Media Contact: Catherine Butler
24-Hour: 800.559.3853
Analyst Contact: Jack Sullivan
Office: 980.373.3564
Feb. 11, 2021
Duke Energy reports fourth quarter and full-year 2020 financial results
▪2020 reported EPS of $1.72 and adjusted EPS of $5.12, closing year at midpoint of updated guidance range
▪Constructive regulatory settlements in North Carolina and Florida provide clarity as clean energy transformation accelerates
▪$2.05 billion minority investment in Duke Energy Indiana by GIC displaces all common equity needs in five-year plan and supports investment plan to achieve net-zero carbon by 2050
▪Affirmed 2021 adjusted EPS guidance range of $5.00 to $5.30 with $5.15 midpoint and long-term adjusted EPS growth rate of 5% to 7% through 2025, off 2021 midpoint
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2020 full-year reported EPS of $1.72, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.12. This is compared to reported and adjusted EPS of $5.06, for the full-year 2019.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between full-year 2020 reported and adjusted EPS was primarily due to charges resulting from the cancellation of ACP and the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.
Adjusted results for 2020 were higher primarily driven by rate case contributions in the Electric Utilities and Infrastructure and Gas Utilities and Infrastructure segments, complemented by growth from new renewables projects in the Commercial Renewables segment. Further, Duke Energy incurred lower O&M driven through substantial cost control efforts. These items were partially offset by impacts of the pandemic, including lower volumes and incremental expenses, mild weather, higher storm costs, the loss of ACP earnings and higher depreciation, amortization and property taxes on a growing asset base.
“I am very proud of our 2020 results — Duke Energy delivered for investors, customers and communities and these results reflect the strong commitment of our employees to work through challenges and serve our customers with excellence,” said Lynn Good, Duke Energy’s chair, president and chief executive officer. “Our strategy is clear — creating a clean energy future for our customers and communities. Underpinned by our robust $59 billion capital plan, as well as the significant progress on regulatory matters and strategic transactions during 2020
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and early 2021, we are confidently affirming our growth rate of 5 to 7% based off of the 2021 adjusted EPS midpoint of $5.15.”
Quarterly results
Duke Energy's fourth quarter 2020 reported loss per share was $(0.12), primarily reflecting the impact of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress. This compared to reported EPS of $0.88 for the fourth quarter of 2019. Duke Energy's fourth quarter 2020 adjusted EPS was $1.03, compared to $0.91 for the fourth quarter of 2019. Higher adjusted results for the quarter compared to last year were driven by similar items as the year-to-date variance described in the preceding section.
In addition to the following summary of fourth quarter 2020 business segment performance, comprehensive tables with detailed EPS drivers for the fourth quarter and full-year 2020 compared to prior year are provided at the end of this news release.
The discussion below of fourth quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized fourth quarter 2020 segment loss of $(170) million, compared to segment income of $592 million in the fourth quarter of 2019. Fourth quarter 2020 reported results included impacts of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress.
On an adjusted basis, Electric Utilities and Infrastructure recognized fourth quarter 2020 segment income of $675 million, compared to $584 million in the fourth quarter of 2019, an increase of $0.12 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily driven by contributions from rate cases (+$0.12 per share) and lower O&M (+$0.09 per share). Lower O&M is driven by lower employee-related expenses, operational efficiencies and other cost control efforts, partially offset by higher storm costs and pandemic related costs, net of deferrals.
These results were partially offset by lower rider results primarily due to the absence of a prior year favorable energy efficiency order (-$0.05 per share) and higher depreciation, amortization and property taxes on a growing asset base (-$0.05 per share).
Gas Utilities and Infrastructure
On a reported basis, Gas Utilities and Infrastructure recognized fourth quarter 2020 segment income of $134 million, compared to $140 million in the fourth quarter of 2019. In addition to the drivers outlined below, lower fourth quarter 2020 results were due to costs related to the cancellation of ACP. These charges were treated as special items and excluded from adjusted earnings.
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On an adjusted basis, Gas Utilities and Infrastructure recognized fourth quarter 2020 segment income of $150 million, compared to $159 million in the fourth quarter of 2019, a decrease of $0.01 per share. Lower quarterly results were driven by the loss of ACP earnings (-$0.05 per share), partially offset by contributions from the Piedmont North Carolina rate case (+$0.03 per share) and other retail margin (+$0.01 per share).
Commercial Renewables
On a reported and adjusted basis, Commercial Renewables recognized fourth quarter 2020 segment income of $79 million, compared to $59 million in the fourth quarter of 2019. This represents an increase of $0.03 per share. Higher quarterly results were primarily driven by new renewable projects (+$0.03 per share).
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 fourth quarter 2020 net loss of $127 million, compared to a net loss of $124 million in the fourth quarter of 2019, a decrease of $0.01 per share.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2020 was 50.8% compared to 13.4% in the fourth quarter of 2019. The increase in the effective tax rate was primarily due to charges as part of the coal ash settlement in North Carolina for Duke Energy Carolinas and Duke Energy Progress and an increase in the amortization of excess deferred taxes.
The effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items for the fourth quarter of 2020 was 11.1% compared to the effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items of 12.6% in the fourth quarter of 2019. The decrease was primarily due to an increase in the amortization of excess deferred taxes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss fourth quarter 2020 financial results. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
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The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 888.458.4121 in the United States or 323.794.2093 outside the United States. The confirmation code is 2307195. 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, Feb. 21, 2021, by calling 888.203.1112 in the United States or 719.457.0820 outside the United States and using the code 2307195. An audio replay and transcript will also be available by accessing the investors section of the company’s website.
Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported to adjusted (loss) earnings per share for fourth quarter and full-year 2020 and 2019 financial results: | | | | | | | | | | | |
| (In millions, except per share amounts) | After-Tax Amount | 4Q 2020 EPS | 4Q 2019 EPS |
| EPS, as reported | | $ | (0.12) | | $ | 0.88 | |
| Adjustments to reported EPS: | | | |
| Fourth Quarter 2020 | | | |
| | | |
| Gas pipeline investments | $ | 16 | | 0.02 | | |
| Regulatory settlements | 845 | | 1.14 | | |
| | | |
| Discontinued operations | (7) | | (0.01) | | |
| Fourth Quarter 2019 | | | |
| | | |
Impairment charges, net(a) | $ | 11 | | | 0.02 | |
| Discontinued operations | 7 | | | 0.01 | |
| | | |
| | | |
| Total adjustments | | $ | 1.15 | | $ | 0.03 | |
| EPS, adjusted | | $ | 1.03 | | $ | 0.91 | |
| | | | | | | | | | | |
| (In millions, except per share amounts) | After-Tax Amount | Full-Year 2020 EPS | Full-Year 2019 EPS |
| EPS, as reported | | $ | 1.72 | | $ | 5.06 | |
| Adjustments to reported EPS: | | | |
| Full-Year 2020 | | | |
| | | |
| Gas pipeline investments | $ | 1,711 | | $ | 2.32 | | |
| Regulatory settlements | 872 | | 1.19 | | |
| Severance | (75) | | (0.10) | | |
| | | |
| | | |
| Discontinued operations | (7) | | (0.01) | | |
| Full-Year 2019 | | | |
Impairment charges, net(a) | $ | (8) | | | (0.01) | |
| Discontinued operations | 7 | | | 0.01 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Total adjustments | | $ | 3.40 | | $ | — | |
| EPS, adjusted | | $ | 5.12 | | $ | 5.06 | |
(a) Refer to the Non-GAAP financial measures section for a description of Impairment charges, net excluded from 2019 adjusted diluted EPS.
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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 impacts of 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 impacts of noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including impacts of noncontrolling interests and preferred dividends and excluding special items are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
•Gas Pipeline Investments represents costs related to the cancellation of the ACP pipeline and additional exit costs related to Constitution.
•Regulatory Settlements represents charges related to Duke Energy Carolinas and Duke Energy Progress coal ash settlement and the partial settlements in the 2019 North Carolina rate cases.
•Severance represents the reversal of 2018 Severance charges, which were deferred as a result of a partial settlement in the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases.
•Impairment Charges in 2019 represents a reduction of a prior year impairment at Citrus County CC and an other-than-temporary impairment of the remaining investment in Constitution.
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).
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Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income (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 (loss) and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 28,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,800 megawatts through its nonregulated Duke Energy Renewables unit.
Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve 7.9 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.
Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains 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.
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Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The impact of the COVID-19 pandemic;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy 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;
◦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;
◦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 customer expectations and demands including heightened emphasis on environmental, social and governance concerns;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
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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;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;
◦The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or equity method investment carrying values; and
◦The ability to implement our business strategy, including enhancing existing technology systems.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2020
(Dollars in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Special Items | | | | | | | | | | | | |
| | Reported Earnings | | Gas Pipeline Investments | | Regulatory Settlements | | | | | | | | Discontinued Operations | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME (LOSS) | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | (170) | | | $ | — | | | $ | 845 | | B | | | | | | | $ | — | | | $ | 845 | | | $ | 675 | |
| Gas Utilities and Infrastructure | | 134 | | | 16 | | A | — | | | | | | | | | — | | | 16 | | | 150 | |
| Commercial Renewables | | 79 | | | — | | | — | | | | | | | | | — | | | — | | | 79 | |
| Total Reportable Segment Income | | 43 | | | 16 | | | 845 | | | | | | | | | — | | | 861 | | | 904 | |
| Other | | (127) | | | — | | | — | | | | | | | | | — | | | — | | | (127) | |
| | | | | | | | | | | | | | | | | | |
| Discontinued Operations | | 7 | | — | | | — | | | | | | | | | (7) | | C | (7) | | | — | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | $ | (77) | | | $ | 16 | | | $ | 845 | | | | | | | | | $ | (7) | | | $ | 854 | | | $ | 777 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | | $ | (0.12) | | | $ | 0.02 | | | $ | 1.14 | | | | | | | | | $ | (0.01) | | | $ | 1.15 | | | $ | 1.03 | |
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| | | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).
A - Net of $4 million tax benefit. $20 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations.
B - Net of $117 million tax benefit at Duke Energy Carolinas and $138 million tax benefit at Duke Energy Progress.
•$454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.
•$494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Progress' Consolidated Statements of Operations.
C - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 742 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2020
(Dollars in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Special Items | | | | | | | | | | | | | | | | |
| | Reported Earnings | | Gas Pipeline Investments | | Severance | | Regulatory Settlements | | | | | | | | | | | | Discontinued Operations | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME (LOSS) | | | | | | | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | 2,669 | | | $ | 4 | | A | $ | — | | | $ | 872 | | D | | | | | | | | | | | $ | — | | | $ | 876 | | | $ | 3,545 | |
| Gas Utilities and Infrastructure | | (1,266) | | | 1,707 | | B | — | | | — | | | | | | | | | | | | | — | | | 1,707 | | | 441 | |
| Commercial Renewables | | 286 | | | — | | | — | | | — | | | | | | | | | | | | | — | | | — | | | 286 | |
| Total Reportable Segment Income | | 1,689 | | | 1,711 | | | — | | | 872 | | | | | | | | | | | | | — | | | 2,583 | | | 4,272 | |
| Other | | (426) | | | — | | | (75) | | C | | | | | | | | | | | | | — | | | (75) | | | (501) | |
| Discontinued Operations | | 7 | | | | | — | | | — | | | | | | | | | | | | | (7) | | E | (7) | | | — | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | $ | 1,270 | | | $ | 1,711 | | | $ | (75) | | | $ | 872 | | | | | | | | | | | | | $ | (7) | | | $ | 2,501 | | | $ | 3,771 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | | $ | 1.72 | | | $ | 2.32 | | | $ | (0.10) | | | $ | 1.19 | | | | | | | | | | | | | $ | (0.01) | | | $ | 3.40 | | | $ | 5.12 | |
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A - Net of $1 million tax benefit. $5 million included within Impairment charges related to gas pipeline interconnections on the Duke Energy Progress' Consolidated Statements of Operations.
B - Net of $398 million tax benefit.
•$2,098 million recorded within Equity in (losses) earnings of unconsolidated affiliates related to exit obligations for gas pipeline investments on the Consolidated Statements of Operations.
•$7 million included within Impairment charges related to gas project materials on the Piedmont Consolidated Statements of Operations.
C - Net of $23 million tax expense. $98 million reversal of 2018 severance charges recorded within Operations, maintenance and other on the Consolidated Statements of Operations.
D - Net of $123 million tax benefit at Duke Energy Carolinas and $140 million tax benefit at Duke Energy Progress.
•$454 million included within Impairment charges and reversal of $50 million included in Regulated electric operating revenues related to the coal ash settlement filed with the NCUC on the Duke Energy Carolinas' Consolidated Statements of Operations.
•$19 million included within Impairment charges related to the Clemson University Combined Heat and Power Plant and $8 million of shareholder contributions within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations.
•$494 million included within Impairment charges and reversal of $102 million included in Regulated electric operating revenues related to the coal ash settlement filed with NCUC on the Duke Energy Progress' Consolidated Statements of Operations.
•$8 million of shareholder contributions included within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations.
E - Recorded in Income (Loss) from Discontinued Operations, net of tax on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 737 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended December 31, 2019
(Dollars in millions, except per share amounts) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Special Items | | | | | | | | | | | | | | |
| Reported Earnings | | Impairment Charges | | | | | | | | | | Discontinued Operations | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | $ | 592 | | | $ | (8) | | A | | | | | | | | | $ | — | | | $ | (8) | | | $ | 584 | |
| Gas Utilities and Infrastructure | 140 | | | 19 | | B | | | | | | | | | — | | | 19 | | | 159 | |
| Commercial Renewables | 59 | | | — | | | | | | | | | | | — | | | — | | | 59 | |
| Total Reportable Segment Income | 791 | | | 11 | | | | | | | | | | | — | | | 11 | | | 802 | |
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| Other | (124) | | | — | | | | | | | | | | | — | | | — | | | (124) | |
| | | | | | | | | | | | | | | | | |
| Discontinued Operations | (7) | | | — | | | | | | | | | | | 7 | C | 7 | | | — | |
| Net Income Available to Duke Energy Corporation Common Stockholders | $ | 660 | | | $ | 11 | | | | | | | | | | | $ | 7 | | | $ | 18 | | | $ | 678 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 0.88 | | | $ | 0.02 | | | | | | | | | | | $ | 0.01 | | | $ | 0.03 | | | $ | 0.91 | |
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Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).
