related to the Constitution pipeline investment. This amount was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Gas Utilities and Infrastructure recognized first quarter 2018 adjusted segment income of $158 million, compared to $133 million in the first quarter of 2017, an increase of $0.03 per share.
Higher quarterly results at Gas Utilities and Infrastructure were primarily driven by customer growth and increased investments.
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized first quarter 2018 segment income of $20 million, compared to $25 million in the first quarter of 2017, a decrease of $0.01 per share. Lower quarterly results at Commercial Renewables were primarily due to lower wind resource compared to last year.
Duke Energy News Release 3
Other
Other primarily includes interest expense on holding company debt and other unallocated corporate costs. It also includes results from Duke Energy’s captive insurance company and the equity method investment in NMC.
On a reported basis, Other recognized a first quarter 2018 net loss of $266 million, compared to a net loss of $77 million in the first quarter of 2017. In addition to the drivers outlined below, first quarter 2018 results were impacted by an $82 million after-tax loss on sale of the retired Beckjord plant in Ohio, the recognition of a $76 million valuation allowance related to the Tax Act, and costs to achieve the Piedmont merger. These amounts were treated as special items and excluded from adjusted earnings.
On an adjusted basis, Other recognized a first quarter 2018 adjusted net loss of $95 million, compared to an adjusted net loss of $67 million in the first quarter of 2017, a difference of $0.04 per share. Lower quarterly results at Other were primarily due to higher interest expense (-$0.02 per share) and higher income taxes (-$0.02 per share). Income taxes were impacted by a lower tax shield on holding company interest as a result of the Tax Act (-$0.03 per share), partially offset by a favorable state tax audit settlement (+$0.01 per share).
Duke Energy's consolidated reported effective tax rate for the first quarter of 2018 was 22.5% compared to 32.4% in the first quarter of 2017. The consolidated adjusted effective tax rate for first quarter 2018 was 15.7%, compared to 32.5% in 2017. The decreases in the reported and adjusted effective tax rates were primarily due to the impacts of the Tax Act. Adjusted effective tax rate is a non-GAAP financial measure. The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss the first quarter 2018 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chairman, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
The call can be accessed via the investors section (www.duke-energy.com/investors) of Duke Energy’s website or by dialing 888-601-3869 in the United States or 719-325-4760 outside the United States. The confirmation code is 3587017. Please call in 10 to 15 minutes prior to the scheduled start time.
A replay of the conference call will be available until 1 p.m. ET, May 20, 2018, by calling 888-203-1112 in the United States or 719-457-0820 outside the United States and using the code 3587017. An audio replay and transcript will also be available by accessing the investors section of the company’s website.
Duke Energy News Release 4
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported to adjusted diluted EPS for first quarter 2018 and 2017 financial results: |
| | | | | | | | | |
| (In millions, except per-share amounts) | After-Tax Amount |
| 1Q 2018 EPS |
| 1Q 2017 EPS |
|
| Diluted EPS, as reported | | $ | 0.88 |
| $ | 1.02 |
|
| Adjustments to reported EPS: | | | |
| First Quarter 2018 | | | |
| Costs to achieve Piedmont merger | $ | 13 |
| 0.02 |
| |
| Regulatory settlements | 66 |
| 0.09 |
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| Sale of retired plant | 82 |
| 0.12 |
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| Impairment of equity method investment | 42 |
| 0.06 |
| |
| Impacts of the Tax Act (Alternative Minimum Tax valuation allowance) | 76 |
| 0.11 |
| |
| First Quarter 2017 | | | |
| Costs to achieve Piedmont merger | 10 |
| | 0.02 |
|
| Total adjustments | | $ | 0.40 |
| $ | 0.02 |
|
| Diluted EPS, adjusted | | $ | 1.28 |
| $ | 1.04 |
|
Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings and adjusted diluted EPS. Adjusted earnings and adjusted diluted EPS represent income from continuing operations attributable to Duke Energy, adjusted for the dollar and per-share impact of special items. As discussed below, special items include certain charges and credits which management believes are not indicative of Duke Energy's ongoing performance.
Management believes the presentation of adjusted earnings and adjusted diluted EPS provides useful information to investors, as it provides them with an additional relevant comparison of Duke Energy’s performance across periods. Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Duke Energy Board of Directors, employees, stockholders, analysts and investors. Adjusted diluted EPS is also used as a basis for employee incentive bonuses. The most directly comparable GAAP measures for adjusted earnings and adjusted diluted EPS are Net Income Attributable to Duke Energy Corporation (GAAP Reported Earnings) and Diluted EPS Attributable to Duke Energy Corporation common stockholders (GAAP Reported EPS), respectively.
Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
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| • | Costs to achieve Piedmont merger represent charges that result from the Piedmont acquisition. |
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| • | Regulatory settlements represent costs related to rate case orders, settlements or other actions of regulators. |
Duke Energy News Release 5
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| • | Sale of retired plant represents the loss associated with selling Beckjord, a non-regulated generating facility in Ohio. |
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| • | Impairment of equity method investment represents an other-than-temporary impairment of an investment in Constitution Pipeline Company, LLC (Constitution). |
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| • | Impacts of the Tax Act represents an Alternative Minimum Tax valuation allowance recognized related to the Tax Act. |
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 is defined as income from continuing operations attributable to Duke Energy. Segment income 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 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 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 diluted 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
Headquartered in Charlotte, N.C., Duke Energy (NYSE: DUK) is one of the largest energy holding companies in the U.S., with approximately 29,000 employees and a generating capacity of 49,500 megawatts. The company is transforming its customers’ experience, modernizing its energy grid, generating cleaner energy and expanding its natural gas infrastructure to create a smarter energy future for the people and communities it serves.
The company’s Electric Utilities and Infrastructure unit serves approximately 7.6 million retail electric customers in six states - North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. Its Gas Utilities and Infrastructure unit distributes natural gas to approximately 1.6
Duke Energy News Release 6
million customers in five states - North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Its Commercial Renewables unit operates a growing renewable energy portfolio across the U.S.
A Fortune 125 company, Duke Energy was named to Fortune’s 2018 “World’s Most Admired Companies” list and Forbes’ 2018 “America’s Best Employers” list.
More information about the company is available at duke-energy.com. The Duke Energy News Center includes news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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:
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| • | 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; |
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| • | 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; |
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| • | The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; |
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| • | The costs of decommissioning Crystal River Unit 3 and other nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; |
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| • | Costs and effects of legal and administrative proceedings, settlements, investigations and claims; |
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| • | Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies; |
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| • | Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs; |
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| • | Advancements in technology; |
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| • | Additional competition in electric and natural gas markets and continued industry consolidation; |
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| • | 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; |
Duke Energy News Release 7
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| • | 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; |
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| • | The ability to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business; |
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| • | Operational interruptions to our natural gas distribution and transmission activities; |
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| • | The availability of adequate interstate pipeline transportation capacity and natural gas supply; |
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| • | The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches and other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences; |
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| • | 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; |
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| • | 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; |
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| • | 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 and general market and economic conditions; |
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| • | Credit ratings of the Duke Energy Registrants may be different from what is expected; |
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| • | 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; |
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| • | 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; |
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| • | 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; |
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| • | The ability to control operation and maintenance costs; |
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| • | The level of creditworthiness of counterparties to transactions; |
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| • | Employee workforce factors, including the potential inability to attract and retain key personnel; |
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| • | The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); |
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| • | The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities; |
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| • | The effect of accounting pronouncements issued periodically by accounting standard-setting bodies; |
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| • | The impact of new U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings; |
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| • | The impacts from potential impairments of goodwill or equity method investment carrying values; |
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| • | The ability to successfully complete future merger, acquisition or divestiture plans; and |
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| • | The ability to implement our business strategy. |
Duke Energy News Release 8
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 www.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 March 31, 2018
(Dollars in millions, except per-share amounts)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Special Items | | | | |
| | | Reported Earnings | | Costs to Achieve Piedmont Merger | | Regulatory Settlements | | Sale of Retired Plant | | Impairment of Equity Method Investment | | Impacts of the Tax Act | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | 750 |
| | $ | — |
| | $ | 66 |
| B | $ | — |
| | $ | — |
| | $ | — |
| | $ | 66 |
| | $ | 816 |
|
| Gas Utilities and Infrastructure | | 116 |
| | — |
| | — |
| | — |
| | 42 |
| D | — |
| | 42 |
| | 158 |
|
| Commercial Renewables | | 20 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 20 |
|
| Total Reportable Segment Income | | 886 |
| | — |
| | 66 |
| | — |
| | 42 |
| | — |
| | 108 |
| | 994 |
|
| Other | | (266 | ) | | 13 |
| A | — |
| | 82 |
| C | — |
| | 76 |
| E | 171 |
| | (95 | ) |
| Net Income Attributable to Duke Energy Corporation | | $ | 620 |
| | $ | 13 |
| | $ | 66 |
| | $ | 82 |
| | $ | 42 |
| | $ | 76 |
| | $ | 279 |
| | $ | 899 |
|
| EPS ATTRIBUTABLE TO DUKE ENERGY CORP, DILUTED | | $ | 0.88 |
| | $ | 0.02 |
| | $ | 0.09 |
| | $ | 0.12 |
| | $ | 0.06 |
| | $ | 0.11 |
| | $ | 0.40 |
| | $ | 1.28 |
|
A - Net of $4 million tax benefit. $17 million recorded within Operating Expenses on the Condensed Consolidated Statements of Operations.
B - Net of $20 million tax benefit. $45 million recorded within Impairment Charges, $35 million within Operating Expenses and $6 million within Interest Expense on the Condensed Consolidated Statements of Operations.
C - Net of $25 million tax benefit. $107 million recorded within (Losses) Gains on Sales of Other Assets and Other, net on the Condensed Consolidated Statements of Operations.
D - Net of $13 million tax benefit. $55 million recorded within Other Income and Expenses on the Condensed Consolidated Statements of Operations.