A – Net of $3 million tax benefit. $11 million reduction of a prior year impairment at Citrus County CC recorded within Impairment charges on Duke Energy Florida's Consolidated Statements of Operations.
B – Net of $6 million tax benefit. $25 million included within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company, LLC.
C – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 731 million
DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Year Ended December 31, 2019
(Dollars in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Special Items | | | | | | | | | | |
| | Reported Earnings | | | | | | | | Impairment Charges | | | | | | Discontinued Operations | | Total Adjustments | | Adjusted Earnings |
| SEGMENT INCOME | | | | | | | | | | | | | | | | | | | | |
| Electric Utilities and Infrastructure | | $ | 3,536 | | | | | | | | | $ | (27) | | A | | | | | $ | — | | | $ | (27) | | | $ | 3,509 | |
| Gas Utilities and Infrastructure | | 432 | | | | | | | | | 19 | | B | | | | | — | | | 19 | | | 451 | |
| Commercial Renewables | | 198 | | | | | | | | | — | | | | | | | — | | | — | | | 198 | |
| Total Reportable Segment Income | | 4,166 | | | | | | | | | (8) | | | | | | | — | | | (8) | | | 4,158 | |
| Other | | (452) | | | | | | | | | — | | | | | | | — | | | — | | | (452) | |
| | | | | | | | | | | | | | | | | | | | |
| Discontinued Operations | | (7) | | | | | | | | | — | | | | | | | 7 | | C | 7 | | | — | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | $ | 3,707 | | | | | | | | | $ | (8) | | | | | | | $ | 7 | | | $ | (1) | | | $ | 3,706 | |
| EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | | $ | 5.06 | | | | | | | | | $ | (0.01) | | | | | | | $ | 0.01 | | | $ | — | | | $ | 5.06 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are adjusted for accumulated but not yet declared dividends for Series B Preferred Stock of $(0.02).
A – Net of $9 million tax expense. $36 million reduction of a prior year impairment at Citrus County CC recorded within Impairment charges on Duke Energy Florida's Consolidated Statements of Operations.
B – Net of $6 million tax benefit. $25 million included within Other Income and Expenses on the Consolidated Statements of Operations, related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company, LLC.
C – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 729 million
DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
December 2020
(Dollars in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
December 31, 2020 | | Year Ended
December 31, 2020 | |
| Balance | | Effective Tax Rate | | Balance | | Effective Tax Rate | |
| | | | | | | | |
| Reported (Loss) Income Before Income Taxes From Continuing Operations Before Income Taxes | $ | (319) | | | | | $ | 839 | | | | |
| Regulatory Settlements | 1,100 | | | | | 1,135 | | | | |
| Gas Pipeline Investments | 20 | | | | | 2,110 | | | | |
| Severance | — | | | | | (98) | | | | |
| | | | | | | | |
| Noncontrolling Interests | 87 | | | | | 295 | | | | |
| Preferred Dividends | (14) | | | | | (107) | | | | |
| Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 874 | | | | | $ | 4,174 | | | | |
| | | | | | | | |
| Reported Income Tax Benefit From Continuing Operations | $ | (162) | | | 50.8 | % | | $ | (236) | | | (28.1) | % | |
| Regulatory Settlements | 255 | | | | | 263 | | | | |
| Gas Pipeline Investments | 4 | | | | | 399 | | | | |
| Severance | — | | | | | (23) | | | | |
| | | | | | | | |
| Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 97 | | | 11.1 | % | | $ | 403 | | | 9.7 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
December 31, 2019 | | Year Ended
December 31, 2019 | |
| Balance | | Effective Tax Rate | | Balance | | Effective Tax Rate | |
| | | | | | | | |
| Reported Income From Continuing Operations Before Income Taxes | $ | 709 | | | | | $ | 4,097 | | | | |
| Impairment Charges | 14 | | | | | (11) | | | | |
| Noncontrolling Interests | 67 | | | | | 177 | | | | |
| Preferred Dividends | (14) | | | | | (41) | | | | |
| Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 776 | | | | | $ | 4,222 | | | | |
| | | | | | | | |
| Reported Income Tax Expense From Continuing Operations | $ | 95 | | | 13.4 | % | | $ | 519 | | | 12.7 | % | |
| Impairment Charges | 3 | | | | | (3) | | | | |
| | | | | | | | |
| | | | | | | | |
| Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items | $ | 98 | | | 12.6 | % | | $ | 516 | | | 12.2 | % | |
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2020 QTD vs. Prior Year
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (Dollars per share) | Electric Utilities and Infrastructure | | Gas
Utilities and Infrastructure | | Commercial Renewables | | Other | | Discontinued Operations | | Consolidated |
| 2019 QTD Reported Earnings Per Share | $ | 0.81 | | | | $ | 0.20 | | | | $ | 0.08 | | | | $ | (0.20) | | | | $ | (0.01) | | | | $ | 0.88 | | |
| | | | | | | | | | | | | | | | | |
| Impairment Charges | (0.01) | | | | 0.03 | | | | — | | | | — | | | | — | | | | 0.02 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Discontinued Operations | — | | | | — | | | | — | | | | — | | | | 0.01 | | | 0.01 | | |
| | | | | | | | | | | | | | | | | |
| 2019 QTD Adjusted Earnings Per Share | $ | 0.80 | | | | $ | 0.23 | | | | $ | 0.08 | | | | $ | (0.20) | | | | $ | — | | | | $ | 0.91 | | |
| Weather | (0.01) | | | | — | | | | — | | | | — | | | | — | | | | (0.01) | | |
| Volume | 0.01 | | | | — | | | | — | | | | — | | | | — | | | | 0.01 | | |
Riders and Other Retail Margin(a) | (0.04) | | | | 0.01 | | | | — | | | | — | | | | — | | | | (0.03) | | |
Rate case impacts, net(b) | 0.12 | | | | 0.03 | | | | — | | | | — | | | | — | | | | 0.15 | | |
| Wholesale | 0.01 | | | | — | | | | — | | | | — | | | | — | | | | 0.01 | | |
Operations and maintenance, net of recoverables(c) | 0.09 | | | | — | | | | — | | | | — | | | | — | | | | 0.09 | | |
Midstream Gas Pipelines(d) | — | | | | (0.05) | | | | — | | | | — | | | | — | | | | (0.05) | | |
Duke Energy Renewables(e) | — | | | | — | | | | 0.03 | | | | — | | | | — | | | | 0.03 | | |
| Interest Expense | 0.01 | | | | — | | | | — | | | | | | | — | | | | 0.01 | | |
| | | | | | | | | | | | | | | | | |
Depreciation and amortization(f) | (0.03) | | | | — | | | | — | | | | — | | | | — | | | | (0.03) | | |
| | | | | | | | | | | | | | | | | |
Other(g) | (0.04) | | | | — | | | | — | | | | (0.01) | | | | — | | | | (0.05) | | |
| Total variance before share count | $ | 0.12 | | | | $ | (0.01) | | | | $ | 0.03 | | | | $ | (0.01) | | | | $ | — | | | | $ | 0.13 | | |
| Change in share count | (0.01) | | | | — | | | | — | | | | — | | | | — | | | | (0.01) | | |
| 2020 QTD Adjusted Earnings Per Share | $ | 0.91 | | | | $ | 0.22 | | | | $ | 0.11 | | | | $ | (0.21) | | | | $ | — | | | | $ | 1.03 | | |
| Gas Pipeline Investments | — | | | | (0.02) | | | | — | | | | — | | | | — | | | | (0.02) | | |
| Regulatory Settlements | (1.14) | | | | — | | | | — | | | | — | | | | — | | | | (1.14) | | |
| Discontinued Operations | — | | | | — | | | | — | | | | — | | | | 0.01 | | | | 0.01 | | |
| 2020 QTD Reported Earnings Per Share | $ | (0.23) | | | | $ | 0.20 | | | | $ | 0.11 | | | | $ | (0.21) | | | | $ | 0.01 | | | | $ | (0.12) | | |
| | | | | | | | | | | | | | | | | |
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 731 million shares to 742 million. |
|
(a) Driven by lower riders, primarily energy efficiency programs in DEC and DEP (-$0.05), partially offset by higher transmission revenues (+$0.01).
(b) Electric Utilities and Infrastructure includes the net impact of the DEC and DEP North Carolina interim rates, effective August and September 2020 (+$0.08), respectively, DEI base rate increases, effective August 2020 (+$0.02), the DEF SBRA and multi-year rate plan (+0.01) and DEK base rate increases (+0.01). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019.
(c) Primarily due to lower employee related expenses, operational efficiencies and other savings, partially offset by higher storm costs and COVID-19 related expenses in excess of deferrals.
(d) Primarily the loss of ACP earnings.
(e) Primarily due to new renewable projects.
(f) Excludes rate case impacts.
(g) Electric Utilities and Infrastructure includes higher property taxes on a growing asset base.
DUKE ENERGY CORPORATION
EARNINGS VARIANCES
December 2020 YTD vs. Prior Year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| (Dollars per share) | Electric Utilities and Infrastructure | | Gas
Utilities and Infrastructure | | Commercial Renewables | | Other | | Discontinued Operations | | Consolidated |
| 2019 YTD Reported Earnings Per Share | $ | 4.85 | | | | $ | 0.60 | | | | $ | 0.27 | | | | $ | (0.65) | | | | $ | (0.01) | | | | $ | 5.06 | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Impairment Charges | (0.04) | | | | 0.03 | | | | — | | | | — | | | | — | | | | (0.01) | | |
| Discontinued Operations | — | | | | — | | | | — | | | | — | | | | 0.01 | | | | 0.01 | | |
| 2019 YTD Adjusted Earnings Per Share | $ | 4.81 | | | | $ | 0.63 | | | | $ | 0.27 | | | | $ | (0.65) | | | | $ | — | | | | $ | 5.06 | | |
| Weather | (0.21) | | | | — | | | | — | | | | — | | | | — | | | | (0.21) | | |
| Volume | (0.02) | | | | — | | | | — | | | | — | | | | — | | | | (0.02) | | |
Riders and Other Retail Margin(a) | (0.05) | | | | 0.03 | | | | — | | | | — | | | | — | | | | (0.02) | | |
Rate case impacts, net(b) | 0.23 | | | | 0.09 | | | | — | | | | — | | | | — | | | | 0.32 | | |
| Wholesale | 0.05 | | | | — | | | | — | | | | — | | | | — | | | | 0.05 | | |
Operations and maintenance, net of recoverables(c) | 0.25 | | | | 0.01 | | | | — | | | | — | | | | — | | | | 0.26 | | |
Midstream Gas Pipelines(d) | — | | | | (0.12) | | | | — | | | | — | | | | — | | | | (0.12) | | |
Duke Energy Renewables(e) | — | | | | — | | | | 0.12 | | | | — | | | | — | | | | 0.12 | | |
| Interest Expense | 0.01 | | | | — | | | | — | | | | 0.05 | | | | — | | | | 0.06 | | |
| | | | | | | | | | | | | | | | | |
Depreciation and amortization(f) | (0.20) | | | | (0.02) | | | | — | | | | — | | | | — | | | | (0.22) | | |
| Preferred Dividends | — | | | | — | | | | — | | | | (0.07) | | | | — | | | | (0.07) | | |
Other(g) | (0.01) | | | | — | | | | — | | | | (0.03) | | | | — | | | | (0.04) | | |
| Total variance before share count | $ | 0.05 | | | | $ | (0.01) | | | | $ | 0.12 | | | | $ | (0.05) | | | | $ | — | | | | $ | 0.11 | | |
| Change in share count | (0.05) | | | | — | | | | — | | | | — | | | | — | | | | (0.05) | | |
| 2020 YTD Adjusted Earnings Per Share | $ | 4.81 | | | | $ | 0.62 | | | | $ | 0.39 | | | | $ | (0.70) | | | | $ | — | | | | $ | 5.12 | | |
| Gas Pipeline Investments | — | | | | (2.32) | | | | — | | | | — | | | | — | | | | (2.32) | | |
| Severance | — | | | | — | | | | — | | | | 0.10 | | | | — | | | | 0.10 | | |
| Regulatory Settlements | (1.19) | | | | — | | | | — | | | | — | | | | — | | | | (1.19) | | |
| Discontinued Operations | — | | | | — | | | | — | | | | — | | | | 0.01 | | | | 0.01 | | |
| 2020 YTD Reported Earnings Per Share | $ | 3.62 | | | | $ | (1.70) | | | | $ | 0.39 | | | | $ | (0.60) | | | | $ | 0.01 | | | | $ | 1.72 | | |
|
| Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 729 million shares to 737 million. |
| | | | | | | | | | | | | | | | | |
(a) Primarily driven by lower retail margin due to lower late payment fee revenue, net of deferrals (-$0.04), a prior year favorable true-up of purchased power (-$0.03) and lower energy efficiency rider revenues (-$0.02), partially offset by grid modernization rider programs (+$0.03).
(b) Electric Utilities and Infrastructure includes the net impact of DEC and DEP North Carolina interim rates effective August and September 2020, respectively (+0.11), and the DEC and DEP South Carolina rate cases effective June 2019 (+0.03), the DEF SBRA and multi-year rate plan (+0.04), DEI base rate increases, effective August 2020 (+0.03) and DEK base rate increases (+0.02). Gas Utilities and Infrastructure includes the net impact of the Piedmont North Carolina rate case, effective November 2019.