E - $76 million AMT valuation allowance within Income Tax Expense from Continuing Operations on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, Diluted (reported and adjusted) - 701 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended March 31, 2017
(Dollars in millions, except per-share amounts)
|
| | | | | | | | | | | | |
| | | | | Special Item | | |
| | | Reported Earnings | | Costs to Achieve Piedmont Merger | | Adjusted Earnings |
| SEGMENT INCOME | | | | | | |
| Electric Utilities and Infrastructure | | $ | 635 |
| | $ | — |
| | $ | 635 |
|
| Gas Utilities and Infrastructure | | 133 |
| | — |
| | 133 |
|
| Commercial Renewables | | 25 |
| | — |
| | 25 |
|
| Total Reportable Segment Income | | 793 |
| | — |
| | 793 |
|
| Other | | (77 | ) | | 10 |
| A | (67 | ) |
| Net Income Attributable to Duke Energy Corporation | | $ | 716 |
| | $ | 10 |
| | $ | 726 |
|
| EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | | $ | 1.02 |
| | $ | 0.02 |
| | $ | 1.04 |
|
A - Net of $6 million tax benefit. $15 million recorded within Operating Expenses and $1 million recorded within Interest Expense on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, Diluted (reported and adjusted) - 700 million
DUKE ENERGY CORPORATION
ADJUSTED EFFECTIVE TAX RECONCILIATION
March 2018
(Dollars in millions)
|
| | | | | | | | |
| | | Three Months Ended
March 31, 2018 | |
| | | Balance | | Effective Tax Rate | |
| | | | | | |
| Reported Income From Continuing Operations Before Income Taxes | | $ | 803 |
| | | |
| Costs to Achieve Piedmont Merger | | 17 |
| | | |
| Regulatory Settlements | | 86 |
| | | |
| Sale of Retired Plant | | 107 |
| | | |
| Impairment of Equity Method Investment | | 55 |
| | | |
| Impacts of the Tax Act | | — |
| | | |
| Noncontrolling Interests | | (2 | ) | | | |
| Adjusted Pretax Income | | $ | 1,066 |
| | | |
| | | | | | |
| Reported Income Tax Expense From Continuing Operations | | $ | 181 |
| | 22.5 | % | |
| Costs to Achieve Piedmont Merger | | 4 |
| | | |
| Regulatory Settlements | | 20 |
| | | |
| Sale of Retired Plant | | 25 |
| | | |
| Impairment of Equity Method Investment | | 13 |
| | | |
| Impacts of the Tax Act | | $ | (76 | ) | | | |
| Adjusted Tax Expense | | $ | 167 |
| | 15.7 | % | * |
|
| | | | | | | | |
| | | Three Months Ended
March 31, 2017 | |
| | | Balance | | Effective Tax Rate | |
| | | | | | |
| Reported Income From Continuing Operations Before Income Taxes | | $ | 1,061 |
| | | |
| Costs to Achieve Piedmont Merger | | 16 |
| | | |
| Noncontrolling Interests | | (1 | ) | | | |
| Adjusted Pretax Income | | $ | 1,076 |
| | | |
| | | | | | |
| Reported Income Tax Expense From Continuing Operations | | $ | 344 |
| | 32.4 | % | |
| Costs to Achieve Piedmont Merger | | 6 |
| | | |
| Adjusted Tax Expense | | $ | 350 |
| | 32.5 | % | * |
| | | | | | |
| *Adjusted effective tax rate is a non-GAAP financial measure as the rate is calculated using pretax earnings and income tax expense, both adjusted for the impact of special items. The most directly comparable GAAP measure for adjusted effective tax rate is reported effective tax rate, which includes the impact of special items. |
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
March 2018 YTD vs. Prior Year
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Electric Utilities and Infrastructure | | Gas Utilities and Infrastructure | | Commercial Renewables | | Other | | Consolidated |
| ($ per share) | | | | |
| 2017 YTD Reported Earnings Per Share, Diluted | $ | 0.91 |
| | | $ | 0.19 |
| | | $ | 0.04 |
| | | $ | (0.12 | ) | | | $ | 1.02 |
| |
| Costs to Achieve Piedmont Merger | — |
| | | — |
| | | — |
| | | 0.02 |
| | | 0.02 |
| |
| 2017 YTD Adjusted Earnings Per Share, Diluted | $ | 0.91 |
| | | $ | 0.19 |
| | | $ | 0.04 |
| | | $ | (0.10 | ) | | | $ | 1.04 |
| |
| Weather | 0.16 |
| | | — |
| | | — |
| | | — |
| | | 0.16 |
| |
| Volume | 0.02 |
| | | — |
| | | — |
| | | — |
| | | 0.02 |
| |
| Pricing and Riders | 0.04 |
| | | 0.03 |
| | | — |
| | | — |
| | | 0.07 |
| |
Wholesale(a) | 0.04 |
| | | — |
| | | — |
| | | — |
| | | 0.04 |
| |
Operations and maintenance, net of recoverables(b) | 0.04 |
| | | — |
| | | — |
| | | — |
| | | 0.04 |
| |
| Duke Energy Renewables | — |
| | | — |
| | | (0.01 | ) | | | — |
| | | (0.01 | ) | |
| Interest Expense | — |
| | | — |
| | | — |
| | | (0.02 | ) | | | (0.02 | ) | |
Other(c) | (0.10 | ) | | | — |
| | | — |
| | | — |
| | | (0.10 | ) | |
Change in effective income tax rate, including impacts of the Tax Act(d) | 0.06 |
| | | — |
| | | — |
| | | (0.02 | ) | | | 0.04 |
| |
| 2018 YTD Adjusted Earnings Per Share, Diluted | $ | 1.17 |
| | | $ | 0.22 |
| | | $ | 0.03 |
| | | $ | (0.14 | ) | | | $ | 1.28 |
| |
| Costs to Achieve Piedmont Merger | — |
| | | — |
| | | — |
| | | (0.02 | ) | | | (0.02 | ) | |
| Regulatory Settlements | (0.09 | ) | | | — |
| | | — |
| | | — |
| | | (0.09 | ) | |
| Sale of Retired Plant | — |
| | | — |
| | | — |
| | | (0.12 | ) | | | (0.12 | ) | |
| Impairment of Equity Method Investment | — |
| | | (0.06 | ) | | | — |
| | | — |
| | | (0.06 | ) | |
| Impacts of the Tax Act (Alternative Minimum Tax valuation allowance) | — |
| | | — |
| | | — |
| | | (0.11 | ) | | | (0.11 | ) | |
| 2018 YTD Reported Earnings Per Share, Diluted | $ | 1.08 |
| | | $ | 0.16 |
| | | $ | 0.03 |
| | | $ | (0.39 | ) | | | $ | 0.88 |
| |
| |
| Note: Earnings Per Share amounts are calculated using the prior year consolidated statutory income tax rate for all drivers except for Duke Energy Renewables, which uses an effective rate. |
| |
| (a) Primarily due to the recovery of deferred coal ash costs from wholesale customers in the Carolinas, which is offset in depreciation and amortization. |
| (b) Primarily due to timing of spend and lower storm restoration costs. |
| (c) Primarily due to higher depreciation and amortization (-$0.08). |
| (d) Includes the net earnings impact of the Tax Act, including regulatory deferrals. |
|
| | | | | | | |
| March 2018 |
| QUARTERLY HIGHLIGHTS |
| (Unaudited) |
| | |
| | Three Months Ended |
| | March 31, |
| (In millions, except per-share amounts and where noted) | 2018 | | 2017 |
| Earnings Per Share - Basic and Diluted | | | |
| Net income attributable to Duke Energy Corporation common stockholders | | | |
| Basic | $ | 0.88 |
| | $ | 1.02 |
|
| Diluted | $ | 0.88 |
| | $ | 1.02 |
|
| Weighted average shares outstanding | | | |
| Basic | 701 | | 700 |
| Diluted | 701 | | 700 |
| INCOME (LOSS) BY BUSINESS SEGMENT | | | |
Electric Utilities and Infrastructure(a) | $ | 750 |
| | $ | 635 |
|
Gas Utilities and Infrastructure(b) | 116 |
| | 133 |
|
| Commercial Renewables | 20 |
| | 25 |
|
| Total Reportable Segment Income | 886 |
| | 793 |
|
Other(c)(d)(e) | (266 | ) | | (77 | ) |
| Net income Attributable to Duke Energy Corporation | $ | 620 |
| | $ | 716 |
|
| CAPITALIZATION | | | |
| Total Common Equity (%) | 43 | % | | 44 | % |
| Total Debt (%) | 57 | % | | 56 | % |
| | | | |
| Total Debt | $ | 55,950 |
| | $ | 52,556 |
|
| Book Value Per Share | $ | 59.63 |
| | $ | 58.84 |
|
| Actual Shares Outstanding | 701 |
| | 700 |
|
| CAPITAL AND INVESTMENT EXPENDITURES | | | |
| Electric Utilities and Infrastructure | $ | 1,773 |
| | $ | 1,874 |
|
| Gas Utilities and Infrastructure | 228 |
| | 341 |
|
| Commercial Renewables | 87 |
| | 59 |
|
| Other | 73 |
| | 61 |
|
| Total Capital and Investment Expenditures | $ | 2,161 |
| | $ | 2,335 |
|
| | | | |
| | | | |
| (a) Includes regulatory costs related to rate case orders, settlements or other actions of regulators of $66 million (net of tax of $20 million) for the three months ended March 31, 2018. |
| (b) Includes an other-than-temporary impairment of an investment in Constitution of $42 million (net of tax of $13 million) for the three months ended March 31, 2018. |
| (c) Includes costs to achieve the Piedmont merger of $13 million (net of tax of $4 million) for the three months ended March 31, 2018, and $10 million (net of tax of $6 million) for the three months ended March 31, 2017. |