(c) Primarily due to lower employee-related expenses, outage costs, customer delivery charges and other savings, partially offset by increased COVID-19 expenses, net of deferrals, and higher storm costs. For the year ended December 31, 2020, the Duke Energy Registrants incurred -$0.12 of incremental COVID-19 O&M costs, the company has deferred +$0.07 of these incremental costs.
(d) Primarily related the loss of ACP earnings and a prior year favorable income tax adjustment for equity method investments.
(e) Primarily due to new renewable projects.
(f) Excludes rate case impacts.
(g) Other includes income tax true-ups, lower interest income and lower results from investments, partially offset by tax optimization and prior year contributions to the Duke Energy Foundation.
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 2020 |
| QUARTERLY HIGHLIGHTS |
| (Unaudited) |
| | | |
| Three Months Ended | | Years Ended |
| December 31, | | December 31, |
| (In millions, except per share amounts and where noted) | 2020 | | 2019 | | 2020 | | 2019 |
| Earnings Per Share – Basic and Diluted | | | | | | | |
| (Loss) Income from continuing operations available to Duke Energy Corporation common stockholders | | | | | | | |
| Basic and Diluted | $ | (0.13) | | | $ | 0.89 | | | $ | 1.71 | | | $ | 5.07 | |
| | | | | | | |
| Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders | | | | | | | |
| Basic and Diluted | $ | 0.01 | | | $ | (0.01) | | | $ | 0.01 | | | $ | (0.01) | |
| | | | | | | |
| Net (loss) income available to Duke Energy Corporation common stockholders | | | | | | | |
| Basic and Diluted | $ | (0.12) | | | $ | 0.88 | | | $ | 1.72 | | | $ | 5.06 | |
| | | | | | | |
| Weighted average shares outstanding | | | | | | | |
| Basic | 742 | | | 730 | | | 737 | | | 729 | |
| Diluted | 742 | | | 731 | | | 738 | | | 729 | |
| INCOME (LOSS) BY BUSINESS SEGMENT | | | | | | | |
Electric Utilities and Infrastructure(a) | $ | (170) | | | $ | 592 | | | $ | 2,669 | | | $ | 3,536 | |
Gas Utilities and Infrastructure(b) | 134 | | | 140 | | | (1,266) | | | 432 | |
| Commercial Renewables | 79 | | | 59 | | | 286 | | | 198 | |
| Total Reportable Segment Income | 43 | | | 791 | | | 1,689 | | | 4,166 | |
Other(c) | (127) | | | (124) | | | (426) | | | (452) | |
| Income (Loss) from Discontinued Operations | 7 | | | (7) | | | 7 | | | (7) | |
| Net (Loss) Income Available to Duke Energy Corporation common stockholders | $ | (77) | | | $ | 660 | | | $ | 1,270 | | | $ | 3,707 | |
| CAPITALIZATION | | | | | | | |
| Total Common Equity (%) | | | | | 44 | % | | 44 | % |
| Total Debt (%) | | | | | 56 | % | | 56 | % |
| | | | | | | |
| Total Debt | | | | | $ | 62,736 | | | $ | 61,261 | |
| Book Value Per Share | | | | | $ | 63.96 | | | $ | 65.42 | |
| Actual Shares Outstanding | | | | | 769 | | | 733 | |
| CAPITAL AND INVESTMENT EXPENDITURES | | | | | | | |
| Electric Utilities and Infrastructure | $ | 1,992 | | | $ | 2,171 | | | $ | 7,629 | | | $ | 8,263 | |
| Gas Utilities and Infrastructure | 376 | | | 410 | | | 1,309 | | | 1,539 | |
| Commercial Renewables | 325 | | | 491 | | | 1,219 | | | 1,423 | |
| Other | 44 | | | 19 | | | 264 | | | 221 | |
| Total Capital and Investment Expenditures | $ | 2,737 | | | $ | 3,091 | | | $ | 10,421 | | | $ | 11,446 | |
| | | | | | | |
(a) Includes costs related to regulatory settlements for Duke Energy Carolinas and Duke Energy Progress of $1.1 billion (after tax of $845 million) for the three months ended December 31, 2020, and $1.1 billion (after tax $872 million) for the year ended December 31, 2020, and a $5 million (after tax $4 million) impairment charge related to gas pipeline interconnections for the year ended December 31, 2020. Additionally, EUI includes a reduction of a prior year impairment at Citrus County CC of $11 million (after tax $8 million) for the three months ended December 31, 2019, and $36 million (after tax $27 million) for the year ended December 31, 2019.
(b) Includes costs related to exit obligations for gas pipeline investments of $20 million (after tax $16 million) for the three months ended December 31, 2020, and $2.1 billion (after tax $1.7 billion) for the year ended December 31, 2020. Additionally, GUI includes $25 million (after tax $19 million) of costs related to the other-than-temporary-impairment of the remaining investment in Constitution Pipeline Company for the three months and year ended December 31, 2019.
(c) Includes a $98 million (after tax $75 million) reversal of 2018 severance costs due to the partial settlement of the Duke Energy Carolinas and Duke Energy Progress 2019 North Carolina rate cases for the year ended December 31, 2020.
| | | | | | | | | | | | | | | | | | | | | |
| DUKE ENERGY CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (Unaudited) |
| (In millions, except per share amounts) |
| | | | | | | | | |
| | | |
| | | Years Ended December 31, |
| | | | | 2020 | | 2019 | | 2018 |
| Operating Revenues | | | | | | | | | |
| Regulated electric | | | | | $ | 21,461 | | | $ | 22,615 | | | $ | 22,097 | |
| Regulated natural gas | | | | | 1,642 | | | 1,759 | | | 1,773 | |
| Nonregulated electric and other | | | | | 765 | | | 705 | | | 651 | |
| Total operating revenues | | | | | 23,868 | | | 25,079 | | | 24,521 | |
| Operating Expenses | | | | | | | | | |
| Fuel used in electric generation and purchased power | | | | | 6,051 | | | 6,826 | | | 6,831 | |
| Cost of natural gas | | | | | 460 | | | 627 | | | 697 | |
| Operation, maintenance and other | | | | | 5,788 | | | 6,066 | | | 6,463 | |
| Depreciation and amortization | | | | | 4,705 | | | 4,548 | | | 4,074 | |
| Property and other taxes | | | | | 1,337 | | | 1,307 | | | 1,280 | |
| Impairment charges | | | | | 984 | | | (8) | | | 402 | |
| Total operating expenses | | | | | 19,325 | | | 19,366 | | | 19,747 | |
| Gains (Losses) on Sales of Other Assets and Other, net | | | | | 10 | | | (4) | | | (89) | |
| Operating Income | | | | | 4,553 | | | 5,709 | | | 4,685 | |
| Other Income and Expenses | | | | | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | | | | | (2,005) | | | 162 | | | 83 | |
| Other income and expenses, net | | | | | 453 | | | 430 | | | 399 | |
| Total other income and expenses | | | | | (1,552) | | | 592 | | | 482 | |
| Interest Expense | | | | | 2,162 | | | 2,204 | | | 2,094 | |
| Income Before Income Taxes | | | | | 839 | | | 4,097 | | | 3,073 | |
| Income Tax (Benefit) Expense | | | | | (236) | | | 519 | | | 448 | |
| Income From Continuing Operations | | | | | 1,075 | | | 3,578 | | | 2,625 | |
| Income (Loss) From Discontinued Operations, net of tax | | | | | 7 | | | (7) | | | 19 | |
| Net Income | | | | | 1,082 | | | 3,571 | | | 2,644 | |
| Add: Net Loss Attributable to Noncontrolling Interests | | | | | 295 | | | 177 | | | (22) | |
| Net Income Attributable to Duke Energy Corporation | | | | | 1,377 | | | 3,748 | | | $ | 2,666 | |
| Less: Preferred Dividends | | | | | 107 | | | 41 | | | $ | — | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | $ | 1,270 | | | $ | 3,707 | | | $ | 2,666 | |
| | | | | | | | | |
| Earnings Per Share – Basic and Diluted | | | | | | | | | |
| Income from continuing operations available to Duke Energy Corporation common stockholders | | | | | | | | | |
| Basic and Diluted | | | | | $ | 1.71 | | | $ | 5.07 | | | $ | 3.73 | |
| | | | | | | | | |
| Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders | | | | | | | | | |
| Basic and Diluted | | | | | $ | 0.01 | | | $ | (0.01) | | | $ | 0.03 | |
| | | | | | | | | |
| Net income available to Duke Energy Corporation common stockholders | | | | | | | | | |
| Basic and Diluted | | | | | $ | 1.72 | | | $ | 5.06 | | | $ | 3.76 | |
| | | | | | | | | |
| Weighted average shares outstanding | | | | | | | | | |
| Basic | | | | | 737 | | | 729 | | | 708 |
| Diluted | | | | | 738 | | | 729 | | | 708 |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| (In millions) | December 31, 2020 | | December 31, 2019 |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 259 | | | $ | 311 | |
| | | |
| Receivables (net of allowance for doubtful accounts of $29 at 2020 and $22 at 2019) | 1,009 | | | 1,066 | |
| Receivables of VIEs (net of allowance for doubtful accounts of $117 at 2020 and $54 at 2019) | 2,144 | | | 1,994 | |
| Inventory | 3,167 | | | 3,232 | |
| | | |
| Regulatory assets (includes $53 at 2020 and $52 at 2019 related to VIEs) | 1,641 | | | 1,796 | |
| Other (includes $296 at 2020 and $242 at 2019 related to VIEs) | 462 | | | 764 | |
| Total current assets | 8,682 | | | 9,163 | |
| Property, Plant and Equipment | | | |
| Cost | 155,580 | | | 147,654 | |
| Accumulated depreciation and amortization | (48,827) | | | (45,773) | |
| Generation facilities to be retired, net | 29 | | | 246 | |
| Net property, plant and equipment | 106,782 | | | 102,127 | |
| Other Noncurrent Assets | | | |
| Goodwill | 19,303 | | | 19,303 | |
| Regulatory assets (includes $937 at 2020 and $989 at 2019 related to VIEs) | 12,421 | | | 13,222 | |
| Nuclear decommissioning trust funds | 9,114 | | | 8,140 | |
| Operating lease right-of-use assets, net | 1,524 | | | 1,658 | |
| Investments in equity method unconsolidated affiliates | 961 | | | 1,936 | |
| | | |
| Other (includes $81 at 2020 and $110 at 2019 related to VIEs) | 3,601 | | | 3,289 | |
| Total other noncurrent assets | 46,924 | | | 47,548 | |
| Total Assets | $ | 162,388 | | | $ | 158,838 | |
| LIABILITIES AND EQUITY | | | |
| Current Liabilities | | | |
| Accounts payable | $ | 3,144 | | | $ | 3,487 | |
| Notes payable and commercial paper | 2,873 | | | 3,135 | |
| Taxes accrued | 482 | | | 392 | |
| Interest accrued | 537 | | | 565 | |
| Current maturities of long-term debt (includes $472 at 2020 and $216 at 2019 related to VIEs) | 4,238 | | | 3,141 | |
| | | |
| Asset retirement obligations | 718 | | | 881 | |
| Regulatory liabilities | 1,377 | | | 784 | |
| Other | 2,936 | | | 2,367 | |
| Total current liabilities | 16,305 | | | 14,752 | |
| Long-Term Debt (includes $3,535 at 2020 and $3,997 at 2019 related to VIEs) | 55,625 | | | 54,985 | |
| Other Noncurrent Liabilities | | | |
| Deferred income taxes | 9,244 | | | 8,878 | |
| Asset retirement obligations | 12,286 | | | 12,437 | |
| Regulatory liabilities | 15,029 | | | 15,264 | |
| Operating lease liabilities | 1,340 | | | 1,432 | |
| Accrued pension and other post-retirement benefit costs | 969 | | | 934 | |
| Investment tax credits | 687 | | | 624 | |
| | | |
| Other (includes $316 at 2020 and $228 at 2019 related to VIEs) | 1,719 | | | 1,581 | |
| Total other noncurrent liabilities | 41,274 | | | 41,150 | |
| Commitments and Contingencies | | | |
| Equity | | | |
| Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2020 and 2019 | 973 | | | 973 | |
| Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2020 and 2019 | 989 | | | 989 | |
| Common stock, $0.001 par value, 2 billion shares authorized; 769 million shares outstanding at 2020 and 733 million shares outstanding at 2019 | 1 | | | 1 | |
| Additional paid-in capital | 43,767 | | | 40,881 | |
| Retained earnings | 2,471 | | | 4,108 | |
| Accumulated other comprehensive loss | (237) | | | (130) | |
| Total Duke Energy Corporation stockholders' equity | 47,964 | | | 46,822 | |
| Noncontrolling interests | 1,220 | | | 1,129 | |
| Total equity | 49,184 | | | 47,951 | |
| Total Liabilities and Equity | $ | 162,388 | | | $ | 158,838 | |
| | | | | | | | | | | | | | | | | | | | | |
| DUKE ENERGY CORPORATION | |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| (Unaudited) | |
| (In millions) | |
| | | | | | | |
| | Years Ended December 31, | |
| | 2020 | | 2019 | | 2018 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
| Net Income | | $ | 1,082 | | | $ | 3,571 | | | $ | 2,644 | | |
| Adjustments to reconcile net income to net cash provided by operating activities | | 7,774 | | | 4,638 | | | 4,542 | | |
| Net cash provided by operating activities | | 8,856 | | | 8,209 | | | 7,186 | | |
| | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | |
| Net cash used in investing activities | | (10,604) | | | (11,957) | | | (10,060) | | |
| | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | |
| Net cash provided by financing activities | | 1,731 | | | 3,730 | | | 2,960 | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | | (17) | | | (18) | | | 86 | | |
| Cash, cash equivalents and restricted cash at beginning of period | | 573 | | | 591 | | | 505 | | |
| Cash, cash equivalents and restricted cash at end of period | | $ | 556 | | | $ | 573 | | | $ | 591 | | |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2020 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 5,124 | | $ | — | | $ | — | | $ | — | | $ | (65) | | $ | 5,059 | |
| Regulated natural gas | — | | 551 | | — | | — | | (24) | | 527 | |
| Nonregulated electric and other | — | | 3 | | 124 | | 24 | | 40 | | 191 | |
| Total operating revenues | 5,124 | | 554 | | 124 | | 24 | | (49) | | 5,777 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 1,425 | | — | | — | | — | | (19) | | 1,406 | |
| Cost of natural gas | — | | 160 | | — | | — | | 1 | | 161 | |
| Operation, maintenance and other | 1,500 | | 118 | | 81 | | (27) | | (26) | | 1,646 | |
| Depreciation and amortization | 1,045 | | 65 | | 51 | | 55 | | (8) | | 1,208 | |
| Property and other taxes | 303 | | 30 | | 3 | | (1) | | (1) | | 334 | |
| Impairment charges | 948 | | — | | — | | — | | — | | 948 | |
| Total operating expenses | 5,221 | | 373 | | 135 | | 27 | | (53) | | 5,703 | |
| Losses on Sales of Other Assets and Other, net | — | | — | | (1) | | — | | 1 | | — | |
| Operating (Loss) Income | (97) | | 181 | | (12) | | (3) | | 5 | | 74 | |
| Other Income and Expenses | | | | | | |
| Equity in earnings (losses) of unconsolidated affiliates | 2 | | (13) | | 5 | | 4 | | 1 | | (1) | |
| Other income and expenses, net | 101 | | 14 | | 2 | | 33 | | (7) | | 143 | |
| Total Other Income and Expenses | 103 | | 1 | | 7 | | 37 | | (6) | | 142 | |
| Interest Expense | 329 | | 32 | | 17 | | 159 | | (2) | | 535 | |
| (Loss) Income from Continuing Operations Before Income Taxes | (323) | | 150 | | (22) | | (125) | | 1 | | (319) | |
| Income Tax (Benefit) Expense from Continuing Operations | (153) | | 16 | | (13) | | (13) | | 1 | | (162) | |
| (Loss) Income from Continuing Operations | (170) | | 134 | | (9) | | (112) | | — | | (157) | |
| Add: Net Loss (Income) Attributable to Noncontrolling Interest | — | | — | | 88 | | (1) | | — | | 87 | |
| (Loss) Income from Continuing Operations Attributable to Duke Energy Corporation | (170) | | 134 | | 79 | | (113) | | — | | (70) | |
| Less: Preferred Dividends | — | | — | | — | | 14 | | — | | 14 | |
| Segment (Loss) Income | $ | (170) | | $ | 134 | | $ | 79 | | $ | (127) | | $ | — | | $ | (84) | |
| Income from Discontinued Operations, net of tax | | | | | | 7 | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | | $ | (77) | |
| | | | | | |
| Segment (Loss) Income | $ | (170) | | $ | 134 | | $ | 79 | | $ | (127) | | $ | — | | $ | (84) | |
| Special Items | 845 | | 16 | | — | | — | | — | | 861 | |
Adjusted Earnings(a) | $ | 675 | | $ | 150 | | $ | 79 | | $ | (127) | | $ | — | | $ | 777 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Year Ended December 2020 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 21,720 | | $ | — | | $ | — | | $ | — | | $ | (259) | | $ | 21,461 | |
| Regulated natural gas | — | | 1,737 | | — | | — | | (95) | | 1,642 | |
| Nonregulated electric and other | — | | 11 | | 502 | | 97 | | 155 | | 765 | |
| Total operating revenues | 21,720 | | 1,748 | | 502 | | 97 | | (199) | | 23,868 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 6,128 | | — | | — | | — | | (77) | | 6,051 | |
| Cost of natural gas | — | | 460 | | — | | — | | — | | 460 | |
| Operation, maintenance and other | 5,391 | | 430 | | 285 | | (208) | | (110) | | 5,788 | |
| Depreciation and amortization | 4,068 | | 258 | | 199 | | 209 | | (29) | | 4,705 | |
| Property and other taxes | 1,188 | | 112 | | 27 | | 11 | | (1) | | 1,337 | |
| Impairment charges | 971 | | 7 | | 6 | | — | | — | | 984 | |
| Total operating expenses | 17,746 | | 1,267 | | 517 | | 12 | | (217) | | 19,325 | |
| Gains (Losses) on Sales of Other Assets and Other, net | 11 | | — | | (1) | | — | | — | | 10 | |
| Operating Income (Loss) | 3,985 | | 481 | | (16) | | 85 | | 18 | | 4,553 | |
| Other Income and Expenses | | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (1) | | (2,017) | | — | | 13 | | — | | (2,005) | |
| Other income and expenses, net | 345 | | 56 | | 7 | | 79 | | (34) | | 453 | |
| Total Other Income and Expenses | 344 | | (1,961) | | 7 | | 92 | | (34) | | (1,552) | |
| Interest Expense | 1,320 | | 135 | | 66 | | 657 | | (16) | | 2,162 | |
| Income (Loss) from Continuing Operations Before Income Taxes | 3,009 | | (1,615) | | (75) | | (480) | | — | | 839 | |
| Income Tax Expense (Benefit) from Continuing Operations | 340 | | (349) | | (65) | | (162) | | — | | (236) | |
| Income (Loss) from Continuing Operations | 2,669 | | (1,266) | | (10) | | (318) | | — | | 1,075 | |
| Add: Net Loss (Income) Attributable to Noncontrolling Interest | — | | — | | 296 | | (1) | | — | | 295 | |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 2,669 | | (1,266) | | 286 | | (319) | | — | | 1,370 | |
| Less: Preferred Dividends | — | | — | | — | | 107 | | — | | 107 | |
| Segment Income (Loss) | $ | 2,669 | | $ | (1,266) | | $ | 286 | | $ | (426) | | $ | — | | $ | 1,263 | |
| Income from Discontinued Operations, net of tax | | | | | | 7 | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | | $ | 1,270 | |
| | | | | | |
| Segment Income (Loss) | $ | 2,669 | | $ | (1,266) | | $ | 286 | | $ | (426) | | $ | — | | $ | 1,263 | |
| Special Items | 876 | | 1,707 | | — | | (75) | | — | | 2,508 | |
Adjusted Earnings(a) | $ | 3,545 | | $ | 441 | | $ | 286 | | $ | (501) | | $ | — | | $ | 3,771 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income (Loss) to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2019 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 5,450 | | $ | — | | $ | — | | $ | — | | $ | (58) | | $ | 5,392 | |
| Regulated natural gas | — | | 552 | | — | | — | | (24) | | 528 | |
| Nonregulated electric and other | — | | 3 | | 125 | | 24 | | 31 | | 183 | |
| Total operating revenues | 5,450 | | 555 | | 125 | | 24 | | (51) | | 6,103 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 1,618 | | — | | — | | — | | (20) | | 1,598 | |
| Cost of natural gas | — | | 176 | | — | | — | | — | | 176 | |
| Operation, maintenance and other | 1,540 | | 121 | | 86 | | 4 | | (22) | | 1,729 | |
| Depreciation and amortization | 1,027 | | 64 | | 45 | | 53 | | (5) | | 1,184 | |
| Property and other taxes | 276 | | 22 | | 5 | | (6) | | (2) | | 295 | |
| Impairment charges | 8 | | — | | — | | — | | — | | 8 | |
| Total operating expenses | 4,469 | | 383 | | 136 | | 51 | | (49) | | 4,990 | |
| Gains (Losses) on Sales of Other Assets and Other, net | 1 | | — | | (3) | | (2) | | — | | (4) | |
| Operating Income (Loss) | 982 | | 172 | | (14) | | (29) | | (2) | | 1,109 | |
| Other Income and Expenses | | | | | | |
| Equity in (losses) earnings of unconsolidated affiliates | (2) | | 13 | | — | | 15 | | (1) | | 25 | |
| Other income and expenses, net | 88 | | 8 | | 2 | | 32 | | (8) | | 122 | |
| Total Other Income and Expenses | 86 | | 21 | | 2 | | 47 | | (9) | | 147 | |
| Interest Expense | 341 | | 31 | | 17 | | 169 | | (11) | | 547 | |
| Income (Loss) from Continuing Operations Before Income Taxes | 727 | | 162 | | (29) | | (151) | | — | | 709 | |
| Income Tax Expense (Benefit) from Continuing Operations | 135 | | 22 | | (21) | | (41) | | — | | 95 | |
| Income (Loss) from Continuing Operations | 592 | | 140 | | (8) | | (110) | | — | | 614 | |
| Add: Net Loss Attributable to Noncontrolling Interest | — | | — | | 67 | | — | | — | | 67 | |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 592 | | 140 | | 59 | | (110) | | — | | 681 | |
| Less: Preferred Dividends | — | | — | | — | | 14 | | — | | 14 | |
| Segment Income/Other Net Loss | $ | 592 | | $ | 140 | | $ | 59 | | $ | (124) | | $ | — | | $ | 667 | |
| Loss from Discontinued Operations, net of tax | | | | | | (7) | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | | $ | 660 | |
| | | | | | |
| Segment Income/Other Net Loss | $ | 592 | | $ | 140 | | $ | 59 | | $ | (124) | | $ | — | | $ | 667 | |
| Special Items | (8) | | 19 | | — | | — | | — | | 11 | |
Adjusted Earnings(a) | $ | 584 | | $ | 159 | | $ | 59 | | $ | (124) | | $ | — | | $ | 678 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2019 |
| (In millions) | Electric
Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/Adjustments | Duke Energy |
| Operating Revenues | | | | | | |
| Regulated electric | $ | 22,831 | | $ | — | | $ | — | | $ | — | | $ | (216) | | $ | 22,615 | |
| Regulated natural gas | — | | 1,854 | | — | | — | | (95) | | 1,759 | |
| Nonregulated electric and other | — | | 12 | | 487 | | 95 | | 111 | | 705 | |
| Total operating revenues | 22,831 | | 1,866 | | 487 | | 95 | | (200) | | 25,079 | |
| Operating Expenses | | | | | | |
| Fuel used in electric generation and purchased power | 6,904 | | — | | — | | — | | (78) | | 6,826 | |
| Cost of natural gas | — | | 627 | | — | | — | | — | | 627 | |
| Operation, maintenance and other | 5,497 | | 446 | | 297 | | (65) | | (109) | | 6,066 | |