| (d) Includes the loss associated with selling Beckjord, a non-regulated generating facility in Ohio, of $82 million (net of tax of $25 million) for the three months ended March 31, 2018. |
| (e) Includes an Alternative Minimum Tax valuation allowance recognized related to the Tax Act of $76 million for the three months ended March 31, 2018. |
|
| | | | | | | |
| March 2018 |
| QUARTERLY HIGHLIGHTS |
| (Unaudited) |
| Three Months Ended |
| March 31, |
| (In millions) | 2018 |
| 2017 |
| ELECTRIC UTILITIES AND INFRASTRUCTURE | | | |
| Operating Revenues | $ | 5,323 |
| | $ | 4,947 |
|
| Operating Expenses | | | |
| Fuel used in electric generation and purchased power | 1,685 |
| | 1,454 |
|
| Operation, maintenance and other | 1,325 |
| | 1,304 |
|
| Depreciation and amortization | 835 |
| | 737 |
|
| Property and other taxes | 274 |
| | 261 |
|
| Impairment charges | 43 |
| | — |
|
| Total operating expenses | 4,162 |
| | 3,756 |
|
| Gains on Sales of Other Assets and Other, net | 1 |
| | 3 |
|
| Operating Income | 1,162 |
| | 1,194 |
|
| Other Income and Expenses | | | |
| Equity in earnings of unconsolidated affiliates | 2 |
| | — |
|
| Other income and expenses, net | 86 |
| | 112 |
|
| Total other income and expenses | 88 |
| | 112 |
|
| Interest Expense | 317 |
| | 315 |
|
| Income Before Income Taxes | 933 |
| | 991 |
|
| Income Tax Expense | 183 |
| | 356 |
|
| Segment Income | $ | 750 |
| | $ | 635 |
|
| GAS UTILITIES AND INFRASTRUCTURE | | | |
| Operating Revenues | $ | 727 |
| | $ | 670 |
|
| Operating Expenses | | | |
| Cost of natural gas | 313 |
| | 258 |
|
| Operation, maintenance and other | 108 |
| | 105 |
|
| Depreciation and amortization | 61 |
| | 57 |
|
| Property and other taxes | 31 |
| | 30 |
|
| Total operating expenses | 513 |
| | 450 |
|
| Operating Income | 214 |
| | 220 |
|
| Other Income and Expenses | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (40 | ) | | 17 |
|
| Other income and expenses, net | 5 |
| | 1 |
|
| Total other income and expenses | (35 | ) | | 18 |
|
| Interest Expense | 27 |
| | 26 |
|
| Income Before Income Taxes | 152 |
| | 212 |
|
| Income Tax Expense | 36 |
| | 79 |
|
| Segment Income | $ | 116 |
| | $ | 133 |
|
| COMMERCIAL RENEWABLES | | | |
| Operating Revenues | $ | 101 |
| | $ | 128 |
|
| Operating Expenses | | | |
| Operation, maintenance and other | 55 |
| | 78 |
|
| Depreciation and amortization | 38 |
| | 39 |
|
| Property and other taxes | 7 |
| | 9 |
|
| Total operating expenses | 100 |
| | 126 |
|
| Gains on Sales of Other Assets and Other, net | — |
| | 2 |
|
| Operating Income | 1 |
| | 4 |
|
| Other Income and Expenses | | | |
| Equity in losses of unconsolidated affiliates | — |
| | (1 | ) |
| Other income and expenses, net | 2 |
| | 1 |
|
| Total other income and expenses | 2 |
| | — |
|
| Interest Expense | 22 |
| | 19 |
|
| Loss Before Income Taxes | (19 | ) | | (15 | ) |
| Income Tax Benefit | (39 | ) | | (39 | ) |
| Less: Loss Attributable to Noncontrolling Interests | — |
| | (1 | ) |
| Segment Income | $ | 20 |
| | $ | 25 |
|
|
| | | | | | | |
| March 2018 |
| QUARTERLY HIGHLIGHTS |
| (Unaudited) |
| Three Months Ended |
| March 31, |
| (In millions) | 2018 |
| 2017 |
| OTHER |
|
|
|
| Operating Revenues | $ | 35 |
|
| $ | 33 |
|
| Operating Expenses |
|
|
|
| Fuel used in electric generation and purchased power | 14 |
|
| 15 |
|
| Operation, maintenance and other | 3 |
|
| 8 |
|
| Depreciation and amortization | 33 |
|
| 26 |
|
| Property and other taxes | 4 |
|
| 3 |
|
| Total operating expenses | 54 |
|
| 52 |
|
| (Loss) Gains on Sales of Other Assets and Other, net | (101 | ) |
| 5 |
|
| Operating Loss | (120 | ) |
| (14 | ) |
| Other Income and Expenses |
|
|
|
| Equity in earnings of unconsolidated affiliates | 13 |
|
| 13 |
|
| Other income and expenses, net | 1 |
|
| 8 |
|
| Total other income and expenses | 14 |
|
| 21 |
|
| Interest Expense | 157 |
|
| 134 |
|
| Loss Before Income Taxes | (263 | ) |
| (127 | ) |
| Income Tax Expense (Benefit) | 1 |
|
| (52 | ) |
| Less: Income Attributable to Noncontrolling Interests | 2 |
|
| 2 |
|
| Net Loss | $ | (266 | ) |
| $ | (77 | ) |
Note: Prior period amounts have been recast to reclassify the presentation of the non-service cost (benefit) components of net periodic costs from Operation, maintenance and other to Other income and expenses due to the adoption of new accounting guidance on January 1, 2018.
|
| | | | | | | |
| DUKE ENERGY CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| (In millions, except per-share amounts) |
| | | | |
| | Three Months Ended March 31, |
| | 2018 | | 2017 |
| Operating Revenues | | | |
| Regulated electric | $ | 5,284 |
| | $ | 4,913 |
|
| Regulated natural gas | 700 |
| | 646 |
|
| Nonregulated electric and other | 151 |
| | 170 |
|
| Total operating revenues | 6,135 |
| | 5,729 |
|
| Operating Expenses | | | |
| Fuel used in electric generation and purchased power | 1,676 |
| | 1,449 |
|
| Cost of natural gas | 313 |
| | 258 |
|
| Operation, maintenance and other | 1,464 |
| | 1,468 |
|
| Depreciation and amortization | 967 |
| | 859 |
|
| Property and other taxes | 316 |
| | 304 |
|
| Impairment charges | 43 |
| | — |
|
| Total operating expenses | 4,779 |
| | 4,338 |
|
| (Loss) Gains on Sales of Other Assets and Other, net | (100 | ) | | 11 |
|
| Operating Income | 1,256 |
| | 1,402 |
|
| Other Income and Expenses | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (24 | ) | | 29 |
|
| Other income and expenses, net | 86 |
| | 121 |
|
| Total other income and expenses | 62 |
| | 150 |
|
| Interest Expense | 515 |
| | 491 |
|
| Income Before Income Taxes | 803 |
| | 1,061 |
|
| Income Tax Expense | 181 |
| | 344 |
|
| Net Income | 622 |
| | 717 |
|
| Less: Net Income Attributable to Noncontrolling Interests | 2 |
| | 1 |
|
| Net Income Attributable to Duke Energy Corporation | $ | 620 |
| | $ | 716 |
|
| | | | |
| Earnings Per Share - Basic and Diluted | | | |
| Net income attributable to Duke Energy Corporation common stockholders | | | |
| Basic | $ | 0.88 |
| | $ | 1.02 |
|
| Diluted | $ | 0.88 |
| | $ | 1.02 |
|
| Weighted average shares outstanding | | | |
| Basic | 701 |
| | 700 |
| Diluted | 701 |
| | 700 |
Note: Prior period amounts have been recast to reclassify the presentation of the non-service cost (benefit) components of net periodic costs from Operation, maintenance and other to Other income and expenses due to the adoption of new accounting guidance on January 1, 2018.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
| | | | | | | |
| (in millions) | March 31, 2018 | | December 31, 2017 |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 421 |
| | $ | 358 |
|
| Receivables (net of allowance for doubtful accounts of $17 at 2018 and $14 at 2017) | 759 |
| | 779 |
|
| Receivables of VIEs (net of allowance for doubtful accounts of $57 at 2018 and $54 at 2017) | 1,984 |
| | 1,995 |
|
| Inventory | 3,149 |
| | 3,250 |
|
| Regulatory assets (includes $51 at 2018 and 2017 related to VIEs) | 1,544 |
| | 1,437 |
|
| Other | 422 |
| | 634 |
|
| Total current assets | 8,279 |
| | 8,453 |
|
| Property, Plant and Equipment | | | |
| Cost | 129,281 |
| | 127,507 |
|
| Accumulated depreciation and amortization | (42,307 | ) | | (41,537 | ) |
| Generation facilities to be retired, net | 399 |
| | 421 |
|
| Net property, plant and equipment | 87,373 |
| | 86,391 |
|
| Other Noncurrent Assets | | | |
| Goodwill | 19,396 |
| | 19,396 |
|
| Regulatory assets (includes $1,082 at 2018 and $1,091 at 2017 related to VIEs) | 12,218 |
| | 12,442 |
|
| Nuclear decommissioning trust funds | 7,024 |
| | 7,097 |
|
| Investments in equity method unconsolidated affiliates | 1,189 |
| | 1,175 |
|
| Other | 3,062 |
| | 2,960 |
|
| Total other noncurrent assets | 42,889 |
| | 43,070 |
|
| Total Assets | $ | 138,541 |
| | $ | 137,914 |
|
| LIABILITIES AND EQUITY | | | |
| Current Liabilities | | | |