| Depreciation and amortization | 3,951 | | 256 | | 168 | | 178 | | (5) | | 4,548 | |
| Property and other taxes | 1,175 | | 106 | | 23 | | 4 | | (1) | | 1,307 | |
| Impairment charges | (8) | | — | | — | | — | | — | | (8) | |
| Total operating expenses | 17,519 | | 1,435 | | 488 | | 117 | | (193) | | 19,366 | |
| Gains (Losses) on Sales of Other Assets and Other, net | 1 | | — | | (3) | | (2) | | — | | (4) | |
| Operating Income (Loss) | 5,313 | | 431 | | (4) | | (24) | | (7) | | 5,709 | |
| Other Income and Expenses | | | | | | |
| Equity in earnings (losses) of unconsolidated affiliates | 9 | | 114 | | (4) | | 43 | | — | | 162 | |
| Other income and expenses, net | 344 | | 26 | | 9 | | 102 | | (51) | | 430 | |
| Total Other Income and Expenses | 353 | | 140 | | 5 | | 145 | | (51) | | 592 | |
| Interest Expense | 1,345 | | 117 | | 95 | | 705 | | (58) | | 2,204 | |
| Income (Loss) from Continuing Operations Before Income Taxes | 4,321 | | 454 | | (94) | | (584) | | — | | 4,097 | |
| Income Tax Expense (Benefit) from Continuing Operations | 785 | | 22 | | (115) | | (173) | | — | | 519 | |
| Income (Loss) from Continuing Operations | 3,536 | | 432 | | 21 | | (411) | | — | | 3,578 | |
| Add: Net Loss Attributable to Noncontrolling Interest | — | | — | | 177 | | — | | — | | 177 | |
| Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation | 3,536 | | 432 | | 198 | | (411) | | — | | 3,755 | |
| Less: Preferred Dividends | — | | — | | — | | 41 | | — | | 41 | |
| Segment Income/Other Net Loss | $ | 3,536 | | $ | 432 | | $ | 198 | | $ | (452) | | $ | — | | $ | 3,714 | |
| Loss from Discontinued Operations, net of tax | | | | | | (7) | |
| Net Income Available to Duke Energy Corporation Common Stockholders | | | | | | $ | 3,707 | |
| | | | | | |
| Segment Income/Other Net Loss | $ | 3,536 | | $ | 432 | | $ | 198 | | $ | (452) | | $ | — | | $ | 3,714 | |
| Special Items | (27) | | 19 | | — | | — | | — | | (8) | |
Adjusted Earnings(a) | $ | 3,509 | | $ | 451 | | $ | 198 | | $ | (452) | | $ | — | | $ | 3,706 | |
(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| December 31, 2020 |
| (In millions) | Electric Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial
Renewables | Other | Eliminations/
Adjustments | Duke Energy |
| Current Assets | | | | | | |
| Cash and cash equivalents | $ | 87 | | $ | 3 | | $ | 5 | | $ | 163 | | $ | 1 | | $ | 259 | |
| | | | | | |
| Receivables, net | 617 | | 259 | | 114 | | 20 | | (1) | | 1,009 | |
| Receivables of variable interest entities, net | 2,144 | | — | | — | | — | | — | | 2,144 | |
| Receivables from affiliated companies | 78 | | 341 | | 655 | | 1,286 | | (2,360) | | — | |
| Notes receivable from affiliated companies | — | | — | | — | | 1,876 | | (1,876) | | — | |
| Inventory | 2,954 | | 82 | | 98 | | 33 | | — | | 3,167 | |
| | | | | | |
| Regulatory assets | 1,389 | | 154 | | — | | 99 | | (1) | | 1,641 | |
| Other | 153 | | 41 | | 186 | | 81 | | 1 | | 462 | |
| Total current assets | 7,422 | | 880 | | 1,058 | | 3,558 | | (4,236) | | 8,682 | |
| Property, Plant and Equipment | | | | | | |
| Cost | 133,709 | | 12,759 | | 6,760 | | 2,453 | | (101) | | 155,580 | |
| Accumulated depreciation and amortization | (43,594) | | (2,657) | | (1,218) | | (1,359) | | 1 | | (48,827) | |
| Generation facilities to be retired, net | 29 | | — | | — | | — | | — | | 29 | |
| Net property, plant and equipment | 90,144 | | 10,102 | | 5,542 | | 1,094 | | (100) | | 106,782 | |
| Other Noncurrent Assets | | | | | | |
| Goodwill | 17,379 | | 1,924 | | — | | — | | — | | 19,303 | |
| Regulatory assets | 11,201 | | 702 | | — | | 518 | | — | | 12,421 | |
| Nuclear decommissioning trust funds | 9,114 | | — | | — | | — | | — | | 9,114 | |
| Operating lease right-of-use assets, net | 1,104 | | 20 | | 122 | | 277 | | 1 | | 1,524 | |
| Investments in equity method unconsolidated affiliates | 105 | | 215 | | 534 | | 107 | | — | | 961 | |
| Investment in consolidated subsidiaries | 566 | | 4 | | 1 | | 63,159 | | (63,730) | | — | |
| | | | | | |
| Other | 1,979 | | 302 | | 115 | | 1,840 | | (635) | | 3,601 | |
| Total other noncurrent assets | 41,448 | | 3,167 | | 772 | | 65,901 | | (64,364) | | 46,924 | |
| Total Assets | 139,014 | | 14,149 | | 7,372 | | 70,553 | | (68,700) | | 162,388 | |
| Segment reclassifications, intercompany balances and other | (789) | | (300) | | (656) | | (66,955) | | 68,700 | | — | |
| Segment Assets | $ | 138,225 | | $ | 13,849 | | $ | 6,716 | | $ | 3,598 | | $ | — | | $ | 162,388 | |
DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| December 31, 2020 |
| (In millions) | Electric Utilities and Infrastructure | Gas
Utilities and Infrastructure | Commercial
Renewables | Other | Eliminations/
Adjustments | Duke Energy |
| Current Liabilities | | | | | | |
| Accounts payable | $ | 2,333 | | $ | 283 | | $ | 87 | | $ | 441 | | $ | — | | $ | 3,144 | |
| Accounts payable to affiliated companies | 559 | | 39 | | 757 | | 938 | | (2,293) | | — | |
| Notes payable to affiliated companies | 1,262 | | 585 | | — | | — | | (1,847) | | — | |
| Notes payable and commercial paper | — | | — | | 91 | | 2,782 | | — | | 2,873 | |
| Taxes accrued | 506 | | 10 | | (130) | | 96 | | — | | 482 | |
| Interest accrued | 360 | | 42 | | 2 | | 133 | | — | | 537 | |
| Current maturities of long-term debt | 2,138 | | 188 | | 167 | | 1,749 | | (4) | | 4,238 | |
| | | | | | |
| Asset retirement obligations | 718 | | — | | — | | — | | — | | 718 | |
| Regulatory liabilities | 1,262 | | 115 | | — | | 1 | | (1) | | 1,377 | |
| Other | 1,493 | | 1,002 | | 64 | | 422 | | (45) | | 2,936 | |
| Total current liabilities | 10,631 | | 2,264 | | 1,038 | | 6,562 | | (4,190) | | 16,305 | |
| Long-Term Debt | 34,509 | | 3,305 | | 1,569 | | 16,337 | | (95) | | 55,625 | |
| Long-Term Debt Payable to Affiliated Companies | 618 | | 7 | | 59 | | — | | (684) | | — | |
| Other Noncurrent Liabilities | | | | | | |
| Deferred income taxes | 10,349 | | 1,127 | | (560) | | (1,671) | | (1) | | 9,244 | |
| Asset retirement obligations | 12,074 | | 62 | | 150 | | — | | — | | 12,286 | |
| Regulatory liabilities | 13,555 | | 1,451 | | — | | 24 | | (1) | | 15,029 | |
| Operating lease liabilities | 1,012 | | 19 | | 127 | | 182 | | — | | 1,340 | |
| Accrued pension and other post-retirement benefit costs | 414 | | 37 | | (27) | | 545 | | — | | 969 | |
| Investment tax credits | 685 | | 2 | | — | | — | | — | | 687 | |
| | | | | | |
| Other | 837 | | 193 | | 344 | | 532 | | (187) | | 1,719 | |
| Total other noncurrent liabilities | 38,926 | | 2,891 | | 34 | | (388) | | (189) | | 41,274 | |
| Equity | | | | | | |
| Total Duke Energy Corporation stockholders' equity | 54,330 | | 5,682 | | 3,456 | | 48,038 | | (63,542) | | 47,964 | |
| Noncontrolling interests | — | | — | | 1,216 | | 4 | | — | | 1,220 | |
| Total equity | 54,330 | | 5,682 | | 4,672 | | 48,042 | | (63,542) | | 49,184 | |
| Total Liabilities and Equity | 139,014 | | 14,149 | | 7,372 | | 70,553 | | (68,700) | | 162,388 | |
| Segment reclassifications, intercompany balances and other | (789) | | (300) | | (656) | | (66,955) | | 68,700 | | — | |
| Segment Liabilities and Equity | $ | 138,225 | | $ | 13,849 | | $ | 6,716 | | $ | 3,598 | | $ | — | | $ | 162,388 | |
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2020 |
| (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 | $ | 1,599 | | $ | 1,215 | | $ | 1,291 | | $ | 335 | | $ | 725 | | $ | (41) | | $ | 5,124 | |
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 356 | | 406 | | 446 | | 81 | | 190 | | (54) | | 1,425 | |
| Operation, maintenance and other | 515 | | 358 | | 321 | | 96 | | 196 | | 14 | | 1,500 | |
| Depreciation and amortization | 372 | | 283 | | 179 | | 51 | | 154 | | 6 | | 1,045 | |
| Property and other taxes | 86 | | 38 | | 91 | | 66 | | 24 | | (2) | | 303 | |
| Impairment charges | 454 | | 494 | | — | | — | | — | | — | | 948 | |
| Total operating expenses | 1,783 | | 1,579 | | 1,037 | | 294 | | 564 | | (36) | | 5,221 | |
| Gains on Sales of Other Assets and Other, net | — | | — | | 1 | | — | | — | | (1) | | — | |
| Operating (Loss) Income | (184) | | (364) | | 255 | | 41 | | 161 | | (6) | | (97) | |
Other Income and Expenses, net(b) | 49 | | 23 | | 17 | | 4 | | 9 | | 1 | | 103 | |
| Interest Expense | 117 | | 66 | | 81 | | 23 | | 47 | | (5) | | 329 | |
| (Loss) Income Before Income Taxes | (252) | | (407) | | 191 | | 22 | | 123 | | — | | (323) | |
| Income Tax (Benefit) Expense | (87) | | (113) | | 40 | | (3) | | 12 | | (2) | | (153) | |
| Segment Loss | $ | (165) | | $ | (294) | | $ | 151 | | $ | 25 | | $ | 111 | | $ | 2 | | $ | (170) | |
| | | | | | | |
| | | | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $16 million for Duke Energy Carolinas, $7 million for Duke Energy Progress, $4 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $5 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 2020 |
| (In millions) | Duke
Energy
Carolinas | Duke
Energy
Progress | Duke
Energy
Florida | Duke Energy Ohio(a) | Duke
Energy
Indiana | Eliminations/
Other | Electric Utilities and Infrastructure |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Operating Revenues | $ | 7,015 | | $ | 5,422 | | $ | 5,188 | | $ | 1,405 | | $ | 2,795 | | $ | (105) | | $ | 21,720 | |
| Operating Expenses | | | | | | | |
| Fuel used in electric generation and purchased power | 1,682 | | 1,743 | | 1,737 | | 339 | | 767 | | (140) | | 6,128 | |
| Operation, maintenance and other | 1,781 | | 1,350 | | 1,120 | | 346 | | 755 | | 39 | | 5,391 | |
| Depreciation and amortization | 1,462 | | 1,116 | | 702 | | 200 | | 569 | | 19 | | 4,068 | |
| Property and other taxes | 299 | | 167 | | 381 | | 265 | | 81 | | (5) | | 1,188 | |
| Impairment charges | 476 | | 499 | | (4) | | — | | — | | — | | 971 | |
| Total operating expenses | 5,700 | | 4,875 | | 3,936 | | 1,150 | | 2,172 | | (87) | | 17,746 | |
| Gains on Sales of Other Assets and Other, net | 1 | | 8 | | 1 | | — | | — | | 1 | | 11 | |
| Operating Income | 1,316 | | 555 | | 1,253 | | 255 | | 623 | | (17) | | 3,985 | |
Other Income and Expenses, net(b) | 177 | | 75 | | 53 | | 11 | | 37 | | (9) | | 344 | |
| Interest Expense | 487 | | 269 | | 326 | | 85 | | 161 | | (8) | | 1,320 | |
| Income Before Income Taxes | 1,006 | | 361 | | 980 | | 181 | | 499 | | (18) | | 3,009 | |
| Income Tax Expense (Benefit) | 80 | | (40) | | 201 | | 19 | | 85 | | (5) | | 340 | |
Segment Income | $ | 926 | | $ | 401 | | $ | 779 | | $ | 162 | | $ | 414 | | $ | (13) | | $ | 2,669 | |
| | | | | | | |
| | | | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $62 million for Duke Energy Carolinas, $29 million for Duke Energy Progress, $12 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $23 million for Duke Energy Indiana.
ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2020 |
| (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 | $ | 21 | | $ | 39 | | $ | 11 | | $ | 10 | | $ | 7 | | $ | (1) | | $ | 87 | |
| | | | | | | |
| Receivables, net | 247 | | 132 | | 94 | | 88 | | 55 | | 1 | | 617 | |
| Receivables of variable interest entities, net | 696 | | 500 | | 401 | | — | | — | | 547 | | 2,144 | |
| Receivables from affiliated companies | 124 | | 50 | | 3 | | 87 | | 112 | | (298) | | 78 | |
| | | | | | | |
| Inventory | 1,010 | | 911 | | 464 | | 96 | | 473 | | — | | 2,954 | |
| | | | | | | |
| Regulatory assets | 473 | | 492 | | 265 | | 24 | | 125 | | 10 | | 1,389 | |
| Other | 19 | | 60 | | 41 | | (4) | | 37 | | — | | 153 | |
| Total current assets | 2,590 | | 2,184 | | 1,279 | | 301 | | 809 | | 259 | | 7,422 | |
| Property, Plant and Equipment | | | | | | | |
| Cost | 50,640 | | 35,759 | | 22,123 | | 7,395 | | 17,382 | | 410 | | 133,709 | |
| Accumulated depreciation and amortization | (17,453) | | (12,801) | | (5,560) | | (2,105) | | (5,661) | | (14) | | (43,594) | |
| Generation facilities to be retired, net | — | | 29 | | — | | — | | — | | — | | 29 | |
| Net property, plant and equipment | 33,187 | | 22,987 | | 16,563 | | 5,290 | | 11,721 | | 396 | | 90,144 | |
| Other Noncurrent Assets | | | | | | | |
| Goodwill | — | | — | | — | | 596 | | — | | 16,783 | | 17,379 | |
| Regulatory assets | 2,996 | | 3,976 | | 1,799 | | 357 | | 1,203 | | 870 | | 11,201 | |
| Nuclear decommissioning trust funds | 4,977 | | 3,500 | | 637 | | — | | — | | — | | 9,114 | |
| Operating lease right-of-use assets, net | 110 | | 346 | | 344 | | 20 | | 55 | | 229 | | 1,104 | |
| Investments in equity method unconsolidated affiliates | — | | — | | 1 | | — | | — | | 104 | | 105 | |
| Investment in consolidated subsidiaries | 50 | | 15 | | 2 | | 222 | | 1 | | 276 | | 566 | |
| | | | | | | |
| Other | 1,188 | | 740 | | 334 | | 54 | | 253 | | (590) | | 1,979 | |
| Total other noncurrent assets | 9,321 | | 8,577 | | 3,117 | | 1,249 | | 1,512 | | 17,672 | | 41,448 | |
| Total Assets | 45,098 | | 33,748 | | 20,959 | | 6,840 | | 14,042 | | 18,327 | | 139,014 | |
| Segment reclassifications, intercompany balances and other | (303) | | (114) | | (76) | | (225) | | (86) | | 15 | | (789) | |
| Reportable Segment Assets | $ | 44,795 | | $ | 33,634 | | $ | 20,883 | | $ | 6,615 | | $ | 13,956 | | $ | 18,342 | | $ | 138,225 | |
(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
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2020 |
| (In millions) | Duke
Energy
Carolinas | Duke
Energy
Progress | Duke
Energy
Florida | Duke Energy Ohio(a) | Duke
Energy
Indiana | Eliminations/
Adjustments(b) | Electric Utilities and Infrastructure |
| Current Liabilities | | | | | | | |
| Accounts payable | $ | 1,000 | | $ | 454 | | $ | 465 | | $ | 225 | | $ | 188 | | $ | 1 | | $ | 2,333 | |
| Accounts payable to affiliated companies | 200 | | 217 | | 85 | | 21 | | 88 | | (52) | | 559 | |
| Notes payable to affiliated companies | 506 | | 295 | | 196 | | 114 | | 131 | | 20 | | 1,262 | |
| | | | | | | |
| Taxes accrued | 78 | | 86 | | 82 | | 207 | | 63 | | (10) | | 506 | |
| Interest accrued | 117 | | 99 | | 69 | | 23 | | 51 | | 1 | | 360 | |
| Current maturities of long-term debt | 506 | | 603 | | 823 | | 24 | | 70 | | 112 | | 2,138 | |
| | | | | | | |
| Asset retirement obligations | 264 | | 283 | | — | | 3 | | 168 | | — | | 718 | |
| Regulatory liabilities | 473 | | 530 | | 110 | | 37 | | 111 | | 1 | | 1,262 | |
| Other | 546 | | 411 | | 375 | | 66 | | 82 | | 13 | | 1,493 | |
| Total current liabilities | 3,690 | | 2,978 | | 2,205 | | 720 | | 952 | | 86 | | 10,631 | |
| Long-Term Debt | 11,412 | | 8,505 | | 7,092 | | 2,445 | | 3,871 | | 1,184 | | 34,509 | |
| Long-Term Debt Payable to Affiliated Companies | 300 | | 150 | | — | | 18 | | 150 | | — | | 618 | |
| Other Noncurrent Liabilities | | | | | | | |
| Deferred income taxes | 3,889 | | 2,310 | | 2,192 | | 698 | | 1,228 | | 32 | | 10,349 | |
| Asset retirement obligations | 5,086 | | 5,352 | | 514 | | 65 | | 1,008 | | 49 | | 12,074 | |
| Regulatory liabilities | 6,535 | | 4,394 | | 658 | | 357 | | 1,628 | | (17) | | 13,555 | |
| Operating lease liabilities | 97 | | 323 | | 300 | | 20 | | 53 | | 219 | | 1,012 | |
| Accrued pension and other post-retirement benefit costs | 73 | | 242 | | 231 | | 84 | | 171 | | (387) | | 414 | |
| Investment tax credits | 236 | | 132 | | 146 | | 3 | | 168 | | — | | 685 | |
| | | | | | | |
| Other | 626 | | 102 | | 63 | | 63 | | 29 | | (46) | | 837 | |
| Total other noncurrent liabilities | 16,542 | | 12,855 | | 4,104 | | 1,290 | | 4,285 | | (150) | | 38,926 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Equity | 13,154 | | 9,260 | | 7,558 | | 2,367 | | 4,784 | | 17,207 | | 54,330 | |
| Total Liabilities and Equity | 45,098 | | 33,748 | | 20,959 | | 6,840 | | 14,042 | | 18,327 | | 139,014 | |
| Segment reclassifications, intercompany balances and other | (303) | | (114) | | (76) | | (225) | | (86) | | 15 | | (789) | |
| Reportable Segment Liabilities and Equity | $ | 44,795 | | $ | 33,634 | | $ | 20,883 | | $ | 6,615 | | $ | 13,956 | | $ | 18,342 | | $ | 138,225 | |
(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 SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2020 |
| (In millions) | Duke Energy
Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/
Adjustments | Gas
Utilities and Infrastructure |
| | | | | |
| | | | | |
| | | | | |
| Operating Revenues | $ | 129 | | $ | 426 | | $ | — | | $ | (1) | | $ | 554 | |
| Operating Expenses | | | | | |
| Cost of natural gas | 27 | | 132 | | — | | 1 | | 160 | |
| Operation, maintenance and other | 33 | | 87 | | 1 | | (3) | | 118 | |
| Depreciation and amortization | 18 | | 47 | | — | | — | | 65 | |
| Property and other taxes | 14 | | 16 | | — | | — | | 30 | |
| | | | | |
| Total operating expenses | 92 | | 282 | | 1 | | (2) | | 373 | |
| | | | | |
| Operating Income (Loss) | 37 | | 144 | | (1) | | 1 | | 181 | |
| Other Income and Expenses | | | | | |
| Equity in losses of unconsolidated affiliates | — | | — | | (13) | | — | | (13) | |
| Other income and expenses, net | 2 | | 14 | | — | | (2) | | 14 | |
| Total other income and expenses | 2 | | 14 | | (13) | | (2) | | 1 | |
| Interest Expense | 4 | | 29 | | — | | (1) | | 32 | |
| Income (Loss) Before Income Taxes | 35 | | 129 | | (14) | | — | | 150 | |
| Income Tax Expense (Benefit) | 7 | | 14 | | (6) | | 1 | | 16 | |
| Segment Income | $ | 28 | | $ | 115 | | $ | (8) | | $ | (1) | | $ | 134 | |
| | | | | |
| | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes losses from the cancellation of the ACP pipeline and earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Year Ended December 2020 |
| (In millions) | Duke Energy
Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/
Adjustments | Gas
Utilities and Infrastructure |
| | | | | |
| | | | | |
| | | | | |
| Operating Revenues | $ | 453 | | $ | 1,297 | | $ | — | | $ | (2) | | $ | 1,748 | |
| Operating Expenses | | | | | |
| Cost of natural gas | 73 | | 386 | | — | | 1 | | 460 | |
| Operation, maintenance and other | 110 | | 318 | | 5 | | (3) | | 430 | |
| Depreciation and amortization | 78 | | 180 | | — | | — | | 258 | |
| Property and other taxes | 59 | | 53 | | — | | — | | 112 | |
| Impairment charges | — | | 7 | | — | | — | | 7 | |
| Total operating expenses | 320 | | 944 | | 5 | | (2) | | 1,267 | |
| | | | | |
| Operating Income (Loss) | 133 | | 353 | | (5) | | — | | 481 | |
| Other Income and Expenses | | | | | |
| Equity in losses of unconsolidated affiliates | — | | — | | (2,017) | | — | | (2,017) | |
| Other income and expenses, net | 6 | | 51 | | — | | (1) | | 56 | |
| Total other income and expenses | 6 | | 51 | | (2,017) | | (1) | | (1,961) | |
| Interest Expense | 17 | | 118 | | — | | — | | 135 | |
| Income (Loss) Before Income Taxes | 122 | | 286 | | (2,022) | | (1) | | (1,615) | |
| Income Tax Expense (Benefit) | 26 | | 19 | | (394) | | — | | (349) | |
| Segment Loss | $ | 96 | | $ | 267 | | $ | (1,628) | | $ | (1) | | $ | (1,266) | |
| | | | | |
| | | | | |
(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes losses from the cancellation of the ACP pipeline and 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)
| | | | | | | | | | | | | | | | | |
| December 31, 2020 |
| (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 | $ | 3 | | $ | — | | $ | — | | $ | — | | $ | 3 | |
| | | | | |
| Receivables, net | 9 | | 250 | | — | | — | | 259 | |
| | | | | |
| Receivables from affiliated companies | 5 | | 61 | | 356 | | (81) | | 341 | |
| | | | | |
| Inventory | 14 | | 68 | | — | | — | | 82 | |
| | | | | |
| Regulatory assets | 1 | | 153 | | — | | — | | 154 | |
| Other | 21 | | 19 | | 1 | | — | | 41 | |
| Total current assets | 53 | | 551 | | 357 | | (81) | | 880 | |
| Property, Plant and Equipment | | | | | |
| Cost | 3,627 | | 9,131 | | — | | 1 | | 12,759 | |
| Accumulated depreciation and amortization | (908) | | (1,748) | | — | | (1) | | (2,657) | |
| Net property, plant and equipment | 2,719 | | 7,383 | | — | | — | | 10,102 | |
| Other Noncurrent Assets | | | | | |
| Goodwill | 324 | | 49 | | — | | 1,551 | | 1,924 | |
| Regulatory assets | 268 | | 302 | | — | | 132 | | 702 | |
| Operating lease right-of-use assets, net | — | | 20 | | — | | — | | 20 | |
| Investments in equity method unconsolidated affiliates | — | | — | | 210 | | 5 | | 215 | |
| Investment in consolidated subsidiaries | — | | — | | — | | 4 | | 4 | |
| | | | | |
| Other | 16 | | 270 | | 16 | | — | | 302 | |
| Total other noncurrent assets | 608 | | 641 | | 226 | | 1,692 | | 3,167 | |
| Total Assets | 3,380 | | 8,575 | | 583 | | 1,611 | | 14,149 | |
| Segment reclassifications, intercompany balances and other | — | | (57) | | 5 | | (248) | | (300) | |
| Reportable Segment Assets | $ | 3,380 | | $ | 8,518 | | $ | 588 | | $ | 1,363 | | $ | 13,849 | |
(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)
| | | | | | | | | | | | | | | | | |
| December 31, 2020 |
| (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 | | $ | 230 | | $ | — | | $ | — | | $ | 283 | |
| Accounts payable to affiliated companies | 2 | | 62 | | 63 | | (88) | | 39 | |
| Notes payable to affiliated companies | 55 | | 530 | | — | | — | | 585 | |
| | | | | |
| Taxes accrued | 30 | | 22 | | (42) | | — | | 10 | |
| Interest accrued | 8 | | 34 | | — | | — | | 42 | |
| Current maturities of long-term debt | 26 | | 160 | | — | | 2 | | 188 | |
| | | | | |
| | | | | |
| Regulatory liabilities | 26 | | 88 | | — | | 1 | | 115 | |
| Other | 5 | | 69 | | 928 | | — | | 1,002 | |
| Total current liabilities | 205 | | 1,195 | | 949 | | (85) | | 2,264 | |
| Long-Term Debt | 570 | | 2,620 | | — | | 115 | | 3,305 | |
| Long-Term Debt Payable to Affiliated Companies | 7 | | — | | — | | — | | 7 | |
| Other Noncurrent Liabilities | | | | | |
| Deferred income taxes | 292 | | 805 | | 28 | | 2 | | 1,127 | |
| Asset retirement obligations | 42 | | 20 | | — | | — | | 62 | |
| Regulatory liabilities | 393 | | 1,044 | | — | | 14 | | 1,451 | |
| Operating lease liabilities | — | | 19 | | — | | — | | 19 | |
| Accrued pension and other post-retirement benefit costs | 29 | | 8 | | — | | — | | 37 | |
| Investment tax credits | 2 | | — | | — | | — | | 2 | |
| | | | | |
| Other | 31 | | 154 | | 8 | | — | | 193 | |
| Total other noncurrent liabilities | 789 | | 2,050 | | 36 | | 16 | | 2,891 | |
| | | | | |
| | | | | |
| | | | | |
| Equity | 1,809 | | 2,710 | | (402) | | 1,565 | | 5,682 | |
| Total Liabilities and Equity | 3,380 | | 8,575 | | 583 | | 1,611 | | 14,149 | |
| Segment reclassifications, intercompany balances and other | — | | (57) | | 5 | | (248) | | (300) | |
| Reportable Segment Liabilities and Equity | $ | 3,380 | | $ | 8,518 | | $ | 588 | | $ | 1,363 | | $ | 13,849 | |