| Accounts payable | $ | 2,391 |
| | $ | 3,043 |
|
| Notes payable and commercial paper | 2,969 |
| | 2,163 |
|
| Taxes accrued | 422 |
| | 551 |
|
| Interest accrued | 542 |
| | 525 |
|
| Current maturities of long-term debt (includes $225 at 2018 and 2017 related to VIEs) | 3,951 |
| | 3,244 |
|
| Asset retirement obligations | 676 |
| | 689 |
|
| Regulatory liabilities | 505 |
| | 402 |
|
| Other | 1,542 |
| | 1,865 |
|
| Total current liabilities | 12,998 |
| | 12,482 |
|
| Long-Term Debt (includes $4,275 at 2018 and $4,306 at 2017 related to VIEs) | 49,030 |
| | 49,035 |
|
| Other Noncurrent Liabilities | | | |
| Deferred income taxes | 6,855 |
| | 6,621 |
|
| Asset retirement obligations | 9,484 |
| | 9,486 |
|
| Regulatory liabilities | 15,283 |
| | 15,330 |
|
| Accrued pension and other post-retirement benefit costs | 1,018 |
| | 1,103 |
|
| Investment tax credits | 537 |
| | 539 |
|
| Other | 1,538 |
| | 1,581 |
|
| Total other noncurrent liabilities | 34,715 |
| | 34,660 |
|
| Commitments and Contingencies | | | |
| Equity | | | |
| Common stock, $0.001 par value, 2 billion shares authorized; 701 million shares outstanding at 2018 and 700 million shares outstanding at 2017 | 1 |
| | 1 |
|
| Additional paid-in capital | 38,839 |
| | 38,792 |
|
| Retained earnings | 3,021 |
| | 3,013 |
|
| Accumulated other comprehensive loss | (69 | ) | | (67 | ) |
| Total Duke Energy Corporation stockholders' equity | 41,792 |
| | 41,739 |
|
| Noncontrolling interests | 6 |
| | (2 | ) |
| Total equity | 41,798 |
| | 41,737 |
|
| Total Liabilities and Equity | $ | 138,541 |
| | $ | 137,914 |
|
|
| | | | | | | | |
| DUKE ENERGY CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Unaudited) |
| (In millions) |
| | | | | |
| | | Three Months Ended March 31, |
| | | 2018 | | 2017 |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | |
| Net Income | | $ | 622 |
| | $ | 717 |
|
| Adjustments to reconcile net income to net cash provided by operating activities | | 769 |
| | 529 |
|
| Net cash provided by operating activities | | 1,391 |
| | 1,246 |
|
| | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | |
| Net cash used in investing activities | | (2,264 | ) | | (2,361 | ) |
| | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | |
| Net cash provided by financing activities | | 947 |
| | 1,596 |
|
| | | | | |
| Net increase in cash and cash equivalents | | 74 |
| | 481 |
|
| Cash and cash equivalents at beginning of period | | 505 |
| | 541 |
|
| Cash and cash equivalents at end of period | | $ | 579 |
| | $ | 1,022 |
|
DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS - ASSETS
(Unaudited)
|
| | | | | | | | | | | | | | | | | | |
| | March 31, 2018 |
| (in millions) | Electric Utilities and Infrastructure |
| Gas
Utilities and Infrastructure |
| Commercial
Renewables |
| Other |
| Eliminations /
Adjustments |
| Duke Energy |
|
| Current Assets | | | | | | |
| Cash and cash equivalents | $ | 44 |
| $ | 14 |
| $ | 10 |
| $ | 354 |
| $ | (1 | ) | $ | 421 |
|
| Receivables, net | 441 |
| 251 |
| 2 |
| 66 |
| (1 | ) | 759 |
|
| Receivables of variable interest entities, net | 1,952 |
| — |
| 32 |
| — |
| — |
| 1,984 |
|
| Receivables from affiliated companies | 28 |
| 9 |
| 1,227 |
| 531 |
| (1,795 | ) | — |
|
| Notes receivable from affiliated companies | 88 |
| — |
| — |
| 696 |
| (784 | ) | — |
|
| Inventory | 3,060 |
| 49 |
| 16 |
| 25 |
| (1 | ) | 3,149 |
|
| Regulatory assets | 1,385 |
| 48 |
| — |
| 111 |
| — |
| 1,544 |
|
| Other | 180 |
| 21 |
| 169 |
| 103 |
| (51 | ) | 422 |
|
| Total current assets | 7,178 |
| 392 |
| 1,456 |
| 1,886 |
| (2,633 | ) | 8,279 |
|
| Property, Plant and Equipment | | | | | |
|
| Cost | 113,074 |
| 9,800 |
| 4,391 |
| 2,016 |
| — |
| 129,281 |
|
| Accumulated depreciation and amortization | (38,206 | ) | (2,251 | ) | (730 | ) | (1,120 | ) | — |
| (42,307 | ) |
| Generation facilities to be retired, net | 399 |
| — |
| — |
| — |
| — |
| 399 |
|
| Net property, plant and equipment | 75,267 |
| 7,549 |
| 3,661 |
| 896 |
| — |
| 87,373 |
|
| Other Noncurrent Assets | | | | | |
|
| Goodwill | 17,379 |
| 1,924 |
| 93 |
| — |
| — |
| 19,396 |
|
| Regulatory assets | 11,133 |
| 616 |
| — |
| 468 |
| 1 |
| 12,218 |
|
| Nuclear decommissioning trust funds | 7,024 |
| — |
| — |
| — |
| — |
| 7,024 |
|
| Investments in equity method unconsolidated affiliates | 93 |
| 790 |
| 193 |
| 113 |
| — |
| 1,189 |
|
| Investment in consolidated subsidiaries | 197 |
| 21 |
| 7 |
| 57,024 |
| (57,249 | ) | — |
|
| Other | 2,156 |
| 83 |
| 89 |
| 1,367 |
| (633 | ) | 3,062 |
|
| Total other noncurrent assets | 37,982 |
| 3,434 |
| 382 |
| 58,972 |
| (57,881 | ) | 42,889 |
|
| Total Assets | 120,427 |
| 11,375 |
| 5,499 |
| 61,754 |
| (60,514 | ) | 138,541 |
|
| Segment reclassifications, intercompany balances and other | (406 | ) | 21 |
| (1,234 | ) | (59,072 | ) | 60,691 |
| — |
|
| Segment Assets | $ | 120,021 |
| $ | 11,396 |
| $ | 4,265 |
| $ | 2,682 |
| $ | 177 |
| $ | 138,541 |
|
DUKE ENERGY CORPORATION
CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY
(Unaudited)
|
| | | | | | | | | | | | | | | | | | |
| | March 31, 2018 |
| (in millions) | Electric Utilities and Infrastructure |
| Gas
Utilities and Infrastructure |
| Commercial
Renewables |
| Other |
| Eliminations /
Adjustments |
| Duke Energy |
|
| Current Liabilities | | | | | | |
| Accounts payable | $ | 1,834 |
| $ | 181 |
| $ | 31 |
| $ | 346 |
| $ | (1 | ) | $ | 2,391 |
|
| Accounts payable to affiliated companies | 595 |
| 45 |
| 10 |
| 1,129 |
| (1,779 | ) | — |
|
| Notes payable to affiliated companies | 589 |
| 148 |
| — |
| 64 |
| (801 | ) | — |
|
| Notes payable and commercial paper | — |
| — |
| 12 |
| 2,957 |
| — |
| 2,969 |
|
| Taxes accrued | 420 |
| 80 |
| (91 | ) | 14 |
| (1 | ) | 422 |
|
| Interest accrued | 379 |
| 35 |
| — |
| 128 |
| — |
| 542 |
|
| Current maturities of long-term debt | 2,330 |
| 251 |
| 171 |
| 1,199 |
| — |
| 3,951 |
|
| Asset retirement obligations | 676 |
| — |
| — |
| — |
| — |
| 676 |
|
| Regulatory liabilities | 439 |
| 63 |
| — |
| 3 |
| — |
| 505 |
|
| Other | 1,136 |
| 57 |
| 56 |
| 343 |
| (50 | ) | 1,542 |
|
| Total current liabilities | 8,398 |
| 860 |
| 189 |
| 6,183 |
| (2,632 | ) | 12,998 |
|
| Long-Term Debt | 29,276 |
| 2,445 |
| 1,700 |
| 15,609 |
| — |
| 49,030 |
|
| Long-Term Debt Payable to Affiliated Companies | 618 |
| 7 |
| 9 |
| — |
| (634 | ) | — |
|
| Other Noncurrent Liabilities | | | | | |
|
| Deferred income taxes | 8,763 |
| 839 |
| (200 | ) | (2,547 | ) | — |
| 6,855 |
|
| Asset retirement obligations | 9,342 |
| 50 |
| 91 |
| — |
| 1 |
| 9,484 |
|
| Regulatory liabilities | 13,710 |
| 1,551 |
| — |
| 22 |
| — |
| 15,283 |
|
| Accrued pension and other post-retirement benefit costs | 676 |
| 18 |
| — |
| 324 |
| — |
| 1,018 |
|
| Investment tax credits | 534 |
| 3 |
| — |
| — |
| — |
| 537 |
|
| Other | 764 |
| 216 |
| 253 |
| 306 |
| (1 | ) | 1,538 |
|
| Total other noncurrent liabilities | 33,789 |
| 2,677 |
| 144 |
| (1,895 | ) | — |
| 34,715 |
|
| Equity | | | | | |
|
| Total Duke Energy Corporation stockholders' equity | 48,346 |
| 5,386 |
| 3,450 |
| 41,859 |
| (57,249 | ) | 41,792 |
|
| Noncontrolling interests | — |
| — |
| 7 |
| (2 | ) | 1 |
| 6 |
|
| Total equity | 48,346 |
| 5,386 |
| 3,457 |
| 41,857 |
| (57,248 | ) | 41,798 |
|
| Total Liabilities and Equity | 120,427 |
| 11,375 |
| 5,499 |
| 61,754 |
| (60,514 | ) | 138,541 |
|
| Segment reclassifications, intercompany balances and other | (406 | ) | 21 |
| (1,234 | ) | (59,072 | ) | 60,691 |
| — |
|
| Segment Liabilities and Equity | $ | 120,021 |
| $ | 11,396 |
| $ | 4,265 |
| $ | 2,682 |
| $ | 177 |
| $ | 138,541 |
|
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING SEGMENT INCOME
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2018 |
| (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 | $ | 1,763 |
| $ | 1,460 |
| $ | 1,115 |
| $ | 336 |
| $ | 731 |
| $ | (82 | ) | $ | 5,323 |
|