(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 |
| Year Ended December 2020 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
Gigawatt-hour (GWh) Sales(a) | | | | | | | | | | | | | | | |
| Residential | 19,050 | | | 19,743 | | | (3.5 | %) | | 2.1 | % | | 84,867 | | | 86,088 | | | (1.4 | %) | | 2.6 | % |
| General Service | 17,673 | | | 18,864 | | | (6.3 | %) | | (4.1 | %) | | 72,936 | | | 78,192 | | | (6.7 | %) | | (5.5 | %) |
| Industrial | 12,182 | | | 12,384 | | | (1.6 | %) | | 0.9 | % | | 47,765 | | | 50,864 | | | (6.1 | %) | | (5.5 | %) |
| Other Energy Sales | 149 | | | 144 | | | 3.5 | % | | n/a | | 570 | | | 580 | | | (1.7 | %) | | n/a |
| Unbilled Sales | 949 | | | (766) | | | 223.9 | % | | n/a | | 730 | | | (455) | | | 260.4 | % | | n/a |
| Total Retail Sales | 50,003 | | | 50,369 | | | (0.7 | %) | | (0.5) | % | | 206,868 | | | 215,269 | | | (3.9 | %) | | (2.3 | %) |
| Wholesale and Other | 9,761 | | | 9,996 | | | (2.4 | %) | | | | 39,448 | | | 41,795 | | | (5.6 | %) | | |
| Total Consolidated Electric Sales – Electric Utilities and Infrastructure | 59,764 | | | 60,365 | | | (1.0 | %) | | | | 246,316 | | | 257,064 | | | (4.2 | %) | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers (Electric) | | | | | | | | | | | | | | | |
| Residential | 6,909,529 | | | 6,779,122 | | | 1.9 | % | | | | 6,863,679 | | | 6,740,566 | | | 1.8 | % | | |
| General Service | 1,007,851 | | | 995,165 | | | 1.3 | % | | | | 1,002,533 | | | 991,955 | | | 1.1 | % | | |
| Industrial | 17,242 | | | 17,315 | | | (0.4 | %) | | | | 17,281 | | | 17,335 | | | (0.3 | %) | | |
| Other Energy Sales | 31,312 | | | 30,788 | | | 1.7 | % | | | | 31,111 | | | 29,656 | | | 4.9 | % | | |
| Total Retail Customers | 7,965,934 | | | 7,822,390 | | | 1.8 | % | | | | 7,914,604 | | | 7,779,512 | | | 1.7 | % | | |
| Wholesale and Other | 40 | | | 43 | | | (7.0 | %) | | | | 44 | | | 48 | | | (8.3 | %) | | |
| Total Average Number of Customers – Electric Utilities and Infrastructure | 7,965,974 | | | 7,822,433 | | | 1.8 | % | | | | 7,914,648 | | | 7,779,560 | | | 1.7 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 11,856 | | | 12,187 | | | (2.7 | %) | | | | 45,057 | | | 55,900 | | | (19.4 | %) | | |
| Nuclear | 17,831 | | | 18,250 | | | (2.3 | %) | | | | 73,721 | | | 73,948 | | | (0.3 | %) | | |
| Hydro | 1,052 | | | 479 | | | 119.6 | % | | | | 3,596 | | | 2,551 | | | 41.0 | % | | |
| Natural Gas and Oil | 18,298 | | | 17,132 | | | 6.8 | % | | | | 77,883 | | | 75,398 | | | 3.3 | % | | |
| Renewable Energy | 260 | | | 135 | | | 92.6 | % | | | | 1,154 | | | 654 | | | 76.5 | % | | |
| Total Generation(d) | 49,297 | | | 48,183 | | | 2.3 | % | | | | 201,411 | | | 208,451 | | | (3.4 | %) | | |
| Purchased Power and Net Interchange(e) | 14,088 | | | 15,691 | | | (10.2 | %) | | | | 58,529 | | | 61,976 | | | (5.6 | %) | | |
| Total Sources of Energy | 63,385 | | | 63,874 | | | (0.8 | %) | | | | 259,940 | | | 270,427 | | | (3.9 | %) | | |
| Less: Line Loss and Other | 3,621 | | | 3,509 | | | 3.2 | % | | | | 13,624 | | | 13,363 | | | 2.0 | % | | |
| Total GWh Sources | 59,764 | | | 60,365 | | | (1.0 | %) | | | | 246,316 | | | 257,064 | | | (4.2 | %) | | |
| | | | | | | | | | | | | | | | |
Owned Megawatt (MW) Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 50,807 | | | 51,144 | | | | | |
| Winter | | | | | | | | | 54,248 | | | 54,853 | | | | | |
Nuclear Capacity Factor (%)(f) | | | | | | | | | 94 | | | 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).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Carolinas |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2020 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 6,084 | | | 6,486 | | | (6.2 | %) | | | | 27,963 | | | 28,861 | | | (3.1 | %) | | |
| General Service | 6,560 | | | 7,089 | | | (7.5 | %) | | | | 27,637 | | | 29,628 | | | (6.7 | %) | | |
| Industrial | 4,981 | | | 5,174 | | | (3.7 | %) | | | | 19,593 | | | 21,300 | | | (8.0 | %) | | |
| Other Energy Sales | 85 | | | 79 | | | 7.6 | % | | | | 314 | | | 320 | | | (1.9 | %) | | |
| Unbilled Sales | 628 | | | (46) | | | 1,465.2 | % | | | | 210 | | | (215) | | | 197.7 | % | | |
| Total Retail Sales | 18,338 | | | 18,782 | | | (2.4 | %) | | (1.4 | %) | | 75,717 | | | 79,894 | | | (5.2 | %) | | (2.6 | %) |
| Wholesale and Other | 2,191 | | | 2,119 | | | 3.4 | % | | | | 8,857 | | | 10,026 | | | (11.7 | %) | | |
| Total Consolidated Electric Sales – Duke Energy Carolinas | 20,529 | | | 20,901 | | | (1.8 | %) | | | | 84,574 | | | 89,920 | | | (5.9 | %) | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 2,324,382 | | | 2,275,136 | | | 2.2 | % | | | | 2,306,162 | | | 2,260,939 | | | 2.0 | % | | |
| General Service | 369,593 | | | 363,479 | | | 1.7 | % | | | | 366,952 | | | 362,174 | | | 1.3 | % | | |
| Industrial | 6,088 | | | 6,120 | | | (0.5 | %) | | | | 6,099 | | | 6,123 | | | (0.4 | %) | | |
| Other Energy Sales | 23,115 | | | 22,668 | | | 2.0 | % | | | | 22,939 | | | 21,581 | | | 6.3 | % | | |
| Total Retail Customers | 2,723,178 | | | 2,667,403 | | | 2.1 | % | | | | 2,702,152 | | | 2,650,817 | | | 1.9 | % | | |
| Wholesale and Other | 17 | | | 19 | | | (10.5 | %) | | | | 21 | | | 19 | | | 10.5 | % | | |
| Total Average Number of Customers – Duke Energy Carolinas | 2,723,195 | | | 2,667,422 | | | 2.1 | % | | | | 2,702,173 | | | 2,650,836 | | | 1.9 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 3,152 | | | 4,511 | | | (30.1 | %) | | | | 14,739 | | | 20,927 | | | (29.6 | %) | | |
| Nuclear | 10,673 | | | 11,097 | | | (3.8 | %) | | | | 44,315 | | | 45,244 | | | (2.1 | %) | | |
| Hydro | 728 | | | 291 | | | 150.2 | % | | | | 2,511 | | | 1,714 | | | 46.5 | % | | |
| Natural Gas and Oil | 3,842 | | | 3,109 | | | 23.6 | % | | | | 16,817 | | | 15,694 | | | 7.2 | % | | |
| Renewable Energy | 42 | | | 35 | | | 20.0 | % | | | | 174 | | | 158 | | | 10.1 | % | | |
| Total Generation(d) | 18,437 | | | 19,043 | | | (3.2 | %) | | | | 78,556 | | | 83,737 | | | (6.2 | %) | | |
| Purchased Power and Net Interchange(e) | 3,109 | | | 3,058 | | | 1.7 | % | | | | 10,630 | | | 11,088 | | | (4.1 | %) | | |
| Total Sources of Energy | 21,546 | | | 22,101 | | | (2.5 | %) | | | | 89,186 | | | 94,825 | | | (5.9 | %) | | |
| Less: Line Loss and Other | 1,017 | | | 1,200 | | | (15.3 | %) | | | | 4,612 | | | 4,905 | | | (6.0 | %) | | |
| Total GWh Sources | 20,529 | | | 20,901 | | | (1.8 | %) | | | | 84,574 | | | 89,920 | | | (5.9 | %) | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 20,280 | | | 20,192 | | | | | |
| Winter | | | | | | | | | 21,127 | | | 21,127 | | | | | |
Nuclear Capacity Factor (%)(f) | | | | | | | | | 95 | | | 97 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 1,098 | | | 1,143 | | | (3.9 | %) | | | | 2,833 | | | 2,873 | | | (1.4 | %) | | |
| Cooling Degree Days | 51 | | | 94 | | | (45.7 | %) | | | | 1,525 | | | 1,935 | | | (21.2 | %) | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (12.1 | %) | | (8.9 | %) | | | | | | (11.7 | %) | | (10.5 | %) | | | | |
| Cooling Degree Days | 25.7 | % | | 161.5 | % | | | | | | (1.2 | %) | | 27.1 | % | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Progress |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2020 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 3,882 | | | 4,070 | | | (4.6 | %) | | | | 17,587 | | | 18,177 | | | (3.2 | %) | | |
| General Service | 3,411 | | | 3,644 | | | (6.4 | %) | | | | 14,312 | | | 15,452 | | | (7.4 | %) | | |
| Industrial | 2,534 | | | 2,516 | | | 0.7 | % | | | | 10,122 | | | 10,534 | | | (3.9 | %) | | |
| Other Energy Sales | 19 | | | 19 | | | — | % | | | | 77 | | | 77 | | | — | % | | |
| Unbilled Sales | 302 | | | (60) | | | 603.3 | % | | | | 155 | | | (50) | | | 410 | % | | |
| Total Retail Sales | 10,148 | | | 10,189 | | | (0.4 | %) | | (0.2 | %) | | 42,253 | | | 44,190 | | | (4.4 | %) | | (1.9 | %) |
| Wholesale and Other | 5,580 | | | 6,095 | | | (8.4 | %) | | | | 22,987 | | | 24,166 | | | (4.9 | %) | | |
| Total Consolidated Electric Sales – Duke Energy Progress | 15,728 | | | 16,284 | | | (3.4 | %) | | | | 65,240 | | | 68,356 | | | (4.6 | %) | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 1,385,743 | | | 1,356,540 | | | 2.2 | % | | | | 1,375,190 | | | 1,348,989 | | | 1.9 | % | | |
| General Service | 240,429 | | | 237,210 | | | 1.4 | % | | | | 239,099 | | | 236,549 | | | 1.1 | % | | |
| Industrial | 3,998 | | | 4,011 | | | (0.3 | %) | | | | 4,000 | | | 4,026 | | | (0.6 | %) | | |
| Other Energy Sales | 1,415 | | | 1,417 | | | (0.1 | %) | | | | 1,415 | | | 1,416 | | | (0.1 | %) | | |
| Total Retail Customers | 1,631,585 | | | 1,599,178 | | | 2.0 | % | | | | 1,619,704 | | | 1,590,980 | | | 1.8 | % | | |
| Wholesale and Other | 9 | | | 9 | | | — | % | | | | 9 | | | 12 | | | (25.0 | %) | | |
| Total Average Number of Customers – Duke Energy Progress | 1,631,594 | | | 1,599,187 | | | 2.0 | % | | | | 1,619,713 | | | 1,590,992 | | | 1.8 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 1,332 | | | 2,070 | | | (35.7 | %) | | | | 5,934 | | | 9,554 | | | (37.9 | %) | | |
| Nuclear | 7,158 | | | 7,153 | | | 0.1 | % | | | | 29,406 | | | 28,704 | | | 2.4 | % | | |
| Hydro | 256 | | | 130 | | | 96.9 | % | | | | 880 | | | 673 | | | 30.8 | % | | |
| Natural Gas and Oil | 5,407 | | | 5,524 | | | (2.1 | %) | | | | 21,642 | | | 21,349 | | | 1.4 | % | | |
| Renewable Energy | 54 | | | 51 | | | 5.9 | % | | | | 247 | | | 253 | | | (2.4 | %) | | |
| Total Generation(d) | 14,207 | | | 14,928 | | | (4.8 | %) | | | | 58,109 | | | 60,533 | | | (4.0 | %) | | |
| Purchased Power and Net Interchange(e) | 2,066 | | | 1,995 | | | 3.6 | % | | | | 9,289 | | | 9,973 | | | (6.9 | %) | | |
| Total Sources of Energy | 16,273 | | | 16,923 | | | (3.8 | %) | | | | 67,398 | | | 70,506 | | | (4.4 | %) | | |
| Less: Line Loss and Other | 545 | | | 639 | | | (14.7 | %) | | | | 2,158 | | | 2,150 | | | 0.4 | % | | |
| Total GWh Sources | 15,728 | | | 16,284 | | | (3.4 | %) | | | | 65,240 | | | 68,356 | | | (4.6 | %) | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 12,533 | | | 12,994 | | | | | |
| Winter | | | | | | | | | 13,594 | | | 14,175 | | | | | |
Nuclear Capacity Factor (%)(f) | | | | | | | | | 93 | | | 92 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 933 | | | 1,000 | | | (6.7 | %) | | | | 2,366 | | | 2,600 | | | (9.0 | %) | | |
| Cooling Degree Days | 91 | | | 118 | | | (22.9 | %) | | | | 1,761 | | | 2,072 | | | (15.0 | %) | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (17.1 | %) | | (11.6 | %) | | | | | | (18.8 | %) | | (11.3 | %) | | | | |
| Cooling Degree Days | 50.0 | % | | 109.7 | % | | | | | | 4.3 | % | | 24.4 | % | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Florida |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2020 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 5,170 | | | 4,943 | | | 4.6 | % | | | | 21,459 | | | 20,775 | | | 3.3 | % | | |
| General Service | 3,706 | | | 3,835 | | | (3.4 | %) | | | | 14,601 | | | 15,425 | | | (5.3 | %) | | |
| Industrial | 791 | | | 760 | | | 4.1 | % | | | | 3,147 | | | 2,963 | | | 6.2 | % | | |
| Other Energy Sales | 6 | | | 6 | | | — | % | | | | 23 | | | 24 | | | (4.2 | %) | | |
| Unbilled Sales | (303) | | | (452) | | | 33.0 | % | | | | 241 | | | (84) | | | 386.9 | % | | |
| Total Retail Sales | 9,370 | | | 9,092 | | | 3.1 | % | | 0.4 | % | | 39,471 | | | 39,103 | | | 0.9 | % | | (0.8 | %) |
| Wholesale and Other | 730 | | | 613 | | | 19.1 | % | | | | 3,019 | | | 3,070 | | | (1.7 | %) | | |
| Total Electric Sales – Duke Energy Florida | 10,100 | | | 9,705 | | | 4.1 | % | | | | 42,490 | | | 42,173 | | | 0.8 | % | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 1,667,816 | | | 1,633,362 | | | 2.1 | % | | | | 1,654,976 | | | 1,624,629 | | | 1.9 | % | | |