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 473 |
| 509 |
| 467 |
| 92 |
| 232 |
| (88 | ) | 1,685 |
|
| Operation, maintenance and other | 443 |
| 376 |
| 234 |
| 89 |
| 179 |
| 4 |
| 1,325 |
|
| Depreciation and amortization | 272 |
| 235 |
| 150 |
| 48 |
| 130 |
| — |
| 835 |
|
| Property and other taxes | 72 |
| 35 |
| 88 |
| 59 |
| 20 |
| — |
| 274 |
|
| Impairment charges | 13 |
| 32 |
| — |
| — |
| — |
| (2 | ) | 43 |
|
| Total operating expenses | 1,273 |
| 1,187 |
| 939 |
| 288 |
| 561 |
| (86 | ) | 4,162 |
|
| Gains on Sales of Other Assets and Other, net | — |
| 1 |
| — |
| — |
| — |
| — |
| 1 |
|
| Operating Income | 490 |
| 274 |
| 176 |
| 48 |
| 170 |
| 4 |
| 1,162 |
|
Other Income and Expenses, net(b) | 39 |
| 18 |
| 21 |
| 5 |
| 7 |
| (2 | ) | 88 |
|
| Interest Expense | 107 |
| 81 |
| 70 |
| 16 |
| 40 |
| 3 |
| 317 |
|
| Income Before Income Taxes | 422 |
| 211 |
| 127 |
| 37 |
| 137 |
| (1 | ) | 933 |
|
| Income Tax Expense | 93 |
| 30 |
| 21 |
| 4 |
| 36 |
| (1 | ) | 183 |
|
Segment Income | $ | 329 |
| $ | 181 |
| $ | 106 |
| $ | 33 |
| $ | 101 |
| $ | — |
| $ | 750 |
|
| |
| (a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
| |
| (b) | Includes an equity component of allowance for funds used during construction of $21 million for Duke Energy Carolinas, $14 million for Duke Energy Progress, $12 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $4 million for Duke Energy Indiana. |
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - ASSETS
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2018 |
| (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 | $ | 3 |
| $ | 8 |
| $ | 6 |
| $ | 11 |
| $ | 15 |
| $ | 1 |
| $ | 44 |
|
| Receivables, net | 194 |
| 50 |
| 71 |
| 68 |
| 56 |
| 2 |
| 441 |
|
| Receivables of variable interest entities, net | 634 |
| 497 |
| 318 |
| — |
| — |
| 503 |
| 1,952 |
|
| Receivables from affiliated companies | 106 |
| 5 |
| 1 |
| 58 |
| 99 |
| (241 | ) | 28 |
|
| Notes receivable from affiliated companies | — |
| — |
| 153 |
| — |
| — |
| (65 | ) | 88 |
|
| Inventory | 980 |
| 1,002 |
| 535 |
| 88 |
| 453 |
| 2 |
| 3,060 |
|
| Regulatory assets | 331 |
| 476 |
| 393 |
| 11 |
| 170 |
| 4 |
| 1,385 |
|
| Other | 42 |
| 54 |
| 40 |
| 14 |
| 30 |
| — |
| 180 |
|
| Total current assets | 2,290 |
| 2,092 |
| 1,517 |
| 250 |
| 823 |
| 206 |
| 7,178 |
|
| Property, Plant and Equipment | | | | | | | |
| Cost | 43,562 |
| 29,866 |
| 18,040 |
| 5,949 |
| 15,104 |
| 553 |
| 113,074 |
|
| Accumulated depreciation and amortization | (15,404 | ) | (11,012 | ) | (5,042 | ) | (1,978 | ) | (4,759 | ) | (11 | ) | (38,206 | ) |
| Generation facilities to be retired, net | — |
| 399 |
| — |
| — |
| — |
| — |
| 399 |
|
| Net property, plant and equipment | 28,158 |
| 19,253 |
| 12,998 |
| 3,971 |
| 10,345 |
| 542 |
| 75,267 |
|
| Other Noncurrent Assets | | | | | | | |
| Goodwill | — |
| — |
| — |
| 596 |
| — |
| 16,783 |
| 17,379 |
|
| Regulatory assets | 2,825 |
| 3,480 |
| 2,391 |
| 308 |
| 976 |
| 1,153 |
| 11,133 |
|
| Nuclear decommissioning trust funds | 3,734 |
| 2,568 |
| 722 |
| — |
| — |
| — |
| 7,024 |
|
| Investments in equity method unconsolidated affiliates | — |
| — |
| — |
| — |
| — |
| 93 |
| 93 |
|
| Investment in consolidated subsidiaries | 30 |
| 7 |
| 2 |
| 158 |
| 1 |
| (1 | ) | 197 |
|
| Other | 1,022 |
| 640 |
| 301 |
| 44 |
| 234 |
| (85 | ) | 2,156 |
|
| Total other noncurrent assets | 7,611 |
| 6,695 |
| 3,416 |
| 1,106 |
| 1,211 |
| 17,943 |
| 37,982 |
|
| Total Assets | 38,059 |
| 28,040 |
| 17,931 |
| 5,327 |
| 12,379 |
| 18,691 |
| 120,427 |
|
| Segment reclassifications, intercompany balances and other | (351 | ) | (115 | ) | (143 | ) | (162 | ) | (74 | ) | 439 |
| (406 | ) |
| Reportable Segment Assets | $ | 37,708 |
| $ | 27,925 |
| $ | 17,788 |
| $ | 5,165 |
| $ | 12,305 |
| $ | 19,130 |
| $ | 120,021 |
|
| |
| (a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
| |
| (b) | Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company. |
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2018 |
| (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 | $ | 726 |
| $ | 342 |
| $ | 416 |
| $ | 187 |
| $ | 157 |
| $ | 6 |
| $ | 1,834 |
|
| Accounts payable to affiliated companies | 259 |
| 208 |
| 82 |
| 19 |
| 73 |
| (46 | ) | 595 |
|
| Notes payable to affiliated companies | 45 |
| 354 |
| — |
| 88 |
| 149 |
| (47 | ) | 589 |
|
| Taxes accrued | 86 |
| 36 |
| 73 |
| 124 |
| 95 |
| 6 |
| 420 |
|
| Interest accrued | 144 |
| 86 |
| 74 |
| 23 |
| 52 |
| — |
| 379 |
|
| Current maturities of long-term debt | 805 |
| 603 |
| 768 |
| 2 |
| 62 |
| 90 |
| 2,330 |
|
| Asset retirement obligations | 281 |
| 323 |
| 3 |
| 4 |
| 65 |
| — |
| 676 |
|
| Regulatory liabilities | 116 |
| 184 |
| 88 |
| 32 |
| 20 |
| (1 | ) | 439 |
|
| Other | 369 |
| 324 |
| 299 |
| 62 |
| 83 |
| (1 | ) | 1,136 |
|
| Total current liabilities | 2,831 |
| 2,460 |
| 1,803 |
| 541 |
| 756 |
| 7 |
| 8,398 |
|
| Long-Term Debt | 9,589 |
| 6,604 |
| 6,247 |
| 1,552 |
| 3,570 |
| 1,714 |
| 29,276 |
|
| Long-Term Debt Payable to Affiliated Companies | 300 |
| 150 |
| — |
| 18 |
| 150 |
| — |
| 618 |
|
| Other Noncurrent Liabilities | | | | | | | |
| Deferred income taxes | 3,521 |
| 1,937 |
| 1,813 |
| 538 |
| 942 |
| 12 |
| 8,763 |
|
| Asset retirement obligations | 3,318 |
| 4,356 |
| 735 |
| 43 |
| 713 |
| 177 |
| 9,342 |
|
| Regulatory liabilities | 6,208 |
| 3,973 |
| 1,254 |
| 531 |
| 1,743 |
| 1 |
| 13,710 |
|
| Accrued pension and other post-retirement benefit costs | 95 |
| 246 |
| 248 |
| 67 |
| 110 |
| (90 | ) | 676 |
|
| Investment tax credits | 231 |
| 142 |
| 9 |
| 4 |
| 147 |
| 1 |
| 534 |
|
| Other | 531 |
| 46 |
| 101 |
| 69 |
| 28 |
| (11 | ) | 764 |
|
| Total other noncurrent liabilities | 13,904 |
| 10,700 |
| 4,160 |
| 1,252 |
| 3,683 |
| 90 |
| 33,789 |
|
| Equity | 11,435 |
| 8,126 |
| 5,721 |
| 1,964 |
| 4,220 |
| 16,880 |
| 48,346 |
|
| Total Liabilities and Equity | 38,059 |
| 28,040 |
| 17,931 |
| 5,327 |
| 12,379 |
| 18,691 |
| 120,427 |
|
| Segment reclassifications, intercompany balances and other | (351 | ) | (115 | ) | (143 | ) | (162 | ) | (74 | ) | 439 |
| (406 | ) |
| Reportable Segment Liabilities and Equity | $ | 37,708 |
| $ | 27,925 |
| $ | 17,788 |
| $ | 5,165 |
| $ | 12,305 |
| $ | 19,130 |
| $ | 120,021 |
|
| |
| (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
CONSOLIDATING SEGMENT INCOME
(Unaudited)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended March 31, 2018 |
| (in millions) | Duke Energy
Ohio(a) |
| Piedmont Natural Gas LDC |
| Midstream Pipelines and Storage(b) |
| Eliminations/ Adjustments |
| Gas
Utilities and Infrastructure |
|
| Operating Revenues | | | | | |
| Regulated natural gas | $ | 174 |
| $ | 551 |
| $ | — |
| $ | — |
| $ | 725 |
|
| Nonregulated natural gas and other | — |
| 2 |
| — |
| — |
| 2 |
|
| Operating Revenues | 174 |
| 553 |
| — |
| — |
| 727 |
|
| Operating Expenses | | | | | |
| Cost of natural gas | 54 |
| 259 |
| — |
| — |
| 313 |
|
| Operation, maintenance and other | 33 |
| 76 |
| 1 |
| (2 | ) | 108 |
|
| Depreciation and amortization | 22 |
| 39 |
| — |
| — |
| 61 |
|
| Property and other taxes | 18 |
| 12 |
| — |
| 1 |
| 31 |
|
| Total operating expenses | 127 |
| 386 |
| 1 |
| (1 | ) | 513 |
|
| Operating Income (Loss) | 47 |
| 167 |
| (1 | ) | 1 |
| 214 |
|
| Other Income and Expenses | | | | | |
| Equity in losses of unconsolidated affiliates | — |
| — |
| (40 | ) | — |
| (40 | ) |
| Other income and expenses, net | 3 |
| 3 |
| — |
| (1 | ) | 5 |
|
| Total other income and expenses | 3 |
| 3 |
| (40 | ) | (1 | ) | (35 | ) |
| Interest Expense | 6 |
| 21 |
| — |
| — |
| 27 |
|
| Income Before Income Taxes | 44 |
| 149 |
| (41 | ) | — |
| 152 |
|
| Income Tax Expense | 10 |
| 36 |
| (10 | ) | — |
| 36 |
|
Segment Income | $ | 34 |
| $ | 113 |
| $ | (31 | ) | $ | — |
| $ | 116 |
|
| |
| (a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
| |
| (b) | Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
GAS UTILITIES AND INFRASTRUCTURE
CONSOLIDATING BALANCE SHEETS - ASSETS
(Unaudited)
|
| | | | | | | | | | | | | | | |
| | March 31, 2018 |
| (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 | $ | 2 |
| $ | 12 |
| $ | — |
| $ | — |
| $ | 14 |
|
| Receivables, net | — |
| 251 |
| — |
| — |
| 251 |
|
| Receivables from affiliated companies | 17 |
| 68 |
| — |
| (76 | ) | 9 |
|
| Inventory | 20 |
| 29 |
| — |
| — |
| 49 |
|
| Regulatory assets | — |
| 48 |
| — |
| — |
| 48 |
|
| Other | — |
| 21 |
| — |
| — |
| 21 |
|
| Total current assets | 39 |
| 429 |
| — |
| (76 | ) | 392 |
|
| Property, Plant and Equipment | | | | | |
| Cost | 2,943 |
| 6,857 |
| — |
| — |
| 9,800 |
|
| Accumulated depreciation and amortization | (751 | ) | (1,500 | ) | — |
| — |
| (2,251 | ) |
| Net property, plant and equipment | 2,192 |
| 5,357 |
| — |
| — |
| 7,549 |
|
| Other Noncurrent Assets | | | | | |
| Goodwill | 324 |
| 49 |
| — |
| 1,551 |
| 1,924 |
|
| Regulatory assets | 156 |
| 274 |
| — |
| 186 |
| 616 |
|
| Investments in equity method unconsolidated affiliates | — |
| — |
| 790 |
| — |
| 790 |
|
| Investment in consolidated subsidiaries | — |
| — |
| — |
| 21 |
| 21 |
|
| Other | — |
| 65 |
| 17 |
| 1 |
| 83 |
|
| Total other noncurrent assets | 480 |
| 388 |
| 807 |
| 1,759 |
| 3,434 |
|
| Total Assets | 2,711 |
| 6,174 |
| 807 |
| 1,683 |
| 11,375 |
|
| Segment reclassifications, intercompany balances and other | (2 | ) | (34 | ) | (36 | ) | 93 |
| 21 |
|
| Reportable Segment Assets | $ | 2,709 |
| $ | 6,140 |
| $ | 771 |
| $ | 1,776 |
| $ | 11,396 |
|
| |
| (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
CONSOLIDATING BALANCE SHEETS - LIABILITIES AND EQUITY
(Unaudited)
|
| | | | | | | | | | | | | | | |
| | March 31, 2018 |
| (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 | $ | 53 |
| $ | 128 |
| $ | — |
| $ | — |
| $ | 181 |
|
| Accounts payable to affiliated companies | — |
| 35 |
| 86 |
| (76 | ) | 45 |
|
| Notes payable to affiliated companies | 41 |
| 107 |
| — |
| — |
| 148 |
|
| Taxes accrued | 27 |
| 80 |
| (26 | ) | (1 | ) | 80 |
|
| Interest accrued | 10 |
| 24 |
| — |
| 1 |
| 35 |
|
| Current maturities of long-term debt | 1 |
| 250 |
| — |
| — |
| 251 |
|
| Regulatory liabilities | 22 |
| 41 |
| — |
| — |
| 63 |
|
| Other | 3 |
| 55 |
| (1 | ) | — |
| 57 |
|
| Total current liabilities | 157 |
| 720 |
| 59 |
| (76 | ) | 860 |
|
| Long-Term Debt | 487 |
| 1,787 |
| — |
| 171 |
| 2,445 |
|
| Long-Term Debt Payable to Affiliated Companies | 7 |
| — |
| — |
| — |
| 7 |
|
| Other Noncurrent Liabilities | | | | | |
| Deferred income taxes | 247 |
| 544 |
| 48 |
| — |
| 839 |
|
| Asset retirement obligations | 35 |
| 15 |
| — |
| — |
| 50 |
|
| Regulatory liabilities | 357 |
| 1,179 |
| — |
| 15 |
| 1,551 |
|
| Accrued pension and other post-retirement benefit costs | 14 |
| 4 |
| — |
| — |
| 18 |
|
| Investment tax credits | 2 |
| 1 |
| — |
| — |
| 3 |
|
| Other | 53 |
| 153 |
| 11 |
| (1 | ) | 216 |
|
| Total other noncurrent liabilities | 708 |
| 1,896 |
| 59 |
| 14 |
| 2,677 |
|
| Equity | 1,352 |
| 1,771 |
| 689 |
| 1,574 |
| 5,386 |
|
| Total Liabilities and Equity | 2,711 |
| 6,174 |
| 807 |
| 1,683 |
| 11,375 |
|
| Segment reclassifications, intercompany balances and other | (2 | ) | (34 | ) | (36 | ) | 93 |
| 21 |
|
| Reportable Segment Liabilities and Equity | $ | 2,709 |
| $ | 6,140 |
| $ | 771 |
| $ | 1,776 |
| $ | 11,396 |
|
| |
| (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 2018 |
| | | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2018 | | 2017 | | % Inc.(Dec.) | | % Inc.(Dec.) Weather Normal (2) |
| GWh Sales (1) | | | | | | | |
| | Residential | 23,741 |
| | 20,065 |
| | 18.3 | % | | 2.6 | % |
| | General Service | 18,440 |
| | 17,549 |
| | 5.1 | % | | 0.7 | % |
| | Industrial | 12,104 |
| | 12,305 |
| | (1.6 | %) | | (2.7 | %) |
| | Other Energy Sales | 140 |
| | 144 |
| | (2.8 | %) | | |
| | Unbilled Sales | (1,875 | ) | | (935 | ) | | (100.5 | %) | | n/a |
|
| | Total Retail Sales | 52,550 |
| | 49,128 |
| | 7.0 | % | | 0.7 | % |
| | Wholesale and Other | 10,979 |
| | 9,862 |
| | 11.3 | % | | |
| | Total Consolidated Electric Sales - Electric Utilities and Infrastructure | 63,529 |
| | 58,990 |
| | 7.7 | % | | |
| | | | | | | | | |
| Average Number of Customers (Electric) | | | | | | | |
| | Residential | 6,603,814 |
| | 6,510,679 |
| | 1.4 | % | | |
| | General Service | 979,220 |
| | 968,897 |
| | 1.1 | % | | |
| | Industrial | 17,600 |
| | 17,748 |
| | (0.8 | %) | | |
| | Other Energy Sales | 23,475 |
| | 23,205 |
| | 1.2 | % | | |
| | Total Retail Customers | 7,624,109 |
| | 7,520,529 |
| | 1.4 | % | | |
| | Wholesale and Other | 54 |
| | 58 |
| | (6.9 | %) | | |
| | Total Average Number of Customers - Electric Utilities and Infrastructure | 7,624,163 |
| | 7,520,587 |
| | 1.4 | % | | |
| | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | �� | |
| | Generated - Net Output (3) | | | | | | | |
| | Coal | 17,738 |
| | 16,939 |
| | 4.7 | % | | |
| | Nuclear | 18,505 |
| | 17,741 |
| | 4.3 | % | | |
| | Hydro | 754 |
| | 201 |
| | 275.1 | % | | |
| | Oil and Natural Gas | 16,317 |
| | 14,231 |
| | 14.7 | % | | |
| | Renewable Energy | 96 |
| | 75 |
| | 28.0 | % | | |
| | Total Generation (4) | 53,410 |
| | 49,187 |
| | 8.6 | % | | |
| | Purchased Power and Net Interchange (5) | 13,920 |
| | 12,568 |
| | 10.8 | % | | |
| | Total Sources of Energy | 67,330 |
| | 61,755 |
| | 9.0 | % | | |
| | Less: Line Loss and Other | 3,801 |
| | 2,765 |
| | 37.5 | % | | |
| | Total GWh Sources | 63,529 |
| | 58,990 |
| | 7.7 | % | | |
| | | | | | | | | |
| Owned MW Capacity (3) | | | | | | | |
| | Summer | 49,511 |
| | 49,950 |
| | | | |
| | Winter | 53,003 |
| | 53,717 |
| | | | |
| Nuclear Capacity Factor (%) (6) | 96 |
| | 94 |
| | | | |
| | | | | | | | | |
| | | | | | | | | |
| | (1) Except as indicated in footnote (2), 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. |
| | | | | | | | | |
| | (2) Represents weather normal total retail calendar sales (i.e., billed and unbilled sales). |
| | | | | | | | | |
| | (3) Statistics reflect Duke Energy's ownership share of jointly owned stations. |
| | | | | | | | | |
| | (4) Generation by source is reported net of auxiliary power. |
| | | | | | | | | |
| | (5) Purchased power includes renewable energy purchases. |
| | | | | | | | | |
| | (6) Statistics reflect 100% of jointly owned stations. |
| | | | | | | | | |
|
| | | | | | | | | | | | |
| Duke Energy Carolinas |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| March 2018 |
| | | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2018 |
| 2017 | | % Inc.(Dec.) | | % Inc.(Dec.) Weather Normal (2) |
| GWh Sales (1) | | | | | | | |
| | Residential | 8,284 |
| | 6,871 |
| | 20.6 | % | | |
| | General Service | 6,946 |
| | 6,527 |
| | 6.4 | % | | |
| | Industrial | 4,984 |
| | 5,062 |
| | (1.5 | %) | | |
| | Other Energy Sales | 75 |
| | 76 |
| | (1.3 | %) | | |
| | Unbilled Sales | (523 | ) | | (232 | ) | | (125.4 | %) | | |
| | Total Retail Sales | 19,766 |
| | 18,304 |
| | 8.0 | % | | 1.6 | % |
| | Wholesale and Other | 2,861 |
| | 2,477 |
| | 15.5 | % | | |
| | Total Consolidated Electric Sales - Duke Energy Carolinas | 22,627 |
| | 20,781 |
| | 8.9 | % | | |
| | | | | | | | | |
| Average Number of Customers | | | | | | | |
| | Residential | 2,202,857 |
| | 2,169,345 |
| | 1.5 | % | | |
| | General Service | 356,100 |
| | 351,773 |
| | 1.2 | % | | |
| | Industrial | 6,206 |
| | 6,252 |
| | (0.7 | %) | | |
| | Other Energy Sales | 15,480 |
| | 15,298 |
| | 1.2 | % | | |
| | Total Retail Customers | 2,580,643 |
| | 2,542,668 |
| | 1.5 | % | | |
| | Wholesale and Other | 22 |
| | 24 |
| | (8.3 | %) | | |
| | Total Average Number of Customers - Duke Energy Carolinas | 2,580,665 |
| | 2,542,692 |
| | 1.5 | % | | |
| | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | |
| | Generated - Net Output (3) | | | | | | | |
| | Coal | 6,250 |
| | 5,586 |
| | 11.9 | % | | |
| | Nuclear | 11,638 |