| General Service | 205,840 | | | 203,626 | | | 1.1 | % | | | | 204,902 | | | 203,104 | | | 0.9 | % | | |
| Industrial | 1,988 | | | 2,013 | | | (1.2 | %) | | | | 2,000 | | | 2,025 | | | (1.2 | %) | | |
| Other Energy Sales | 1,495 | | | 1,492 | | | 0.2 | % | | | | 1,494 | | | 1,499 | | | (0.3 | %) | | |
| Total Retail Customers | 1,877,139 | | | 1,840,493 | | | 2.0 | % | | | | 1,863,372 | | | 1,831,257 | | | 1.8 | % | | |
| Wholesale and Other | 9 | | | 10 | | | (10.0 | %) | | | | 9 | | | 12 | | | (25.0 | %) | | |
| Total Average Number of Customers – Duke Energy Florida | 1,877,148 | | | 1,840,503 | | | 2.0 | % | | | | 1,863,381 | | | 1,831,269 | | | 1.8 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 867 | | | 1,249 | | | (30.6 | %) | | | | 3,287 | | | 4,300 | | | (23.6 | %) | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Natural Gas and Oil | 8,472 | | | 7,570 | | | 11.9 | % | | | | 36,361 | | | 35,218 | | | 3.2 | % | | |
| Renewable Energy | 160 | | | 44 | | | 263.6 | % | | | | 706 | | | 215 | | | 228.4 | % | | |
| Total Generation(d) | 9,499 | | | 8,863 | | | 7.2 | % | | | | 40,354 | | | 39,733 | | | 1.6 | % | | |
| Purchased Power and Net Interchange(e) | 930 | | | 1,171 | | | (20.6 | %) | | | | 4,234 | | | 4,833 | | | (12.4 | %) | | |
| Total Sources of Energy | 10,429 | | | 10,034 | | | 3.9 | % | | | | 44,588 | | | 44,566 | | | — | % | | |
| Less: Line Loss and Other | 329 | | | 329 | | | — | % | | | | 2,098 | | | 2,393 | | | (12.3 | %) | | |
| Total GWh Sources | 10,100 | | | 9,705 | | | 4.1 | % | | | | 42,490 | | | 42,173 | | | 0.8 | % | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 10,287 | | | 10,259 | | | | | |
| Winter | | | | | | | | | 11,301 | | | 11,347 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 207 | | | 105 | | | 97.1 | % | | | | 427 | | | 376 | | | 13.6 | % | | |
| Cooling Degree Days | 624 | | | 674 | | | (7.4 | %) | | | | 3,853 | | | 3,622 | | | 6.4 | % | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | 1.8 | % | | (46.8 | %) | | | | | | (5.1 | %) | | (34.8 | %) | | | | |
| Cooling Degree Days | 41.0 | % | | 43.0 | % | | | | | | 20.7 | % | | 13.5 | % | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Duke Energy Ohio |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2020 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 1,927 | | | 2,084 | | | (7.5 | %) | | | | 8,838 | | | 9,005 | | | (1.9 | %) | | |
| General Service | 2,143 | | | 2,308 | | | (7.1 | %) | | | | 8,736 | | | 9,461 | | | (7.7 | %) | | |
| Industrial | 1,364 | | | 1,403 | | | (2.8 | %) | | | | 5,342 | | | 5,721 | | | (6.6 | %) | | |
| Other Energy Sales | 26 | | | 27 | | | (3.7 | %) | | | | 105 | | | 108 | | | (2.8 | %) | | |
| Unbilled Sales | 137 | | | (127) | | | 207.9 | % | | | | 83 | | | (49) | | | 269.4 | % | | |
| Total Retail Sales | 5,597 | | | 5,695 | | | (1.7 | %) | | (0.2 | %) | | 23,104 | | | 24,246 | | | (4.7 | %) | | (2.3 | %) |
| Wholesale and Other | 124 | | | 75 | | | 65.3 | % | | | | 380 | | | 483 | | | (21.3 | %) | | |
| Total Electric Sales – Duke Energy Ohio | 5,721 | | | 5,770 | | | (0.8 | %) | | | | 23,484 | | | 24,729 | | | (5.0 | %) | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 783,494 | | | 775,532 | | | 1.0 | % | | | | 782,324 | | | 772,065 | | | 1.3 | % | | |
| General Service | 89,403 | | | 88,872 | | | 0.6 | % | | | | 89,122 | | | 88,409 | | | 0.8 | % | | |
| Industrial | 2,474 | | | 2,480 | | | (0.2 | %) | | | | 2,485 | | | 2,469 | | | 0.6 | % | | |
| Other Energy Sales | 3,445 | | | 3,420 | | | 0.7 | % | | | | 3,441 | | | 3,399 | | | 1.2 | % | | |
| Total Retail Customers | 878,816 | | | 870,304 | | | 1.0 | % | | | | 877,372 | | | 866,342 | | | 1.3 | % | | |
| Wholesale and Other | 1 | | | 1 | | | — | % | | | | 1 | | | 1 | | | — | % | | |
| Total Average Number of Customers – Duke Energy Ohio | 878,817 | | | 870,305 | | | 1.0 | % | | | | 877,373 | | | 866,343 | | | 1.3 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 436 | | | 398 | | | 9.5 | % | | | | 2,269 | | | 3,166 | | | (28.3 | %) | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Natural Gas and Oil | 15 | | | 5 | | | 200.0 | % | | | | 55 | | | 138 | | | (60.1 | %) | | |
| | | | | | | | | | | | | | | | |
| Total Generation(d) | 451 | | | 403 | | | 11.9 | % | | | | 2,324 | | | 3,304 | | | (29.7 | %) | | |
| Purchased Power and Net Interchange(e) | 5,686 | | | 6,401 | | | (11.2 | %) | | | | 23,379 | | | 24,141 | | | (3.2 | %) | | |
| Total Sources of Energy | 6,137 | | | 6,804 | | | (9.8 | %) | | | | 25,703 | | | 27,445 | | | (6.3 | %) | | |
| Less: Line Loss and Other | 416 | | | 1,034 | | | (59.8 | %) | | | | 2,219 | | | 2,716 | | | (18.3 | %) | | |
| Total GWh Sources | 5,721 | | | 5,770 | | | (0.8 | %) | | | | 23,484 | | | 24,729 | | | (5.0 | %) | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 1,076 | | | 1,076 | | | | | |
| Winter | | | | | | | | | 1,164 | | | 1,164 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 1,671 | | | 1,766 | | | (5.4 | %) | | | | 4,497 | | | 4,684 | | | (4.0 | %) | | |
| Cooling Degree Days | 21 | | | 49 | | | (57.1 | %) | | | | 1,198 | | | 1,408 | | | (14.9 | %) | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (9.0 | %) | | (4.1 | %) | | | | | | (8.5 | %) | | (4.5 | %) | | | | |
| Cooling Degree Days | (4.0 | %) | | 172.2 | % | | | | | | 7.9 | % | | 28.0 | % | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
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| Duke Energy Indiana |
| Quarterly Highlights |
| Supplemental Electric Utilities and Infrastructure Information |
| Year Ended December 2020 |
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) | | 2020 | | 2019 | | %
Inc.(Dec.) | | % Inc. (Dec.) Weather Normal(b) |
GWh Sales(a) | | | | | | | | | | | | | | | |
| Residential | 1,987 | | | 2,160 | | | (8.0 | %) | | | | 9,020 | | | 9,270 | | | (2.7 | %) | | |
| General Service | 1,853 | | | 1,988 | | | (6.8 | %) | | | | 7,650 | | | 8,226 | | | (7.0 | %) | | |
| Industrial | 2,512 | | | 2,531 | | | (0.8 | %) | | | | 9,561 | | | 10,346 | | | (7.6 | %) | | |
| Other Energy Sales | 13 | | | 13 | | | — | % | | | | 51 | | | 51 | | | — | % | | |
| Unbilled Sales | 185 | | | (81) | | | 328.4 | % | | | | 41 | | | (57) | | | (171.9 | %) | | |
| Total Retail Sales | 6,550 | | | 6,611 | | | (0.9 | %) | | 0.3 | % | | 26,323 | | | 27,836 | | | (5.4 | %) | | (4.0 | %) |
| Wholesale and Other | 1,136 | | | 1,094 | | | 3.8 | % | | | | 4,205 | | | 4,050 | | | 3.8 | % | | |
| Total Electric Sales – Duke Energy Indiana | 7,686 | | | 7,705 | | | (0.2 | %) | | | | 30,528 | | | 31,886 | | | (4.3 | %) | | |
| | | | | | | | | | | | | | | | |
| Average Number of Customers | | | | | | | | | | | | | | | |
| Residential | 748,094 | | | 738,552 | | | 1.3 | % | | | | 745,027 | | | 733,944 | | | 1.5 | % | | |
| General Service | 102,586 | | | 101,978 | | | 0.6 | % | | | | 102,458 | | | 101,719 | | | 0.7 | % | | |
| Industrial | 2,694 | | | 2,691 | | | 0.1 | % | | | | 2,697 | | | 2,692 | | | 0.2 | % | | |
| Other Energy Sales | 1,842 | | | 1,791 | | | 2.8 | % | | | | 1,822 | | | 1,761 | | | 3.5 | % | | |
| Total Retail Customers | 855,216 | | | 845,012 | | | 1.2 | % | | | | 852,004 | | | 840,116 | | | 1.4 | % | | |
| Wholesale and Other | 4 | | | 4 | | | — | % | | | | 4 | | | 4 | | | — | % | | |
| Total Average Number of Customers – Duke Energy Indiana | 855,220 | | | 845,016 | | | 1.2 | % | | | | 852,008 | | | 840,120 | | | 1.4 | % | | |
| | | | | | | | | | | | | | | | |
| Sources of Electric Energy (GWh) | | | | | | | | | | | | | | | |
| Generated – Net Output(c) | | | | | | | | | | | | | | | |
| Coal | 6,069 | | | 3,959 | | | 53.3 | % | | | | 18,828 | | | 17,953 | | | 4.9 | % | | |
| | | | | | | | | | | | | | | | |
| Hydro | 68 | | | 58 | | | 17.2 | % | | | | 205 | | | 164 | | | 25.0 | % | | |
| Natural Gas and Oil | 562 | | | 924 | | | (39.2 | %) | | | | 3,008 | | | 2,999 | | | 0.3 | % | | |
| Renewable Energy | 4 | | | 5 | | | (20.0 | %) | | | | 27 | | | 28 | | | (3.6 | %) | | |
| Total Generation(d) | 6,703 | | | 4,946 | | | 35.5 | % | | | | 22,068 | | | 21,144 | | | 4.4 | % | | |
| Purchased Power and Net Interchange(e) | 2,297 | | | 3,066 | | | (25.1 | %) | | | | 10,997 | | | 11,941 | | | (7.9 | %) | | |
| Total Sources of Energy | 9,000 | | | 8,012 | | | 12.3 | % | | | | 33,065 | | | 33,085 | | | (0.1 | %) | | |
| Less: Line Loss and Other | 1,314 | | | 307 | | | 328.0 | % | | | | 2,537 | | | 1,199 | | | 111.6 | % | | |
| Total GWh Sources | 7,686 | | | 7,705 | | | (0.2 | %) | | | | 30,528 | | | 31,886 | | | (4.3 | %) | | |
| | | | | | | | | | | | | | | | |
Owned MW Capacity(c) | | | | | | | | | | | | | | | |
| Summer | | | | | | | | | 6,631 | | | 6,623 | | | | | |
| Winter | | | | | | | | | 7,062 | | | 7,040 | | | | | |
| | | | | | | | | | | | | | | | |
| Heating and Cooling Degree Days | | | | | | | | | | | | | | | |
| Actual | | | | | | | | | | | | | | | |
| Heating Degree Days | 1,822 | | | 1,991 | | | (8.5 | %) | | | | 4,964 | | | 5,349 | | | (7.2 | %) | | |
| Cooling Degree Days | 19 | | | 37 | | | (48.6 | %) | | | | 1,151 | | | 1,261 | | | (8.7 | %) | | |
| | | | | | | | | | | | | | | | |
| Variance from Normal | | | | | | | | | | | | | | | |
| Heating Degree Days | (7.6 | %) | | 1.0 | % | | | | | | (6.0 | %) | | 1.2 | % | | | | |
| Cooling Degree Days | 9.1 | % | | 135.9 | % | | | | | | 5.0 | % | | 15.0 | % | | | | |
| | | | | | | | | | | | | | | | |
(a) Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gas Utilities and Infrastructure |
| Quarterly Highlights |
| Year Ended December 2020 |
| | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | %
Inc. (Dec.) | | 2020 | | 2019 | | %
Inc. (Dec.) |
| Total Sales | | | | | | | | | | | |
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) | 129,209,733 | | | 133,517,816 | | | (3.2 | %) | | 490,071,039 | | | 511,243,774 | | | (4.1 | %) |
| Duke Energy Midwest LDC throughput (Mcf) | 25,589,579 | | | 26,747,349 | | | (4.3 | %) | | 84,160,162 | | | 89,025,972 | | | (5.5 | %) |
| | | | | | | | | | | | |
| Average Number of Customers – Piedmont Natural Gas | | | | | | | | | | | |
| Residential | 1,010,287 | | | 980,623 | | | 3.0 | % | | 1,003,214 | | | 979,210 | | | 2.5 | % |
| Commercial | 104,864 | | | 103,827 | | | 1.0 | % | | 104,983 | | | 103,991 | | | 1.0 | % |
| Industrial | 968 | | | 976 | | | (0.8 | %) | | 969 | | | 972 | | | (0.3 | %) |
| Power Generation | 19 | | | 17 | | | 11.8 | % | | 19 | | | 16 | | | 18.8 | % |
| Total Average Number of Gas Customers – Piedmont Natural Gas | 1,116,138 | | | 1,085,443 | | | 2.8 | % | | 1,109,185 | | | 1,084,189 | | | 2.3 | % |
| | | | | | | | | | | | |
| Average Number of Customers – Duke Energy Midwest | | | | | | | | | | | |
| Residential | 497,602 | | | 491,566 | | | 1.2 | % | | 495,688 | | | 489,942 | | | 1.2 | % |
| General Service | 43,169 | | | 43,651 | | | (1.1 | %) | | 43,320 | | | 43,350 | | | (0.1 | %) |
| Industrial | 1,567 | | | 1,591 | | | (1.5 | %) | | 1,571 | | | 1,578 | | | (0.4 | %) |
| Other | 130 | | | 133 | | | (2.3 | %) | | 131 | | | 135 | | | (3.0 | %) |
| Total Average Number of Gas Customers – Duke Energy Midwest | 542,468 | | | 536,941 | | | 1.0 | % | | 540,710 | | | 535,005 | | | 1.1 | % |
| | | | | | | | | | | | |
(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.
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| Commercial Renewables |
| Quarterly Highlights |
| Year Ended December 2020 |
| | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2020 | | 2019 | | % Inc. (Dec.) | | 2020 | | 2019 | | % Inc. (Dec.) |
| Renewable Plant Production, GWh | 2,544 | | | 2,046 | | | 24.3 | % | | 10,204 | | | 8,574 | | | 19.0 | % |
| Net Proportional MW Capacity in Operation(a) | n/a | | n/a | | | | 3,937 | | | 3,485 | | | 13.0 | % |
| | | | | | | | | | | | |
(a) Includes 100% tax equity project capacity.