| | 11,036 |
| | 5.5 | % | | |
| | Hydro | 525 |
| | 53 |
| | 890.6 | % | | |
| | Oil and Natural Gas | 3,152 |
| | 2,694 |
| | 17.0 | % | | |
| | Renewable Energy | 29 |
| | 9 |
| | 222.2 | % | | |
| | Total Generation (4) | 21,594 |
| | 19,378 |
| | 11.4 | % | | |
| | Purchased Power and Net Interchange (5) | 2,317 |
| | 2,483 |
| | (6.7 | %) | | |
| | Total Sources of Energy | 23,911 |
| | 21,861 |
| | 9.4 | % | | |
| | Less: Line Loss and Other | 1,284 |
| | 1,080 |
| | 18.9 | % | | |
| | Total GWh Sources | 22,627 |
| | 20,781 |
| | 8.9 | % | | |
| | | | | | | | | |
| Owned MW Capacity (3) | | | | | | | |
| | Summer | 19,574 |
| | 19,568 |
| | | | |
| | Winter | 20,385 |
| | 20,425 |
| | | | |
| Nuclear Capacity Factor (%) (6) | 99 |
| | 98 |
| | | | |
| | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | |
| | Actual | | | | | | | |
| | Heating Degree Days | 1,721 |
| | 1,291 |
| | 33.3 | % | | |
| | Cooling Degree Days | 10 |
| | 10 |
| | — | % | | |
| | | | | | | | | |
| | Variance from Normal | | | | | | | |
| | Heating Degree Days | (1.3 | %) | | (26.2 | %) | | n/a |
| | |
| | Cooling Degree Days | 56.4 | % | | 66.7 | % | | n/a |
| | |
| | | | | | | | | |
| | (1) Except as indicated in footnote (2), 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. |
| | | | | | | | | |
| | (2) Represents weather normal total retail calendar sales (i.e., billed and unbilled sales). |
| | | | | | | | | |
| | (3) Statistics reflect Duke Energy's ownership share of jointly owned stations. |
| | | | | | | | | |
| | (4) Generation by source is reported net of auxiliary power. |
| | | | | | | | | |
| | (5) Purchased power includes renewable energy purchases. |
| | | | | | | | | |
| | (6) Statistics reflect 100% of jointly owned stations. |
|
| | | | | | | | | | | | |
| Duke Energy Progress |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| March 2018 |
| | | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2018 | | 2017 | | % Inc.(Dec.) | | % Inc.(Dec.) Weather Normal (2) |
| GWh Sales (1) | | | | | | | |
| | Residential | 5,500 |
| | 4,633 |
| | 18.7 | % | | |
| | General Service | 3,732 |
| | 3,549 |
| | 5.2 | % | | |
| | Industrial | 2,437 |
| | 2,489 |
| | (2.1 | %) | | |
| | Other Energy Sales | 19 |
| | 21 |
| | (9.5 | %) | | |
| | Unbilled Sales | (567 | ) | | (500 | ) | | (13.4 | %) | | |
| | Total Retail Sales | 11,121 |
| | 10,192 |
| | 9.1 | % | | 1.3 | % |
| | Wholesale and Other | 6,105 |
| | 5,445 |
| | 12.1 | % | | |
| | Total Consolidated Electric Sales - Duke Energy Progress | 17,226 |
| | 15,637 |
| | 10.2 | % | | |
| | | | | | | | | |
| Average Number of Customers | | | | | | | |
| | Residential | 1,323,129 |
| | 1,302,464 |
| | 1.6 | % | | |
| | General Service | 233,307 |
| | 230,405 |
| | 1.3 | % | | �� |
| | Industrial | 4,060 |
| | 4,129 |
| | (1.7 | %) | | |
| | Other Energy Sales | 1,451 |
| | 1,462 |
| | (0.8 | %) | | |
| | Total Retail Customers | 1,561,947 |
| | 1,538,460 |
| | 1.5 | % | | |
| | Wholesale and Other | 14 |
| | 14 |
| | — | % | | |
| | Total Average Number of Customers - Duke Energy Progress | 1,561,961 |
| | 1,538,474 |
| | 1.5 | % | | |
| | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | |
| | Generated - Net Output (3) | | | | | | | |
| | Coal | 2,303 |
| | 1,644 |
| | 40.1 | % | | |
| | Nuclear | 6,867 |
| | 6,705 |
| | 2.4 | % | | |
| | Hydro | 209 |
| | 103 |
| | 102.9 | % | | |
| | Oil and Natural Gas | 6,199 |
| | 5,836 |
| | 6.2 | % | | |
| | Renewable Energy | 54 |
| | 62 |
| | (12.9 | %) | | |
| | Total Generation (4) | 15,632 |
| | 14,350 |
| | 8.9 | % | | |
| | Purchased Power and Net Interchange (5) | 2,235 |
| | 1,824 |
| | 22.5 | % | | |
| | Total Sources of Energy | 17,867 |
| | 16,174 |
| | 10.5 | % | | |
| | Less: Line Loss and Other | 641 |
| | 537 |
| | 19.4 | % | | |
| | Total GWh Sources | 17,226 |
| | 15,637 |
| | 10.2 | % | | |
| | | | | | | | | |
| Owned MW Capacity (3) | | | | | | | |
| | Summer | 12,813 |
| | 12,827 |
| | | | |
| | Winter | 14,016 |
| | 14,034 |
| | | | |
| Nuclear Capacity Factor (%) (6) | 90 |
| | 88 |
| | | | |
| | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | |
| | Actual | | | | | | | |
| | Heating Degree Days | 1,614 |
| | 1,203 |
| | 34.2 | % | | |
| | Cooling Degree Days | 23 |
| | 10 |
| | 130.0 | % | | |
| | | | | | | | | |
| | Variance from Normal | | | | | | | |
| | Heating Degree Days | (0.1 | %) | | (25.6 | %) | | n/a |
| | |
| | Cooling Degree Days | 139.2 | % | | 11.1 | % | | n/a |
| | |
| | | | | | | | | |
| | (1) Except as indicated in footnote (2), 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. |
| | | | | | | | | |
| | (2) Represents weather normal total retail calendar sales (i.e., billed and unbilled sales). |
| | | | | | | | | |
| | (3) Statistics reflect Duke Energy's ownership share of jointly owned stations. |
| | | | | | | | | |
| | (4) Generation by source is reported net of auxiliary power. |
| | | | | | | | | |
| | (5) Purchased power includes renewable energy purchases. |
| | | | | | | | | |
| | (6) Statistics reflect 100% of jointly owned stations. |
|
| | | | | | | | | | | | |
| Duke Energy Florida |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| March 2018 |
| | | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2018 | | 2017 | | % Inc.(Dec.) | | % Inc.(Dec.) Weather Normal (2) |
| GWh Sales (1) | | | | | | | |
| | Residential | 4,528 |
| | 3,824 |
| | 18.4 | % | | |
| | General Service | 3,440 |
| | 3,254 |
| | 5.7 | % | | |
| | Industrial | 758 |
| | 755 |
| | 0.4 | % | | |
| | Other Energy Sales | 6 |
| | 6 |
| | — | % | | |
| | Unbilled Sales | (185 | ) | | 156 |
| | (218.6 | %) | | |
| | Total Retail Sales | 8,547 |
| | 7,995 |
| | 6.9 | % | | 0.2 | % |
| | Wholesale and Other | 572 |
| | 310 |
| | 84.5 | % | | |
| | Total Electric Sales - Duke Energy Florida | 9,119 |
| | 8,305 |
| | 9.8 | % | | |
| | | | | | | | | |
| Average Number of Customers | | | | | | | |
| | Residential | 1,588,910 |
| | 1,564,038 |
| | 1.6 | % | | |
| | General Service | 200,207 |
| | 197,422 |
| | 1.4 | % | | |
| | Industrial | 2,109 |
| | 2,156 |
| | (2.2 | %) | | |
| | Other Energy Sales | 1,517 |
| | 1,524 |
| | (0.5 | %) | | |
| | Total Retail Customers | 1,792,743 |
| | 1,765,140 |
| | 1.6 | % | | |
| | Wholesale and Other | 12 |
| | 12 |
| | — | % | | |
| | Total Average Number of Customers - Duke Energy Florida | 1,792,755 |
| | 1,765,152 |
| | 1.6 | % | | |
| | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | |
| | Generated - Net Output (3) | | | | | | | |
| | Coal | 2,121 |
| | 2,117 |
| | 0.2 | % | | |
| | Oil and Natural Gas | 6,091 |
| | 5,348 |
| | 13.9 | % | | |
| | Renewable Energy | 8 |
| | 4 |
| | n/a |
| | |
| | Total Generation (4) | 8,220 |
| | 7,469 |
| | 10.1 | % | | |
| | Purchased Power and Net Interchange (5) | 1,378 |
| | 1,296 |
| | 6.3 | % | | |
| | Total Sources of Energy | 9,598 |
| | 8,765 |
| | 9.5 | % | | |
| | Less: Line Loss and Other | 479 |
| | 460 |
| | 4.1 | % | | |
| | Total GWh Sources | 9,119 |
| | 8,305 |
| | 9.8 | % | | |
| | | | | | | | | |
| Owned MW Capacity (3) | | | | | | | |
| | Summer | 9,304 |
| | 9,212 |
| | | | |
| | Winter | 10,255 |
| | 10,332 |
| | | | |
| | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | |
| | Actual | | | | | | | |
| | Heating Degree Days | 383 |
| | 176 |
| | 117.6 | % | | |
| | Cooling Degree Days | 264 |
| | 273 |
| | (3.3 | %) | | |
| | | | | | | | | |
| | Variance from Normal | | | | | | | |
| | Heating Degree Days | 1.1 | % | | (53.6 | %) | | n/a |
| | |
| | Cooling Degree Days | 42.7 | % | | 49.2 | % | | n/a |
| | |
| | | | | | | | | |
| | (1) Except as indicated in footnote (2), 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. |
| | | | | | | | | |
| | (2) Represents weather normal total retail calendar sales (i.e., billed and unbilled sales). |
| | | | | | | | | |
| | (3) Statistics reflect Duke Energy's ownership share of jointly owned stations. |
| | | | | | | | | |
| | (4) Generation by source is reported net of auxiliary power. |
| | | | | | | | | |
| | (5) Purchased power includes renewable energy purchases. |
|
| | | | | | | | | | | | |
| Duke Energy Ohio |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| March 2018 |
| | | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2018 | | 2017 | | % Inc.(Dec.) | | % Inc.(Dec.) Weather Normal (2) |
| GWh Sales (1) | | | | | | | |
| | Residential | 2,563 |
| | 2,253 |
| | 13.8 | % | | |
| | General Service | 2,319 |
| | 2,257 |
| | 2.7 | % | | |
| | Industrial | 1,387 |
| | 1,441 |
| | (3.7 | %) | | |
| | Other Energy Sales | 27 |
| | 28 |
| | (3.6 | %) | | |
| | Unbilled Sales | (324 | ) | | (201 | ) | | (61.2 | %) | | |
| | Total Retail Sales | 5,972 |
| | 5,778 |
| | 3.4 | % | | (2.0 | %) |
| | Wholesale and Other | 100 |
| | 281 |
| | (64.4 | %) | | |
| | Total Electric Sales - Duke Energy Ohio | 6,072 |
| | 6,059 |
| | 0.2 | % | | |
| | | | | | | | | |
| Average Number of Customers | | | | | | | |
| | Residential | 766,947 |
| | 759,467 |
| | 1.0 | % | | |
| | General Service | 88,263 |
| | 88,141 |
| | 0.1 | % | | |
| | Industrial | 2,500 |
| | 2,507 |
| | (0.3 | %) | | |
| | Other Energy Sales | 3,331 |
| | 3,282 |
| | 1.5 | % | | |
| | Total Retail Customers | 861,041 |
| | 853,397 |
| | 0.9 | % | | |
| | Wholesale and Other | 1 |
| | 1 |
| | — | % | | |
| | Total Average Number of Customers - Duke Energy Ohio | 861,042 |
| | 853,398 |
| | 0.9 | % | | |
| | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | |
| | Generated - Net Output (3) | | | | | | | |
| | Coal | 676 |
| | 1,203 |
| | (43.8 | %) | | |
| | Oil and Natural Gas | 20 |
| | 1 |
| | 1,900.0 | % | | |
| | Total Generation (4) | 696 |
| | 1,204 |
| | (42.2 | %) | | |
| | Purchased Power and Net Interchange (5) | 6,335 |
| | 5,466 |
| | 15.9 | % | | |
| | Total Sources of Energy | 7,031 |
| | 6,670 |
| | 5.4 | % | | |
| | Less: Line Loss and Other | 959 |
| | 611 |
| | 57.0 | % | | |
| | Total GWh Sources | 6,072 |
| | 6,059 |
| | 0.2 | % | | |
| | | | | | | | | |
| Owned MW Capacity (3) | | | | | | | |
| | Summer | 1,076 |
| | 1,076 |
| | | | |
| | Winter | 1,164 |
| | 1,164 |
| | | | |
| | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | |
| | Actual | | | | | | | |
| | Heating Degree Days | 2,569 |
| | 2,044 |
| | 25.7 | % | | |
| | Cooling Degree Days | 4 |
| | 1 |
| | 300.0 | % | | |
| | | | | | | | | |
| | Variance from Normal | | | | | | | |
| | Heating Degree Days | 2.6 | % | | (20.7 | %) | | n/a |
| | |
| | Cooling Degree Days | (0.1 | %) | | (75.0 | %) | | n/a |
| | |
| | | | | | | | | |
| | | | | | | | | |
| | (1) Except as indicated in footnote (2), 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. |
| | | | | | | | | |
| | (2) Represents weather normal total retail calendar sales (i.e., billed and unbilled sales). |
| | | | | | | | | |
| | (3) Statistics reflect Duke Energy's ownership share of jointly owned stations. |
| | | | | | | | | |
| | (4) Generation by source is reported net of auxiliary power. |
| | | | | | | | | |
| | (5) Purchased power includes renewable energy purchases. |
|
| | | | | | | | | | | | |
| Duke Energy Indiana |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| March 2018 |
| | | | | | | | | |
| | | Three Months Ended March 31, |
| | | 2018 | | 2017 | | % Inc.(Dec.) | | % Inc.(Dec.) Weather Normal (2) |
| GWh Sales (1) | | | | | | | |
| | Residential | 2,866 |
| | 2,484 |
| | 15.4 | % | | |
| | General Service | 2,003 |
| | 1,962 |
| | 2.1 | % | | |
| | Industrial | 2,538 |
| | 2,558 |
| | (0.8 | %) | | |
| | Other Energy Sales | 13 |
| | 13 |
| | — | % | | |
| | Unbilled Sales | (276 | ) | | (158 | ) | | 74.7 | % | | |
| | Total Retail Sales | 7,144 |
| | 6,859 |
| | 4.2 | % | | — | % |
| | Wholesale and Other | 1,341 |
| | 1,349 |
| | (0.6 | %) | | |
| | Total Electric Sales - Duke Energy Indiana | 8,485 |
| | 8,208 |
| | 3.4 | % | | |
| | | | | | | | | |
| Average Number of Customers | | | | | | | |
| | Residential | 721,971 |
| | 715,365 |
| | 0.9 | % | | |
| | General Service | 101,343 |
| | 101,156 |
| | 0.2 | % | | |
| | Industrial | 2,725 |
| | 2,704 |
| | 0.8 | % | | |
| | Other Energy Sales | 1,696 |
| | 1,639 |
| | 3.5 | % | | |
| | Total Retail Customers | 827,735 |
| | 820,864 |
| | 0.8 | % | | |
| | Wholesale and Other | 5 |
| | 7 |
| | (28.6 | %) | | |
| | Total Average Number of Customers - Duke Energy Indiana | 827,740 |
| | 820,871 |
| | 0.8 | % | | |
| | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | |
| | Generated - Net Output (3) | | | | | | | |
| | Coal | 6,388 |
| | 6,389 |
| | — | % | | |
| | Hydro | 20 |
| | 45 |
| | (55.6 | %) | | |
| | Oil and Natural Gas | 855 |
| | 352 |
| | 142.9 | % | | |
| | Renewable Energy | 5 |
| | — |
| | n/a |
| | |
| | Total Generation (4) | 7,268 |
| | 6,786 |
| | 7.1 | % | | |
| | Purchased Power and Net Interchange (5) | 1,655 |
| | 1,499 |
| | 10.4 | % | | |
| | Total Sources of Energy | 8,923 |
| | 8,285 |
| | 7.7 | % | | |
| | Less: Line Loss and Other | 438 |
| | 77 |
| | 468.8 | % | | |
| | Total GWh Sources | 8,485 |
| | 8,208 |
| | 3.4 | % | | |
| | | | | | | | | |
| Owned MW Capacity (3) | | | | | | | |
| | Summer | 6,744 |
| | 7,267 |
| | | | |
| | Winter | 7,183 |
| | 7,762 |
| | | | |
| | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | |
| | Actual | | | | | | | |
| | Heating Degree Days | 2,831 |
| | 2,208 |
| | 28.2 | % | | |
| | Cooling Degree Days | 4 |
| | — |
| | — | % | | |
| | | | | | | | | |
| | Variance from Normal | | | | | | | |
| | Heating Degree Days | 2.4 | % | | (20.1 | %) | | n/a |
| | |
| | Cooling Degree Days | 22.1 | % | | (100.0 | %) | | n/a |
| | |
| | | | | | | | | |
| | | | | | | | | |
| | (1) Except as indicated in footnote (2), 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. |
| | | | | | | | | |
| | (2) Represents weather normal total retail calendar sales (i.e., billed and unbilled sales). |
| | | | | | | | | |
| | (3) Statistics reflect Duke Energy's ownership share of jointly owned stations. |
| | | | | | | | | |
| | (4) Generation by source is reported net of auxiliary power. |
| | | | | | | | | |
| | (5) Purchased power includes renewable energy purchases. |
|
| | | | | | | | | | |
| Gas Utilities and Infrastructure |
| Quarterly Highlights |
| March 2018 |
| | | | | | | | |
| | | | Three Months Ended March 31, |
| | | | 2018 | | 2017 | | %
Inc.(Dec.) |
| Total Sales | | | | | | |
| | Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (1) | | 154,901,379 |
| | 133,276,787 |
| | 16.2 | % |
| | Duke Energy Midwest LDC throughput (Mcf) | | 37,126,065 |
| | 30,830,999 |
| | 20.4 | % |
| | | | | | | | |
| Average Number of Customers - Piedmont Natural Gas | | | | | | |
| | Residential | | 970,666 |
| | 953,702 |
| | 1.8 | % |
| | Commercial | | 104,835 |
| | 102,597 |
| | 2.2 | % |
| | Industrial | | 963 |
| | 968 |
| | (0.5 | %) |
| | Power Generation | | 17 |
| | 15 |
| | 13.3 | % |
| | Total Average Number of Gas Customers - Piedmont Natural Gas | | 1,076,481 |
| | 1,057,282 |
| | 1.8 | % |
| | | | | | | | |
| Average Number of Customers - Duke Energy Midwest | | | | | | |
| | Residential | | 488,853 |
| | 484,091 |
| | 1.0 | % |
| | General Service | | 45,280 |
| | 45,340 |
| | (0.1 | %) |
| | Industrial | | 1,661 |
| | 1,669 |
| | (0.5 | %) |
| | Other | | 138 |
| | 141 |
| | (2.1 | %) |
| | Total Average Number of Gas Customers - Duke Energy Midwest | | 535,932 |
| | 531,241 |
| | 0.9 | % |
| | | | | | | | |
| | (1) Piedmont has a margin decoupling mechanism in North Carolina and weather normalization mechanisms in South Carolina and Tennessee 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 |
| March 2018 |
| | | | | | | | |
| | | | Three Months Ended March 31, |
| | | | 2018 | | 2017 | | % Inc.(Dec.) |
| | Renewable Plant Production, GWh | | 2,180 |
| | 2,285 |
| | (4.6 | )% |
| | Net Proportional MW Capacity in Operation | | 2,943 |
| | 2,943 |
| | — | % |
| | | | | | | | |
| | | | | | | | |
